Core Viewpoint - The financing winter for photovoltaic companies continues, highlighted by Xinte Energy's withdrawal of its IPO application, leading to the termination of its listing review by the Shanghai Stock Exchange [1] Company Summary - Xinte Energy planned to raise 8.8 billion yuan for a project aimed at producing 200,000 tons of high-end electronic-grade polysilicon, with a total investment of 17.59 billion yuan located in Xinjiang [2] - In the first half of the year, Xinte Energy's operating performance significantly declined due to a sharp drop in polysilicon market prices, reporting revenue of 11.74 billion yuan, a decrease of 33.23% year-on-year, and a net loss of 888 million yuan compared to a profit of 4.76 billion yuan in the same period last year [3] - Xinte Energy is a leading polysilicon manufacturer, having undergone nearly two and a half years of review processes before withdrawing its IPO application [4] - The company is expanding its polysilicon production capacity to meet growing market demand, with a new project expected to increase its capacity to 400,000 tons per year [6] Industry Summary - The current polysilicon price has reached a low point, with companies' future strategies closely tied to price movements [5] - The extent and duration of the decline in polysilicon prices have exceeded industry expectations, leading to significant losses for companies [7] - On the same day Xinte Energy withdrew its IPO, leading polysilicon producers Tongwei Co. and Daqo New Energy announced production cuts to mitigate losses and reduce operational costs [8] - Xinte Energy's polysilicon production capacity was fully released in the first half of 2024, achieving a production volume of 146,500 tons and sales of 136,800 tons, representing year-on-year increases of 92.55% and 58.86%, respectively [11]
光伏融资寒意不减 新特能源终止A股IPO