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HQCL

Hanwah Q Cells

$8.20

-0.13 (-1.56%)

16:45
10/15/18
10/15
16:45
10/15/18
16:45

Hanwah Q Cells to be acquired by Hanwha Solar for ~ $825M equity value

Hanwha Q CELLS announced that it has entered into a definitive plan of merger with Hanwha Solar Holdings Co., Ltd., a subsidiary of Hanwha Chemical Corporation incorporated in the Republic of Korea, pursuant to which the Company will be acquired by Hanwha Solar in an all-cash transaction implying an equity value of the Company of approximately $825M. Pursuant to the terms of the Plan of Merger, at the effective time of the merger, each ordinary share of the Company issued and outstanding immediately prior to the effective time of the merger will be cancelled and cease to exist in exchange for the right to receive $0.20 in cash without interest, and each American depositary share of the Company, representing 50 Shares, will be cancelled in exchange for the right to receive $9.90 in cash without interest, except for Shares owned by Hanwha Solar. The merger consideration represents a premium of 50.0% to the closing price of the Company's ADSs on August 2, 2018, the last trading day prior to Hanwha Solar's announcement of its proposal to purchase the shares of the Company that it does not already own, and a premium of 52.0% to the average closing price of the Company's ADSs during the 3-month period prior to the disclosure of Hanwha Solar's proposal. Hanwha Solar intends to fund the merger with equity. The Company's board of directors established a committee of independent and disinterested directors to evaluate the potential transaction. The Special Committee considered the proposed merger and negotiated the terms of the Plan of Merger with the assistance of its financial and legal advisors, and unanimously recommended that the Board approve the Plan of Merger and the merger. The Plan of Merger and the merger were also approved by the Audit Committee of the Board. After considering various factors, including the Special Committee's unanimous recommendation, and the Audit Committee's approval, of the Plan of Merger and the merger, the Board approved the Plan of Merger and the merger. Because Hanwha Solar owns approximately 93.9% of the Company, shareholder approval of the Plan of Merger and the merger is not required under the Companies Law of the Cayman Islands. The merger is currently expected to close during the first quarter of 2019. If completed, the merger will result in the Company becoming a privately owned company, its ADSs will no longer be listed on the Nasdaq Global Select Market and the ADS program will be subsequently terminated.

HQCL Hanwah Q Cells
$8.20

-0.13 (-1.56%)

12/06/17
ROTH
12/06/17
NO CHANGE
ROTH
Tax bill could put 'BEAT' down on U.S. renewables, says Roth Capital
Roth Capital analyst Philip Shen believes the Senate Tax Cuts and Jobs Act includes multiple elements that could negatively affect renewable tax equity capacity, such as a cut in the corporate rate from 35% to 20%, the passage of the Base Erosion Anti-Abuse Tax, or BEAT, without exemptions for solar/wind credits, and a reduction in the number of years the product tax credit could be claimed from 10 down to four years. Near-term, the analyst believes that continued negotiations on the Hill could cause increased volatility for his universe of stocks with direct or indirect exposure to the U.S. solar and wind markets, such as AMSC (AMSC), Broadwind Energy (BWEN), 8point3 Energy (CAFD), Canadian Solar (CSIQ), Daqo New Energy (DQ), Enphase Energy (ENPH), First Solar (FSLR), Hannon Armstrong (HASI), Hanwah Q CELLS (HQCL), JA Solar (JASO), JinkoSolar (JKS), SolarEdge (SEDG), Sky Solar (SKYS), ReneSola (SOL), Sunworks (SUNW), and TPI Composites (TPIC).
04/05/18
ROTH
04/05/18
NO CHANGE
ROTH
Solar 'doges bullet' as inverters/cells/modules sidestep 301 tariffs, says Roth Capital
Roth Capital analyst Philip Shen notes that inverters, solar cells, and solar modules were not on the 301 product list released on the USTR website providing which Chinese imports will be subject to 25% tariffs. A 301 tariff that increases module or inverter costs in the U.S. could have served as another dampener of U.S. solar demand, he contends, adding that the lack of impact represents an overall positive for the industry and positive for most in his coverage universe, including Canadian Solar (CSIQ), Enphase Energy (ENPH), First Solar (FSLR), Hanwah Q CELLS (HQCL), JinkoSolar (JKS), Sunrun (RUN), SolarEdge (SEDG), ReneSola (SOL), Sunworks (SUNW), and Yingli Green Energy (YGE).
06/04/18
ROTH
06/04/18
DOWNGRADE
ROTH
Sell
Hanwah Q CELLS downgraded to Sell from Neutral at Roth Capital
06/04/18
06/04/18
DOWNGRADE
Target $5.5

Sell
Hanwah Q Cells downgraded to Sell after China policy change at Roth Capital
As previously reported, Roth Capital analyst Philip Shen downgraded Hanwah Q Cells to Sell from Neutral and lowered his price target on the stock to $5.50 from $8 after China released a "much worse than expected" new solar policy. Given the new policy, he now expects a "massive" net oversupply of potentially over 30GW.

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