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发表于 2007-5-12 21:12
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感谢shine2008老大提供宝贵资料：
Yingli Solar Filing To SEC
代码YGE
上市交易所仍为纽约证交所NYSE
预计募资3.5亿美元
承销商团队可谓豪华：
Goldman Sachs (Asia) LLC
UBS Investment Bank,
Piper Jaffray
CIBC World Markets
高盛在招股书首页写道：
Yingli Green Energy 是中国领先的垂直整合太阳能公司
不出所料，德国世界杯球场的生动例子在招股书被生动引用：For example, we cooperated with Solar-Energiedach GmbH NL in the design and installation of a one-megawatt PV system covering the roof of the Kaiserslautern soccer stadium in Germany, one of the FIFA World Cup 2006 venues.
按惯例路演随即在今后10天展开，大致路线：香港－新加坡－德国－美国
招股书简介：We are one of the leading vertically integrated photovoltaic, or PV,
product manufacturers in China. Through Tianwei Yingli, our principal
operating subsidiary based in China, we design, manufacture and sell PV
modules, and design, assemble, sell and install PV systems that are connected
to an electricity transmission grid or those that operate on a stand-alone
basis. With an annual production capacity of 95 megawatts of polysilicon
ingots and wafers, 90 megawatts of PV cells and 100 megawatts of PV modules as
of the date of this prospectus, we believe we are currently one of the largest
manufacturers of PV products in China as measured by annual production
capacity. Except for the production of polysilicon materials that are used to
manufacture polysilicon ingots and wafers, our products and services
substantially cover the entire PV industry value chain from the manufacture of
multicrystalline polysilicon ingots and wafers, PV cells, PV modules and PV
systems to PV system installation. We believe we are one of the few
large-scale PV companies in China to have adopted vertical integration as
their business model. Our end-products include PV modules and PV systems in
different sizes and power outputs. We sell PV modules under our own brand
name, Yingli, to PV system integrators and distributors located in various
markets around the world, including Germany, Spain, China and the United
States.
In 2002, we began producing PV modules with an initial annual production
capacity of three megawatts and have significantly expanded production
capacities of our PV products in the past five years to the current level. In
April 2006, we launched a new expansion project in Baoding, China to increase
our annual production capacity of polysilicon ingots and wafers, PV cells and
PV modules to 600 megawatts each by 2010.
Historically, we have sold and installed PV systems in the western regions
of China where substantial government-subsidized, rural electrification projects
are underway. We also sell PV systems to mobile communications service providers
in China for use across China and plan to export our PV systems into major
international markets such as Germany, Spain and the United States. In order to
promote the export of our PV systems, we have participated in the design and
installation of large PV system projects undertaken by our customers overseas.
For example, we cooperated with Solar-Energiedach GmbH NL in the design and
installation of a one-megawatt PV system covering the roof of the Kaiserslautern
soccer stadium in Germany, one of the FIFA World Cup 2006 venues. Historically,
sales of PV systems by us have not been significant. However, we expect our
sales of PV systems to increase although we expect such sales to remain
relatively insignificant as a percentage of our net revenues in the near term.
Our net revenues increased from RMB 120.5 million in 2004 to
RMB 361.8 million in 2005 and on a combined basis to RMB 1,638.8 million
(US$210.0 million) in 2006. Our income from operations increased from
RMB 13.7 million in 2004 to RMB 83.7 million in 2005 and, on a combined basis,
to RMB 366.9 million (US$47.0 million) in 2006, representing operating profit
margins of 11.4%, 23.1% and 22.4%, respectively. Our net income was
RMB 6.1 million in 2004, RMB 66.0 million in 2005, RMB 186.2 million
(US$23.9 million) in the period from January 1, 2006 through September 4, 2006
and RMB 30.0 million (US$3.8 million) for the period from August 7, 2006 (date
of inception) through December 31, 2006, representing net income profit margins
of 5.1%, 18.2%, 21.1% and 4.0%, respectively.
Our principal executive offices are located at No. 3055 Middle Fuxing Road,
Baoding, Hebei Province, People's Republic of China. Our telephone number at
this address is (86 312) 3100-500 and our fax number is (86 312) 3151-881. Our
agent for service of process in the United States is Law Debenture Corporate
Services Inc., located at 400 Madison Avenue, New York, New York 10017. |
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发表于 2007-5-12 14:43
