SMM News: on the evening of May 16, the Shanghai Stock Exchange website disclosed that Tianhe Guangneng's Science and Technology Innovation Board listing application was accepted. At present, Science and Technology Innovation Board has accepted a total of 110 enterprises, and 86 enterprises have been questioned.
Founded in December 1997, Tianhe Light Energy registered address is located in Xinbei District, Changzhou City. The company is a leading global provider of photovoltaic intelligent energy solutions, including photovoltaic products, photovoltaic systems, smart energy three major sectors. Photovoltaic products include research and development, production and sales of single and polycrystalline silicon-based photovoltaic modules, and photovoltaic systems include power plant business and system product business. Smart Energy includes photovoltaic power generation and operation and maintenance services, intelligent microgrid and multi-energy system development and sales, as well as energy cloud platform operation and other businesses.
The company's comparable listed companies in China include Yijing Optoelectronics, Xiexin Integration and Oriental Risheng, while overseas comparable listed companies include Jingke Energy, Ates Solar and Jingao Solar.
The company is expected to raise 3 billion yuan to invest in the Tongchuan photovoltaic technology leading base Yijun County Tianxing 250MWp photovoltaic power generation project, silicon, solar cells and photovoltaic module technical transformation and expansion project, Upgrading construction projects and replenishing liquidity of R & D and information center; The listing standard is the standard (4), that is, the market value of the company is expected to be no less than RMB 3 billion yuan, and the operating income of the last year is not less than RMB 300 million yuan.
Financial data show that in 2018, the company achieved operating income of 25.054 billion yuan, net profit of 556 million yuan. From 2016 to 2018, the proportion of R & D investment was 5.46%, 4.6% and 3.86%, respectively.
Prior to this, Tianhe Guangneng had established and dismantled the main body of overseas listing: specifically, Tianhe Cayman was the main body of Tianhe Guangneng's original overseas listing. Tianhe Guangneng is a special purpose company established in Cayman on 14 March 2006 to raise funds for overseas listing. Gao Jifan, the actual controller of Tianhe Light Energy, effectively controls Tianhe Cayman through BVI, a company established in the British Virgin Islands. In April 2006, Tianhe Cayman acquired a 100 per cent stake in domestic Tianhe Co., Ltd., completed the construction of the red chip structure and return investment in China, and completed US $40 million in overseas private equity financing in May 2006 for the company to expand its production and operation.
On December 19, 2006, Tianhe Cayman's American depositary receipts were officially quoted on the New York Stock Exchange. On 12 December 2015, the board of directors of Tianhe Cayman received a preliminary non-binding privatization offer from the buyer panel headed by Gao Jifan. On March 24, 2017, Tianhe Cayman completed the privatization transaction, while suspending its ADS trading on the New York Stock Exchange and formally delisting from the New York Stock Exchange.
After the completion of the overseas delisting, Tianhe Cayman carried out a series of restructuring, and the main business related to Tianhe Limited (the predecessor of Tianhe Light Energy) was reorganized into the framework of Tianhe Limited. In December 2017, Tianhe Limited was changed to Tianhe Light Energy.
In terms of shareholder structure, all the existing shareholders of the company are sponsors of the company, of which Gao Jifan holds 20% of the shares in the company and is the actual controller of the company. The remaining shareholders holding more than 5% of the shares in the company are Panji Investment, Xingyin growth, Hongyu Investment, Rongqi Investment and Dangtu Reliance, holding 18%, 17.69%, 6%, 5.1% and 5% of the shares, respectively.
![[SMM Analysis] Futures Lack Momentum to Rise Further, Pre-Holiday Demand Stalls, and Stainless Steel Social Inventory Accumulation Intensifies](https://imgqn.smm.cn/usercenter/HBsPu20251217171723.jpeg)
