Fourth order! Trina Solar Energy more than 5 billion convertible bonds accepted Science and Technology Innovation Board convertible bonds have bottomed out.

Following the issuance of Jiayuan technology, Science and Technology Innovation Board welcomes another convertible bond!

On the evening of March 4th, Trina Solar Energy (688599.SH), the leader of photovoltaic modules, announced that the company's application for the issuance of convertible bonds was formally accepted by the Shanghai Stock Exchange.

According to the statistics of Science and Technology Innovation Board Daily, so far Science and Technology Innovation Board has declared four convertible bonds, and the issuers are Jiayuan Technology, Tianhe Solar Energy, Shanshi Netcom and Jinbo shares.

Another order! Trina Solar Energy expands production by more than 5 billion

Science and Technology Innovation Board, here comes another convertible bond!

On March 4th, Trina Solar Energy (688599.SH), a listed company of Science and Technology Innovation Board, announced that its application for convertible bond issuance had been accepted by the Shanghai Stock Exchange.

According to public data, Trina Solar is a leading global provider of photovoltaic smart energy solutions, and its main business includes photovoltaic products, photovoltaic systems and smart energy.

According to the prospectus, Trina Solar Energy intends to raise 5.265 billion yuan in this convertible bond, which will be used for the company's annual 16GW high-efficiency solar cell project, annual 10GW high-efficiency solar cell project (Suqian Phase II 5GW), Suqian Phase III 8GW high-efficiency solar cell project, Yancheng Dafeng 10GW photovoltaic module project, supplementary working capital and repayment of bank loans.

A reporter from Science and Technology Innovation Board Daily noted that Science and Technology Innovation Board has accepted four convertible bond projects, of which Tianhe Solar Energy has raised the largest amount of funds. According to disclosure, the 2.31 billion yuan raised by Science and Technology Innovation Board IPO in the early stage of the company has been used a total of 2.126 billion yuan.

Trina Solar said in its prospectus that the issuance of convertible bonds will help the company to expand its advanced production capacity, enhance its supply capacity, consolidate its dominant position in the industry, optimize the overall layout of the supply chain, enhance profitability, and optimize the company's capital structure and reduce financial costs.

Science and Technology Innovation Board Daily reporter further learned that the proposed new high-efficiency solar cells and modules project is an important part of the continuous improvement of Trina solar energy's advanced production capacity in the future. By the end of 2020, the company's photovoltaic module production capacity was about 22GW. According to the company's strategic plan, the company planned photovoltaic module production capacity to exceed 50GW by the end of 2021, of which the corresponding capacity of modules using 210mm large-size cells accounted for more than 80% by the end of 2021, further consolidating its leading position in the field of large-size high-efficiency cells and modules.

With the expansion of module production capacity, the company's exposure to photovoltaic cell production will be further expanded. By the end of 2020, the company's photovoltaic cell production capacity is about 12GW, there is a certain gap.

People close to Trina Solar told Science and Technology Innovation Board Daily that with the launch of Trina Solar 210 products this year, the company will further invest in advanced production capacity to optimize the capacity structure and seize the market faster.

The person also pointed out that Science and Technology Innovation Board has also provided more financing channels for enterprises after listing, and in a sense, the issuance of convertible bonds is also a sign that the company is optimistic that it will develop upward in the future as a whole.

Science and Technology Innovation Board's convertible bonds bottomed out.

So far, according to the statistics department, the gem has accepted 4 applications for the issuance of convertible bonds, of which 3 are under review and 1 has been issued (that is, "Jiayuan convertible bonds").

Jiayuan Technology officially issued its approved convertible bond-Jiayuan convertible bond on February 23 this year. Jiayuan convertible bond is Science and Technology Innovation Board's first convertible bond, and it is also the first example used in Science and Technology Innovation Board since the implementation of the new rules on the management of convertible corporate claims.

In the view of senior investment bankers, there is no relevant operational experience before, and after the launch of the first single board convertible bonds, the specific terms are clear and clear, which will provide a paradigm for similar projects.

From a practical point of view, the later case was almost designed with reference to the terms of issue of Jiayuan convertible bonds:

In terms of issuance, at present, Science and Technology Innovation Board's four convertible bonds are all publicly issued. In other words, the door of Science and Technology Innovation Board's convertible bonds will be open to the public.

From the perspective of historical experience, Jiayuan convertible bonds support the investment of investors who have not opened Science and Technology Innovation Board, and only the conversion of shares is required to meet the investment qualification of Science and Technology Innovation Board.

Shen Meng, executive director of Xiangsong Capital, believes that the terms and conditions of Jiayuan convertible bonds are more rigorous, and there are no restrictions on investors as a public offering (2 years of investment experience and a threshold of 500000 yuan are required for investment in Kechuangban stocks). At the same time, it will not cancel the investment threshold of Science and Technology Innovation Board stock in disguise, which is innovative to a certain extent in this sense.

Senior investment bankers told Science and Technology Innovation Board Daily that the specific terms of the first case of convertible bonds generally have to be met with supervision first, and the relevant materials have also been reviewed. "the requirements of investors in bonds are different from those of Science and Technology Innovation Board shares. Convertible bonds are still bonds in form. At present, there are no qualification requirements for holding, but there are stocks, so Science and Technology Innovation Board's first example of convertible bonds to do these terms is normal and reasonable. "

From the point of view of the industry, the 3 orders under review will be designed according to this, but the final situation will be subject to the subsequent release announcement.

On the bond maturity, at present, Science and Technology Innovation Board's four convertible bonds have set a six-year maturity.

In addition, similar to the general convertible bonds, the four single-subject gem convertible bonds have been routinely designed for downrevision, redemption and resale terms, and the trigger conditions are basically the same, as follows:

During the existence of the bonds, the downward correction of the conversion price is triggered when the closing price of the company's shares is lower than 85% of the current conversion price on at least 15 of the 30 trading days in a row.

During the conversion period, if the closing price of the company's shares in at least 15 consecutive trading days is not less than 130% of the current conversion price (including 130%), the company has the right to redeem convertible bonds;

In the last two interest-bearing years of convertible bonds, if the closing price of the company's shares on any 30 consecutive trading days is less than 70% of the current conversion share price, the holder has the right to sell back the convertible bonds he holds to the company.

In the design of the conversion period and the initial conversion price, the basis for determining the single convertible bonds is basically the same.

From the perspective of bond texture, if the bond is approved in the future, the priority order of investment selection may be: Trina Solar Energy (the main rating and debt rating are both AA), Jiayuan Technology (both the main rating and debt rating are AA-), Shanshi Netcom (the main rating and debt rating are both A +) and Jinbo shares (both the main rating and debt rating are A +). (Xiao K Note: the last two are tied).