上市坎坷， 分布式光伏错过时机？ 遭遇行业寒冬之时，资金比任何时候都重要。 文 | 《能见派》栏目 刘丽丽 4 月末，多家光伏企业上市计划仍处于"烂尾"状态。 东立集团就是其中之一。跨界进入光伏的东立集团下属东立光伏目前上市处于停滞状态，启 动 IPO 辅导逾一年半仍未有实质性进展。同时，另一家企业正泰安能的 IPO 审核状态也变 更为"中止"，这是其第三次因财务资料过期而审核"中止"。 还有企业在另谋出路。例如创业板闯关失败的中润光能如今已转战港股。内部人士称，目前 已经递交了招股书，正在被要求补充材料，涉及历次增资、转让等。同时被要求补充材料的 还有华为离职高管创办的思格新能源，该企业被要求说明股权代持情况以及是否违反竞业禁 止规定。 虽然港股上市备案难度也在增大，但业内人士表示，港股较 A 股上市要相对容易，虽然融 资能力不强，但也属于上市公司，"一方面是能融资，另一方面资本也有了退出机制"。 户用光伏龙头企业正泰安能的上市之路已经走了 1 年多。目前，因财务资料过期，正泰安 能的 IPO 审核状态已经显示为"中止"。正泰安能由正泰电器控股，是正泰电器的户用光伏 开发的运营主体，此次上市属于分拆上市，即 ...

Core Viewpoint - The article discusses the challenges faced by several photovoltaic companies in their IPO processes, highlighting the difficulties in the current market environment and the shift towards Hong Kong listings as an alternative. Group 1: IPO Challenges - Multiple photovoltaic companies, including Dongli Group and Zhengtai Aneng, are experiencing stalled IPO plans, with Dongli Group's IPO guidance remaining stagnant for over a year and Zhengtai Aneng's IPO status changing to "suspended" due to expired financial documents [2][4]. - Zhengtai Aneng, a subsidiary of Zhengtai Electric, has faced its IPO being suspended for the third time due to outdated financial information, with its latest application submitted on September 6, 2023 [4][5]. - The company has developed over 1.4 million household photovoltaic power stations since its establishment, but its high debt ratio and significant growth in accounts receivable and inventory raise concerns about its sustainability in the market [5]. Group 2: Shift to Hong Kong Listings - Companies like Zhongrun Guangneng are pivoting to Hong Kong for their IPOs after failing to list on the ChiNext board, with the company currently under scrutiny for its financial history and compliance with regulations [6][7]. - Zhongrun Guangneng has undergone multiple rounds of capital increases since 2021, with its valuation reaching 6.5 billion yuan [7]. - Another company, Sige New Energy, founded by a former Huawei executive, is also facing inquiries regarding its shareholding structure and compliance issues as it seeks to list in Hong Kong [8]. Group 3: Industry Insights - The photovoltaic industry is experiencing a downturn, with financing becoming increasingly critical for companies. The oversupply in the market complicates public financing efforts [8]. - Experts suggest that the current environment poses significant challenges for companies seeking to expand through public market financing, indicating a potential closing window for such opportunities [8].