The overseas listing photovoltaic enterprises trap delisting crisis in the short term is difficult out trough

Recently, many PV companies listed overseas due to the sharp drop in the share price, received a delisting warning. Insiders said that since the beginning of this year,power inverter  in the context of global economic slowdown, the domestic large excess capacity led to the industry quickly enter a period of consolidation, enterprise profitability suppressed, which also makes the new domestic energy companies to be listed feel the chill.

Enterprises overseas share prices continuing to fall by the delisting warning

A few days ago, LDK Solar Hi-Tech Co., Ltd., said that, due to its share price below $ 1 for 30 consecutive trading days, the company received notice from the NYSE, will face delisting risk. In fact, LDK Solar is not only receive the delisting warnings company.

It is understood that the August 22, a large new energy Co., Ltd. announced the receipt of the warning of the New York Stock Exchange become first overseas this year, received a delisting warning PV companies. Since then, Suntech listed on the NYSE and Nasdaq listed JA Solar has suffered due to the same reason the delisting warning.

If a listed company's shares for 30 consecutive trading days closing price of less than $ 1, will be considered below standard in accordance with Chapter VIII of the New York Stock Exchange rules "suspend the listing of, and terminate the listing requirements. According to the Rules of the Exchange, the company within six months of receipt of the notification, for 30 consecutive trading days closing price of more than $ 1, you can continue to stay in New York Stock Exchange trading.

This means that the company received a delisting warning must be recovery of the share price and the average price per share in the six months to more than $ 1 level, or face delisting the SW industry analyst Yu Wenjun said.

Although the break through the $ 1 share price seems hard to achieve, but the bleak prospects of the industry makes this task extremely arduous. November 23, a large new energy, Suntech, LDK Solar LDK, JA Solar shares were $ 0.82, $ 0.606, $ 0.919 and $ 0.8, respectively, grid tie inverter  were below the $ 1 mark.

New domestic energy companies IPO performance decline blocked

Since the beginning of this year, under the background of global economic slowdown, the domestic large excess capacity led to the industry quickly enter a period of consolidation, enterprise profitability suppressed, which also makes the new domestic energy companies to be listed feel the chill.

There is no performance support, listed companies can only ring hollow. Photovoltaic listed companies of A shares only, for example, from a situation reflected in quarterly this year, the overall A-share listed PV companies operating revenue fell 16.11%, net profit year-on-year decline of up to 100.55 percent.

September 4, served as the lead underwriter and listing recommender by Credit Suisse Founder Haiyang New Energy Co., after the implementation of the feedback, and proclaimed to give up its listing process. The industry is expected to result in termination of the audit company performance decline.

According to the survey, this year, the new energy companies to be listed in total there are seven IPO company said it had to terminate the listing of IPO is not the company, which are not already included. Delisting, and IPO blocked behind the reality of overcapacity and lack of research and innovation capacity.

She Haifeng, the early mass disorderly launched, the manufacturing companies are now in the doldrums, but not to the "winter", Solar CEO. Although domestic enterprises to stop production, but no large-scale integration. Taiwan's top companies have begun to merge, but now do not see. Corporate performance appears to improve the industry must be integrated to a certain level, and now look at the next year it may not get better.

Enterprise within a short time is difficult out of the woods

Learned from JA Solar delisted from the fate of the company has decided to start from December 10, JA transactions in the United States per unit of American Depositary Receipts "(ADS) on behalf of one share from JA ordinary shares represents five ordinary shares, adjusted to. This is equivalent to JA traded stocks in the United States, the partnership, in theory, the price per unit of depositary receipts also will be up to five times.

However, the industry generally believe that, only relying on its own strength, and the corporate short period of time is difficult to out of the woods. Photovoltaic manufacturing environment is not good, solar panel not a small possibility of delisting of several enterprises. The Phono Solar chairman Caiji Bo said that the investment bank photovoltaic manufacturing industry is very cautious, and not easily lend to businesses, raised the price like a short time is not easy.

November 21, Zevi billion due to default payment taken to court by a creditor bank. According to the company's previously announced financial results in the first half of 2012 net loss of 1.08 billion yuan, 26.676 billion yuan of total liabilities, liabilities rate of about 88%. And other loans banks will follow suit prosecution LDK remains to be seen, and its operating worrying, self-help has been almost impossible.

However, despite the delisting to be enterprise some impact. She Haifeng enterprise delisting of little significance, survival is more important. China has been very poor business environment in the U.S. IPO, many PV companies want to privatization in the domestic market.

Cai Jibo the other hand, these enterprises withdraw from the market at this time is not necessarily a bad thing. Re-listed after integration in other markets is also an option.