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March 10th, 2010

The brand brand brand new appetite industry, have a hottest investment polysilicon became attention boom. But in a downstream sales photovoltaic battery has not nonetheless been entirely redeem underneath a credentials of polysilicon craving first, upstream won’t stand.

On Nov 17, LDK solar night hi-tech Co., LTD (LDK. “the NYSE, LDK”) motionless to palm in a prohibited potato – 1.5 million tons of polysilicon bureau parts, equity send out income to soothe pressure, additionally let association monetary polysilicon bureau continues to normal operation.

This is a initial done during home equity to certitude company, during benefaction a polysilicon polysilicon overcapacity condition, a complicated weight of polysilicon enterprises.

Transfer 15% equity

The send of shares is not formidable which LDK, jiangxi general certitude &investment Co., LTD as well as paid for a genius of bureau 15,000 tons of polysilicon, contract price by 15% equity fifteen million yuan RMB.

According to applicable data, jiangxi certitude by jiangxi range superintends without delay administration. A informed polysilicon people in a industry, it competence be told reporters in jiangxi range supervision during a back of push.

LDK an insider yesterday confirmed: “introduction to CBN certitude any alternative in jiangxi is mainly, have good association intensity financing”.

Anonymity, brand brand brand new appetite researcher told CBN, since there was tangible as polysilicon “overcapacity”, since it is from a bank loans to polysilicon enterprises from a certitude association is difficult, a process to acquire funds.

In a brand new 3 years polysilicon prices by a initial thirty dollars/kg, jumped to $400 in 2008 a highest/kg, right away again to $60 / kg. An attention inform during a finish of Jun 2009, China had nineteen craving prolongation scale of production, poly devise reached 30,000mt/year, an additional 10 enterprises, construction, enlargement Project Planning polysilicon prolongation predicts 2010 will some-more than 10 million tons. But 2008 China until a sum direct polysilicon 17,000 tonnes. If these genius than cash, a god like tellurian direct for some-more than dual times.

At a same time, a association additionally polysilicon gas-guzzling burdens. According to a contributor understands CBN, craving prolongation a kilogram of polysilicon we estimate 160 kilowatt-hours of electricity, i.e., 1 ton polysilicon to appetite during home, 1.6 million KWH polysilicon expenditure in enlightening million KWH basic/ton. But is tangible as a aluminium industry, tall appetite is about 145 million KWH/ton. Obviously, a expenditure of polysilicon than aluminum.

LDK from scratch, during benefaction a battery silicon wafer production, a world’s largest. The association proposed in 2008 to collateral direct some-more polysilicon business. According to a plan, a sum of 210 tons genius polysilicon prolongation is widely separated in to dual parts, a 6,000 tons, 15,000 tons for an additional large project. The send of tenure of a bureau is 1.5 million tons. According to a reporter, 15,000 tons of a devise is widely separated in to 3 line, 1 line of 5000 tons, an additional dual in operation in line, not to a great.

Serious miss of money

Reporters got a LDK chair by a internal authorities in jiangxi province, done of materials to 150 million yuan RMB LDK building a whole project, “capital sequence polycrystalline silicon really nervous, a outcome is really high, asset-liability comparative measure in a U.S. collateral marketplace financing ability.”

In polysilicon bureau needs a lot of collateral investment circumstances, LDK have been pang from loss. According to a results, a second entertain this year a sum increase is – LDK 2 billion dollars final year, though a series is 1.12 million dollars. Just in a second quarter, to a export-import bank of China as well as which LDK a certitude association borrowing 10 million yuan RMB, a commercial operation growth for polysilicon pave. When a association is, 2.66 billion dollars in money as well as money equivalents, though reduced bank lending, in a stream compensate complement of long-term loans totaling $11.89 suddenly tall rise, compared with 22%.

A proficient in abroad commercial operation accounting professionals to discuss it a reporter, 11.89 billion as well as $2.66 dual Numbers, a craving might uncover a aloft risk of short-term plan. The brand brand brand new appetite analysts additionally said, as well as alternative has been finished as well as a produce is different, a destiny LDK polysilicon association will face a dilemma, “the initial half of 2008, a marketplace sourroundings some-more relaxed, polysilicon price $60 / kg, can sell to $100 to $400 / kg. But a 2010 28220000yuan polysilicon bureau might crop up losses, a reasons for a sale price is substantially cost.” But LDK insiders pronounced yesterday which a company’s poly devise will have distinction losses.

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