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M&A Analysis and Research on Solar Cell Industry

Abstract:

1. The Status quo and M&A background of solar cell industry

According to PVTC, the production of solar cell is supposed to reach 48magewatt in which mainland China shares 16.7% far above Taiwan by 10%. Suntech Power Co., Ltd generated power beyond 300mega in 2006 which will leap from world eighth to fourth following Sharp, Q-Cells and Kyocera.

China's major solar cell producer and their capability

Name of Company

Current capacity

Envisioned capacity

Suntech Power Co., Ltd

2 00 megawatt

3 00 megawatt by the end of 2006

Yinglisolar Tianweiyingli Yingli Solar

Silicon panel for 95 megawatt,
cell for 60megawatt,
components for 1 00megawatt

5 00 megawatt by the end of 2008

CEEG ( Nanjing ) PV-Tech Co., Ltd (NPV)

Above 60 megawatt

600 megawatt during 11th Five Year Plan

Shanghai Solar Energy S&T Co.Ltd (SSEC)

Components for 80 megawatt,
cell for 35 megawatt

Single piece of solar cell for 1 00 megawatt,
components for 1 00megawatt by the end of 2007

Yunnan Tianda Photovoltaic Co., Ltd.

35 megawatt

60 megawatt by the end of 2007 and 1 00 megawatt

The installation of solar cell in 2006 worldwide has been 1 £¬ 744 megawatt growing 19% compared with 2005 while the whole market value exceeded USD 10 billion. The solar cell production has been 2,204 megawatt up 33% over 2005. Since this sector is still in growth, the most negative and positive prospect over market value have been at USD 18.6 billion and 3.15 billion respectively. With hundreds of billions of value last year, there will be a great potential five years from now.

Solar cell application in China

2. M&A motive of China 's solar cell industry

Majority of solar cell industry is concentrated on Yangtze River Delta and Pearl River Delta. As of 2006, Suntech Power Co., Ltd. generated 2 £¬ 400 £¬ 000 £¬ 000 megawatt; CEEG (Nanjing) PV-Tech Co., Ltd. (NPV) generated 2 £¬ 000 £¬ 000 £¬ 000 megawatt; Ningbo Solar Electric Power Co., Ltd. generated 1 £¬ 000 £¬ 000 £¬ 000 megawatt; Jiangsu Linyang Solarfun Co., Ltd. generated 1 £¬ 000 £¬ 000 £¬ 000 megawatt; Yunnan Tianda Photovoltaic Co., Ltd. generated 300 £¬ 000 £¬ 000 megawatt; Shanghai Topsolar Green Energy Co., Ltd. generated 500 £¬ 000 £¬ 000 megawatt; JA Solar Holding Co., Ltd generated 500 £¬ 000 £¬ 000 megawatt and Shanghai Solar Energy S&T Co.Ltd (SSEC) generated 300 £¬ 000 £¬ 000 megawatt.

Geographical feature of China 's solar photovoltaic industry nationwide

From the map, the major Provinces known for solar photovoltaic industry are clustered in Bohai Sea area, Jiangsu in Yangtze River Delta, Hubei and Guangdong in Central and Southern China . Bases for Solar Grade Silicon production are located in Central and Western region. We found that the reason behind M&A in solar cell industry as followed:

A. Sector will experience M&A while forerunning the company to take market share. For instance, Suntech Power Co., Ltd. purchased MSK. The acquisition made Suntech Power Co., Ltd. poised to expand its share in Japan through marketing outlets of MSK though Japan inclined to be zenophobic to outsiders.

B. Get certain technology and patent from M&A, which is paramount to solar cell industry. GT Equipment Technologies purchased two patents related to silicon nitride crucible coating from a major solar energy company in Europe . Having purchased these important patents, GT Equipment Technologies has taken a deep root in intellecture property right by getting the core piece of technology described as Polycrystalline Silicon Ingot.

C. Up-stream and down-stream companies, especially in control of raw material triggered M&A in many companies. Raw material has been the bottle neck to the development of PV industry that is tended to be more profitable as close to up-stream and vice versa. The momentum for M&A between up and down stream companies is offered by this phenomenon.

Pyramidal pattern for profitability in PV industry

3. M&A trend in China 's solar cell industry

We sorted out number of trend of M&A in future solar cell industry:

First, to be more international. Study from Ernst & Young audit firm shows that German solar energy technology companies have intensified their efforts in purchasing others worldwide. 50 out of 72 acquiring cases around the world were done by Germany over the course of the last five years. International purchasing prolonged value and industrial chain while broaden the portfolio on the market. Therefore, multinational M&A is on the crescendo.

Second £¬ more cases of M&A can be seen between up-stream companies and down-stream companies. Raw material supply proves great importance in PV industry over current solar cell industry. Absent of it, market opportunity will be mist away. For those capable companies providing raw material might be taking over number of firms in cell manufacturing and flow into down-stream sector.

Contents:

Chapter 1 Profile on Study
Section 1 Background for study
Section 2 Study contents
Section 3 Study methodology
Section 4 Study team
Chapter 2 The Current Development of Solar Cell Industry Worldwide between 2007 and 2009
Section 1 the Development character of solar cell industry worldwide
Section 2 Demand and supply of solar cell industry worldwide
1. Industrial pattern of solar cell industry worldwide
2. Market scale of solar cell industry worldwide
3. Demand trend of solar cell industry worldwide
Section 3 Competition of solar cell industry worldwide
1. Density analysis of solar cell industry worldwide
2. Regional competition of solar cell industry worldwide
3. Scale competition of solar cell industry worldwide
Section 4 the Status quo of industrial development in America 
Section 5 the Status quo of industrial development in Germany 
Section 6 the Status quo of industrial development in Japan 
Chapter 3 the Status Quo and Development Trend of China¡¯s Solar Cell Industry 
Section 1 the Industrial character of China¡¯s solar cell industry 
Section 2 the Development of China¡¯s solar cell industry 
1. Major trend of China¡¯s solar cell industry
2. Forecast in China¡¯s solar cell industry
Section 3 Demand and supply of China¡¯s solar cell industry
1. Supply in general 
1.1 Input and output scale in China¡¯s solar cell industry
1.2 Density analysis on production in China¡¯s solar cell industry
2. Demand scale 
2.1 Market demand in China¡¯s solar cell industry
2.2 Demand structure in China¡¯s solar cell industry
Chapter 4 China¡¯s Solar Cell Industry in Categories
Section 1 Monocrystalline Silicon solar cell
Section 2 Polycrystalline Silicon solar cell
Section 3 Amorphous Silicon solar cell
Chapter 5 Investment Environment Policy of China¡¯s Solar Cell Industry 
Section 1 Energy policy on China¡¯s solar cell industry
Section 2 Industrial policy with other policy on the development of solar cell industry 
Section 3 China solar industry during 11th Five Year Plan
Chapter 6 Factor Exerting Influence in Solar Cell Industry 
Section 1 Competition in China¡¯s solar cell industry
1. Solar cell industry stepping into exit barrier
2. SWOT analysis on China¡¯s solar cell industry
Section 2 the Existing problem in China¡¯s solar cell industry
Chapter 7 The Status Quo and M&A Trend in China¡¯s Solar Cell Industry
Section 1 Jiangsu Province ( Nanjing/Wuxi)
1. Regional development character and industrial pattern 
2. Regional competitiveness 
3. Regional M&A trend and feasibility 
Section 2 Hebei Province ( Baoding) 
1. Regional development character and industrial pattern 
2. Regional competitiveness 
3. Regional M&A trend and feasibility
Section 3 Shandong ( Dezhou )
1. Regional development character and industrial pattern 
2. Regional competitiveness 
3. Regional M&A trend and feasibility
Section 4 Guangdong ( Shenzhen )
1. Regional development character and industrial pattern 
2. Regional competitiveness 
3. Regional M&A trend and feasibility
Section 5 Hubei Province ( Wuhan Guanggu/ Jingmen/Yichang )
1. Regional development character and industrial pattern 
2. Regional competitiveness 
3. Regional M&A trend and feasibility
Section 6 Sichuan Province ( Leshan )/ Chongqing 
1. Regional development character and industrial pattern 
2. Regional competitiveness 
Section 7 Hunan Province ( Yiyang )
1. Regional development character and industrial pattern 
2. Regional competitiveness 
Chapter 8 The Status quo of M&A in China¡¯s Solar Cell Industry 
Section 1 Background of China¡¯s solar cell industry 
Section 2 Current M&A in China¡¯s solar cell industry
Section 3 M&A trend in China¡¯s solar cell industry
Chapter 9 Stumbling Stone on M&A in China¡¯s Cell Industry 
Section 1 Policy
Section 2 Capital 
Section 3 Credit and loan 
Section 4 Demand and supply 
Section 5 Engineering hurdles  
Chapter 10 Case Study of M&A in Domestic Solar Cell Industry 
Section 1 Suntech Power Co., Ltd. purchased MSK 
1. Motive and value 
2. Procedure of M&A 
3. Solution and lesson 
4. Integrated strategy 
Section 2 Shell Solar took over Siemens Solar
1. Motive and value 
2. Procedure of M&A 
3. Solution and lesson 
4. Integrated strategy
Section 3 Applied Materials Inc., AMAT purchased Applied Films
1. Motive and value 
2. Procedure of M&A 
3. Solution and lesson 
4. Integrated strategy
Section 4 Solon purchased Italy S-E
1. Motive and value 
2. Procedure of M&A 
3. Solution and lesson 
4. Integrated strategy
Section 5 ICP purchased CSI (Canadian Solar Inc.)
1. Motive and value 
2. Procedure of M&A 
3. Solution and lesson 
4. Integrated strategy
Chapter 11 M&A by Foreign Companies over China¡¯s Counterparts 
Section 1 Development of foreign company in China
1. Investment trend 
2. Targeted area for investment 
3. Investment character 
4. Investment product mix
5. Market performance
Section 2 Sharp
1.	Investment in China	
3. Core competitiveness 
3.  M&A trend and feasibility 
Section 3 Kyocera
2.	Investment in China	
3. Core competitiveness 
3.  M&A trend and feasibility
Section 4 Sanyo
3.	Investment in China	
3. Core competitiveness 
3.  M&A trend and feasibility
Section 5 Q-Cell
1.	Investment in China	
2.  Core competitiveness 
3.  M&A trend and feasibility
Section 6 Schott  solar
1.	Investment in China	
2. Core competitiveness 
3.  M&A trend and feasibility
Section 7 Bp Solar
2.	Investment in China	
2. Core competitiveness 
3.  M&A trend and feasibility
Section 8 MOTECH
3.	Investment in China	
2. Core competitiveness 
3.  M&A trend and feasibility
Chapter 12 Competitiveness among Major Players in China¡¯s Solar Cell Industry 
Section 1 Suntech Power Co., Ltd.
1. Product mix 
2. Capital operation 
3. High-tech Competitiveness 	
4. Marketing sale 
5. Major suppliers 
6. Corporate strategy 
7. M&A trend and feasibility 
Section 2 Yinglisolar Tianweiyingli Yingli Solar
1. Product mix 
2. Capital operation 
3. High-tech Competitiveness 	
4. Marketing sale 
5. Major suppliers 
6. Corporate strategy 
7. M&A trend and feasibility
Section 3 CEEG (Nanjing) PV-Tech Co., Ltd (NPV)
1. Product mix 
2. Capital operation 
3. High-tech Competitiveness 	
4. Marketing sale 
5. Major suppliers 
6. Corporate strategy 
7. M&A trend and feasibility
Section 4 Tianda Photovoltaic Co., Ltd.
1. Product mix 
2. Capital operation 
3. High-tech Competitiveness 	
4. Marketing sale 
5. Major suppliers 
6. Corporate strategy 
7. M&A trend and feasibility
Section 5 Ningbo Solar Electric Power Co., Ltd.
1. Product mix 
2. Capital operation 
3. High-tech Competitiveness 	
4. Marketing sale 
5. Major suppliers 
6. Corporate strategy 
7. M&A trend and feasibility
Chapter 13 The Status Quo and Trend of M&A between up-stream company and 
down-stream company in China¡¯s Solar Cell Industry 
Section 1 Background of M&A between solar cell company over up-stream company and
 down-stream company  
Section 2 Case study of M&A between solar cell company over up-stream company and 
down-stream company in China¡¯s Solar Cell Industry
Section 3 M&A trend of M&A between solar cell company over up-stream company and
 down-stream company in China¡¯s Solar Cell Industry
Section 4 M&A possibility of solar cell company over other industries
Chapter 14 M&A Possibility in China¡¯s Cell Industry in Different Scale 
Section 1 M&A in big solar cell company 
Section 2 M&A in medium solar cell company
Section 3 M&A in small solar cell company
Chapter 15 M&A Risks in China¡¯s Cell Industry 
Section 1 Asset reshuffle 
Section 2 Technology 
Section 3 Corporate management 
Section 4 Entrepreneurial Culture 
Section 5 Corporate strategy 
Chapter 16 Recommendation for China¡¯s Cell Industry

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