The hottest Fuyao raised 4billion to march into ph

  • Detail

Fuyao raised 4billion to march into photovoltaic glass

the unreasonable photovoltaic glass pricing policy in 2020 attracted the attention of capital tycoons, and Fuyao Glass, the absolute leader of automotive glass, also participated

on the evening of January 8, Fuyao Glass (,) announced that the company plans to issue no more than 101million new H shares, and the purpose of raising funds includes supplementing working capital, R & D project investment, expanding the photovoltaic glass market, etc

Fuyao Glass is listed in Shanghai and Hong Kong. At present, it has issued about 500million H shares, accounting for 20.16% of its total share capital. According to the announcement, all the funds raised in this offering will be used to supplement working capital, repay interest bearing debts, invest in R & D projects, optimize the company's capital structure, expand the photovoltaic glass market and general corporate purposes. This is the first time that Fuyao Glass has made it clear to increase its market share in the field of photovoltaic glass

relevant people further explained that Illinois, a wholly-owned subsidiary of Fuyao Glass, already has the technology of solar cell backplane glass, and the fund-raising will be used to expand the scale. R & D investment includes conventional technology development, such as new model glass, etc

a securities analyst in Beijing said, "Last year, there was a shortage of photovoltaic glass in the market, the glass price nearly doubled, and the gross profit margin of some enterprises was as high as 50%. The shortage of photovoltaic glass seriously affected the production scheduling and delivery capacity of photovoltaic modules, and then affected the new installed capacity of photovoltaic. However, due to the long construction cycle of glass production capacity, the production capacity cannot be released in a short time, and the tight supply and demand situation of photovoltaic glass will continue for some time."

as the largest automotive glass manufacturer in China, Fuyao Glass, established in Fuzhou in 1987, accounts for more than 60% of the domestic automotive glass OEM market, and its main production process is float glass. The 2019 financial report shows that the automotive glass business accounts for 91% of the company's overall revenue

according to the announcement, the pricing of the additional H shares shall not be lower than 80% of the average closing price of the first five trading companies on the date of determining the placement or subscription price when they adopt the short process production mode. And if the closing price of Hong Kong shares on the 8th is HK $51.48/share as the base price, the maximum amount of capital raised by Fuyao Glass this time can reach HK $4.1 billion

in fact, Fuyao Glass has also invested in the photovoltaic industry before. It is understood that Fuyao Glass Illinois Co., Ltd., a wholly-owned subsidiary of Fuyao Glass in the United States, has the production business of solar cell backplane glass. In China, Fuyao Glass has carried out distributed photovoltaic power generation projects in Fuqing, Shanghai and other places, but only to meet the power consumption of the factory itself

the expansion of the photovoltaic glass market mentioned in the announcement on January 8 is the first time that Fuyao Glass has publicly confirmed its entry into the photovoltaic glass field

in recent years, the growth rate of the global automotive industry has slowed down, and in 2018, China's auto production and sales fell for the first time in nearly 30 years. In 2019, China's auto production and sales fell for the second consecutive year, with a cumulative sales volume of 25.769 million vehicles, a year-on-year decrease of 8.2%. Fuyao Glass also saw its first decline in net profit since 2011. The China Automobile Circulation Association recently estimated that China's auto sales fell by 2% in 2020, but there was still no significant improvement

the domestic photovoltaic industry is experiencing rapid development. The demand for new installed capacity of photovoltaic is growing rapidly, and photovoltaic glass enterprises have also achieved good results. Since last year, the market price of photovoltaic glass has soared all the way. The average price of coated 3.2mm products rose from 23 yuan/square meter in June last year to 43 yuan/square meter in December, and remained at that price in January this year. The performance of many photovoltaic glass manufacturers has increased significantly this year

in addition, the deregulation of photovoltaic capacity restriction policy is also guiding glass enterprises to expand photovoltaic glass capacity and improve the imbalance between supply and demand of photovoltaic glass

previously, zhangguangchun, senior vice president of manufacturing and R & D of atlas sunshine power group, said, "silicon materials currently account for less cost than glass, which is a 'strange phenomenon'." The reason for the "strange phenomenon" is, on the one hand, the rapid growth of the demand for new photovoltaic installed capacity in the second half of last year, and, on the other hand, the limited expansion of photovoltaic glass production capacity

according to the previous relevant policies, the flat glass industry is strictly prohibited from expanding production capacity projects. If it is necessary to expand production capacity, production capacity replacement must be implemented, and reduction or equivalent replacement must be carried out according to different project conditions. Many market participants worry that the shortage of glass will seriously restrict the installed capacity of the photovoltaic industry this year

it is worth mentioning that on December 16, 2020, the Ministry of industry and information technology issued the large volume draft for public comments of the implementation measures for capacity replacement in the cement glass industry (Revised Draft), which loosened the capacity restriction policy: photovoltaic calendered glass and automotive glass projects may not develop capacity replacement schemes

after the policy was loosened, the enthusiasm of photovoltaic glass production enterprises to expand production was ignited. In December 2020, rainbow group, a subsidiary of China Electronics, a central enterprise, signed a 10.6 billion yuan photovoltaic glass project with Shangrao Economic Development Zone, Jiangxi Province. Follett announced that it would invest 4.35 billion yuan to build five photovoltaic module glass projects with a daily melting capacity of 1200 tons. In order to prevent being "choked" by glass, many photovoltaic midstream enterprises have signed long orders with glass manufacturers

on December 30, 2020, Follett announced that its brick and block physical and mechanical property testing company signed a long order with Jingke energy (SE), which will sell 59gw photovoltaic calendered glass for components of about 14.2 billion yuan to Jingke energy in the next three years. Amarton also announced recently that it has signed a long-term sales contract with Jing'ao Technology (), and will provide about 2.1 billion yuan of photovoltaic coated glass to Jing'ao technology this year and next

under the internal economic cycle, in April 2021, China Chengdu Construction Expo will work with you to discuss new opportunities in the industry in combination with installation specifications, sales of technical knowledge, after-sales installation services, troubleshooting and answering questions

in 2020, with the outbreak of the global epidemic to the prevention and control of the domestic epidemic effectively controlled, the global economic pattern has also undergone great changes, and China is pursuing [details]

Copyright © 2011 JIN SHI