Inspiration from the defeat of hanergy: from the richest man to the first negative misjudgment

category:Finance
 Inspiration from the defeat of hanergy: from the richest man to the first negative misjudgment


More than 200 employees of Hanneng Group who owe half a year salary gather at headquarters to safeguard their rights

Han Neng is deeply involved in the salary door, and negotiations are accused of lack of sincerity.

The Blue Whale Reporter arrived at the Hanneng Group Headquarters Park at about 13:30 on October 10, when about 50 employees gathered at the gate of the park, and then increased to about 80. According to employees present, on the morning of the 10th, Chaoyang Public Security has intervened in this matter, and sent personnel into the park to coordinate with Hanneng Fang. But in the process of waiting, there was no communication between senior executives and defenders.

Half a day after the staff waited, around 14:00, Hanneng finally responded, saying that the activists could send five representatives to enter the conference room of the office building at 3 p.m. for negotiation. Upon receiving the news, the rights defenders immediately held internal discussions. The contents of the discussions were mainly two aspects: one was to determine the candidates for employeesrepresentatives, the other was to unify the Rights Defending demands of employees. Regarding the claim for safeguarding rights, we are unanimously unified into the following two parts: on the one hand, Han Nengfang is required to settle the salaries of employees in arrears today and tomorrow, and the highest salary is 5 months according to statistics. On the other hand, the company is required to issue a resignation certificate for the employees who were dismissed yesterday. Following the conclusion of the internal consultation among the rights defenders, five delegates entered the Hanneng Building at about 3 p.m. for the second round of negotiations with the company.

Theres no way out for us to make such a decision. Were just trying to make a living now. While waiting for the outcome of the negotiations, a Hanon employee sighed helplessly to the blue whale reporter. It is understood that Hanneng has been in arrears for five months. Some employees said that the last salary payment was in late June, but it was in April. Before March, the company had postponed the date of salary payment from the 5th to the 28th of each month. In addition, employees said that in July they found that the provident fund had been cut off and social security had been cut off in August, which would undoubtedly be a major blow to those who still have to pay for housing, car loans and household expenses.

Reporters learned that the negotiation lasted for nearly four hours, and Hannengfang finally gave a cursory answer that the company can not solve the wages of employees today and tomorrow. According to on-site staff, there will be a third negotiation tomorrow, when the government will intervene, plus the company and staff representatives to carry out tripartite negotiations, but the other side said that it is not clear who the staff representatives are. In addition, in response to the requirement of certificate of resignation put forward by the dismissed employees, Hanneng only sent personnel to Guan Peisheng to reply. The other side indicated that the company was willing to issue a certificate of resignation of employees, but the reason for resignation was serious violation of discipline. In this regard, rights defenders expressed their dissatisfaction and thought that they lacked sincerity.

From the richest man to the first loser, Han Neng fell into the altar of God

Hanneng Holding Group was once the largest and most specialized clean energy power generation enterprise among all private enterprises in China. According to relevant reports, the stock market of Hanneng Port was worth up to 300 billion yuan. Its founder, Li Hejun, was the richest man in China with a family of 160 billion yuan in 2015. He was a real Chinese energy tycoon.

The former richest man company has now become the first owner company. What happened to Hannong?

In fact, looking at the development process of Hanneng, we can find that the problem of its capital chain has already appeared.

This will start in 2009. In that year, Hannon invested more than $10 billion and formally entered the thin film solar industry. In 2011, Hannon landed in Hong Kongs capital market and changed its name to Hannon Thin Film Power Generation three years later.

The role of the emerging thin film power generation industry in promoting the rapid development of Hanneng can not be underestimated. In May 2014, Hannons share price was less than HK$2. In just a few months into 2015, Hannons share price soared to its peak of HK$907, nearly five times the overall increase, with a market value of HK$300 billion.

The stock price plunge has attracted the attention of the Hong Kong Securities Regulatory Commission. On July 15, 2015, the Hong Kong Securities Regulatory Commission ordered the suspension of the trading of shares in Hannon Thin Film Power Generation, which was suspected of insider trading and stock price manipulation. This experience is undoubtedly a heavy blow to Han Neng. According to hanergys annual report, the company lost HK $12.2 billion in 2015, nearly twice the total profit of the previous four years. According to media reports, hanergy quit and laid off thousands of people in that year.

Employees with tight funds come to collect old debts and add new ones

Since then, Hanneng has been suspended for four years, during which although efforts have been made for the reinstatement, no substantial progress has been made. Eventually, under the pressure of delisting limit at the end of July 2019, Hanneng Thin Film Power Group delisted from the Hong Kong Stock Exchange on the grounds of privatization in June 2019. According to Finance and Economics, the delisting scheme began to be replaced by cash or stock, but later, the cash scheme was abandoned, and Hanneng Film was privatized for shares, reflecting the liquidity shortage of Hanneng.

According to a previous report by the Finance Associated Press, Hanneng Group and its employees were asked to purchase private and directional financial products in 2018, with a minimum subscription starting at 200,000 yuan; the higher the post level, the more subscriptions needed, and the expected annual return of 10%. Insiders revealed that the subscription campaign started in early June and the deadline was August 10. The total product added up to more than 3 billion yuan, and the product collection target was to be completed by the end of August. Blue whale reporters today to verify this matter to the relevant staff, the other side said that there is indeed this matter, even the salary can not be paid out, it is estimated that the money is drifting away, the employee shook his head helplessly. Hanneng really pits his employees if he cant pay back the money he borrowed from them, owes them wages and adds new debt to his old debt.

According to the analysis of China Electric Power Network, the reason why Hanneng requires employees to buy bonds may be that the financing cost of bank loans is too high, so it turns to employees to borrow money, and the interest rate should be lower than that of borrowing from banks.

There are media reports that as early as 2015 before the collapse of hanergy shares, hanergy also sold shares to employees to ease the financial pressure. This operation may be based on 15 years of successful experience!

The road to the richest man is broken or blamed on wrong decision-making

As the richest man in China, Li Hejun has created many legends by himself: after the successful investment in hydropower, he entered the solar energy industry. He is optimistic about thin-film batteries, and he creatively launched all solar vehicles and Hanwa products... Li Hejun told good stories one after another with an advanced strategic vision. Huaxia Energy has given such an evaluation, which shows that the rapid development of Hanneng in the past few years is inseparable from the leaderships vision and correct decision-making.

Since then, Hannon Group, which experienced the 520 crisis in 2015, has made a lot of efforts to regain its peak, but it has been frustrated repeatedly. Some industry analysts say that the problem lies in the misjudgement of the general trend by Hannon Group.

Take the case of Hannons compulsory financing in 2018 as an example, the company said that the financing was used for the construction of Yingkou Mobile Energy Industrial Park. It is reported that in order to meet the demand of production, Hanneng Group has built mobile energy industrial parks in more than ten cities throughout the country, covering Ningdong, Tongren, Taiyuan, Datong, Xiaoyi, Mianyang, Nanchong, Xian, Yingkou, Guiyang, Dazu, Kunming, Longnan and other places.

According to the annual report of Hannon, in 2018, the revenue was HK$21.25 billion and the net profit was HK$5.193 billion, while the total investment of Guangyingkou Mobile Energy Industrial Park was as high as 34 billion yuan. The investment amount of only one industrial park has exceeded the annual net profit of Hannon thin film power generation in the best year, which shows that it consumes a lot of money. Hence, Hannong has to resort to various financing methods to make up for the shortage of cash flow.

According to media reports, Li Hejun has given great hope in the dream of photovoltaic industry. Almost all financing channels have been used, and the best asset, Jinanqiao Hydropower Station, has been heavily pledged.

There is a storm in the sky.

On May 31, 2018, the National Development and Reform Commission, the Ministry of Finance and the State Energy Administration issued the Notice on Matters Relating to Photovoltaic Power Generation in 2018. According to the actual development of the industry, the construction scale of ordinary photovoltaic power plants in 2018 will not be scheduled for the time being. Before the state starts the construction of ordinary power stations without issuing documents, all localities shall not arrange the construction of ordinary power stations requiring state subsidies in any form.

Policy reversals and changes in industry trends caught him off guard. The suspension of photovoltaic subsidies means that the photovoltaic industry, the core of Hanneng, has been seriously damaged.