The invisible photovoltaic empire bucks the trend and Hanergy Holdings wants to go to Hong Kong IPO

In just over three years, Hanergy Holdings has poured more than 140 billion yuan into photovoltaic solar energy base projects, gradually shaping its expansive vision in the renewable energy sector. According to a report from *Securities Times*, as the only PV company invited to attend the Boao Forum for Asia, Li Hejun, Chairman of Hanergy Holding Group, revealed at the event that the company—now the world's largest thin-film solar energy enterprise—is considering an IPO in Hong Kong. However, he did not specify the timeline, funding details, or whether it would be a parent company listing or a subsidiary approach. Industry insiders told *Daily Economic News* that Hanergy may inject assets into its listed subsidiary, Hanergy Solar, but an overall IPO strategy appears challenging due to high debt and limited transparency. Thin-film solar cells differ from polycrystalline silicon cells in technology and application. As the price of polycrystalline modules has dropped sharply, many companies in that sector are struggling. Even industry leader Suntech Power faced bankruptcy. What makes thin-film batteries stand out, and can they reverse the current stagnation in the PV industry? Experts were consulted on this issue. Ren Haoning, a researcher at China Investment Consulting, explained that polycrystalline silicon remains the dominant technology, holding about 80% of the market, while thin-film accounts for under 20%. From a technical standpoint, polycrystalline is more mature, with lower R&D costs and higher yields. Thin-film, on the other hand, requires significant investment and has lower efficiency and higher waste rates. Analysts from China Merchants Securities noted that the key differences between thin-film and crystalline silicon include conversion efficiency, degradation rate, space requirements, and flexibility. According to PVinsights, thin-film components cost around $0.62 per watt, which is only 8% less than crystalline silicon. However, when considering efficiency, thin-film can be up to 20% cheaper. At the end of last year, amid oversupply in the PV industry, Hanergy invested 27 billion yuan to build the world’s largest thin-film solar module. Li Hejun suggested that thin-film might face similar challenges as polysilicon, but the problem would be less severe in the next decade. Ren Haoning believes that while 10 years is an optimistic estimate, the market could eventually see coexistence between polycrystalline and thin-film technologies. With thin-film currently occupying less than 20% of the market, there's still room for growth. However, Hanergy’s rapid expansion may pose financial pressures, especially regarding capital. The development model is crucial for China’s struggling PV industry. Analysts suggest looking at overseas models: one being technology-driven, like FirstSolar; another being cost-focused, like GCL-Poly; and a third being niche-market oriented, such as Comtec and Industrial Solar. Ren Haoning also pointed out that domestic PV companies face both market and technical barriers. Production technology lags behind global standards, and thin-film materials used to require foreign imports. However, Hanergy has significantly improved domestic thin-film capabilities. He emphasized that controlling production capacity is key. With overcapacity and industry restructuring, chasing technology without managing capacity is impractical. Regarding Hanergy’s potential IPO in Hong Kong, Ren said it could boost confidence among Chinese PV firms. It shows that even in a tough environment, some companies can thrive. However, it might also encourage others to shift to thin-film, potentially leading to overcapacity if too many polysilicon firms transition. An industry insider noted that the overseas market for Hanergy’s amorphous silicon thin-film panels is still small. Building power stations to consume inventory is unsustainable, as their cost is higher than crystalline silicon, and no special policies support thin-film technology. In the case of a possible IPO, analysts believe Hanergy may inject assets into Hanergy Solar. But an overall IPO is difficult due to high debt, low transparency, and stranded projects. The Hong Kong market is also fatigued by PV stocks, and thin-film may be overlooked unless Hanergy improves its technology to produce thinner, more efficient, and cheaper solar cells.

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