Polaris solar PV net news: one year after the launch, along with the continued loss of the parent company, stuck green treasure of captive insurance since the controversy has once again been open to question.
According to the green treasure parent company–sunshine energy Internet AG (Solar Power Efficiency Internet, hereinafter “SPI”) published by fiscal 2015, 2015, SPI achieved sales of $ 190 million, hitting a five-year high. Meanwhile, its net profit loss in 2014 to 5.196 million widened from $ 185 million, again after its listed losses record.
As SPI invested US $ 500 million to create a financial product, green treasure in the industry’s first “+ Internet + PV industry leasing” mode, but because of some of its products the lessee of correlation with the green treasure itself amid questions about green treasure allegedly melting voice always keep cropping up. Today, the continued loss of the parent company, combined with the lack of the financing lease law, questioning the green treasure sound began to emerge.
“Compliance management is our bottom line operating platform” face many questions, Bao to green energy reporter for the China business newspaper, responded by saying that green energy treasure belonging to the Ministry of Commerce regulation, relevant articles allowed in related party transactions. Green energy Po explained that delegates its leasing logic is based on the real financing lease, as opposed to traditional P2P model.
Losing money for three years
According to newspaper reports, SPI is the United States of a PV industry chain downstream enterprises, mainly engaged in power plant operations and EPC business. In 2011, LDK LDK Solar company limited (hereinafter “LDK”) announced that, for about $ 33 million acquisition of SPI 70% shares of the company. At the time, grace Tseng as the richest man in China’s new energy Peng Xiaofeng of LDK is still at the helm.
In June 2013, the LDK liabilities of more than 20 billion yuan, insolvent. The following year, the International Agency for overseas investment in Apollo Investment Asia Limited to personal bankruptcy court Peng Xiaofeng.
After the defeat at LDK, Peng Xiaofeng SPI as the main platform for PV second. On January 19 this year, SPI successfully passed the United States outside the OTC system (OTCBB) with an initial price of $ 18.90 a share transfer Board landed in the NASDAQ stock market.
However, despite the switch to NASDAQ, SPI still losses. Reporters combed its earnings in recent years found, 2013-2015, SPI’s annual net profit loss, respectively $ 32.244 million, $ 5.196 million and $ 185 million. This means that the SPI three years had accumulated losses of about $ 220 million. Results showed that by the end of 2015, SPI working capital shortfall of US $ 80 million. In addition, 2016, SPI has big debts coming due.
Green energy treasure responded to reporters, SPI loss mainly companies listed at the beginning of this year, including provision for employee options, listing fees and projects, in accordance with United States accounting standards accounting of one-time non-cash operating costs. Green treasure an insider says: “Peng Xiaofeng, Chairman took over SPI of less than two years, and SPI’s operation has more than 10 years before, previous history and there is no relationship. ”
Trapped into captive insurance disputes
A new energy industry analysts told reporters that SPI is listed on the OTCBB company, transfer Board selected NASDAQ market on its net assets have clear requirements and market scale, and Peng Xiaofeng goal is very clear, is through the green treasure and many other products and platform, expanding assets in order to meet the NASDAQ requirements.
Green treasure after product launch, although Peng Xiaofeng executives spared no effort to appear frequently in public, such as Billy Gunn, but green treasure’s model has been questioned by the outside world.
According to the green treasure official website introduction, Po mode in green energy, investors assume the role of the lessor to purchase green energy green energy products delegate treasure seekers rental power projects (or post project party), power (or post project party) is paid to investors on a monthly rental (green treasure). During the lease term, green treasure property is always owned by investors.
Thank you reception, held on May 23 green treasure, said Peng Xiaofeng, green treasure and P2P the biggest difference was the kind investors buy, the physical can be photovoltaic panels, post, and then Commission the green treasure was leased to the need to build a photovoltaic power station or charging station owners to build or operate.
Original title: green energy treasure were frequently questioned real financing lease or a disguised attempt to thaw?