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 building its expansive "solar empire." According to a report from *Securities Times*, as the only PV company invited to the Boao Forum for Asia, Li Hejun, chairman of Hanergy Holding Group, revealed at the event that the firm, now the world's largest thin-film solar energy company, is planning to go public in Hong Kong. However, he did not provide specific details about the IPO timeline, the amount of capital to be raised, or whether the listing would involve its subsidiaries or separate entities. Industry insiders told *Daily Economic News* that Hanergy may inject assets into its listed subsidiary, Hanergy Solar, making an overall IPO approach challenging due to high debt levels and low transparency. Thin-film solar cells differ from polycrystalline silicon cells in several ways. As the price of polycrystalline silicon modules has dropped sharply, many companies following that route are struggling—Suntech Power, once a leader, even went bankrupt. What makes thin-film batteries so appealing, allowing Hanergy to invest heavily despite industry challenges? Experts were consulted on this matter. Ren Haoning, a researcher at China Investment Consulting, noted that polycrystalline silicon still dominates the market with around 80% share, while thin-film accounts for less than 20%. From a technical standpoint, polycrystalline silicon technology is more mature, with lower production costs. Thin-film, on the other hand, requires higher R&D investment and has lower yields, leading to more waste. Analysts from China Merchants Securities (Hong Kong) highlighted key differences between thin-film and crystalline silicon, including conversion efficiency, degradation rates, space requirements, and flexibility. According to PVinsights, thin-film components are priced at $0.62 per watt, 8% cheaper than crystalline silicon. Considering efficiency, they could be at least 20% more cost-competitive. At the end of last year, amid overcapacity in the solar 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 to polysilicon but believed the issue would not be significant within the next decade. Ren Haoning added that while 10 years is an optimistic outlook, it reflects the current small market share of thin-film technology. This leaves room for growth, and over the next decade, there may not be overcapacity. However, Hanergy’s rapid expansion in thin-film production lines could strain resources, particularly funding. When it comes to development models, analysts from China Merchants Securities recommended that Chinese PV companies look to overseas examples. Three models stood out: technology-driven (like FirstSolar), cost-driven (like GCL-Poly), and niche-market focused (like Comtec and Industrial Solar). Each model offers different advantages depending on a company’s background and capabilities. Ren Haoning also pointed out that domestic PV companies face two major hurdles: market and technical barriers. Many are lagging in production technology and lack a first-mover advantage. While Hanergy has improved domestic thin-film technology significantly, the industry still relies on imported materials. He emphasized that controlling production capacity is crucial. With overcapacity and ongoing structural adjustments, chasing technology and markets without proper capacity control is unwise. Regarding the potential IPO, several domestic PV firms have withdrawn from A-share listings. Hanergy, which already has a Hong Kong-listed subsidiary, Hanergy Solar, sees its IPO as a strategic move. Ren Haoning believes this could boost confidence among other PV companies, showing that some firms can still thrive despite a tough industry climate. However, he warned that this might encourage more companies to shift toward thin-film, potentially creating overcapacity in that sector. The industry typically experiences a 5-year economic cycle, and while Hanergy is doing well, it doesn’t mean all industry problems will be solved quickly. An industry insider noted that Hanergy’s amorphous silicon thin-film products currently have limited overseas demand. Building power stations to consume inventory isn’t sustainable due to higher costs compared to crystalline silicon. Also, the government hasn’t introduced special policies to support thin-film technology. If Hanergy proceeds with an IPO, it may inject assets into Hanergy Solar. But the overall IPO approach faces challenges such as high debt, low transparency, and stranded projects. Additionally, the Hong Kong market has grown tired of solar stocks, and amorphous silicon may be overlooked unless Hanergy successfully improves its technology, achieving higher efficiency and lower costs.

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