8个月的焦灼等待后，3月11日，天合光能终于实现A股上市梦。回顾过去几年路程，天合光能的回A 之路可谓“不易”。自2019年5月公司首次发布招股书至今，天合光能经历了上市委3次问询，监管层先后共提出了100大问题，涉及实控人借款、内幕交易等核心问题。今年1月份，上市委再提出4大问题，并做出暂缓审议的决定。4大问题中，有两大问题困扰被多次问询，成为其能否上市的最大障碍。其一为董事长高纪凡在公司美股退市之际为增持股票曾向信托公司借款45.7亿元，后续如何偿还问题；另一则是向资管公司出售18.5亿元电站是否涉嫌“左手倒右手”和“内幕交易”问题。尽管公司最终成功过会，但就目前来看，天合光能并未就这两个问题提出完美解决方案，相应问题或将继续伴随上市公司。事实上，天合光能13年前就已经上市，当时选择的是纽交所敲钟。但很快，天合光能便遇到了难题——市场对其估值在不断走低。招股数据显示，2007年6月，天合光能发行股票融资时的发行定价为45美元/ADS(存托凭证，每ADS相当于50股股票)，其后的每次新发行股票，其价格都在下调，到2014年公司最后一次通过股票融资时，其发行价格仅有11美元/ADS左右，下降了超过7成。市值不断缩水，加之国内对美股上市企业明星企业开放政策，和迈瑞医疗、三六零一样，天合光能最终选择了私有化道路。2017年3月13日，天合光能宣布私有化退市，当时总市值仅剩10.67亿美元。其后，天合光能董事长高纪凡公开表示，退市完成后，天合光能会首选在中国市场，首先考虑A股上市。
       其后2年时间里，天合光能数次传出上市传闻。2018年1月，江苏证监局公告表示，确认中信证券对天合光能上市辅导备案日为2018年1月8日；同一年里，又有传闻称天合光能将借壳海润光伏。直到2019年5月，天合光能的科创板上市申请正式获上交所受理，才最终确定了科创板上市之路。不过，天合光能的科创板之路也走得并不顺畅。
       2019年6月14日至12月12日的半年时间里，天合光能先后收到3轮问询。首轮问询中，天合光能从核心技术、业务。研发等共向天合光能提出76个问题。二次问询中，上交所再就天合光能的实控人46亿借贷、关联交易等26个问题问询。第三次问询，上交所向天合光能提出了会计处理、信息差异、商誉等8大问题。2020年1月8日，上市委再次就实控人46亿借贷、计提坏账等4大问题提出质疑，并作出暂缓其过会的决议，天合光能也因此成为继复旦张江、秦川物联之后，第三家被出具暂缓审议意见的企业。直到近百日之后的3月11日晚，上交所官网显示，天合光能上市计划被审核通过。从监管视角来看，天合光能上市之所以拖这么久，与其存在很多“悬而未决”的问题有关，其中两大核心问题涉及金额高达64亿元。结合交易所1月8日提出的四大问题中以及几次问询函内容，最突出的当属天合光能实控人高纪凡的45.7亿元信托贷款问题。2017年2月，即高纪凡即将宣布对天合光能私有化之际，其与厦门国际信托有限公司期手术了《信托贷款合同》，合同约定厦门国际信托有限公司向高纪凡贷款45.69亿元，贷款期限为60个月，贷款年利率为6%。对此，交易所要说明，一旦高纪凡违反贷款合同，上市公司如何保证高纪凡的控股权不受影响。公司回应称，高纪凡之所以借贷是为了在私有化之际增持股票，以保证其对上市公司控制权。至于每年产生的2.8亿利息以及45.7亿本金是否能还上，高纪凡则给出了不一样的回应。对于利息费用如何支付，上市公司称，目前高纪凡和配偶拥有6亿元资产和股权，自有资金充足。此外，高纪凡还可能通过历年分红还款。2018年，高纪凡及一致控制人共获得分红款6679.74万元。对于贷款金本金，高纪凡称可以通过向金融机构挪借、延长还款期限等措施。值得一提的，招股书中提到，高纪凡还计划通过未来减持股票还款。招股书提到，高纪凡及配偶通过直接或间接控制天合光能48.07%的股权，未来可通过保持实控权前提下，减持部分分作为偿款来源之一。

     另一大核心问题则涉及一宗与资管公司间价值18.5亿元的买卖。2018 年 5 月，即“531光伏新政”出台之际，天合光能将其持有的合计 471MW 的 19 个光伏电站项目以转让公司股权的方式整体出售给宁波梅山保税港区远晟投资管理有限公司（以下简称“远晟投资”），交易对价18.54 亿元。远晟投资为兴业银行。一家从未有过实业经验的资管公司，为何要花巨资冒险入场专业的电站业务？上交所也对其发出了“左手倒右手”的疑问：要求公司说明此股权是否是真正转让，是否有回购和补偿业绩等其他条款；将19个电站转让给一家基金的商业实质；以及远昇投资的普通合伙人和有限合伙人的权利和义务及风险分担情况，是否属于债务融资，天合光能和该基金的GP是否存在关联关系等。天合光能在回应中否任关联交易的说法，其称远晟投资其通过持有电站，一是想取得电站运营期间的发电收益；二是未来根据市场情况择机出售电站资产获得投资。截至披露日，这19个光伏电站还在远晟投资手中。能源领域专家韩小平认为，做光伏发电的企业一般都会有自己的做电站的子公司，他们会将产品卖给电站，往往会形成关联交易，这在行业内很普遍，但这一般很少会将电站卖给投资公司的，这需要具体看监管层和公司怎么说。值得一提的是，因为上述股权转让，天合光能还存在一定应收账款逾期风险。截至2019年9月末，天合光能应收远晟投资的转让款余额为78348.62万元，其中长期应收款32303.86万元，根据约定于2023年收款；应收与可再生能源补贴款相关的账款余额为46044.76万元，对于这4.6亿元补贴款中，因部分光伏电站虽已符合申请条件，但尚未列入前七批补贴目录，因而未收到补贴款，对应应收补贴款金额2.13亿元，将使得发行人对远晟投资的应收补贴款存在无法收回的风险，对发行人经营业绩产生不利的影响。就两项问题，新京报记者曾致电公司董秘并向其发送采访函，公司董秘办一位工作人员回应称：不方便回应，一切以公告为准。从过去3年的经营数据上看，天合光能的营收和净利润虽出现波动，但总体尚处于稳定局面。
       2016年-2018年，公司每年的营业收入分别为225.9亿元、261.5亿元和250.5亿元；归母净利润则分别为4.79亿元、5.42亿元和5.58亿元。从技术实力和未来发展前景上看，招股书中称，公司已经14项具有自主知识产权的核心技术，处于行业内的领先水平。在核心技术及研发上具有领先优势。招股书中也中明确将融资金额中6.8亿元用到“技术水平较高的年产 3GW 高效单晶切半组件”的项目上。公司称，通过“高效单晶切半组件项目”的实施，公司一方面通过将具有行业前景的新技术快速产业化，以顺应国家政策趋势和下游客户追求更高电站投资收益率的诉求。不过，也有观点质疑，天合光能本身并未形成自己的技术壁垒。相比于招股书中的对标企业——晶澳太阳能，天合光能研发投入无论从总值上还是占总营收比重都来说都相对较低。招股书显示，2016年-2018年，天合光能研发投入分别为12.33亿元、12.05亿元和9.68亿元，占营业收入比重分别为5.46%、3.86%和4.77%。与之相比，晶澳太阳能的研发投入和占营收比重均超过天合光能。其3年研发投入金额分别为11.44亿元、11.04亿元和9.91亿元，占营收比重则为6.96%、5.48%和5.04%。值得注意的是，过去3年间，公司的专利权占无形资产比重始终处于低位。根据招股书，2016-2018年，公司的专利权价值占无形资产比重始终在1%以下。2019年9月末，天合光能专利权的账面价值只有区区388.85万元，占无形资产比重也仅为0.67%。对此，光伏行业专家、厦门大学教授林伯强向记者解释说，专利权价值低本身并没有什么问题，“专利权能值多少钱要从转化成果来看，比如说我一个专利可以转化成大型机械，这个就值钱了，有的医药公司投入上百亿但一分钱也没拿到，那专利权就可能价值是0。”不过，也有能源专家提出，专利权价值过低的可能原因是专利并未被全部放入上市公司。对于上述两种说法，新京报记者曾试图联系天合光能求证，但截至发稿，公司并未作出回复。

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.