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Yesterday, senior executives of several listed companies confirmed to CBN reporters exclusively that the China Securities Regulatory Commission had solicited opinions from the NDRC on a number of projects involving wind power and polysilicon placement (or non-public issuance).
The companies that need opinions from the Development and Reform Commission include Aerospace, New Materials and so on. Sinoma Technology is also in the process of refinancing wind power projects. However, insiders of the company said that there is no need to submit materials to the NDRC.
Strict approval of polysilicon
It is understood that the China Securities Regulatory Commission has made a review of the situation of listed companies that are preparing to refinance and use the raised funds for polysilicon (and wind power) projects in the near future, and is seeking advice from the NDRC. This list of combing includes Aerospace.
In July 2008, Aerospace Electronics applied for a share subscription of 1.837 billion yuan to the China Securities Regulatory Commission. On July 27 this year, the application has been approved by the China Securities Regulatory Commission's approving committee. However, a department of the China Securities Regulatory Commission still requires Aerospace to submit a further report for transfer to the NDRC and wait for advice.
High-level internal aerospace engineers told CBN reporters that since then the NDRC has requested additional materials from Aerospace Electromechanics. “We have turned in this part of the supplementary materials before the National Day.†The high-level executive said that this communication should be said to be “two ministries and commissions.†"The communication between", and whether the issue of the rights issue through the Development and Reform Commission, the high-level said "we think there is no big problem."
It is understood that although Tianwei Baosteel, which holds shares in a number of polysilicon projects, has no additional issuance plan, it may also submit materials. However, as of yesterday's press release, the Dong Zhang secret successor's mobile phone has been in a state of no answer.
Orient Securities researcher Zou Hui said that some polysilicon companies may stop or change the construction plan to cope with the government's regulation. “Some projects have changed.â€
China's largest polysilicon manufacturer, the Hong Kong-listed company GCL-Poly (03800.HK), had previously planned to expand production of 20,000 tons of polysilicon based on the current capacity of 18,000 tons of polysilicon, but it has now stopped.
In fact, on September 21st, the National Development and Reform Commission and the Ministry of Industry and Information Technology have jointly issued questionnaires to the relevant departments of various provinces and cities in China to make provinces and cities do their work on existing and planned production, production capacity, technology sources, and energy consumption of local polysilicon and solar cells. Detailed investigation, the current statistical results are being summarized. The prudence of the CSRC also shows that the government pays special attention to polysilicon projects that have a tendency toward surplus.
A document from the government shows that in 2008, China's polysilicon production capacity was 20,000 tons, and the output was about 4,000 tons. The capacity under construction was about 80,000 tons, and the production capacity was obviously excessive.
Huang Weiming, deputy general manager of Jinggong Technology, said: "Polysilicon raw materials should be said to be surplus, whether the surplus depends on the increase in solar power generation in the future."
China Merchants Securities researcher Wang Liusheng also believes that if there are more photovoltaic power generation projects in the country and overseas markets are recovering, it may be a good thing for existing polysilicon manufacturers.
Wind power survey is not the same
Different from polysilicon listed companies, many of the listed companies involved in wind power refinancing are mostly wind turbine component companies. Their current investigations are not the same.
The new material based in Hunan Times plans to issue 60 million shares and raise funds of 813 million yuan. The largest investment (3.5 billion yuan) of the four proposed projects is placed on the industrialization of megawatt-class wind power blades.
A senior company official told reporters yesterday that they had over-reported a material to the Securities and Futures Commission in September. “It may have been handed to the National Development and Reform Commission by the Securities and Futures Commission. But now we have not received feedback from the NDRC, but feedback will not be given. We, but (NDRC) directly to the SFC."
The Sinoma Technology, which plans to issue additional 50 million shares and part of the funds for wind blade construction, also consulted the Development and Reform Commission. “The preliminary opinion of the NDRC is that we do not have to submit (materials).†But the person did not insist on their own. It will definitely not hand in the materials. "Some things will always change."
According to our preliminary understanding, “According to our preliminary understanding, it should be said that the State Council’s control over the wind turbines has a greater impact on the whole machine (refinancing), and wind power components are better.†The reporter asked if the Development and Reform Commission is working on wind power blades. The assessment will be relaxed. He said that the details are still not clear.
The top executive also said that the surplus of the current wind turbines can be seen as a structural surplus. “The 600 kW, 750 kW, and 1.5 MW turbines, blades, and fittings are in excess, but the domestic mainstream is 1.5 MW. Offshore wind farms, etc. have all developed towards greater power."
Regarding whether it was able to obtain the approval of the National Development and Reform Commission and the Securities Regulatory Commission, the senior management of the times thought for a moment: "Confidence is more than enough."
In addition to the polysilicon and wind power industries, the industries that were oversold by the State Council at the end of August this year included cement, steel, flat glass, and coal chemical industries. Will these companies need guidance from the NDRC if they refinance?
A steel industry researcher told reporters that if a steel company had communicated with the relevant provincial or national development and reform commissions prior to the issuance of additional funds, and had obtained the documents approved by the National Development and Reform Commission, it would directly attach the materials to the Securities and Futures Commission as a reference, if not before the approval. With the approval of the National Development and Reform Commission, the China Securities Regulatory Commission may also seek advice from the National Development and Reform Commission. “And after the State Council's guidance on excess steel production capacity was issued, I think the approval of the CSRC for certain related projects will certainly be more stringent.â€
Two departments want to tighten polysilicon refinancing
Listed companies that plan to re-finance polysilicon and wind power projects should pay attention to it. The China Securities Regulatory Commission is cautiously considering the refinancing of these two types of projects. Is it necessary to issue "PASS" cards to enterprises?