The listing plan of household PV leader Zhengtai Aneng Digital Energy (Zhejiang) Co., LTD. (hereinafter referred to as Zhengtai Aneng) has a new dynamic.

On the evening of June 4, Chint Electrical announced the IPO plan for its subsidiaries, and Zhengtai Aneng will be listed on the main board of the Shanghai Stock Exchange.

The announcement shows that after the split, Zhengtai Anergy, as the only household photovoltaic business platform under Chint Electrical Appliances, will achieve independent listing, and the main business structure of the two companies will be clearer. Zhengtai ‘an can better obtain equity or debt financing from the capital market to meet the funding needs of existing business and expansion, improve profitability and comprehensive competitiveness.

Up to now, Chint Electric directly and indirectly holds 64.13% of the shares of Zhengtai Aneng, and the actual control is Nan Cunhui. After the spin-off is completed, Chint Electric will still maintain control of Chint Anergy.

Chint Electric’s main business includes low-voltage electrical appliances, photovoltaic new energy two major sectors, the company is China’s largest production and sales of low-voltage electrical manufacturers. In the new energy sector, Chint Electric is mainly engaged in the development, construction and operation of centralized photovoltaic power stations, as well as residential photovoltaic energy operation services.

In October last year, Chint Electric first disclosed the news that Zhengtai Anergy would be spun off and listed. Zhengtai Aneng is currently the largest household photovoltaic energy operation service provider in China.

In the past three years, the revenue of Zhengtai Anneng was 1.633 billion yuan, 5.631 billion yuan and 13.704 billion yuan respectively. The net profit was 253 million yuan, 867 million yuan and 1.753 billion yuan, respectively, which showed an annual growth trend.

In 2022, the net profit of Chint Electrical appliances was 4.72 billion yuan, and the profit of Zhengtai Aneng accounted for nearly 40%.

Since the state announced the whole county to promote the pilot list, distributed photovoltaic development by leaps and bounds. Distributed PV can be divided into industrial and commercial distributed PV and household PV. In the first quarter of this year, the country’s newly installed photovoltaic capacity was 33.66GW, of which 18.13GW of distributed photovoltaic power generation, accounting for about 53.9%.

In this context, the business development of Zhengtai Aneng is also on the rise.

Zhengtai Aneng has the brand “Aneng” and “Photovoltaic star”, and the main business model includes “Jinding Bao”, “Green electric home”, “Jinzubao” and so on. Its current market area covers Shandong, Henan, Hebei, Anhui, Zhejiang and other 23 provinces, nearly 1200 districts and counties.

By the end of last year, the company had developed more than 15 GW of installed photovoltaic capacity for household use, with more than 800,000 terminal household users. Among them, the installed capacity of about 4.4GW will be completed in 2021, and the market share will exceed 20%. In 2022, the installed capacity of 7.5GW will be completed in a single year, and the market share will be nearly 30%.

The latest data show that as of May this year, Chint Anergy household photovoltaic power stations have reached one million households. At the second session of the Household photovoltaic Innovation and Development Conference, Lu Kai, president of Zhengtai Anenergy, said that since the beginning of last year, more enterprises have joined the household photovoltaic industry, especially the national central enterprises, making the household photovoltaic towards a faster path of development. Last year, the new installed capacity of domestic household photovoltaic reached 25 GW, and this year may reach 40 GW.

Lu Kai believes that at present, there are four major problems in household photovoltaic power generation, delivery, operation and maintenance, and quality, and “how fast and good” is the underlying logic of quality power stations, calling on the whole industry to pay attention to the underlying asset value of the power station itself.

At present, Zhengtai ‘an can cultivate the entire aftermarket operation and maintenance including optical storage and charge combination, smart microgrid, virtual power plant and small security home.

Last year, Sunny Day Technology, another distributed photovoltaic company, was the first to disclose its prospectus to list on the main board of the Shenzhen Stock Exchange. At the time, it was said that it would hit the first share of “China’s household photovoltaic”.

From 2019 to 2021, the revenue of Qingtian Technology was 254 million yuan, 396 million yuan and 961 million yuan, respectively. The net profit of the same period was 23 million yuan, 44 million yuan and 112 million yuan, which was a big gap compared with Zhengtai Aneng.

At present, the official website of the Shenzhen Stock Exchange shows that the IPO of Qingtian Technology is suspended because the financial information recorded in the application documents has expired.

In April this year, Trina Solar, the leader of photovoltaic modules, also announced the spin-off of its distributed business, and its subsidiary Trina Wisdom will be listed independently.