100% equity pledge and 103.12% debt ratio! Heterojunction upstarts are really short of money!

2023-11-27 18:14:24

The company is insolvent.

Recently, Jingang Photovoltaic announced that its controlling shareholder, Guangdong Ouhao Group Co., Ltd. Ouhao Group has pledged 100% of the company's shares. 21% of the total share capital of the company.

23, Jingang Photovoltaic issued the announcement that the controlling shareholder provided guarantee for the company's loan and related transactions. Jingang Photovoltaic intends to sign the Loan Limit Contract with Guangzhou Kuangshi Management Consulting Co., Ltd. (hereinafter referred to as "Guangzhou Kuangshi"), and Guangzhou Kuangshi will provide the company with a loan of 15 million yuan . At the same time, Ouhao Group provides pledge guarantee for loans with 3878448 shares of listed companies it holds.

According to the latest share price of Jingang shares on the date of publication (November 27) of 18.71 yuan/share, the amount of shares pledged by Ouhao Group amounts to 7256.

According to the above two announcements, it is unavoidable to see that Jingang Photovoltaic may really be short of money. But can you really "save" yourself by borrowing 15 million yuan from Guangzhou Kuangshi? The 2 billion yuan raised was originally used to build a high-efficiency heterojunction battery with an annual output of 4.8 GW and 1.

However, as to why the fund raising was suddenly terminated, Diamond Photovoltaic said that it was a comprehensive consideration of the actual situation of the company and the changes in the capital market and related policies. The result of a careful analysis. This sentence seems to give a reasonable explanation, as if nothing was said.

However, the reason for the delay in the submission of the digital new energy DataBM is that the digital new energy DataBM. Com in King Kong Transformed into a Clay Bodhisattva", According to the

data, the predecessor of Jingang Photovoltaic is Jingang Glass Curtain Wall Co., Ltd. of Shantou Special Economic Zone, which was established on June 18, 1994. In 2001 and 2022, it was changed to Guangdong Jingang Glass Technology Co., Ltd. and Gansu Jingang Glass Technology Co., Ltd. In 2010, it was listed on the GEM of Shenzhen Stock Exchange, and the securities were referred to as "Diamond Glass". After the announcement of cross-border photovoltaic in June 2021, it was officially renamed Gansu Jingang Photovoltaic Co., Ltd. on October 10, the following year, and the securities were referred to as "Jingang Photovoltaic". According to the

data, the diamond glass once had unlimited scenery, and its products were used in the Olympic "Bird's Nest", Guangzhou Pazhou International Convention and Exhibition Center, Tokyo "Silkworm Cocoon" Building, Expo Cultural Center and other landmark buildings. Its founder, Zhuang Dajian, also served as a torchbearer for the 2008 Shantou Olympic Games.

But prosperity is bound to decline. Shortly after its listing in 2010, the performance of Diamond Glass began to show a downward trend. According to the data, the company realized a net profit of 44.47 million yuan in 2011, 27.29 million yuan in 2012, 11.68 million yuan in 2013, and 4.62 million yuan in 2015. It was not until 2018 that the company's net profit returned to more than 12 million. But in 2019, the company lost 88.24 million yuan directly, and since then, the performance of Diamond Glass has been green all the way . When

the house leaks, it rains all night. On the one hand, the company's performance is running downward, while on the other hand, Diamond Glass has been exposed to the thunderstorm of financial fraud . On March 24 ,

2020, Diamond Glass announced that the company had received the Notice of Administrative Penalty and Prohibition of Market Entry from the Guangdong Regulatory Bureau of the Securities Regulatory Commission. Diamond Glass was banned from administrative punishment and market entry because of suspected information disclosure violations.

According to the announcement of that year, Diamond Glass falsely increased the company's operating data from 2015 to 2017 by means of financial non-bookkeeping, false bookkeeping, forged time deposit contracts and fictitious interest collection . During this period, there were false records in the semi-annual report and annual report.

At the same time, during the period from 2016 to 2018, Diamond Glass provided non-operating funds to Lhasa Diamond (then shareholders) without decision-making approval or authorization procedures. Diamond Glass did not disclose the transaction in its subsequent semi-annual or annual reports.

As a result, Diamond Glass and then Chairman Zhuang Dajian were warned and fined 600000 yuan and 300000 yuan respectively. The rest of the company's senior leaders were also warned and fined. At the same time, Zhuang Dajian and Lin Yangxian, then chief financial officer, were banned from entering the securities market for 10 and 5 years respectively.

At this time of "war and chaos", Zhang Dongliang appeared with Guangdong Ouhao Group , not only took over a pool of "mud" diamond glass at that time. It also directly throws out the annual output of 1. Diamond glass, which opens the journey of photovoltaic.

It is not difficult to see that the transformation of King Kong Glass into King Kong Photovoltaic is to save the "broken" company and the green performance. However, after the transformation of photovoltaic in 2021, its performance has not improved, but has become more and more serious. In 2022, the net profit loss of Jingang Photovoltaic is 2. As of September 30, 2023, the debt ratio of Jingang Photovoltaic has reached 103.

Even though the performance has been so poor, there is still a huge debt pressure. However, when asked whether there would be plans to withdraw or cut heterojunction photovoltaic cells, the office staff of the board of directors said: At present , there are no plans to withdraw or cut heterojunction photovoltaic cells. It is also optimistic about the future market of heterojunction (HJT) photovoltaic cells.

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Correlation

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