The World's #1 Renewable Energy Network for News, Information, and Companies.

Himin Solar IPO Pulled Amidst Allegations of Corruption

The upcoming Shanghai IPO of Himin Solar, one of China's largest solar water heater companies, has been suspended by the China Securities Regulatory Commission (CSRC) and the company has been placed on a list of enterprises whose IPO evaluation procedure "has been terminated." Chinese news reports speculate that the reason for the IPO's abrupt cancellation is Himin's involvement in a Shandong province corruption scandal which has already claimed the scalp of one of its leading politicians.

On 29 June CSRC’s regular information release on companies applying for listing revealed publicly for the first time that Himin Solar’s IPO evaluation procedure had been terminated. Chinese news sources allege that Himin Solar applied for suspension of the IPO as recently as 27 June, although at the time of writing Himin Solar itself has not released any detailed information on reasons for annulment.

Chinese commentators speculate that the sudden cancellation of IPO procedures is due to Himin Solar’s involvement in a corruption scandal which has toppled one of the most senior politicians in Shandong province, where the company’s are located in the city of Dezhou. On 25 June the Xinhua News Agency reported that Huang Sheng, Shandong’s deputy governor, had been expelled from the party and placed under investigation by central government authorities for bribery and abuse of his official position for personal gain. Guangdong’s Southern Weekend subsequently reported that a renewable energy company in Dezhou under Huang Sheng’s watch had obtained large parcels of land at prices only a third of the market rate.

Although the renewable energy company involved in the scandal has not yet been named, the two major solar corporations in Dezhou are Himin Group and its partner company Ecco Solar Group. This fact, coupled with the peculiar timing of Himin’s application for IPO annulment only two days subsequent to Huang Sheng’s public fall from grace, has led many observers to conclude that Himin is the unnamed renewable energy company in the Southern Weekend news story.                  

Himin is one of China’s largest and most well-known solar water heater companies, and displayed sufficient promise several years ago to attract nearly US $100 million of investment from Goldman Sachs and China’s CDH Ventures. Chairman Huang Ming has long harboured plans for the company to go public, yet this marks the third occasion that a slated Himin IPO has run aground. In 2008 Himin’s hopes for an overseas IPO proved fruitless, and in 2010 the company’s application with CSRC for domestic listing as an A-share (a share traded on the Shanghai or Shenzhen stock exchanges whose ownership is restricted to Chinese nationals) was also thwarted, this time due to allegations by product distributors of tax evasion. 

Lead image: Back-alley deals via Shutterstock

RELATED ARTICLES

A biogas plant concept from Weltec Biopower

Europe Versus Renewable Energy?

Tildy Bayar, Contributor Wednesday morning’s 'Regulation and the Marketplace' panel discussion at POWER-GEN Europe in Amsterdam got off to a lively start with a presentation from Randy Mott, president of Polish biogas- and geothermal-base...

The Real Price of Free Solar

William Hirshman, International Correspondent

For a technology known for its tranquility and quietness, the noise surrounding PV as solar leasing becomes the driving force for sales is getting uncomfortably shrill — the pitch of sales pitches is rising.

Wind turbines

Why It's Time To Get Real About Energy Security

Hannah Smith, Contributor Energy is Europe’s quiet crisis. While the clamour of failing economies, desperate migrants and political clashes grabs the headlines, energy policy is rarely front-page news, but it should be — the statistics are shocking.

Largest Solar Farm in Virginia Just Commissioned by Amazon Web Services

Renewable Energy World Editors Back in 2012, Amazon received a failing grade from Greenpeace regarding its use of renewable energy to power its cloud centers. Skip a couple years and in 2014 Amazon Web Services (AWS) announced a goal of achievi...
Marc Howe is a freelance journalist and translator hailing from Australia who has resided in the greater China region for most of the past decade. He is fluent in Mandarin Chinese and French, and holds accreditation from Australia's National Accr...

CURRENT MAGAZINE ISSUE

Volume 18, Issue 3
1505REW_C11

STAY CONNECTED

To register for our free
e-Newsletters, subscribe today:

SOCIAL ACTIVITY

Tweet the Editors! @megcichon @jennrunyon

FEATURED PARTNERS



EVENTS

Microgrid Global Innovation Forum

Microgrid Global Innovation Forum  This event brings together thoug...

Grid Edge Live

Grid Edge Live 2015 The impressive two and a half day agenda addresses k...

2015 Solar Power International

Stop by and visit Canadian Solar at the 2015 SPI show!

COMPANY BLOGS

A Baseball Cap, the #ElonEffect, and the Power of a Personal Solar ...

A few weeks ago, I wrote about the ElonEffect in relation to Tesla&rsquo...

7 Tips For Active Listening

Selling efficiency is a two-way street: You can’t just bombard you...

Signing a Solar Lease? Here are Five Things You Need to Know

Solar leases have grown in popularity, and they continue to be one of th...

NEWSLETTERS

Renewable Energy: Subscribe Now

Solar Energy: Subscribe Now

Wind Energy: Subscribe Now

Geothermal Energy: Subscribe Now

Bioenergy: Subscribe Now  

 

FEATURED PARTNERS