8個(gè)月的焦灼等待后，3月11日，天合光能終于實(shí)現(xiàn)A股上市夢(mèng)。回顧過(guò)去幾年路程，天合光能的回A 之路可謂“不易”。自2019年5月公司首次發(fā)布招股書(shū)至今，天合光能經(jīng)歷了上市委3次問(wèn)詢(xún)，監(jiān)管層先后共提出了100大問(wèn)題，涉及實(shí)控人借款、內(nèi)幕交易等核心問(wèn)題。今年1月份，上市委再提出4大問(wèn)題，并做出暫緩審議的決定。4大問(wèn)題中，有兩大問(wèn)題困擾被多次問(wèn)詢(xún)，成為其能否上市的最大障礙。其一為董事長(zhǎng)高紀(jì)凡在公司美股退市之際為增持股票曾向信托公司借款45.7億元，后續(xù)如何償還問(wèn)題；另一則是向資管公司出售18.5億元電站是否涉嫌“左手倒右手”和“內(nèi)幕交易”問(wèn)題。盡管公司最終成功過(guò)會(huì)，但就目前來(lái)看，天合光能并未就這兩個(gè)問(wèn)題提出完美解決方案，相應(yīng)問(wèn)題或?qū)⒗^續(xù)伴隨上市公司。事實(shí)上，天合光能13年前就已經(jīng)上市，當(dāng)時(shí)選擇的是紐交所敲鐘。但很快，天合光能便遇到了難題——市場(chǎng)對(duì)其估值在不斷走低。招股數(shù)據(jù)顯示，2007年6月，天合光能發(fā)行股票融資時(shí)的發(fā)行定價(jià)為45美元/ADS(存托憑證，每ADS相當(dāng)于50股股票)，其后的每次新發(fā)行股票，其價(jià)格都在下調(diào)，到2014年公司最后一次通過(guò)股票融資時(shí)，其發(fā)行價(jià)格僅有11美元/ADS左右，下降了超過(guò)7成。市值不斷縮水，加之國(guó)內(nèi)對(duì)美股上市企業(yè)明星企業(yè)開(kāi)放政策，和邁瑞醫(yī)療、三六零一樣，天合光能最終選擇了私有化道路。2017年3月13日，天合光能宣布私有化退市，當(dāng)時(shí)總市值僅剩10.67億美元。其后，天合光能董事長(zhǎng)高紀(jì)凡公開(kāi)表示，退市完成后，天合光能會(huì)首選在中國(guó)市場(chǎng)，首先考慮A股上市。
       其后2年時(shí)間里，天合光能數(shù)次傳出上市傳聞。2018年1月，江蘇證監(jiān)局公告表示，確認(rèn)中信證券對(duì)天合光能上市輔導(dǎo)備案日為2018年1月8日；同一年里，又有傳聞稱(chēng)天合光能將借殼海潤(rùn)光伏。直到2019年5月，天合光能的科創(chuàng)板上市申請(qǐng)正式獲上交所受理，才最終確定了科創(chuàng)板上市之路。不過(guò)，天合光能的科創(chuàng)板之路也走得并不順暢。
       2019年6月14日至12月12日的半年時(shí)間里，天合光能先后收到3輪問(wèn)詢(xún)。首輪問(wèn)詢(xún)中，天合光能從核心技術(shù)、業(yè)務(wù)。研發(fā)等共向天合光能提出76個(gè)問(wèn)題。二次問(wèn)詢(xún)中，上交所再就天合光能的實(shí)控人46億借貸、關(guān)聯(lián)交易等26個(gè)問(wèn)題問(wèn)詢(xún)。第三次問(wèn)詢(xún)，上交所向天合光能提出了會(huì)計(jì)處理、信息差異、商譽(yù)等8大問(wèn)題。2020年1月8日，上市委再次就實(shí)控人46億借貸、計(jì)提壞賬等4大問(wèn)題提出質(zhì)疑，并作出暫緩其過(guò)會(huì)的決議，天合光能也因此成為繼復(fù)旦張江、秦川物聯(lián)之后，第三家被出具暫緩審議意見(jiàn)的企業(yè)。直到近百日之后的3月11日晚，上交所官網(wǎng)顯示，天合光能上市計(jì)劃被審核通過(guò)。從監(jiān)管視角來(lái)看，天合光能上市之所以拖這么久，與其存在很多“懸而未決”的問(wèn)題有關(guān)，其中兩大核心問(wèn)題涉及金額高達(dá)64億元。結(jié)合交易所1月8日提出的四大問(wèn)題中以及幾次問(wèn)詢(xún)函內(nèi)容，最突出的當(dāng)屬天合光能實(shí)控人高紀(jì)凡的45.7億元信托貸款問(wèn)題。2017年2月，即高紀(jì)凡即將宣布對(duì)天合光能私有化之際，其與廈門(mén)國(guó)際信托有限公司期手術(shù)了《信托貸款合同》，合同約定廈門(mén)國(guó)際信托有限公司向高紀(jì)凡貸款45.69億元，貸款期限為60個(gè)月，貸款年利率為6%。對(duì)此，交易所要說(shuō)明，一旦高紀(jì)凡違反貸款合同，上市公司如何保證高紀(jì)凡的控股權(quán)不受影響。公司回應(yīng)稱(chēng)，高紀(jì)凡之所以借貸是為了在私有化之際增持股票，以保證其對(duì)上市公司控制權(quán)。至于每年產(chǎn)生的2.8億利息以及45.7億本金是否能還上，高紀(jì)凡則給出了不一樣的回應(yīng)。對(duì)于利息費(fèi)用如何支付，上市公司稱(chēng)，目前高紀(jì)凡和配偶擁有6億元資產(chǎn)和股權(quán)，自有資金充足。此外，高紀(jì)凡還可能通過(guò)歷年分紅還款。2018年，高紀(jì)凡及一致控制人共獲得分紅款6679.74萬(wàn)元。對(duì)于貸款金本金，高紀(jì)凡稱(chēng)可以通過(guò)向金融機(jī)構(gòu)挪借、延長(zhǎng)還款期限等措施。值得一提的，招股書(shū)中提到，高紀(jì)凡還計(jì)劃通過(guò)未來(lái)減持股票還款。招股書(shū)提到，高紀(jì)凡及配偶通過(guò)直接或間接控制天合光能48.07%的股權(quán)，未來(lái)可通過(guò)保持實(shí)控權(quán)前提下，減持部分分作為償款來(lái)源之一。

     另一大核心問(wèn)題則涉及一宗與資管公司間價(jià)值18.5億元的買(mǎi)賣(mài)。2018 年 5 月，即“531光伏新政”出臺(tái)之際，天合光能將其持有的合計(jì) 471MW 的 19 個(gè)光伏電站項(xiàng)目以轉(zhuǎn)讓公司股權(quán)的方式整體出售給寧波梅山保稅港區(qū)遠(yuǎn)晟投資管理有限公司（以下簡(jiǎn)稱(chēng)“遠(yuǎn)晟投資”），交易對(duì)價(jià)18.54 億元。遠(yuǎn)晟投資為興業(yè)銀行。一家從未有過(guò)實(shí)業(yè)經(jīng)驗(yàn)的資管公司，為何要花巨資冒險(xiǎn)入場(chǎng)專(zhuān)業(yè)的電站業(yè)務(wù)？上交所也對(duì)其發(fā)出了“左手倒右手”的疑問(wèn)：要求公司說(shuō)明此股權(quán)是否是真正轉(zhuǎn)讓?zhuān)欠裼谢刭?gòu)和補(bǔ)償業(yè)績(jī)等其他條款；將19個(gè)電站轉(zhuǎn)讓給一家基金的商業(yè)實(shí)質(zhì)；以及遠(yuǎn)昇投資的普通合伙人和有限合伙人的權(quán)利和義務(wù)及風(fēng)險(xiǎn)分擔(dān)情況，是否屬于債務(wù)融資，天合光能和該基金的GP是否存在關(guān)聯(lián)關(guān)系等。天合光能在回應(yīng)中否任關(guān)聯(lián)交易的說(shuō)法，其稱(chēng)遠(yuǎn)晟投資其通過(guò)持有電站，一是想取得電站運(yùn)營(yíng)期間的發(fā)電收益；二是未來(lái)根據(jù)市場(chǎng)情況擇機(jī)出售電站資產(chǎn)獲得投資。截至披露日，這19個(gè)光伏電站還在遠(yuǎn)晟投資手中。能源領(lǐng)域?qū)＜翼n小平認(rèn)為，做光伏發(fā)電的企業(yè)一般都會(huì)有自己的做電站的子公司，他們會(huì)將產(chǎn)品賣(mài)給電站，往往會(huì)形成關(guān)聯(lián)交易，這在行業(yè)內(nèi)很普遍，但這一般很少會(huì)將電站賣(mài)給投資公司的，這需要具體看監(jiān)管層和公司怎么說(shuō)。值得一提的是，因?yàn)樯鲜龉蓹?quán)轉(zhuǎn)讓?zhuān)旌瞎饽苓€存在一定應(yīng)收賬款逾期風(fēng)險(xiǎn)。截至2019年9月末，天合光能應(yīng)收遠(yuǎn)晟投資的轉(zhuǎn)讓款余額為78348.62萬(wàn)元，其中長(zhǎng)期應(yīng)收款32303.86萬(wàn)元，根據(jù)約定于2023年收款；應(yīng)收與可再生能源補(bǔ)貼款相關(guān)的賬款余額為46044.76萬(wàn)元，對(duì)于這4.6億元補(bǔ)貼款中，因部分光伏電站雖已符合申請(qǐng)條件，但尚未列入前七批補(bǔ)貼目錄，因而未收到補(bǔ)貼款，對(duì)應(yīng)應(yīng)收補(bǔ)貼款金額2.13億元，將使得發(fā)行人對(duì)遠(yuǎn)晟投資的應(yīng)收補(bǔ)貼款存在無(wú)法收回的風(fēng)險(xiǎn)，對(duì)發(fā)行人經(jīng)營(yíng)業(yè)績(jī)產(chǎn)生不利的影響。就兩項(xiàng)問(wèn)題，新京報(bào)記者曾致電公司董秘并向其發(fā)送采訪(fǎng)函，公司董秘辦一位工作人員回應(yīng)稱(chēng)：不方便回應(yīng)，一切以公告為準(zhǔn)。從過(guò)去3年的經(jīng)營(yíng)數(shù)據(jù)上看，天合光能的營(yíng)收和凈利潤(rùn)雖出現(xiàn)波動(dòng)，但總體尚處于穩(wěn)定局面。
       2016年-2018年，公司每年的營(yíng)業(yè)收入分別為225.9億元、261.5億元和250.5億元；歸母凈利潤(rùn)則分別為4.79億元、5.42億元和5.58億元。從技術(shù)實(shí)力和未來(lái)發(fā)展前景上看，招股書(shū)中稱(chēng)，公司已經(jīng)14項(xiàng)具有自主知識(shí)產(chǎn)權(quán)的核心技術(shù)，處于行業(yè)內(nèi)的領(lǐng)先水平。在核心技術(shù)及研發(fā)上具有領(lǐng)先優(yōu)勢(shì)。招股書(shū)中也中明確將融資金額中6.8億元用到“技術(shù)水平較高的年產(chǎn) 3GW 高效單晶切半組件”的項(xiàng)目上。公司稱(chēng)，通過(guò)“高效單晶切半組件項(xiàng)目”的實(shí)施，公司一方面通過(guò)將具有行業(yè)前景的新技術(shù)快速產(chǎn)業(yè)化，以順應(yīng)國(guó)家政策趨勢(shì)和下游客戶(hù)追求更高電站投資收益率的訴求。不過(guò)，也有觀(guān)點(diǎn)質(zhì)疑，天合光能本身并未形成自己的技術(shù)壁壘。相比于招股書(shū)中的對(duì)標(biāo)企業(yè)——晶澳太陽(yáng)能，天合光能研發(fā)投入無(wú)論從總值上還是占總營(yíng)收比重都來(lái)說(shuō)都相對(duì)較低。招股書(shū)顯示，2016年-2018年，天合光能研發(fā)投入分別為12.33億元、12.05億元和9.68億元，占營(yíng)業(yè)收入比重分別為5.46%、3.86%和4.77%。與之相比，晶澳太陽(yáng)能的研發(fā)投入和占營(yíng)收比重均超過(guò)天合光能。其3年研發(fā)投入金額分別為11.44億元、11.04億元和9.91億元，占營(yíng)收比重則為6.96%、5.48%和5.04%。值得注意的是，過(guò)去3年間，公司的專(zhuān)利權(quán)占無(wú)形資產(chǎn)比重始終處于低位。根據(jù)招股書(shū)，2016-2018年，公司的專(zhuān)利權(quán)價(jià)值占無(wú)形資產(chǎn)比重始終在1%以下。2019年9月末，天合光能專(zhuān)利權(quán)的賬面價(jià)值只有區(qū)區(qū)388.85萬(wàn)元，占無(wú)形資產(chǎn)比重也僅為0.67%。對(duì)此，光伏行業(yè)專(zhuān)家、廈門(mén)大學(xué)教授林伯強(qiáng)向記者解釋說(shuō)，專(zhuān)利權(quán)價(jià)值低本身并沒(méi)有什么問(wèn)題，“專(zhuān)利權(quán)能值多少錢(qián)要從轉(zhuǎn)化成果來(lái)看，比如說(shuō)我一個(gè)專(zhuān)利可以轉(zhuǎn)化成大型機(jī)械，這個(gè)就值錢(qián)了，有的醫(yī)藥公司投入上百億但一分錢(qián)也沒(méi)拿到，那專(zhuān)利權(quán)就可能價(jià)值是0?！辈贿^(guò)，也有能源專(zhuān)家提出，專(zhuān)利權(quán)價(jià)值過(guò)低的可能原因是專(zhuān)利并未被全部放入上市公司。對(duì)于上述兩種說(shuō)法，新京報(bào)記者曾試圖聯(lián)系天合光能求證，但截至發(fā)稿，公司并未作出回復(fù)。

After 8 months of anxious waiting, on March 11, Trina Solar finally realized the dream of listing A shares.Looking back over the past few years, Trina Solar's journey back to A has been "not easy".Since the company first issued its IPO prospectus in May 2019, Trina Solar has undergone three inquiries by the Shanghai Municipal Committee of the Communist Party of China (CPC), and regulators have raised a total of 100 major issues, including core issues such as actual auditor borrowing and insider trading.In January this year, the municipal party committee put forward 4 major issues again, and made the decision of postponing the review.Among the four major problems, two major problems have been repeatedly asked, becoming the biggest obstacles to its listing.First, Chairman Gao Jifan borrowed 4.57 billion yuan from the trust company to increase his holding of shares when the company was delisted from the US stock market, and how to repay it afterwards.The other is whether the sale of 1.85 billion yuan of power stations to the capital management company is suspected of "left-handed" and "insider trading" issues.Although the company has been successful, but so far, Trina Solar has not provided a perfect solution to these two problems, the corresponding problems may continue to accompany the listed company.In fact, Trina Solar went public 13 years ago, choosing the New York Stock Exchange bell.But Trina Solar soon ran into problems as the market's valuation continued to fall.Offering, according to data in June 2007, trina solar issue stock financing issue pricing is $45 / ADS (depositary receipts, each ADS of 50 shares), followed by newly issued shares at a time, the prices are lower, to the company for the last time in 2014 through equity financing, the issue price is only about $11 / ADS, fell by more than 7.With its declining market value and the domestic policy of opening up to star companies listed in the US stock market, Trina Solar, like Mindray Medical and 360, finally chose the path of privatization.On March 13, 2017, Trina announced that it was going private, leaving it with a market capitalization of just $1.067 billion.Later, Gao Jifan, the chairman of Trina Solar, said publicly that after the delisting was completed, Trina Solar would choose the Chinese market first and consider the A-share listing first.

Thereafter in 2 years time, trina light can spread to appear on the market several hearsay.In January 2018, Jiangsu Securities Regulatory Bureau announced that CITIC Securities on Trina Solar listing guidance filing date for January 8, 2018; In the same year, there are rumors that Trina solar energy will backdoor Hairun photovoltaic.It was not until May 2019, when Trina's application for listing on the science and innovation board was officially accepted by the Shanghai Stock Exchange, that the way to listing on the science and innovation board was finally determined. However, Trina Light's science and technology innovation board also went not smoothly.

Trina Solar received three rounds of inquiries in the six months from December 12, 2019.In the first round of inquiry, Trina Solar from the core technology, business. Research and development and other Trina Solar a total of 76 questions.In the second inquiry, the Shanghai Stock Exchange on Trina Solar's real controller 4.6 billion loans, related transactions and other 26 questions. The third inquiry, the Shanghai Stock Exchange to Trina Solar put forward the accounting treatment, information differences, goodwill and other 8 major issues.On January 8, 2020, Shanghai Municipal Party Committee once again questioned the 4 major issues, such as the actual controller's 4.6 billion loan and the provision of bad debts, and made the resolution of suspending the meeting. Therefore, Trina Solar became the third enterprise that was issued with the opinions of suspending the review after Fudan Zhangjiang and Qinchuan Wulian. Until nearly 100 days later, on the evening of March 11, the official website of the Shanghai Stock Exchange showed that Trina Solar's listing plan had been approved. From a regulatory perspective, the reason why Trina Solar took so long to list is that there are many "outstanding" issues, including two core issues involving a total amount of 6.4 billion yuan. Combined with the four questions raised by the exchange on January 8 and the contents of several letters of inquiry, the most prominent one is the trust loan of 4.57 billion yuan by Gao Jifan, the actual controller of Trina Solar Energy.In February 2017, when Gao Jifan was about to announce the privatization of Trina Solar, it entered into a trust loan contract with Xiamen International Trust Co., Ltd., which stipulated that Xiamen International Trust Co., Ltd would loan 4.569 billion yuan to Gao Jifan for 60 months with an annual interest rate of 6%. In response, the exchange wants to explain how the listed company will ensure that Gao Jifan's controlling stake is not affected in the event of a breach of the loan contract. The company has responded that Mr Gao borrowed to increase his stake in the company as it went private, in order to keep control of the listed company.As for whether the annual 280 million yuan of interest and 4.57 billion yuan of principal can be paid back, Gao Jifan gave a different response. As for how the interest expenses will be paid, the listed company said Gao Jifan and his spouse currently have 600 million yuan in assets and equity, and have sufficient funds. In addition, Gao Jifan may also repay dividends over the years. In 2018, Gao Jifan and the unanimous controller received a total of 66,797,400 yuan of dividends. For the loan principal, Gao Jifan said that can be borrowed from financial institutions, extend the repayment period and other measures. It is worth mentioning that in the prospectus, Gao Jifan also plans to repay through future reduction of stock holdings. According to the prospectus, Mr. Gao and his spouse directly or indirectly control 48.07 percent of Trina Solar's shares, and can reduce their holdings as one of the sources of compensation by maintaining actual control in the future.

Another core issue involves a $1.85 billion deal with an asset management company.In May 2018, when the "531 PV New Deal" was launched, Trina Solar sold 19 photovoltaic power station projects with a total of 471MW to Ningbo Meishan Bonded Port Yuancheng Investment Management Co., Ltd. (hereinafter referred to as "Yuancheng Investment") with a transaction consideration of 1.854 billion yuan by way of transferring the company's equity. Yuansheng Investment is Industrial Bank.Why would an asset management company, which has never had any industrial experience, risk a huge sum of money to enter the professional power station business? The Shanghai Stock Exchange also issued a "left hand over right hand" question: the company is required to explain whether this equity is really transferred, whether there are other provisions such as repurchase and compensation performance; (I) The commercial nature of the transfer of 19 power stations to a fund;As well as the rights and obligations and risk sharing of the general partners and limited partners of Far Rising Investment, whether it is debt financing, and whether Trina Solar is associated with the GP of the fund. Trina Solar rejected the allegation of related transactions in its response. It said that Yuansheng invested in it through holding the power plant in order to obtain the income from power generation during the operation of the plant.The second is to sell power station assets according to market conditions in the future to obtain investment.As of the disclosure date, the 19 photovoltaic power stations were still in the hands of Yuancheng investors.Han Xiaoping, an expert in the energy field, said that photovoltaic power companies generally have their own subsidiaries that sell their products to power plants, often forming related transactions. This is common in the industry, but it is rare to sell power plants to investment companies, which depends on what the regulators and companies say. It is worth mentioning that because of the above equity transfer, Trina Solar still has a certain amount of receivables overdue risk.As of the end of September 2019, Trina Solar's transfer balance receivable from Yuancheng investment is RMB 783,486,200 yuan, including RMB 323,038,600 yuan in long-term receivables, which will be received in 2023 as agreed; Renewable energy incentives related accounts receivable balance is 460.4476 million yuan, 460 million yuan for the incentives, as part of the photovoltaic power station has been in accordance with application conditions, but not yet included in the first seven group of subsidies directory, and therefore are not yet received incentives, corresponding incentives receivable amount is 213 million yuan, will allow the issuer to far sheng investment incentives exist receivable cannot take the risk of adverse impact on the operating performance of the issuer.The Beijing News reporter once called the secretary of the company's board of directors and sent him an interview letter. A staff member of the secretary office of the company's board of directors replied: "It's not convenient to respond, but the announcement will prevail." From the operating data of the past 3 years, although Trina's revenue and net profit fluctuate, but overall still in a stable situation.

From 2016 to 2018, the company's annual operating revenue was 22.59 billion yuan, 26.15 billion yuan and 25.05 billion yuan respectively.The net profit attributable to the mother was 479 million yuan, 542 million yuan and 558 million yuan respectively.From the perspective of technical strength and future development prospects, the prospectus said that the company has 14 core technologies with independent intellectual property rights, in the leading level of the industry. In the core technology and research and development has a leading advantage.The prospectus is also clear in the financing amount of 680 million yuan to use the "high technical level of annual production of 3GW efficient single crystal cut half components" on the project. According to the company, through the implementation of the "high efficiency single crystal cut and half module project", the company on the one hand, through the rapid industrialization of promising new technology, in order to comply with the national policy trend and downstream customers' demand for higher power station investment rate of return.However, there are doubts that Trina Solar itself has not formed its own technical barriers. Compared to JA Solar, the counterbid company in the prospectus, Trina's R&D investment is relatively low, both in terms of total value and as a percentage of total revenue. From 2016 to 2018, Trina invested 1.233 billion yuan, 1.205 billion yuan and 968 million yuan in research and development, accounting for 5.46%, 3.86% and 4.77% of its revenue, respectively, according to the prospectus. By contrast, JA Solar's R&D investment and revenue share both exceed Trina Solar's.Its R&D investment in 3 years was 1.144 billion yuan, 1.104 billion yuan and 991 million yuan respectively, accounting for 6.96%, 5.48% and 5.04% of the revenue. It is worth noting that over the past three years, the proportion of patents to intangible assets has been consistently low.According to the prospectus, from 2016 to 2018, the company's patent value accounted for less than 1% of its intangible assets. At the end of September 2019, the book value of Trina's patents was a mere 3.8885 million yuan, accounting for only 0.67% of its intangible assets. , photovoltaic industry experts, xiamen university professor boqiang Lin explained to reporters, patent low value itself is no problem, "the patent rights can be worth to from the transformation of achievements, such as a patent can be converted to heavy machinery, this is valuable, some pharmaceutical companies into tens of billions but didn't get a penny, the patent might value is 0." However, some energy experts have suggested that the low value of patents may be due to the fact that not all patents are put into public companies. Trina Solar did not respond to Beijing News' attempts to contact the company for confirmation.