Suspension of production, price limit, freezing of shares...... How did Lingda Co., Ltd., which can be called the worst photovoltaic cross-border player, get to this point?
文 / NE-SALON新能荟小编团
Since entering the photovoltaic industry in 2020, Lingda is facing unprecedented difficulties. On April 27, the company announced a loss of 262 million yuan, on April 29, it was ST in the secondary market, and after a day of suspension, "ST Lingda" ushered in the fall limit on the first day of the review, and fell again on May 6, and added 7 lawsuits in one day, the latest stock price on May 10 was only 2.64 yuan, and the market value was only 706 million yuan. As one of the earliest companies in the cross-border photovoltaic field, what did Lingda do wrong?
Key technology failures
In 2020, Lingda acquired 70% of the equity of Jinzhai Jiayue for 287 million yuan, and in July 2021, it achieved 100% control of Jinzhai Jiayue, fully entering the photovoltaic cell business.
However, under the rapid expansion of the industry, the photovoltaic cell sector has completed multiple rounds of technology iterations in just a few years, and players in the industry who cannot keep up with the change of production capacity can only wait to be eliminated.
From 2021 to June 2022, Jinzhai Jiayue upgraded the first phase of the production line, forming a 3.5GW large-size and high-efficiency PERC cell production line, with a planned investment of 4 billion yuan. However, in the second half of 2022, a number of leading PV companies will focus on new cell technologies, and PERC will gradually be replaced by technologies such as TOPCon, HJT and IBC, and the market space for P-type cells will be seriously compressed.
In the second half of 2023, the demand for PERC cells will shrink rapidly, and the price will show a diving decline, and Lingda will face severe cash flow pressure.
In March this year, Lingda Co., Ltd. issued an announcement to temporarily suspend the production of its high-efficiency photovoltaic solar cell production line. To this day, its PERC production line is still out of production.
On May 10, in the institutional survey, in the face of the inquiry of when it can resume work, Lingda shares replied that "it is expected that it will not be able to resume normal production within three months." "There is no deadline for resumption of work, and Lingda shares are facing a "unfinished" crisis.
人乱之殇
In addition, the frequent turnover of personnel, especially senior managers, is another key reason why Lingda shares are stuck in today's quagmire. It has only been 4 years since the official cross-border photovoltaic field, and Lingda shares have changed hands several times.
In July 2020, Wang Zhengyu joined Lingda and served as the chairman, but less than 2 years later, Wang Zhengyu was investigated by the CSRC on suspicion of insider trading. In August 2023, in the administrative penalty decision issued on the official website of the China Securities Regulatory Commission, Wang Zhengyu, the former actual controller and chairman of Lingda shares, was heavily fined 33.2 million yuan for being involved in four major illegal acts.
In August 2022, the company ushered in a new head Huang Shuang, but less than a year, the board of directors of Lingda shares was changed ahead of schedule, Huang Shuang, the actual controller of the company, withdrew from the board of directors, and Wang Mingsheng parachuted in to serve as the company's chairman and president.
In addition to the turmoil of the head of the company, the vice president of Lingda has also changed repeatedly.
At the end of March 2023, Liu Qi, the former vice president and secretary of the board of directors of Lingda Co., Ltd., resigned, and in April, the company appointed Zhang Jianqun as vice president and secretary of the board of directors.
Personnel turmoil, Lingda shares suffer from the lack of real talents, unable to get out of their own strategic path, but become a market tool manipulated by self-interesters.
epilogue
The collapse of Lingda is a wake-up call for PV, and indeed for all companies. Technology and manpower, when an enterprise fails to firmly grasp the two most critical resources, no matter how thick the family foundation is, it will fall like dominoes. Source: NE-SALON