On March 28, GCL-Poly Energy (03800.HK) disclosed its operating results in 2021. Last year’s revenue reached 19.698 billion yuan, a year-on-year increase of 34%; net profit attributable to the parent company reached 5.084 billion yuan. Reversing the decline of 5.668 billion yuan in losses in 2020.
On March 25, Xint Energy (01799.HK) also disclosed that its revenue in 2021 exceeded 22.5 billion yuan, and its net profit attributable to the parent company reached 4.95 billion yuan.
Riding on the industry’s favorable wind, the four major silicon giants including Hong Kong-listed GCL-Poly Energy, Xint Energy, A-share Tongwei Co., Ltd. (600438.SH) and Daqo Energy (688303.SH) last year Since then, I have made a lot of money. GCL-Poly Energy and Xinte Energy are also planning to return to A-shares. In addition, Asia Silicon (Qinghai) Co., Ltd. (hereinafter referred to as Asia Silicon) is also in the A-share IPO inquiry stage.
Interestingly, judging from the actual controllers of upstream silicon companies, they all have "prosperous backgrounds". It can be said that "the richest people gather and the gods fight."
Shi Zhengrong, the actual controller of Asia Silicon Industry, the leader in silicon materials, is known as the "Godfather of Photovoltaics". It took him five years to become the richest man in China. In the next seven years, his wealth evaporated by 18.6 billion. This time Shi Zhengrong took Asia Silicon Industry It is his "three entrepreneurial ventures" in the photovoltaic industry.
In 1963, Shi Zhengrong was born in a rural family in Yangzhong City, Jiangsu Province. In 1979, Shi Zhengrong was admitted to Changchun University of Science and Technology. After graduating from university, he was admitted to the Shanghai Institute of Optics and Precision Mechanics of the Chinese Academy of Sciences and received a master's degree. After that, he was sent to Australia to study under the guidance of the "Father of Solar Energy in the World" and the 2002 Nobel Prize winner. Professor Martin Green overcame the problem of growing silicon thin films on glass during his studies, developed polycrystalline silicon thin film solar cell technology, and successfully obtained his doctorate.
In 2000, Shi Zhengrong returned to China with a business plan to find money for his photovoltaic dream. Every time he went to a city, he would say, "Give me $8 million, and I will build you the world's largest company." The next year, Shi Zhengrong reached a cooperation with the Wuxi Municipal Government and formally established Wuxi Suntech. In December 2005, Suntech Power Holding, a Cayman company that controls Suntech Power, was listed on the New York Stock Exchange. Shi Zhengrong is the richest man in China and is known as the "Godfather of Photovoltaics" and "Bill Gates of Photovoltaics".
The arrival of the financial crisis in 2008 and the "double-reverse bill" in 2011 caused Shi Zhengrong's wealth to shrink rapidly. Afterwards, Suntech Power went bankrupt and reorganized in 2013, and was delisted from the New York Stock Exchange in February 2014. Shi Zhengrong also ran to Australia alone, and the once richest man became an "old man".
But Shi Zhengrong did not retire. In 2019, Sunman (Shangmai New Energy Technology Co., Ltd.), which he founded, completed a Series B financing of US$12 million. According to the 2019 Hurun Rich List, with the help of Shangmai New Energy, Shi Zhengrong became a new member of the "2019 Hurun Rich List" with a wealth of 2.5 billion yuan. Six years after Wuxi Suntech declared bankruptcy in 2013, Shi Zhengrong returned to the list of China's richest people.
If the Asian Silicon Industry successfully lands on the Science and Technology Innovation Board, Shi Zhengrong’s personal wealth will rise accordingly.
In addition to the Asian silicon industry, the "GCL Series" is also taking the next big step. In fact, the controller Zhu ***shan is the "richest man in Yancheng, Jiangsu Province" and owns 2 A-shares, 2 Hong Kong stocks and 1 New Third Board company.
In the capital landscape of the "GCL Group" (that is, a group of listed companies surrounding GCL (Group) Holdings Co., Ltd.), GCL-Poly Energy (03800.HK) produces silicon materials, and GCL-Poly Integrated Energy (002506.SZ) is responsible for module production, and GCL New Energy (00451.HK) is responsible for the construction, operation and management of photovoltaic power stations. The three layouts of the three important links of photovoltaics are closely connected.
In the photovoltaic field, GCL-Poly Energy, GCL New Energy, and GCL Integration have completed everything from upstream silicon, silicon material, and silicon wafer manufacturing to midstream photovoltaic cells, components, and system integration, and then to One-stop layout for downstream photovoltaic power plants.
The richest man has also experienced ups and downs in the photovoltaic industry.
Zhu ***shan, who was born in Yancheng, Jiangsu Province, became a veritable "private electricity king" by establishing more than 20 thermal power plants in his early years. In 2005, the same year that Shi Zhengrong became the richest man in China with Suntech Power, Jiangsu Electric Power Group wanted to invest in building a polysilicon plant in Lianyungang, and Zhu ***shan took the olive branch. At the end of that year, Zhu ***shan moved the polysilicon project he had undertaken to Xuzhou, Jiangsu, where there were several GCL thermal power plants, and officially started his photovoltaic journey.
Since then, Zhu ***shan quickly laid out his own "photovoltaic empire." It took 15 months to open the polysilicon production line, setting a new record for the fastest construction speed at the time. It was also the first shot in the photovoltaic field, and it successfully landed on the Hong Kong stock market in 2007.
The financial crisis in 2008 and the "double-reverse" campaign in 2012 not only brought Shi Zhengrong down from his peak, but Zhu ***shan was also greatly affected. At this time, he made a bold decision: to expand production.
GCL-Poly Energy has not only survived by relying on counter-cyclical production increases, but is also expanding horizontally and vertically. In the second year of the "double-reverse" policy, GCL-Poly Energy was crowned the "Global Silicon King", and its silicon wafer business accounted for an increasing share. In addition, the company has gradually extended its front lines to components, system integration, power station investment and other aspects, gradually realizing integrated operations.
After surviving two reshuffles in the photovoltaic industry, GCL-Poly Energy suffered heavy losses in 2018.
On May 31, 2018, the National Development and Reform Commission, the Ministry of Finance, and the National Energy Administration jointly issued the "Notice on Matters Related to Photovoltaic Power Generation in 2018", directly suspending the new construction of ordinary ground-mounted photovoltaic power stations in 2018. To increase investment, only arrange a distributed photovoltaic construction scale of about 10 million kilowatts, further reducing subsidies for photovoltaic power generation. China's photovoltaic power station market, which began in 2009, has relied on subsidies to "continue" all year round.
In the following week, the market value of nearly 100 billion of 57 photovoltaic companies in A-shares, Hong Kong stocks, and US stocks disappeared. Taking Longi Holdings (601012.SH) as an example, it fell by 30% in the first seven trading days of June 2018. The average selling price of GCL-Poly Energy's energy products has been reduced. The average tax-excluding selling price of polysilicon and silicon wafers in 2018 fell by 36.9% and 28.3% respectively year-on-year. As a result, GCL-Poly Energy's revenue has decreased and it is difficult to make money, and it will suffer a huge loss in 2020. 5.668 billion yuan.
At this time, the granular silicon technology laid out by GCL-Poly Energy as early as 2010 provided timely assistance. In September 2020, Zhongneng Silicon Industry's granular silicon project started construction, with a total investment of 4.7 billion yuan, an initial production capacity of 54,000 tons, and a total planned production capacity of 100,000 tons. With this "world's largest monomer granular silicon project", Zhongneng Silicon has become the only mass production enterprise of granular silicon in the world that has realized the application of monocrystalline silicon.
This time GCL-Poly Energy returns to the A-share market with its granular silicon technology. Is this the beginning of another reshuffle?
Xinte Energy is a subsidiary of TBEA (600089.SH). Its actual controller, Zhang Xin, is the richest man in Changji, Xinjiang. He started his business at the age of 26 and owns 3 listed companies with actual control of 180 billion. empire.
Zhang Xin started his career in Changji, a small town in Xinjiang. In 1997, TBEA successfully landed on the Shanghai Stock Exchange. In 2008, its revenue exceeded 10 billion for the first time, then to 20 billion, 30 billion, and 40 billion. In ten years, TBEA Just completed the quadruple jump.
In 2000, TBEA established Xinjiang New Energy Co., Ltd., and since then the company has officially entered the photovoltaic field. In 2010, TBEA's photovoltaic business achieved sales revenue of 2.673 billion yuan, a year-on-year increase of 81.18%. Its operating profit margin increased by 2.84% to 6.58% from the previous year, which was the first positive growth since 2007.
Since then, TBEA has increased its investment in the photovoltaic business and continued to expand the scale of polysilicon production. In 2015, its subsidiary Xinte Energy began to enter the field of photovoltaic and wind power project operators, and built a total of 450MW BOO projects in Hami, Guyang and other places. At the same time, as a BT-developed Guyang 20MW photovoltaic project, Mulei The 49.5MW wind power project was converted into a BOO project.
Xinte Energy was listed on the Hong Kong stock market on December 30, 2015. The net proceeds raised from the listing were HK$1.383 billion.
In 2016, TBEA entered the photovoltaic billionaire club.
In 2016, the company's photovoltaic revenue reached 10.213 billion yuan, 16.8 times that of 2007.
In this process, the net worth of the actual controller Zhang Xin has also increased:
In 2021, TBEA Co., Ltd. ranked 257th in the "Fortune China 500" .
Now, TBEA has spun off Xinte Energy and returned to the A-list. After that, the three richest people in silicon materials will all gather in the A-share market. In the fight, who is in charge?