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China’s MIIT Encourages Domestic Solar M&A Activity

Mar 3rd 2015 at 12:18 AM

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China’s Ministry of Industry and Information Technology (MIIT) has issued a notice about optimizing the M&A market for Chinese solar enterprises as the government moves ahead with plans to consolidate the industry and create national solar champions.

 

In recent years a clear trend has emerged to improve the operating mechanism for the M&A market and build a more transparent process, to accelerate the structural adjustment of the Chinese PV industry. By the end of 2017, China aims to form a batch of leading PV enterprises with international competitiveness and to support 15 established PV tycoons.

 

In the global solar boom hundreds of Chinese companies entered the solar manufacturing industry only to face huge financial pressures during the market downturn from 2011-2013, which led to widespread bankruptcies and job losses. In the past two years the government has called for industry consolidation to create a smaller batch of healthier, competitive companies.

 

One industry insider noted that using the M&A market to drive consolidation could strengthen the status of Chinese PV enterprises in the international market, where they are known better for lower production costs than high product quality or technological innovation.

By the end of 2017, the MIIT hopes that a batch of leading PV enterprises with international competiveness will be formed. In particular, the top five polysilicon manufacturing enterprises should account for more than 80% of total production of the raw material.

 

Analysis from Everbright Securities shows that the market coverage of the top five polysilicon manufacturing firms had reached 75% by October 2014.

 

Chang Jinlong, a general manager in the research center of a semiconductor manufacturer, said that it would be easy to reach the goals set in the notice if enough M&A activity is seen in the next two to three years.

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