继光伏巨头天合、晶澳后，阿特斯宣布私有化并将从纳斯达克退市

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 据PV-magazine报道，继光伏巨头天合、晶澳纷纷宣布私有化后，中国光伏制造商阿特斯又进入这一行列。12月11日，阿特斯已经公布了一项由瞿晓铧提出的提议，这意味着其领导下的阿特斯集团将离开纳斯达克交易所。

董事会于去年12月9日收到一份来自瞿晓铧和他的妻子张含冰初步提案，他们提议以每股普通股18.47美元的价格购买未持有的流通股。目前，瞿晓铧和张含冰为最大股东，约占23.5％。

阿特斯董事长兼CEO  瞿晓铧博士

路透社报道说，今年以来上涨近42％的阿特斯的股价在盘前交易中已经停止。根据计算，该公司市值为10.7亿美元。

“我相信我的提议将为公司股东提供一个非常有吸引力的机会。” 瞿晓铧表示，这个价格比公司在2017年12月8日的收盘价溢价约7.1％，比过去90个交易日的平均收盘价溢价约10％。

他补充说，他打算采用一种全新形式来完成他的规划，并将用债务和股本资本的组合方式为交易融资。

彭博新能源财经的太阳能分析师Jenny Chase在评论这一消息时透露，“我们认为这是因为中国在美国交易所的太阳能股票的价值低于利润，收入等比例。

同时，这提高了企业可能在中国后续的重新投资，为管理筹集更多资金/实现利润的可能性。或者，也可以简单地解除提交季度报告的繁琐要求，以实现季度里程碑式的发展。

阿特斯2017年第三季度的营收为9.12亿美元，远高于上个季度的6.92亿美元。该公司还看到季度出货量上升到1.87GW。然而，净收入从上个季度的3820万美元下降到了1330万美元。第四季度，制造业和能源业务的收入预测为17.7亿美元

11月20日，晶澳太阳能宣布已经签署了一项协议，取消在纳斯达克证券交易所上市，并进行全现金交易。同时，天合光能在2017年初表示，已经完成了将成为私人公司的交易。

附阿特斯股价： 

17.79 ↑ +0.54 (+3.13%)   

2017-12-11 16:00:00  已收盘  (美东时间) 

以下为PVmagazine 报道原文：

In what appears to be a trend among Chinese solar manufacturers, Canadian Solar (NASDAQ:CSIQ) has announced a proposal by Qu to go private, which would result in its leaving the NASDAQ exchange.

The board received a preliminary, non-binding proposal letter on December 9 from Qu and his wife, Hanbing Zhang, in which they offer to buy the outstanding shares they do not own for $18.47 per common share.

Currently, Qu and Zhang are the largest shareholders, with around 23.5%.

Reuter’s reports that Canadian Solar’s shares, which have risen nearly 42% this year, have been halted in premarket trading. It adds that, according to its calculations, the compay has a market cap of $1.07 billion.

“I believe that my proposal of US$18.47 in cash per Common Share will provide a very attractive opportunity to the Company’s shareholders. This price represents a premium of approximately 7.1% to the Company’s closing price on December 8, 2017, and a premium of approximately 10% to the average closing price during the last 90 trading days,” wrote Qu in his proposal letter.

He added that he intends to form an acquisition vehicle to complete his proposal, and will finance the transaction with a combination of debt and equity capital.

“Equity financing is expected to be provided in the form of rollover equity in the Company from the Chairman Parties and cash contributions from the Chairman Parties and, potentially, third party sponsors. Debt financing is expected to be provided by loans from third party financial institutions.  I am confident that I can timely secure adequate financing to consummate the Transaction,” Qu continued.

In response, the Canadian Solar board has formed a special committee of independent and disinterested directors to consider the proposal.

Commenting on the news, solar analyst at Bloomberg New Energy Finance, Jenny Chase tells pv magazine, “We think that the reason for this is that Chinese solar stocks on U.S. exchanges are valued lower (in proportion to their profits, revenues etc.) than Chinese solar stocks on Chinese exchanges.

“This raises the possibility that the firms could relist later in China and raise more money/ realise profits for management. Or alternatively simply be free of the tedious requirements to submit quarterly filings, which take up management time and may distract the company from long term goals to make quarterly milestones.”

Canadian Solar posted revenue of $912 million in Q3 2017, significantly above the figure of $692 million in the previous quarter. The company also saw quarterly shipments rise to 1.87 GW. Net income, however, fell to $13.3 million, from $38.2 million the previous quarter. Revenue predictions for Q4, for both the manufacturing and energy businesses, total $1.77 billion

On November 20, JA Solar announced it had signed an agreement to cancel its listing on the NASDAQ stock exchange and go private in an all-cash transaction. Meanwhile, at the start of 2017, Trina Solar said it had completed the transaction that will allow it to become a private company.

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