Single polycrystalline “leading” cooperation further deepens the mutual capital increase of Zhonghuan and GCL-Poly

On November 29th, H-share listed company GCL-Poly and A-share listed company Zhonghuan both issued an announcement. Among them, Zhonghuan’s “Announcement on Adjusting the Shareholding Ratio of Xinjiang GCL New Energy Materials Technology Co., Ltd.” shows that Zhonghuan invested RMB 150 million in Xinjiang GCL New Energy Materials Technology Co., Ltd. (hereinafter referred to as “Xinjiang GCL”). After that, it increased its capital by 300 million yuan and invested a total of 450 million yuan. Upon completion of the share transfer, GCL-Poly and Zhonghuan Shares will hold 70% and 30% of the issued share capital of Xinjiang GCL, respectively. On this basis, the two parties also announced that GCL-Poly, Zhonghuan and Inner Mongolia Zhonghuan Photovoltaic Materials Co., Ltd. (hereinafter referred to as “Zhonghuan Photovoltaic”) will increase the capital of Inner Mongolia Xinxie Photovoltaic Materials Co., Ltd. (hereinafter referred to as “Central GCL”). 2.99 billion yuan. After the capital increase is completed, the registered capital of Inner Mongolia Xinxie Xinxin will increase from 10 million yuan to 3 billion yuan, and the shareholding ratio will remain unchanged. The cooperation between the two parties has continued to deepen according to the "Securities Daily" reporters. Prior to this, Zhonghuan and its wholly-owned subsidiary, Zhonghuan Photovoltaic and Suzhou GCL Technology Development Co., Ltd. (hereinafter referred to as "Suzhou GCL") jointly invested in the establishment of Inner Mongolia Xinxie Ginseng Photovoltaic Materials. Co., Ltd. (hereinafter referred to as "Central GCL"), registered capital of 10 million yuan, of which the shareholding ratio of Central shares is 15%, the shareholding ratio of Zhonghuan PV is 55%, and the shareholding of Suzhou GCL is 30%. According to the announcement of the Central Shares, according to the company's solar photovoltaic material industry development plan and strategic layout, the Central GCL will be the main body of the Central PV Phase IV project and the Phase IV renovation project. In order to speed up the construction progress of the project and meet the project capital requirements, the company and Zhonghuan Photovoltaic and Suzhou GCL will propose a capital increase of 2.9 billion yuan to the Central GCL, including a capital increase of 448.5 million yuan from Zhonghuan and a total investment of 1.644 billion yuan by Zhonghuan PV ( Among them, the fourth phase of project assets and intellectual property rights increased by 1.343 million yuan, with a capital increase of 2.1446 billion yuan, and Suzhou GCL increased capital by 897 million yuan. Zhonghuan believes that the capital increase to Zhongxin GCL will effectively promote the cooperation in the field of photovoltaic monocrystalline silicon materials, continuously improve the performance and cost performance of photovoltaic single crystal products, and realize the long-term sustainable development of the company's new energy industry. At the same time, this capital increase will provide sufficient capital guarantee for the smooth completion of the fourth phase of the project, which will help promote the application of new technologies and new products in the new energy photovoltaic industry, and help realize the affordable Internet access of new energy photovoltaic power generation in the future. Make the photovoltaic industry more competitive. In addition, the Central Shares announcement shows that the company previously invested 150 million yuan to hold 10% of Xinjiang GCL. Since then, the wholly-owned subsidiary of GCL-Poly, Jiangsu Zhongneng Silicon Industry Technology Development Co., Ltd. (hereinafter referred to as “Zhongneng Silicon Industry”) has increased its capital by 1.33 billion yuan to Xinjiang GCL, with a 90% shareholding. In this case, according to the development plan and strategic layout of the solar photovoltaic materials industry of the company and its partners, Zhonghuan intends to adjust its capital contribution to Xinjiang GCL to increase from 150 million yuan to 450 million yuan, and the shareholding ratio will increase from 10% to 30%; The capital increase of the silicon industry was adjusted from 1.33 billion yuan to 1.03 billion yuan, and the equity ratio was adjusted from 90% to 70%. The registered capital of Xinjiang GCL is unchanged at 1.5 billion yuan. Prior to this, according to Pauli GCL executives told the "Securities Daily" reporter, on October 25, the National IC Industry Investment Fund's core Xin financial leasing 1 billion injection of Xinjiang GCL, including the funds, and Central shares The investment of 150 million yuan has been fully in place. Xinjiang GCL Project is progressing smoothly According to reports, the Xinjiang GCL Polysilicon project is progressing smoothly. At present, the basic engineering operations such as concrete casting have been completed before the freezing period to ensure that the main production equipment such as hydrogenation unit, distillation tower and reduction furnace can be purchased in winter. . Equipment commissioning will start next spring, the first 20,000 tons line will be put into operation in the middle of the year, and another 20,000 tons line will be put into production in the third quarter. After the full release of production capacity at the end of next year, GCL-Polysilicon's polysilicon production capacity will reach 115,000 tons, continuing to consolidate its position as a global leader in polysilicon. Prior to the announcement, GCL-Poly disclosed that the company's advanced polysilicon technology will be launched in Xinjiang, and the cost will reach the lowest level in the world after the start of production next year. It is lower than other projects in the low-priced regions such as Xinjiang; It will be fully covered by the low power price of the captive power plant, and the cost is lower than all non-Xinjiang production capacity. Most importantly, Xinjiang's high-quality polysilicon provides the raw material for continuous straight-drawing single crystals in Central. In addition, relevant reports show that this year, the GCL-Xinxing diamond line cut polycrystalline transformation progress exceeded expectations, the proportion of diamond fiber products in November has exceeded 90%, and the remaining B5 machines at the end of the year have all been completed, and 100% have been implemented. Order next year. The transformation of the diamond wire brings higher cutting speed and lower silicon consumption. After all the modifications, the chip production capacity of more than 10 GW will be added. At present, there is a surplus capacity to undertake the slice foundry. As a strategic partner, Zhonghuan has no need to purchase new slicing equipment in this round of four-phase silicon wafer expansion project. GCL-Poly will fully upgrade the G8 ingot furnace next year and accelerate the crystal growth rate, which can increase the ingot production capacity by more than 30%, and optimize the crystal structure through thermal field modification to further improve efficiency.

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