Hanergy ultra-low-cost overseas acquisition of financial management techniques（1）

LDK and Suntech polycrystalline silicon solar PV companies suffered bank credit crunch, China-based thin-film solar Hina Holding Group Co., Ltd. (hereinafter referred to Hina Holdings) but with the CDB generous credit, credit take advantage of the European and American solar photovoltaic acquisition of systolic hunters.

Informed sources, CDB tens of billions of credit, "support", Hina Holdings completed this year, two pen overseas hunters acquisition, floating profit of more than $ 4-5 billion.

Which one Hina holding in the end of October to take advantage of the thin-film solar manufacturing companies of Silicon Valley in the United States Miasole troubled local bank credit tightening funding strand breaks Miasole should repay the $ 30 million debt to the completion of the acquisition price for the acquisition of a year ago, Miasole valuation was as high as 10-12 one hundred million U.S. dollars.

Another pen Hina acquisition of its subsidiary Solibro equity holding to take advantage of the bankruptcy reorganization of the German solar cell giant Q-Cells in May this year. Reporter learned exclusively, that the purchase price is not the rumor about 4-5 billion U.S. dollars, but about 25 million euros.

These acquisitions help Hina the holding significantly enhance the technical advantages in the production of amorphous silicon germanium, nano-silicon and copper indium gallium selenide seven-film solar products. Last week, the company announced that the 2012 film component an annual production capacity expansion to 3GW, one of the world's largest thin-film solar companies and solar power generation systems integrators.

CDB Knight to rush to the rescue Han Holdings ultra-low-cost overseas acquisition of financial management techniques

"Order" Acquisition Miasole

The end of last year, holding Hina Miasole the first intimate contact fruitless.

The Miasole by Goldman Sachs and Lazard to seek a new round of equity investment, and find Hanergy. The initially Hanergy express a strong interest in the shares, after all, Miasole has four large scale thin-film solar production lines, and the average conversion rate of 15.5%, much higher than the 7-8% conversion level of the domestic like product.

Miasole breath valuation of the company set at 10-12 one hundred million U.S. dollars, to let the Hina Holdings feeling overvalued. "Hina was holding no shares important reason is their limited capital position." To the informed sources, Hina holding eight thin-film solar cell bases invest 270-280 billion, which accounted for about 40% of its own funds, this part of the funds from the cash flow of the operating assets of Hina holding its hydropower.

However, the end of last year, the China Development Bank to give 300 million yuan credit Hanergy so the twists and turns of the above transactions.

Informed sources, in June of this year, Goldman Sachs once again find Hanergy Miasole is willing to sell the controlling interest, and the valuation of the company dropped to $ six hundred million.

Within 6 months of the valuation of the company plunged by nearly half, Hina Holdings feeling "which". Through due diligence, Hina Holdings was found Miasole capital chain stretched close to the cut-off. The reason the United States before the general election, the bipartisan support policies for solar panel controversy ultimately allow the U.S. government to tighten solar PV support policies, the U.S. banking industry is hearing the rapid contraction of credit lines.