汉能拟在大同建新厂

Two years after a spectacular stock plunge and trading suspension, Chinese solar firm Hanergy has returned to its core thin film solar business with a Rmb2.2bn ($328m) deal to build a production facility in the coal-choked city of Datong.

在股价跳崖式暴跌和停牌两年后，中国太阳能企业汉能集团(Hanergy)重拾其核心的薄膜太阳能发电业务，签署一项价值22亿元人民币(合3.28亿美元)的协议，在煤烟呛人的大同市建设一处生产设施。

The deal marks a return to public fundraising by Hanergy founder Li Hejun, who for some months in 2015 ranked as China’s richest man. Mr Li has not been silent over the past two years, which he has spent battling Hong Kong regulators to allow Hanergy stock to resume trading while promoting grandiose plans to develop solar-powered automobiles.

这笔交易标志着汉能创始人李河君重新开始公开筹资，李河君在2015年的几个月里曾位列中国首富。过去两年，李河君并未沉寂，他一直在争取香港监管机构让汉能复牌，同时还在推动开发太阳能动力汽车的宏大计划。

The Datong deal signed last week is the first investment commitment by Hanergy since its suspension. Together with the Datong city government and Datong Coal Mine Group, one of China’s largest state-owned coal miners, it will build a 300-megawatt production line as part of a planned photovoltaic industry zone, according to the city.

上周与大同市签署的协议是汉能自停牌以来的首笔投资承诺。大同市表示，汉能集团将与大同市政府、同煤集团合作，建设一条300兆瓦的薄膜太阳能电池生产线，作为计划中的光伏产业园的一部分。同煤集团是中国最大的国有煤矿企业之一。

The deal comes as China promotes solar power and other non-fossil fuel energy sources to help combat pollution and stimulate economies ravaged by a four-year commodities downturn that began in 2012.

这项协议达成之际，中国正在推广太阳能及其他非化石燃料能源，以帮助应对污染问题，并刺激受大宗商品持续4年价格低迷打击的经济。

“Social capital and institutional investors trust in Hanergy’s thin-film technology and are actively participating in the deal,” Hanergy said, in an emailed response to questions. It will hold 20 per cent of the joint venture while Datong Coal Mine will hold 50 per cent. The city government will hold the remaining 30 per cent, according to the local planning bureau.

“社会资本和机构投资者信任汉能的薄膜技术，正在积极参与这项协议，”汉能在通过电邮回复记者提问时表示。根据当地规划局的数据，汉能将持有合资公司20%的股份，同煤集团将持有50%的股份，大同市政府将持有剩余30%的股份。

Hanergy’s stock suspension was a “disaster” for the company, Mr Li said at the time, depriving it of a funding channel to service loans and funds raised through China’s high-interest shadow financing sector. In its 2015 IPO prospectus, Hong Kong-listed Bank of Jinzhou revealed that it had $440m in exposure to Hanergy debt.

李河君曾表示，汉能股票停牌对该公司而言是一场“灾难”，使其失去了一条融资渠道，难以偿还贷款和通过中国高利率影子金融部门获得的融资。在2015年的首次公开发行(IPO)招股说明书中，香港上市的锦州银行(Bank of Jinzhou)披露，该行对汉能集团债务有4.4亿美元的风险敞口。

In a series of reports before the 2015 crash, the Financial Times detailed Hanergy’s reliance on shadow financing and the unusual pattern of trading in its Hong Kong shares, which rose in the last 10 minutes of the trading day.

在2015年汉能股价崩盘前发表的一系列报道中，英国《金融时报》详细解读了汉能对影子金融的依赖，及其H股的不寻常交易规律——股价往往在交易日最后10分钟上涨。

As part of an agreement with the Hong Kong regulator, Mr Li no longer heads Hanergy’s Hong Kong-listed unit. Two other Hanergy subsidiaries are listed on the National Equities Exchange and Quotations (NEEQ), a Beijing-based over-the-counter stock trading platform.

作为与香港监管机构达成协议的一部分，李河君不再担任汉能集团香港上市子公司的负责人。汉能集团还有两家子公司在全国中小企业股份转让系统(National Equities Exchange and Quotations，简称NEEQ)交易，这是一家总部位于北京的场外股票交易平台。

Chinese media have reported that Hanergy relied on bank loans taken to fund the construction of new factories and to pay off previous loans. Two of those facilities, in the central city of Nanjing and the northeastern development zone Caofeidian, will complete test runs at the end of this year, Hanergy said this week in response to FT queries.

据中国媒体报道，汉能依靠银行贷款为建设新工厂提供资金，并偿还以前的贷款。本周汉能在答复英国《金融时报》的查询中表示，这些设施中有两座将在今年底完成试运行，一座在南京市，另一座在曹妃甸开发区。

The latest project in Datong will have a registered capital of Rmb700m, a local official said, with the remainder of the investment financed by the two companies. However, an official from Datong Group told the FT that Datong Group and Hanergy have not yet discussed how the project will be financed.

一名当地官员表示，大同市这一最新项目的注册资金将达到7亿元人民币，剩余投资由两家公司提供资金。不过，同煤集团的一名官员向英国《金融时报》表示，该集团和汉能尚未就如何落实项目资金进行讨论。

It will use technology developed by the German solar company Solibro, one of four overseas solar developers that Hanergy bought a few years ago. Hanergy’s plans for solar-powered vehicles and solar-powered garments largely draw on different technology developed by the US-based developers in which it has invested.

该项目将使用德国太阳能公司Solibro研发的技术，Solibro是汉能几年前收购的四家海外太阳能开发商之一。汉能的太阳能车辆和太阳能服装计划，在很大程度上依赖于其投资的美国开发商所研发的不同技术。

Earlier this year, Hanergy agreed to establish a joint lab with bike sharing start-up Mobike, to research the use of thin film solar on bicycles. A Mobike spokesperson later clarified that the company has research agreements with many solar power firms.

今年早些时候，汉能同意与共享单车初创企业摩拜单车(Mobike)建立联合实验室，研究将薄膜太阳能技术运用在自行车上。摩拜发言人后来澄清说，该公司与许多太阳能发电公司都有研究协议。