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3 billion yuan acquisition of Wuxi shangdeshun wind power

Edit:   Browse: Times  Date:2020-10-26

3 billion yuan completed the acquisition of Wuxi Suntech. Yesterday, Shunfeng optoelectronics resumed trading and rose sharply. After the opening of the trading, it once rose to 36%. At the end of the day, the share price was at HK $6.36, up 19.33% from before the suspension.
Share price benefits again
As a result of the acquisition of Wuxi Suntech, Shunfeng optoelectronics stock price rose several times. On the evening of October 9 this year, Wuxi Suntech's purchaser was identified as Shunfeng optoelectronics. On October 10, the share price of Shunfeng optoelectronics soared by 22.28%. Since then, on October 23, Shunfeng optoelectronics and Wuxi Suntech signed a strategic cooperation agreement. On the same day, Shunfeng optoelectronics shares rose 13.64%.
Shunfeng optoelectronics announced a few days ago that the total cost of the acquisition is 3 billion yuan, including a deposit of 500 million yuan, and the remaining 2.5 billion yuan will be paid to Wuxi Suntech bankruptcy reorganization administrator within one month after the reorganization plan is approved by the general meeting of shareholders and Wuxi intermediate people's court.
Shunfeng optoelectronics said that within two years after the reorganization plan was approved by Wuxi intermediate people's court, Shunfeng optoelectronics will provide funds to Wuxi Suntech according to its business development to improve its fixed assets and working capital level. Shunfeng optoelectronics will pay through various ways, including debt financing, internal resources, etc., and it is expected that it will not be allocated in the form of fund-raising in the short term.
"Snake swallowing elephant" in photovoltaic industry
Wuxi Suntech is mainly engaged in R & D, production and sales of solar cells and modules, which is a domestic photovoltaic industry giant. Due to the failure to repay the debts when they fall due, the company went into liquidation on March 20 this year. At the beginning of August, the stage of assets and capital verification was completed. It was confirmed that Wuxi Suntech owed about 10.7 billion yuan of creditor's rights to banks, suppliers and guarantors, which was 6.7 billion yuan less than the 17.4 billion yuan previously declared.
In 2012, Wuxi Suntech's shipment volume was about 1800 MW, and its products were sold all over the world, including European countries, the United States, Asia Pacific countries, Japan and Australia. However, the shipment volume of Shunfeng Optoelectronics in 2012 was only 206 MW. In 2012, Shunfeng had a net loss of HK $270 million, compared with a net loss of HK $670 million in the first half of 2013. This acquisition is also regarded as "snake swallowing elephant" by the outside world, as well as a pattern adjustment of photovoltaic industry.

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