Li Hejun: the richest man in three unknowns makes a

Polaris solar PV net news: in May 2014, the release of a new fortune “500 rich list”, Li Hejun 87 billion dollars net worth richest man. Maybe deep in solar power stations, in the desert, too far away from everyday life, for the first time “top” Li Hejun did not cause widespread concern. On February 4, 2015, global rich list published by hurun, 160 billion Yuan Li Hejun assets beat Wang, MA, didn’t cause more people exclaimed. However, the map of wealth is still foggy. Li Hejun, at least half are worth from Hong Kong-listed companies who have thin-film power (00566. HK), how much can still see some of the ins and outs.

Unknown: 00566 “flower”

–566 past

In fiscal year 2008, the main Hong Kong Toys red hair Group (0566. HK) revenues of HK $ 510 million and a net loss of HK $ 55.68 million. As early as June 2007, big shareholders Ye Runquan couples will hold all shares sold for HK $ 240 million to Xu Ming. The Xu Ming is not that Xu ming of Dalian, appears to be a capital player. Public information Xu Ming stock had been arriving to Kingston (Kingston helmsman is the Finance of Hong Kong tycoons, known as the “Zhu” too, and known as the “shell”), the use of financial leverage.

Found buyers Qian without renamed, red sent group experience has sent now, and split unit, and cancellation paid foot equity (April 2009, will 5 unit collection for a unit, then cancellation 96% equity), and allotment (June 2009, to 0.1 Hong Kong dollar to old shareholders sale 636 million unit), series techniques pure of processing, like was pressure road machine grind had of lemon, and was master extrusion last a drops juice. (Wu Zheng, Yang and his wife had used similar means to put down good play into a junk bond. ) At the end of October 2009, red-headed group shares reached 4.6 billion shares.

–Chinese solar public process very transparent

In November 2009, 566 of the buyer by Fujian, and changed its name to PT-solar energy. This is done: the sale price at HK $ 0.329 1.116 billion shares, as the price of the target company shares (non-cash transactions) and issued two principal totaled 3.814 billion Hong Kong dollars to buyers of convertible bonds and conversion price of HK $ 0.329.

In June 2010, Platinum Yang said hanergy holdings signed a sales agreement of the total amount of us $ 2.55 billion (including 420 90 PVD and PECVD equipment device). In those days, Hina and Platinum Yang does not have any equity ties on the surface, but locked by several large orders the listed company.

In January 2013, Platinum Yang officially changed its name to Han sun. 2013 show that Li Hejun 32.87 billion shares in listed companies (total equity). At this point, Li Hejun finally came onto the stage from behind.

Although heroes do not ask the source, but unless there are very special reasons, good companies are not listed in the backdoor way. Like advertisement, no brand-name ownership to a real University.

Compared with other backdoor listing company (GOME), Hina listing of exceptionally long and winding, there are many obscure places. Jingdong IPO in terms of transparency may be 5 minutes, GOME electrical appliances with 3 points, who have only 1 minute!

–There is only one customer’s listed companies

After the Chinese intervention, the company operated indicator blossom. 2013, revenue, net profit was 3.274 billion Hong Kong dollars and HK $ 2.07 billion, first half of 2014, its revenue, gross profit, net profit will reach $ 3.2 billion respectively, HK $ 2.74 billion and HK $ 1.66 billion.

More surprising is the gross profit margin and net profit margin high. In 2011, the gross profit margin of 63% in 2014, rising to 86% in the first half. Net profit margin despite ups and downs, first half of 2014 is 52%.

Such a high profit margin, and contrary to the situation of the photovoltaic industry-wide losses in recent years. A case study of now bankrupt Suntech, in the best of 2005 and 2006 net profit margin of 13.5 per cent and 17.7% per cent respectively; then came to a standstill, 2008 to 1.7%, 2010 rebounded to 8.2%; then into huge losses (2012-is-32.4%). Suntech and Hina but belong to the photovoltaic industry, but in a different choice of technical route, margins have made all the difference, it is hard to believe (actually do Suntech thin film solar cell, for more see below).

According to money, 2013 100% Hina 3.274 billion Hong Kong dollars in revenue comes from hanergy holding months of 2014, revenues of 98.7% from Hina. Market capitalization of listed companies more than $ 180 billion, actually has only one customer, a customer or its actual control.

In addition, the largest supplier of listed companies is also “own people”, 2013 accounted for more than 54%.

The beginning of 2013, who have entered into an agreement, providing customers a 600MW of CIGS complete lines, 300MW by Chinese acquisitions of Germany battery maker Solibro manufactured by means of steam technology, 300MW up also with the Hina merger of United States manufacturing for MiaSole sputtering technology. Chinese can buy these two technologies cost $ 353 million and HK $ 445 million, respectively. Co-evaporation method for battery efficiency is high, but higher equipment requirements, low material utilization, it is difficult to ensure the consistency of large area when preparing these limited commercial applications. Sputtering method suitable for large-area preparation, but the conversion rate is relatively low (13% to 15%)

What’s interesting is, 2014 Hina disclosure 600MW in caofeidian project, total price of $ 780 million, made up of two 300MW project, cost was HK $ 380 million, respectively, by co-evaporation method and sputtering method. From different countries, two different kinds of technologies, manufacturing power the same thin-film batteries cost exactly the same! Murphy was because owner Lee under the cost price can be “random”? Of course, this is just speculation, and luck would have it, maybe it’s the same.

In any case, there is only one customer, 100% revenue from transactions associated with the major shareholders of listed companies is wonderful. They could not help but did not question the high profit margin of tunneling behind.

Unknown II: betting on thin film solar cell

Thin film amorphous silicon solar cell and solar cell is different: amorphous silicon solar cell production costs are relatively high, a high conversion rate, long service life. Thin film solar cell conversion efficiency is low, but with lower investment costs, but covers an area of large scale (generation capacity is the same plant, thin film solar cells covering an area of 2 to 3 times larger than the amorphous silicon solar cell. Based on publicly available information, planning of Chinese Hami 20MW solar project covers an area of nearly 100,000 square meters. Han’s largest project covers an area of more than 4 square kilometres! )。 Of course, these advantages and disadvantages are not set in stone, perhaps Chinese research and development of thin film solar cell advantages.

But it is worth noting that other photovoltaic Giants option. Miao Liansheng said Yingli Green energy boss: Yingli don’t do film in a decade. If the Miao Liansheng Li Hejun was halfway decent, Shi was trained. His masters at the University of new South Wales from the international solar cell master Martin ˙ green, thin film solar cell technology received a doctor’s degree. In May 2007, Suntech in Pujiang hi-tech Park to invest $ 300 million development of amorphous silicon thin film solar cell production line. But by August 2010, Suntech Power at the cost of 400 million Yuan net loss, thin film solar cell production line is shut down. However, Suntech on research has not stopped. Recent news that Suntech and Australia research institutions, research “nano-plasma wide-band thin-film solar cells” made significant progress.

Anyway, human on new energy application of exploration also in lost on a forked road of stage: solar, and wind also is other can renewable energy; solar and points PV also is hot using (Emperor Ming water heater belongs to which); PV and has crystal silicon and film two article route; film battery is has CIGS, and Te of CD (world first big solar company FirstSolar stick of is te of CD route), species. Such cases, invested heavily in either direction are in Las Vegas. But from the perspective of promoting new energy utilization, somebody’s going to bet, bet maybe Li Hejun films have bet on.

Unknown number three: equity drastic expansion of hydropower gone “gold and silver”

October 2009 PT Sun to encroach on the former, red-headed group shares have been expanded to 4.6 billion shares. 2011 Platinum Yang twice and who have entered into an agreement. According to the Agreement who is offering investors 21 billion new shares at HK $ 0.1. In 2012, the PT-Yang again signed an agreement with Chinese: the Chinese can buy 4.91 billion shares at HK $ 0.239 unit price. The beginning of 2013, who have total equity of 13.96 billion shares, end is 28.59 billion shares, turned over more than one. June 2014, not taking into account options, convertible bonds, and can be used to calculate diluted earnings per share of issued ordinary shares was 40.98 billion shares.

Share capital expansion at the same time, share prices rise higher through 2012, who runs solar energy’s stock price below the HK $ 0.3 2013 on a level to more than HK $ 1 2014 stable at HK $ 3; entering in 2015, was quickly pulled up to more than $ 4.

On February 10 of this year’s closing price of HK $ 4.42 multiplied by 41 billion total equity, market capitalisation of HK $ 184 billion, or about $ 147 billion yuan, of which Li Hejun shares worth 90 billion.

In madness under the equity entry, Han can be severe related party transactions, as well as high to the surprising margin and revenue growth appeared strange phenomenon. 2014 revenues of 3.2 billion in the first half, accounts receivable increased to 2.02 billion (HK $ 4.22 billion in the year-increase by the end of June to HK $ 6.24 billion). That is, the income figures made through related party transactions, of which two thirds into the account receivable.

Despite the listed share capital of the company expanded too fast, totally performance based on related party transactions are difficult to support steadily raising stock prices, but Li Hejun the stock market capitalisation of listed companies is also seen, can work it out. In contrast, Li Hejun name hydropower assets the value of which is unknown. Even though they knew a few name and installed capacity of hydropower projects, but not ownership, free cash flow, debt structure and other key data simply could not estimate their value. Like someone’s name there is a toll road, and community vehicles each have to pay 0.5 Yuan a kilometer. This highway is how many how much principal and interest loan, annual taste? Deduction of annual maintenance, landscaping, fees, management fees, the net how much is left? Left in the road toll number, how many years? How much equity that person to hold a highway? Without that, how can you say someone has a toll road, XX billion in value!

Don’t know, free cash flow and equity portion of each project, under Li Hejun hydropower assets the value of which is not clear; heavy associated transaction performance became really uncertain; human calculation falls day, thin-film solar applications is still an open question. In this way, the three unknown achievement of one of the richest!

Original title: Li Hejun richest man in three unknowns makes a

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