The hottest photovoltaic industry realizes the mar

The photovoltaic industry realizes the marketization of mergers and acquisitions

from policy orientation to enterprise willingness, all believe that the current photovoltaic industry needs a round of vigorous mergers and acquisitions; Some capital experts have also seen the current situation of the coexistence of "danger" and "opportunity" in the photovoltaic industry, and a number of vulture funds for the photovoltaic industry are ready to emerge. However, what makes the capital side and the industrial side quite headache is that the local government, which planted a curse on the photovoltaic industry from the beginning, still does not seem to plan to return the photovoltaic industry to the market

according to an investment banker who studies the photovoltaic industry, 31 provinces in China have announced to give priority to supporting the photovoltaic industry, more than 300 cities have actively developed the photovoltaic industry, and more than 100 cities have built photovoltaic industrial parks. The situation of "national photovoltaic construction" has pushed the photovoltaic capacity to a high level, while the domestic market has not been opened for a long time. In the case of continuous "double anti" in Europe and the United States, the price of domestic photovoltaic modules fell by 10% - 15% per quarter. In the industry, from Wuxi Suntech and Jiangxi Saiwei to many unknown photovoltaic manufacturers, there is a lot of sadness

Zhang Shuguang, a researcher at the Institute of economics of the Chinese Academy of Social Sciences, pointed out that to save the photovoltaic industry, in order to return the market to the market, local governments should take advantage of this photovoltaic disaster to re-examine the reasonable boundary between the hands of the government and the market

however, in this disaster of the photovoltaic industry, the local government has never quit, and the government has taken various measures to save the market. It is understood that some local governments take the initiative to change the nature of land for enterprises, from industrial land to commercial land. Enterprises can mortgage the changed land first, and then pay the change price after financing, so as to revitalize assets for enterprises

as for tax reduction and exemption and financial subsidies, it is common. Moreover, the local government also intervened in the merger and reorganization of leading enterprises, taking the approval of building local power stations as a "token", requiring investors to acquire local PV households in difficulty

some photovoltaic enterprises that still have strength build their own power stations and rely on the extension of the industrial chain to realize the internal digestion of production capacity, which is self salvation in the cold winter of the industry. These enterprises themselves may not be at ease. If they merge and acquire some worse enterprises at the request of the local government, they may no longer be able to integrate these burdens

Zhang Shuguang believes that the most important thing in the photovoltaic industry is market-oriented mergers and acquisitions, "there are a number of enterprises that need to be eliminated and die, otherwise, those who survive will not live well. Only in this way, it is possible that China has no such counterpart professional photovoltaic industry to survive this severe winter safely and smoothly."

I 3. Dealing with the experiments that need to be done under high temperature, a senior analyst of the new energy industry of securities companies also said in his "pulse" to the photovoltaic industry that the photovoltaic industry will continue to grow in the future and gradually come out of the trough, but only if a number of companies withdraw from the market in this round of reshuffle

in fact, if the mergers and acquisitions of the photovoltaic industry are handed over to the market, more funds will be willing to enter this field to seek gold. Unlike the "kidnapping" M & A of local governments, market-based M & A subjects, especially some vulture funds, tend to pay more attention to the basic situation of the merged enterprises. They hope to inject vitality into enterprises at a low point through the input of funds and management. "The first is to judge whether the industry still has prospects and vitality; the second is whether the enterprises to be invested have bright spots." A person in charge of M & A fund introduced the selection principles of M & A targets

"it is better for the merged enterprise to have a certain amount of closed technology reserves. If it is completely obsolete technology, such an enterprise can only let it die." The person said. According to insiders, at present, the domestic polysilicon production technology is generally backward and the production cost is high. Less than 10 of the more than 50 polysilicon manufacturing plants have started construction. At the same time, the import volume of polysilicon is increasing year by year, but the domestic output is declining, which shows that the competitiveness of China's polysilicon industry is very low

consideration is also the focus of vulture funds. In the view of some investors, it is the best time to invest in the photovoltaic industry. Investing in the downturn can reduce costs, but also puts forward higher requirements for subsequent integration, and investors also need to bear greater risks. Therefore, in consideration negotiations, a certain discount is often required. Zhonghua glass () Department