CHINA ROUND UP: Hareon Solar, LONGi, Zhonghuan Semi, First PV, GCL-Poly, United PV and Comtec

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United Photovoltaics Group said on August, 19 that it had issued a US$50 million convertible bond. Image: United PV

A number of China-based solar PV companies both in the upstream and downstream markets, primarily within China have reported strong financial results for the first half of 2016, driven by the backdrop of over 18GW having been installed in the country in the first half of the year.

Hareon Solar Technology

Integrated PV manufacturer Hareon Solar Technology reported on August, 19 almost a 30% increase in first half 2016 revenue, while continuing to focus on increasing its downstream project business.

Hareon Solar reported first half 2016 revenue of RMB 2.45 billion (US$370.2 million), up 29.1% from the prior year period. Net profit was RMB 35.7 million (US$5.4 million), up over 18% from the prior year period. 

The company noted that it was increasing its focus on downstream project business via new investment partners and new fund-raising rounds.

LONGi Silicon Materials

Leading integrated monocrystalline PV manufacturer Xi'an LONGi Silicon Materials reported first half 2016 revenue of RMB 6.4 billion (US$968 million), compared to around US$253 million in the prior year period, an increase of around 282%. Net profit was RMB 885 million (US$133 million), up around 900% from the prior year period. 

Monocrystalline module shipments were 922.85MW, which included 873.14MW to external customers and 49.71MW to in-house downstream projects. The company noted that it had achieved 59% of its full-year 2016 module shipment target in the first half of the year. More details reported by PV Tech here.

Tianjin Zhonghuan Semiconductor

Monocrystalline and semiconductor wafer producer Tianjin Zhonghuan Semiconductor reported on August, 17 first half 2016 revenue up 44% from the prior year period.

Zhonghuan reported revenue of RMB 3.63 billion (US$549 million) in the first half of 2016, with a net profit of US$37.8 million, an increase of 168% over the prior year period. The company also noted that it had a cumulative 240MW of grid connected PV projects at the end of June, 2016.

Hangzhou First PV Material

Leading PV module encapsulation and backsheet material producer Hangzhou First PV Material Co on August, 17, reported first half year revenue up 27% from the prior year period.

The company reported revenue of RMB 1.93 billion (US$292.1 million) in the first half of the year. Net profit was RMB 441.8 million (US$66.7 million) a 63.9% increase from the prior year period.

First PV noted that a key part of the revenue growth was due to increased business from outside China as key customers established module assembly plants in South East Asia. Overseas revenue was said to have grown by more than 34%, compared to the prior year period. 

The company also has a downstream PV project business with a 20MW project grid connected in the reporting period.

GCL-Poly

Leading polysilicon and wafer producer GCL-Poly Energy Holdings recently reported on August, 16 that it expects to record a net profit of not less than RMB 1,300 million (US$196.3 million) for the first half of 2016, compared to a net profit RMB 653 million (US$98.6 million) in the prior year period. The company is expected to report financial results near the end of August.

United Photovoltaics

PV energy provider United Photovoltaics Group said on August, 19 that it had issued a US$50 million convertible bond for general working capital and/ or financing capital for business expansion, which included the continued strategy of purchasing and operating PV power plants.

Comtec Solar

Monocrystalline wafer producer Comtec Solar Systems Group recently announced on August, 19 the successful placement of new shares valued at around US$9.07 million for general corporate purposes.

The company recently announced that it planned to acquire a China-based downstream PV project developer, Joy Boy for RMB 130 million (US$19.6 million), with plans to develop 70MW of downstream solar projects through the end of June, 2017, with further project plans of around 300MW, through June , 2019.

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