隆基绿能200亿境外融资突踩“急刹车”，原因何在？

Core Viewpoint - Longi Green Energy has abruptly halted its plan for a $20 billion overseas financing through the issuance of Global Depository Receipts (GDRs) due to various external factors and the expiration of relevant resolutions [1][6]. Group 1: Financing Plans - Longi Green Energy initially announced plans in October 2022 to issue GDRs and list on the Swiss Exchange, aiming to raise up to 199.96 billion yuan (approximately $28.5 billion) [2][4]. - The funds were intended for several projects, including a 46GW monocrystalline silicon rod and wafer project in Ordos, a 30GW monocrystalline battery project in Ordos, and projects in Malaysia and Vietnam, with total planned investments of 221.89 billion yuan (approximately $31.5 billion) [2][3]. Group 2: Market Conditions - The global photovoltaic market has seen significant growth, with new installations increasing from 106.0GW in 2018 to 230.0GW in 2022, reflecting a compound annual growth rate (CAGR) of 21.4% [4]. - However, the industry is currently facing a downturn, with Longi reporting a revenue decline of 36.23% year-on-year for 2024, resulting in a net loss of 8.618 billion yuan (approximately $1.2 billion) [6][7]. Group 3: Project Status - Some of the fundraising projects have been put on hold, with the Malaysian 6.6GW monocrystalline silicon rod project showing no progress since reaching 70.96% completion, and the Vietnam battery project being suspended [8][11]. - Longi's strategy is shifting from capacity expansion to focusing on high-quality development, emphasizing product and technology innovation to adapt to the current market environment [12].