On the evening of July 9, Xiexin Integration announced that it planned to invest 561 million yuan of its own capital as a limited partner in Xuzhou Ruichen Electronics Industry Fund (Limited Partnership) (hereinafter referred to as "Ruichen Fund"). After the completion of the transaction, it will hold 25.38% of the shares as the largest shareholder and expand the second main industry.
Xiexin integration has failed to fulfill its performance commitments, so that the Xiexin Department leader Zhu Gongshan broken his heart, from behind the scenes to the front stage, after the strategic layout of Zhu Gongshan again "invisible" behind the stage. However, just starting to go on the right track and encounter a new 5:31 photovoltaic New Deal, Xiexin integration can continue to grow well? Xiexin integration of the way out?
According to the announcement, Xiexin Integration intends to assign 500 million yuan subscribed share and 51 million yuan subscribed share of Ruixin Fund corresponding to Nanjing Xinneng Sunshine Industry Investment Fund Enterprise (Limited Partnership) (hereinafter referred to as "Nanjing Xinneng") and Xuzhou Industry Development Guidance Fund Co., Ltd. (hereinafter referred to as "Xuzhou Guidance Fund"), and invest 10 million yuan pairs at the same time. Rui core fund to increase capital. After the completion of this transaction, the integration of Xinxin will hold 25.38% share of the core fund.
It is understood that the Ruixin Fund has been established with a scale of 2.21 billion yuan and its investment field is the semiconductor industry. The investment and management company of Suzhou Guotai Xinneng Investment Management Co., Ltd. (hereinafter referred to as "Guotai Xinneng"), Nanjing Xinneng, Xuzhou Guidance Fund, Jiangsu Xuzhou Old Industrial Base Industrial Development Fund and Xuzhou Kaixin Industrial Fund Partnership Enterprise have been established for 5 years. It was jointly established in 017 November 27th. After the transferee, the proportion of these partners' contributions was 0.05%, 13.53%, 24.84%, 18.1% and 18.1% respectively.
For the investment core fund, Xiexin integration said, "based on the need of overall strategic transformation and layout considerations, it is proposed to further enhance the company's investment and acquisition capabilities in the semiconductor industry by participating in investment in the semiconductor industry fund, integrating the advantages of all resources, and promoting the company to actively and steadily explore the second main industry." "."
Xiexin Integration Department restructured ST day in October 2014, is the "Xiexin system" in the middle of the photovoltaic industry layout, the current business mainly covers high-efficiency batteries, differential components, energy engineering, energy storage and other related products research and development, design, production, sales and one-stop service. In addition, "Xiexin" in the photovoltaic industry has the world's largest producer of polysilicon and silicon wafer Poly Xin energy and engaged in downstream photovoltaic power station development and operation of the new energy.
For why choose the semiconductor industry as the layout of the second main industry, reporters through the e-mail interview Xiexin Securities Department, because in the half-yearly silence period, no reply.
A person close to Xiexin integration told reporters that Xiexin system in the field of photovoltaic upstream, downstream have layout, Xiexin integration in photovoltaic development is limited, the main business can only be component production and system integration.
From the perspective of the whole Xin Xin system, poly energy is also equipped with semiconductors. According to public information, in December 2015, the National Integrated Circuit Industry Investment Fund jointly established Jiangsu Xinhua Semiconductor Material Technology Co., Ltd. with Poly-Tech. Ltd. to build the first 5,000-ton electronic-grade polysilicon dedicated line in China. After nearly two years of construction and commissioning, qualified electronic-grade polysilicon products have been produced by the end of 2017.
A person from Xiexin Department told reporters: "Xiexin integrated semiconductor investment should remain at the level of equity investment, such as the announcement of the fund, and Poly Xiexin and the large fund to promote 5000 tons of semiconductor polysilicon projects, and follow-up chip projects, these are industry-level investments, both are not The same. "
Nevertheless, Xiexin Integration is inclined to the semiconductor industry, and the development of its second main business is not limited to investing in related funds. As early as May this year, Xiexin Integration said it was planning major asset purchases with the target assets of a state-supported semiconductor materials enterprise. However, because the acquisition involves multiple counterparties, all parties need to fulfill the internal approval procedures, transaction time, progress and links are uncertain.
One of the important reasons for Xiexin's second major semiconductor industry is to enhance its risk resilience and sustained profitability.
In 2017, Xiexin integrated revenue was 14.447 billion yuan, an increase of 20.12%, net profit of 23.85 million yuan, an increase of 188.63%, to turn losses into profits, but the turnaround was not complete. Xiexin integrated non-net profit in 2017 increased from - 76.193 million yuan in 2016 to - 170 million yuan, which means that Xiexin integrated main business losses, and therefore. I received the inquiry letter from the Shenzhen Stock Exchange.
In response to the Shenzhen Stock Exchange's inquiry, Xiexin explained that the main reasons for the company's continued negative net profit after two consecutive years of deduction were the loss of assets impairment in 2016 and 2017, respectively, of 82.2244 million yuan and 241 million yuan, including loss of bad debt preparation, loss of inventory price, loss of goodwill impairment.
And an important reason for the loss of GCL is that it can not do without the decline in the price of main business components. Public reports show that the price of components has dropped from around 3 yuan / watt in early 2017 to about 2.5 yuan / watt.
"Component products are the least profitable segment in the photovoltaic industry chain. Most of the profits are made from upstream silicon wafers or downstream power plants. At present, the profit margin of component products has reached the limit, which is the most painful for the manufacturing industry."