New Energy

Daqo’s Secondary China IPO: Good for Daqo, But Less Clear for U.S. Shareholders

Company’s plan for dual listing on Shanghai’s STAR Market moves ahead with submission to Chinese securities regulator Key points: Daqo is at the forefront of a group of New York-listed private Chinese firms seeking secondary listings on China’s 2-year-old STAR Market The dual listing should benefit the company, but could have relatively little upside for its New York-listed shares By Doug Young Today we break from our usual discussion of corporate strategy and instead examine a growing financial strategy of Chinese companies: listing in multiple markets at once, usually combinations…

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21Vianet Moving to Margins of Data Center Universe?

Microsoft’s China cloud services partner reports slowest revenue growth in first quarter among the country’s three major independent data center operators Key takeaways: 21Vianet’s latest results show it’s the slowest-growing among China’s three major independent data center operators The company’s relative laggard status could weigh on its stock as it focuses on boosting capacity at current facilities rather than opening new ones By Doug Young The latest leg in the horse race between China’s three main independent data-center operators has just concluded, with 21Vianet Group Inc. (Nasdaq: VNET) becoming the…

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Polysilicon Maker Daqo Suffers Ahead of Brewing Solar Downturn

Company’s shares were unchanged after latest upbeat quarterly report, and are down 40% from their February peak Key points: Investors are cool over Daqo New Energy over concerns about a peak in polysilicon prices as soon as early next year Political factors related to the company’s production facilities in China’s western Xinjiang region are also a risk factor By Doug Young We seldom begin by looking a company’s valuation or recent stock trends, preferring to save that information for later, after reviewing the latest news. But in this case we’ll…

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Scooter Maker Niu Charges in China, But Stuck in Bullpen Globally

Company targets 600 new store openings in China in first half of 2021, raising total count by nearly 40% Key takeaways: Investors are growing cautious on Niu Technologies due to falling prices for its scooters at home and lack of progress internationally The company could still emerge as a major global brand after the pandemic subsides and shipping prices come down By Doug Young Electric scooter maker Niu Technologies (Nasdaq: NIU), whose name means bull in Chinese, is making a major charge in its home China market. But its voice…

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Struggling Solar Farm Builder ReneSola Hopes for Dawn of New Day

Cash-challenged company offers glimmers of hope with upward revisions to first-quarter guidance and announcement of joint venture that could ease its financial burden Key points: Struggling ReneSola could be at a turning point if sales of its solar farms pick up with the pandemic’s easing and it can offload more of its late-stage projects to a new joint venture Investors will be watching to see if the company’s revenue returns to a growth track, as its cash remains dangerously low By Doug Young It may sound cliché, but the latest…

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Autonomous Truck Startup TuSimple Navigates Difficult Terrain Between U.S. and China

Company’s bumpy New York trading debut reflects investor indecision as it becomes world’s first autonomous driving technology firm to list Key Takeaways: TuSimple’s biggest strengths are its strong business partners and early arrival to the relatively simple long-haul truck segment of the autonomous driving sector The company’s biggest vulnerabilities are its China ties, as well as competition from rivals backed by giants like Amazon, Alphabet and Baidu By Doug Young Life is anything but simple these days for TuSimple Holdings Inc. (Nasdaq: TSP), the newly listed autonomous truck technology firm…

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Major Stakeholder’s Big Demands Send Chill Through Goldwind’s Stock

Wind power equipment maker’s share plunge after it discloses major new business from Three Gorges New Energy, which could divert orders from more profitable customers    Key takeaways: Xinjiang Goldwind’s ties to major stakeholder and customer Three Gorges New Energy are likely to grow as China moves aggressively to install more renewable power Goldwind’s shares could trade at a discount to larger peers due to lower profitability of business from Three Gorges New Energy By Doug Young When is massive new business not necessarily a good thing? If you’re wind…

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Solar Squeeze Darkens Outlook for Panel Maker Jinko

Company’s revenue flatlines and profits evaporate in fourth quarter as its costs soar and prices for its finished solar panels fall  Key takeaways: JinkoSolar and its peers are getting squeezed by soaring material prices, even as prices for their finished solar panels remain weak due to competition Improving solar technology combined with global determination to lower carbon emissions should make the sector attractive over the longer term By Doug Young Solar power is becoming big business as many nations try to reduce their carbon footprints. But you would never know…

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Niu’s Global Sales Hit the Skids, as Domestic Purchases Zoom

Electric scooter specialist blames Covid for overseas sales decline in first quarter, even as business in its home China market rebounds sharply in post-Covid surge Key takeaways: Niu Technologies is emerging as one of China’s top electric scooter makers The company’s international sales have stalled for pandemic-related reasons, but could rebound later this year as more normal conditions return and its distribution improves By Doug Young Electric scooter maker Niu Technologies (Nasdaq: NIU) is a story with many moving parts, some of which were on display in a Tuesday update…

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Government Environmental Priorities Put the Heat on Datacenter Operators

Recently-listed Chinadata looks most advanced among China’s top three independent operators in heeding calls to reduce carbon emissions Key Takeaways GDS Holdings remains the market leader among China’s major independent datacenter operators Chinadata could be best positioned to respond government carbon-reduction demands that could radically alter land-use and operating-efficiency strategies By Eric Auchard A major shift is shaping up in the real-world land grab by China’s major datacenter operators. While they may seem techy, datacenter operators have much in common with property developers: Their strategy boils down to buying up…

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