(A) Availability
1, sample selection and distribution
In this study, the CPA selection of 28 new energy companies as a sample. SSE 15 of them, Shenzhen motherboard 5, the small plates 7, GEM 1Home. Small sample size, but also covers the photovoltaic solar energy, wind energy, nuclear energy, electric vehicles, biomass, and six new LED energy industry (see Table 23).
28 samples, listed companies through the IPO, 14, of which SSE 7, Shenzhen board a, small plates 5, GEM 1Home. From time to market perspective, through the restructuring of most of the new energy industry market before 2005, and 2005 have passed after the IPOListing by, and most of the small board and GEM. Shanghai Stock Exchange IPONew energy enterprises to large state-owned enterprises are mostly of new energy equipment manufacturers, and small board and Growth Enterprise Market of the new energy companies are mostly up to new energy companies are private.
2, IPO situation
CPA 14 new energy companies and other industries IPO business conditions were similar. Average price-earnings ratio is 27.83 times the average issue price of 1.64Dollars, the mean total funds raised 095 million U.S. dollars, were much lower than overseas companies listed on the IPO issue price of new energy and the mean total funds raised (see Table 24).
is worth noting that, in the issue of market-oriented reforms, the new GEM IPO price-earnings ratio has been significantly improved energy companies, such as the issue of price-earnings ratio 62.69 Dragon OpticalTimes 136 million U.S. dollars to raise funds, and overseas markets and new energy companies to raise funds IPO average price-earnings ratio has been roughly the same.
3, the reorganization
New energy in the Shenzhen and Shanghai listed companies, the restructuring and implementation of each half of the IPO. Restructuring of 14 enterprises in the bioenergy industry is 6, 4PV solar home are the two involving LED industry, wind and nuclear energy have their own family. 14 restructuring of enterprises can be divided into three cases:
First, the original business growth industry bottlenecks occur, companies take the initiative to change the main direction of the new field of energy, the formation of a new energy business and existing business models coexist. If the originator is textile industry of Jiangsu Sunshine, Vosges stake into the field of photovoltaic solar energy, the production of home appliances into the LED BDO RundaLighting industry;
Second, the listed subsidiary of the Company or the investment companies to enter the new energy sector. If Tianwei Yingli has become 25.99% and 35.66% Xinguang Silicon stake, 2009In Tianwei Yingli, respectively, and Shin Kong Silicon contribution to Tianwei change 155 million and 29.72 million yuan in investment income;
Third, the original loss of listed companies have access to exit stage, through the restructuring of the new energy sector. Such as access LEDAn optoelectronic three lighting industry in Hubei vitality of the original 28 days after the aging technology has reorganized in 2008 officially changed to the three security Optoelectronics.
(B) the results of the situation
1, firm size
subject to 2009 data, 28 samples average revenue of enterprises was 8.07 billion U.S. dollars, mean the end of 2009 the market value of 22.17Billion. With other countries, the new energy companies listed overseas, and overseas listing of China’s new energy companies compared to the CPA’s new energy companies and the market value of the average main business income is low, Shenzhen and Shanghai market’s largest new energy companies Goldwind 2009The market value of about 64.5 yearsBillion, slightly higher than the market value of listed companies in the new global average level of energy, but also significantly lower than the overseas listing of China’s new market value of the mean energy companies (see Table 25).
2, the profitability
2009, 28 new energy companies Our Listed average net profit of 0.42 billion U.S. dollars, net profit rate was 10.4%, of which 2Companies at a loss, accounting for 7.14%. New energy and foreign listed companies compared to average net profit of listed companies in Shenzhen and Shanghai lower, but the lowest proportion of loss-making enterprises. Compared with the IPO companies, the Shenzhen and Shanghai through the restructuring of the new field of energy more pronounced fluctuations in corporate profitability.
3, growth
New Energy and overseas listed companies is different is that the new energy of the CPA is more stable growth companies, both large surplus is not burned by risky phenomena, such as First Solar, Suntech this fast-growing industry leaders and fewer companies. Some of the new energy companies access to high speed by the CPA room to grow.
to small and medium sheet metal wind technology, for example, the main business of enterprises in 2006 revenue and net profit of approximately $ 230,000,000, respectively, and 0.48 million, while 2009Years were $ 1,611,000,000 and $ 262,000,000, growth rates were as high as 600% and 445.8%.
Links Case Five: Goldwind – capital operation “turn overtaking”
Goldwind the end of 2007 listed in the small board, IPO to raise funds 18Billion in financing for the rapid development of enterprises to provide a guarantee, while the assets provided by capital markets platform also speed up the operation of the enterprise “turn overtaking.”
Goldwind is the second batch of pilot innovative enterprises in China, which belongs to the wind energy industry is a national strategic new industries. In the new energy industry, this technology is king, even a 6% annual revenue invested into R & D, Goldwind also felt the pressure. 2008In April, after the listing began Goldwind capital operation, spent 41.2 million euros to buy the world’s first direct drive wind turbine, a research group in Germany VENSYS70% stake in the company, at the same time, the wind technology to provide a 20 million euros of liquidity to the company, has purchased a local factory as the German subsidiary of the production base
Land. Germany VENSYSResearch and development of the world’s first direct-drive permanent magnet wind power technology company, for the few have the ability to develop the technology of the company, its technology platform developed by MWWind turbine mass industrialization. Spain Eozen company and the company, the Czech CKD Corporation, India RegenCompanies signed a technology transfer agreement, an annual transfer of technology from which to obtain a stable income.
The acquisition brings to the gold core competitiveness of the wind increase is obvious. First, the acquisition can ultimately Goldwind proprietary wind turbine technology and design capacity, the German VENSYSTechnical advantages and the industrialization of Goldwind advantages of combining to create a “German quality, Chinese cost” of the wind turbine, wind power in the world market for the product competitive advantage, open space for the international market will help further enhance the value of the company; second, the wind technology has received a VENSYSUse of technology in the world customers, India, Argentina, Europe and other countries to provide technical customers can use the fees to the annual payments the wind. Third, the German company became Goldwind one of the three major R & D base, the mature and stable team of fans at a higher megawatt wind technology R & D contributed to a lot of gold forces involved Goldwind 2.5MW and 3 MW of new products, and electronic control technology and other components of the development, 2.5 MW and 3 MW of new products, respectively, and the fourth quarter will be off the assembly line in August. Fourth, the acquisition of VENSYSAfter Goldwind which was then acquired by VENSYS created VENSYS manufacturing systems converter, and the German subsidiary of pitch, the same time, the use VENSYSGerman-made high-end brands into the European market.
4, PE
2009 closing price data to prevail, 28 overseas-listed China stocks price-earnings ratio of new energy companies mean 83.45Times higher than in other countries overseas, the mean price-earnings ratio of new energy listed companies (63.49 times), but lower than China’s new energy enterprises listed overseas earnings average.
(C) the market performance
1, abnormal returns
In 2009, excess returns from the point of view, the new energy companies listed on Shanghai and Shenzhen mean 54.46%, significantly weaker than the new energy companies listed overseas (see Table 26). The IPOComparison of two types of enterprises and restructuring can be found, re-enter the new energy Shenzhen and Shanghai Price significantly larger enterprises, for 176.98%, 97% of excess income class; and IPOPrice category was 98.01%, 20.44% excess return is only. Of which the largest LED industry is restructuring into three safety optoelectronics, the end of 2008 price of 9.55Element, the end of 2009 price of $ 52.75, up 452.36 percent year Price.
2, volatility
2009 to 2005Calculation of the five years time, Shanghai and Shenzhen stock market’s new volatility of energy companies is greater than all the overseas listed companies average, but far less than the overseas listing of China’s new energy companies mean. 28Only the coefficient of the sample mean of the volatility of share price was 9.09 times. IPO class of new energy companies which the fluctuation coefficient of 7.56Times, and re-new class of coefficients of the volatility of energy companies was higher, at 10.27 times.
Links Case Six: An optoelectronic three – the “new energy” crazy name (pink diamond engagement rings)
2010 ? 1 20 January, main LEDLighting industry, “An optoelectronic three” Publish forecasted to more than 220 percent transfer of 10 shares and 10 Distribution Plan for the positive announcement, the stock hit a 78 plateYuan high, China’s stock market has once again created a “reorganization” miracle.
“Three An optical” is the reorganization of China’s stock one of the most classic case. The stock was originally the “Dynamic 28″ (“Shashi Japan, vitality twenty-eight,” the ad still remember), 1993Listed in Shanghai Stock Exchange, is the first listed companies in Hubei province. Rhythm for days after the reorganization of science and technology, but unfortunately did not last long, April 27, 2007, S * STAging due to loss of three consecutive days of the suspension of listing, delisting the verge of starting the enterprise restructuring, reorganization completed in June 2008, the company has entered the food processing industry’s hottest LEDLighting industry. Followed by a ride that the secondary market stock price, the lowest in 2006, only 1.5 million, in 2009 the highest share price to 56 yuan, 2010In the former ex-rights record high of 78 dollars, 10 sent 10 ex, the stock price is in April hit a high of 119 yuan (complex exercise price). Admittedly, three of safety photoelectric indeedLED lighting industry leading enterprises, has 14 sets MOVCD equipment, with annual output of 450,000 wafer, chip 150Million pieces production capacity. But the whole industry chain distribution, the chip substrate technology CREE NASDAQNichia and Japan firmly in control, wafer and chip manufacturing major equipment for the Nasdaq
MOVCDG AIXTRON companies listed on the German monopoly, the three can have the advantage of optical security is still very LED packaging technology only. But 325.4Times earnings has undoubtedly become the global LED stocks with the highest valuation of the company in one.
Fourth, China’s new energy companies listed on the main issues and risks
(A) the feasibility of new energy companies and resources listed
New energy strategy has become an important national competition for the next high ground weight, China is no exception. 3, 2010Month, the U.S. liberal think tank “Center for American Progress,” published by the international competitiveness rankings of clean energy: China 2009Clean energy investment in U.S. clean energy than the U.S. companies. According to rankings, China is the world’s largest producer of wind turbines, the largest clean energy market, the largest investment in clean energy country and the world’s leading producer of solar panels. Although the report questioned the authority by many, and in the United States triggered a fierce response and debate, but we can see that the development of new energy industry is indeed “a war of no smoke.”
From the capital market point of view, even though China has generated a considerable amount of new energy companies listed in Shanghai and Shenzhen new energy companies less, Suntech, LDK and other leading enterprises are mostly overseas listing, the new energy companies GEM and the group is to focus on the future development of small plates listed resources (see Annex VIII). New energy enterprises are typical capital-intensive technology, and is therefore indirect financing, the new energy companies access to capital markets even more urgent need to support: First of all, most of the new energy industry needs long-term funds for development, equity financing is clearly more conducive to support Industry long-term development; Secondly, the new technology updates fast energy companies with high growth potential and risk, indirect financing is difficult to provide financial support high-risk industries; Third, the development to a certain level, the new energy industry will be needed to carry out industrial integration of capital markets through its special features can effectively promote enterprise restructuring and asset acquisitions; Fourth, the new energy companies listed, you can form a “demonstration effect” and “clustering effect.” Capital market can guide private investment and intermediary institutions to enter the new energy industry.
(B) of the new energy companies listed overseas, mainly to the analysis of
The data in this report show that the new United States and Europe and Japan, the majority of energy companies to choose its own capital market financing; overseas listed Chinese companies nearly 60 new energy, of which 31 listed overseasHome listed in the Shenzhen and Shanghai IPO of only 14. More choices of new energy companies listed overseas, because in general include the following:
1, different sub-sectors of the new energy market, companies need different levels of support for new energy in China and domestic enterprises to choose overseas listing of multi-level capital market system is not perfect to some extent.
Suntech landing from the New York Stock Exchange in 2005, China’s new energy enterprises listed overseas mainly concentrated in the period 2005 to 2007Period, the market place both mature motherboard market, including the GEM and the Third Market. Thus, although the same under the new energy companies, corporate diversification characteristics decide its financing needs and different listing options.
Data show that part of the new energy companies shows the characteristics of traditional manufacturing industries. Such as nuclear and wind power companies are mostly large-scale enterprises (mostly state-owned enterprises in China.) Mature technologies such enterprises, high market share, business model and the results are stable, most are sub-industry leaders; the secondary market, their pricing and price-earnings ratio is low, excess returns and volatility smaller market with less risk. More suitable for such enterprises listing and financing in the motherboard market, the majority of such enterprises selected listed in the Shenzhen and Shanghai or HKEx.
Another part of the new energy companies shows the characteristics of innovative companies. Such as photovoltaic solar, biomass, electric cars and LEDClass companies. Most of these companies are private enterprises, small enterprises, focus on technological innovation, once the technological breakthroughs, growth with nonlinear characteristics; the same once the technology is outdated, business development is very likely to fall into trouble. Secondary market, pricing and price-earnings ratio of such companies higher excess returns and higher volatility, market risks. More suitable for such enterprises, and three panels on the GEM market listing financing in China and the Third Market GEM yet to be introduced when the majority of such enterprises selected listed overseas.
2, the flexible pricing mechanism and convenient channel to attract businesses to the refinancing of listed overseas
Overseas listing from our point of view of the new energy company, listed on the previous year at a loss and profit of enterprises accounted for more than a third of these enterprises listed hard to achieve in the Shanghai and Shenzhen markets. Enterprises have been profitable in the IPO, its distribution tends to the market price, is also listed on the NYSE, such as photovoltaic solar energy companies, Yingli Green Energy is the issue of price-earnings ratio of 220Times, the issue of Trina Solar, compared with 28 times earnings; in Nasdaq IPO of the new energy companies to achieve more than is at a loss or profit status. IPOAfter refinancing convenient and private financing is also a new domestic energy companies to one of the reasons listed overseas. Such as Wuxi Suntech land New York Stock Exchange in 2005, financing of 5Million after he has re-financing or private financing over 100 million U.S. dollars.
3, some new energy enterprises are export-oriented enterprises, overseas listing will help expand the issuance and listing of its overseas markets in addition to outside financing, but can also indirectly play a corporate role in promotion and market development. Internet and other emerging companies listed overseas company prior to listing the main reason is that the profitability of
Unable to meet the requirements of domestic capital markets, and domestic Internet companies at the time to understand the development model is not yet in place. In the overseas listing of the new energy company is different, most of these companies have a profit before listing, and to meet the domestic board and small board listing standards, the choice of the reasons for the overseas listing more in its “two out” business model.
The photovoltaic solar industry, for example, China’s enterprises are mainly concentrated in the middle solar cell production processes, typical of the “two out.” Upstream polysilicon raw material supply mainly from Europe and Japan monopolized the seven companies, the vast majority of required raw materials need to be imported from abroad; the other hand, 90% of the photovoltaic cell components and systems sold abroad, were installed in Germany Nine solar photovoltaic power generation equipment into China. Domestic enterprises to seek and develop new markets abroad, while, naturally, produced a demand for financing in overseas markets.
4, strong ability to identify foreign intermediaries in the new resources of energy companies in the mining process was the role of overseas companies listed on China’s new energy, especially in the New York Stock Exchange and NASDAQ listed companies have experienced”Foreign venture into the (private) – International investment bank sponsor – overseas markets,” the processes. Foreign intermediary market with a keen ability to identify feelings and strong, you can discover the best emerging enterprises listed overseas.
The report data, to the new NYSE-listed energy companies in China were obtained prior to listing the funds into private equity and venture capital, of which foreign-based (see Table 27). NASDAQ to NASDAQ-listed 7The new energy company also has three foreign companies prior to listing received VC / PE investment in Suntech, for example, start-up company in 2001, received the VC investment in Wuxi High-techInvestment in companies listed in less than a year before the introduction of Goldman Sachs Asia, Long Branch Capital, Prax 6 foreign investment, PE, the introduction of 8000 fundingMillion to Credit Suisse First Boston, the last and the Morgan Stanley investment behavior of two internationally renowned underwriters issuing and listing.
Listed in the U.S. almost all of the new energy companies behind this success, Morgan Stanley, Goldman Sachs, UBS, Credit Suisse, Merrill Lynch, Deutsche Bank, all of them are internationally renowned investment bank. Once they spotted a company in the listing stage, often corporate underwriter, financial adviser and issue shares appear as global coordinator, through a series of design and operation, to help enterprises listed overseas finalized. While living in the door, but the international investment banks are often able to maintain frequent contacts with the entrepreneurs or the field due diligence. According to LDK relevant parties, in its listing process, Morgan Stanley who have taken the trouble to go to Xinyu investigations and the companies continue to introduce and explain the pricing model in overseas markets, and corporate repeated consultations offering price. International investment bank dedicated the company to up and down the surprise and admiration, but also strong corporate commitment to the overseas market financing.
(C) of the new energy companies listed on the main risks
Empirical analysis shows that new energy major risks listed companies include the following:
1, the policy changes impact on business development
As we all know, today, whether developed or developing countries, are implemented on a variety of new energy industry support policies, policy support has become a popular new energy enterprises were an important factor. But from another perspective, the policy change will give the development of new energy companies to bring many uncertainties, which include both domestic policies, including foreign policies of other countries.
Such as the National Development and Reform Commission 1204Document stressed that “wind power equipment localization rate to 70% or more” policy to provide a local wind power development opportunities, but with the strength of domestic enterprises as well as European and American business and government regulations that limit the foreign enterprises in China’s wind power industry, fair competition, 2010Year 1Months, the NDRC to cancel this requirement, this open policy of wind power market has generated policy change on dependent development of domestic wind power companies have brought uncertainty. Another example of solar photovoltaic products are exported to overseas enterprises, foreign policy changes in the new energy enterprise development also brings uncertainty. Germany, for instance, the solar system, the global market share of about 5Into affect the situation as a whole. Earlier this year the German government proposed reduction in the July 1 16% subsidized solar roofs, September 1Reduce the solar energy at the ground-based (Ground) 15% subsidy. March, the German Senate for
New solar subsidy rate adjustment case, to lower the rate should not exceed 10% of the proposed legislation, although not yet finalized, it is certain that the German government and private consultations beginning to produce a consensus. Two policy changes, although not finalized, but the global PV industry has been a huge influence, and influence will continue.
2, the industry, “overheating” of crisis brought about by the
The long-awaited new energy industry revitalization plan yet to be introduced, but the photovoltaic solar energy, wind energy or are in fear of excess capacity, or subject to electricity transmission bottlenecks, development has been constrained. Industry, “overheating” is great for business operational risks. To photovoltaic solar energy, for example, China’s polysilicon production capacity has far exceeded the battery needs in 2008Polysilicon in the first half, when the most fanatical, while polysilicon project launched is still as high as 30Many, many local governments have set aside land for the construction of photovoltaic solar energy special industrial park, individual enterprises but also dished out tons of polysilicon projects, these projects there is a huge risk. Despite the global financial crisis of the new energy industry poured cold water, but the industry, “overheating” of crisis will bring long-term existence.
3, core technical issues
New energy enterprises are capital-intensive technology, whether technology is the key determinant of sustainable development. Although China has gradually become one of the new energy superpower, but the lack of core technology is still the enterprise “weakness” lies. The LEDLighting industry, for example, China is the world’s largest LED packaging countries, but the substrate material in the LED wafer production equipment, technology and there is an obvious bottleneck.
On the other hand, even with a certain degree of technical strength, but the new energy industry with each passing day, if the business can not continue to innovate the technological advantages of the original most likely come to naught. To photovoltaic solar energy industry, for example, at present the technology industry, raw materials, silicon and polysilicon is rich in resources, slightly better conversion efficiency factors, China’s enterprises in this area has reached the international advanced production capacity. But it is now represented by First Solar thin-film solar has been the rapid rise, the cost decreases rapidly in the next few years will be single (multi) crystalline silicon solar have a tremendous impact. This technology will undoubtedly change of PV solar energy companies bring new challenges and opportunities.
Release of the GEM Listing Rules “Business and technology” section, require disclosure of major product or service business core technology, including technology sources, technology, maturity, that technology is the original innovation, integrated innovation or the introduction of absorption and innovation situation. So for new energy businesses, the core technical problems listed should be the focus. Listed companies have been issued in the feedback, the majority of new energy companies are clearly required to disclose the source of the company’s core technology and pricing basis, and describes the proprietary technology to be funded there is no dispute ownership of proprietary technology, and has identified institutions and rating agencies prove their legal rationality.
4, after the listing of market risk
Although the risk of secondary market is not listed in the course of a business, but it is undeniable that if the new energy companies listed on stock rises and falls, the other new energy sources may adversely affect the listed companies. The present study data, the global IPO market new energy companiesSignificantly more than the market average price-earnings ratio, the existence of individual market shares of individual spike phenomenon. Can also find our new energy company stock rises and falls are a phenomenon exists in the types of listed companies into restructuring, and IPONew class of relatively stable energy company’s share price, market risk is mainly concentrated on those who have passed the new energy industry restructuring, and speculation of new energy concept stocks.
(D) the new energy companies listed on the difficult issues
In addition to new energy companies listed on several risks, new energy companies listed there are some difficult problems.
1, the new energy companies to understand the business model issues
As a new industry, new energy, not only in technical innovations, while also continue to introduce new business models, how to understand the business model to become the new energy companies is an important factor in the market. For instance, many of the new energy company involved in an emerging business model – outsourcing of energy-saving environmental protection projects, the customer (general business) focus on energy saving projects will be outsourced to the new energy companies, energy management and environmental protection through contractual concession facilities to complete the energy saving work. This new business model is the key to energy saving by companies can really bring benefits to customers, and obtain benefits from its process outsourcing pay.
Another example is the time of listing Goldwind business model is also cause for concern. Goldwind used as the main features of the system integration business model, supporting the wind turbine components by external partners in accordance with the payment provision of technical parameters and air quality standards for production, the company tested the parts procurement, assembly, commissioning, form the final product. This business model enables companies to take advantage of external suppliers of resources, reduce capital investment, reduce the cycle of industrialization of new products is an asset-light strategy for high growth in the early stages of business development has a great advantage. But the scale of the model in the enterprise developed to a certain size after (such as the world’s top ten), can cope with international competition has become a giant public audit concern.
2, the new energy companies are facing financial problems
First, the new energy companies to ensure timely access to appropriate from the customer in the hands of the project funds. Most energy-saving environmental protection projects by the government to promote outsourcing of 11, such as solar and wind power grid power tariff by the government, earnings are mainly from government subsidies. Corporate income subject to the impact of government policies related to large; Second, the new energy company’s revenue recognition issues. In the new business model, customer outsourcing projects in order to ensure the quality of energy saving, energy companies are often signed by the new energy saving project implementation installment payments, that customer use of electricity each save (or get a government grant ) outsourcing project funds to pay the new energy companies will need to address revenue recognition issues; Finally, a new energy business tax issues. Most of the new energy industry, is state policy to support industry, so there are various tax concessions, but these incentives are generally complex and can exist for a long while there are still some questions. Tax incentives such as nuclear power industry: nuclear power generation of nuclear power production and sales of products, from commercial nuclear power generating units officially put into operation within 15 monthA year, a unified front-end back VAT policy, returned progressively reduced the proportion of three-phase 12; the same time, nuclear power plants made in VAT tax refund to be earmarked for debt service, does not levy corporate income taxes.
(e) empirical analysis based on two Enlightenment
Based on market conditions at home and abroad of new energy companies a lesson that:
1, Europe, America, Japan and other developed countries and China, India and other developing countries in global energy industry structure in both the new place, but the new energy of listed companies is still more concentrated in the United States, Europe and Japan’s capital market, which the United States NYSE and the Nasdaq is nearly 80% or more with the world’s most renowned new energy companies. Relatively liberal and market-oriented environment, the U.S. capital markets may be listed in the new energy resource development opportunities in the reason to win.
2, the new energy companies in emerging industries in our country the most strategic potential of one of the groups listed, such listing of a company will help absorb the new energy industry and the Capital Market. With the launch of the GEM, the transfer agent and distribution system, the gradual improvement of market reform, more choices of new energy companies and small plates in the GEM Listing, the number of overseas-listed home has decreased, but is still in the system.
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