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.

在股價跳崖式暴跌和停牌兩年后，中國太陽能企業(yè)漢能集團(Hanergy)重拾其核心的薄膜太陽能發(fā)電業(yè)務，簽署一項價值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一處生產(chǎn)設施。

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年的幾個月里曾位列中國首富。過去兩年，李河君并未沉寂，他一直在爭取香港監(jiān)管機構(gòu)讓漢能復牌，同時還在推動開發(fā)太陽能動力汽車的宏大計劃。

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的首筆投資承諾。大同市表示，漢能集團將與大同市政府、同煤集團合作，建設一條300兆瓦的薄膜太陽能電池生產(chǎn)線，作為計劃中的光伏產(chǎn)業(yè)園的一部分。同煤集團是中國最大的國有煤礦企業(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.

這項協(xié)議達成之際，中國正在推廣太陽能及其他非化石燃料能源，以幫助應對污染問題，并刺激受大宗商品持續(xù)4年價格低迷打擊的經(jīng)濟。

“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.

“社會資本和機構(gòu)投資者信任漢能的薄膜技術(shù)，正在積極參與這項協(xié)議，”漢能在通過電郵回復記者提問時表示。根據(jù)當?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，漢能股票停牌對該公司而言是一場“災難”，使其失去了一條融資渠道，難以償還貸款和通過中國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，該行對漢能集團債務有4.4億美元的風險敞口。

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年漢能股價崩盤前發(fā)表的一系列報道中，英國《金融時報》詳細解讀了漢能對影子金融的依賴，及其H股的不尋常交易規(guī)律——股價往往在交易日最后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)管機構(gòu)達成協(xié)議的一部分，李河君不再擔任漢能集團香港上市子公司的負責人。漢能集團還有兩家子公司在全國中小企業(yè)股份轉(zhuǎn)讓系統(tǒng)(National Equities Exchange and Quotations，簡稱NEEQ)交易，這是一家總部位于北京的場外股票交易平臺。

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)中國媒體報道，漢能依靠銀行貸款為建設新工廠提供資金，并償還以前的貸款。本周漢能在答復英國《金融時報》的查詢中表示，這些設施中有兩座將在今年底完成試運行，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?shù)毓賳T表示，大同市這一最新項目的注冊資金將達到7億元人民幣，剩余投資由兩家公司提供資金。不過，同煤集團的一名官員向英國《金融時報》表示，該集團和漢能尚未就如何落實項目資金進行討論。

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.

該項目將使用德國太陽能公司Solibro研發(fā)的技術(shù)，Solibro是漢能幾年前收購的四家海外太陽能開發(fā)商之一。漢能的太陽能車輛和太陽能服裝計劃，在很大程度上依賴于其投資的美國開發(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)合實驗室，研究將薄膜太陽能技術(shù)運用在自行車上。摩拜發(fā)言人后來澄清說，該公司與許多太陽能發(fā)電公司都有研究協(xié)議。