漢能擬在大同建新廠

Two years after a spectacular stock plunge and trading suspension, Chinese solar firm Hanergy has returned to its core thin film solar business with a Rmb2.2bn ($328m) deal to build a production facility in the coal-choked city of Datong.

在股價(jià)跳崖式暴跌和停牌兩年后，中國(guó)太陽(yáng)能企業(yè)漢能集團(tuán)(Hanergy)重拾其核心的薄膜太陽(yáng)能發(fā)電業(yè)務(wù)，簽署一項(xiàng)價(jià)值22億元人民幣(合3.28億美元)的協(xié)議，在煤煙嗆人的大同市建設(shè)一處生產(chǎn)設(shè)施。

The deal marks a return to public fundraising by Hanergy founder Li Hejun, who for some months in 2015 ranked as China’s richest man. Mr Li has not been silent over the past two years, which he has spent battling Hong Kong regulators to allow Hanergy stock to resume trading while promoting grandiose plans to develop solar-powered automobiles.

這筆交易標(biāo)志著漢能創(chuàng)始人李河君重新開始公開籌資，李河君在2015年的幾個(gè)月里曾位列中國(guó)首富。過去兩年，李河君并未沉寂，他一直在爭(zhēng)取香港監(jiān)管機(jī)構(gòu)讓漢能復(fù)牌，同時(shí)還在推動(dòng)開發(fā)太陽(yáng)能動(dòng)力汽車的宏大計(jì)劃。

The Datong deal signed last week is the first investment commitment by Hanergy since its suspension. Together with the Datong city government and Datong Coal Mine Group, one of China’s largest state-owned coal miners, it will build a 300-megawatt production line as part of a planned photovoltaic industry zone, according to the city.

上周與大同市簽署的協(xié)議是漢能自停牌以來(lái)的首筆投資承諾。大同市表示，漢能集團(tuán)將與大同市政府、同煤集團(tuán)合作，建設(shè)一條300兆瓦的薄膜太陽(yáng)能電池生產(chǎn)線，作為計(jì)劃中的光伏產(chǎn)業(yè)園的一部分。同煤集團(tuán)是中國(guó)最大的國(guó)有煤礦企業(yè)之一。

The deal comes as China promotes solar power and other non-fossil fuel energy sources to help combat pollution and stimulate economies ravaged by a four-year commodities downturn that began in 2012.

這項(xiàng)協(xié)議達(dá)成之際，中國(guó)正在推廣太陽(yáng)能及其他非化石燃料能源，以幫助應(yīng)對(duì)污染問題，并刺激受大宗商品持續(xù)4年價(jià)格低迷打擊的經(jīng)濟(jì)。

“Social capital and institutional investors trust in Hanergy’s thin-film technology and are actively participating in the deal,” Hanergy said, in an emailed response to questions. It will hold 20 per cent of the joint venture while Datong Coal Mine will hold 50 per cent. The city government will hold the remaining 30 per cent, according to the local planning bureau.

“社會(huì)資本和機(jī)構(gòu)投資者信任漢能的薄膜技術(shù)，正在積極參與這項(xiàng)協(xié)議，”漢能在通過電郵回復(fù)記者提問時(shí)表示。根據(jù)當(dāng)?shù)匾?guī)劃局的數(shù)據(jù)，漢能將持有合資公司20%的股份，同煤集團(tuán)將持有50%的股份，大同市政府將持有剩余30%的股份。

Hanergy’s stock suspension was a “disaster” for the company, Mr Li said at the time, depriving it of a funding channel to service loans and funds raised through China’s high-interest shadow financing sector. In its 2015 IPO prospectus, Hong Kong-listed Bank of Jinzhou revealed that it had $440m in exposure to Hanergy debt.

李河君曾表示，漢能股票停牌對(duì)該公司而言是一場(chǎng)“災(zāi)難”，使其失去了一條融資渠道，難以償還貸款和通過中國(guó)高利率影子金融部門獲得的融資。在2015年的首次公開發(fā)行(IPO)招股說明書中，香港上市的錦州銀行(Bank of Jinzhou)披露，該行對(duì)漢能集團(tuán)債務(wù)有4.4億美元的風(fēng)險(xiǎn)敞口。

In a series of reports before the 2015 crash, the Financial Times detailed Hanergy’s reliance on shadow financing and the unusual pattern of trading in its Hong Kong shares, which rose in the last 10 minutes of the trading day.

在2015年漢能股價(jià)崩盤前發(fā)表的一系列報(bào)道中，英國(guó)《金融時(shí)報(bào)》詳細(xì)解讀了漢能對(duì)影子金融的依賴，及其H股的不尋常交易規(guī)律——股價(jià)往往在交易日最后10分鐘上漲。

As part of an agreement with the Hong Kong regulator, Mr Li no longer heads Hanergy’s Hong Kong-listed unit. Two other Hanergy subsidiaries are listed on the National Equities Exchange and Quotations (NEEQ), a Beijing-based over-the-counter stock trading platform.

作為與香港監(jiān)管機(jī)構(gòu)達(dá)成協(xié)議的一部分，李河君不再擔(dān)任漢能集團(tuán)香港上市子公司的負(fù)責(zé)人。漢能集團(tuán)還有兩家子公司在全國(guó)中小企業(yè)股份轉(zhuǎn)讓系統(tǒng)(National Equities Exchange and Quotations，簡(jiǎn)稱NEEQ)交易，這是一家總部位于北京的場(chǎng)外股票交易平臺(tái)。

Chinese media have reported that Hanergy relied on bank loans taken to fund the construction of new factories and to pay off previous loans. Two of those facilities, in the central city of Nanjing and the northeastern development zone Caofeidian, will complete test runs at the end of this year, Hanergy said this week in response to FT queries.

據(jù)中國(guó)媒體報(bào)道，漢能依靠銀行貸款為建設(shè)新工廠提供資金，并償還以前的貸款。本周漢能在答復(fù)英國(guó)《金融時(shí)報(bào)》的查詢中表示，這些設(shè)施中有兩座將在今年底完成試運(yùn)行，一座在南京市，另一座在曹妃甸開發(fā)區(qū)。

The latest project in Datong will have a registered capital of Rmb700m, a local official said, with the remainder of the investment financed by the two companies. However, an official from Datong Group told the FT that Datong Group and Hanergy have not yet discussed how the project will be financed.

一名當(dāng)?shù)毓賳T表示，大同市這一最新項(xiàng)目的注冊(cè)資金將達(dá)到7億元人民幣，剩余投資由兩家公司提供資金。不過，同煤集團(tuán)的一名官員向英國(guó)《金融時(shí)報(bào)》表示，該集團(tuán)和漢能尚未就如何落實(shí)項(xiàng)目資金進(jìn)行討論。

It will use technology developed by the German solar company Solibro, one of four overseas solar developers that Hanergy bought a few years ago. Hanergy’s plans for solar-powered vehicles and solar-powered garments largely draw on different technology developed by the US-based developers in which it has invested.

該項(xiàng)目將使用德國(guó)太陽(yáng)能公司Solibro研發(fā)的技術(shù)，Solibro是漢能幾年前收購(gòu)的四家海外太陽(yáng)能開發(fā)商之一。漢能的太陽(yáng)能車輛和太陽(yáng)能服裝計(jì)劃，在很大程度上依賴于其投資的美國(guó)開發(fā)商所研發(fā)的不同技術(shù)。

Earlier this year, Hanergy agreed to establish a joint lab with bike sharing start-up Mobike, to research the use of thin film solar on bicycles. A Mobike spokesperson later clarified that the company has research agreements with many solar power firms.

今年早些時(shí)候，漢能同意與共享單車初創(chuàng)企業(yè)摩拜單車(Mobike)建立聯(lián)合實(shí)驗(yàn)室，研究將薄膜太陽(yáng)能技術(shù)運(yùn)用在自行車上。摩拜發(fā)言人后來(lái)澄清說，該公司與許多太陽(yáng)能發(fā)電公司都有研究協(xié)議。