Jingao Solar Co., Ltd. plans to use the 7.5 billion yuan transaction price to cover the details of Qinhuangdao Tianye Tonglian Heavy Industry Co., Ltd. (Tianye Tonglian, 002459.SZ), which means that Jingao is expected to become a PV stock. A" first case.
On January 21, Tianye Tonglian announced that it intends to sell all assets and liabilities as of the date of assessment to Huajian Industrial, and Huajian Industrial will pay the consideration in cash. At the same time, Tianye Tonglian intends to purchase shares from Jing Taifu, Qichang Electronics, Shenzhen Boyuan, Qijun Jun, Jingjun Ningyu, Jingli Ninghua, Jingrenning, Jingde Ningfu and Ningjin Bona. A total of 100% of the shares held by JA Solar. Based on the estimated value as of September 30, 2018, the initial transaction price of the underlying assets was 7.5 billion yuan. This transaction constitutes a major asset restructuring. Upon completion of the transaction, all shareholders of JA Solar will become shareholders of the listed company. The controlling shareholder of the listed company will be changed to Jing Taifu, and the actual controller of the listed company will be changed to Qi Baofang. According to the announcement, the issuance of shares to purchase assets and the sale of major assets are mutually conditional and indivisible. If any of these transactions is terminated, the transaction is terminated.
Founded in 2005, JA Solar is one of the leading PV companies in China. The industrial chain covers silicon wafers, batteries, components and photovoltaic power plants. The actual controller is Qi Baofang. According to the statistics of China Photovoltaic Industry Association, JA Solar's solar cell module shipments ranked the top five in the world in 2015-2017, and reached the third in the world in 2017. In 2015-2017, JA Solar's solar cell production continued to be in the global market. Two, 2017 is the second in the world.
On February 7, 2007, JA Solar was listed on the NASDAQ Stock Exchange in the United States, becoming a member of the wave of Chinese PV companies going to the US after Wuxi Suntech. However, the financing environment for Chinese PV companies listed in the US is not ideal. Due to the low overall valuation, the financing capacity cannot meet the needs of enterprises.
Yan Baofang once said in a public event in November 2017 that a decade ago, JA Solar was listed on NASDAQ in the United States. At that time, it raised $1 billion to provide a large financial guarantee for the development of the company. However, now its brand has no financing function in the United States. “However, JA Solar is still the best-running Chinese PV company among the first listed companies in the US. With the progress of the industry and changes in the US capital market, we decided to return to China and return to our local market. We have 11 production bases in China, and any one base operation is very good, no less than an ordinary listed company."
The valuation of the A-share market is significantly higher than overseas. In recent years, Trina Solar, Artes, JA Solar and other established PV companies that were listed on the US stock market have started to return to the A-share market. On July 17, 2018, JA Solar announced the completion of the merger transaction with its parent company, Jinglong Group, which was successfully privatized and officially delisted from Nasdaq. A month later, Tianye Tonglian announced the signing of the “Important Asset Restruction Intention Agreement” with the actual controller of JA Solar.
Compared with other PV companies that have announced privatization and intend to return to A-shares, JA Solar's progress is the highest. Today, in the US market, there are few stocks in the PV market.

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