2024年揚(yáng)帆出海：中國(guó)新能源企業(yè)的東南亞征途報(bào)告（英文版）-畢馬威

Asthepromotionofsustainaglobaldemandfornewenergyptechnologieshasbeensurging.OResources,KPMGASPACbecominganimportantenergyenterprisesseekinggrowthandexptofurthertakeadvanResources,KPMGASPACenergysectorandunveilattroverseasregionsforenterprises.Asthefirstinstalmenttheseries,thisreporttakesaclosercharacteristicsofthestrategicsuggestions,soastohelpchapterofgreenenergycoop畢馬威國(guó)際有限公司相關(guān)聯(lián)的獨(dú)立成員所全球性組織?2024KPMGHuazhenLLP,aPeople'sRepublicofChinapartnershipandamemberfirmoftheKPMGglobalorganisationofindependentmemberfirmsaffiliatedwithKPMGInternationalLimited,aprivateEnglishcompanylimitedbyguarantee.Allrightsreserved.畢馬威國(guó)際有限公司相關(guān)聯(lián)的獨(dú)立成員所全球性組織22NewEnergyEnterprises“GoingAbroad”SeriesofSailingtoSoutheastAsia?2024KPMGHuazhenLLP,aPeople'sRepublicofChinapartnershipandamemberfirmoftheKPMGglobalorganisationofindependentmemberfirmsaffiliatedwithKPMGInternationalLimited,aprivateEnglishcompanylimitedbyguarantee.Allrightsreserved.NewNewEnergyEnterprises“GoingAbroad”SeriesofSailingtoSoutheastAsia3 Astheworldpursuesproducts,servicesandInformationAdministration(EIA)predictswindandsinherentintermittencyandinstabilityofpowergenerationfrsourcessuchaswindandsolarenergywillacceoftheglobalenergystoragemarkalternativeproductGiventheever-changinginternationalenvironmentbarriersduetodeglobalisation,ChinesexploringoverseassUnitedStateshaveintroducedaproductioncapacitiesoverseasdisqualifiedfromrelatedsubsidiesandm1Globalenergystoragemarket:cost-effectivenessdrivesuptheinstalledcapacityofenergystorage,Sina,28December2023,/stock/ggyj/2023-12-28/detail-imzzpytv7608742.d.html?2024KPMGHuazhenLLP,aPeople'sRepublicofChinapartnershipandamemberfirmoftheKPMGglobalorganisationofindependentmemberfirmsaffiliatedwithKPMGInternationalLimited,aprivateEnglishcompanylimitedbyguarantee.Allrightsreserved.44NewEnergyEnterprises“GoingAbroad”SeriesofSailingtoSoutheastAsiatechnologicalcompetitivenessandpoldrivingenterprisesNewenergyenterprisesareseeInthenewenergysector,continuetoshrink,andthenewenergypowerthereturnontheseprojectsisdeclinienterprisesareturningtotheThehigh-levelopeninFollowingChina’sofficiaencourageenterprisestoimplementthestramarketopportunitieswhileprovidingframeworksupportforChinesenewenergyenterprises.Thesuppthethresholdandriskof"goinggpromotesinternationaltechnoAfteryearsofdevelopmcompetitivetechnicalstrengthinareassuchaslithiumbatteriepowerandwindpower.AtbettertailortheirproChineseenterprisesareactivelysettingupstrautomotivemanufacturers,exploiting?2024KPMGHuazhenLLP,aPeople'sRepublicofChinapartnershipandamemberfirmoftheKPMGglobalorganisationofindependentmemberfirmsaffiliatedwithKPMGInternationalLimited,aprivateEnglishcompanylimitedbyguarantee.Allrightsreserved.NewNewEnergyEnterprises“GoingAbroad”SeriesofSailingtoSoutheastAsia522Inthisreport,SoutheastAsiancountriesreferstoelevencountriesinSoutheastAsia,andASEANcountriesreferstotenASEANcountriesexcludingEastTimor.?2024KPMGHuazhenLLP,aPeople'sRepublicofChinapartnershipandamemberfirmoftheKPMGglobalorganisationofindependentmemberfirmsaffiliatedwithKPMGInternationalLimited,aprivateEnglishcompanylimitedbyguarantee.Allrightsreserved.66NewEnergyEnterprises“GoingAbroad”SeriesofSailingtoSoutheastAsia2.1.1.Renewableenergydevelohydrogenandammonia,ASEANisalsoexpectedtoplhydrogenenergytradingbyvirtueofiSolarWindBiologicalGeothermalTotalSource:ASEANCentreforEnergy;KPMGanalysis?2024KPMGHuazhenLLP,aPeople'sRepublicofChinapartnershipandamemberfirmoftheKPMGglobalorganisationofindependentmemberfirmsaffiliatedwithKPMGInternationalLimited,aprivateEnglishcompanylimitedbyguarantee.Allrightsreserved.NewNewEnergyEnterprises“GoingAbroad”SeriesofSailingtoSoutheastAsia72.1.2.ASEANcountriessupportrenewableenergydeAllASEANcountrieshavesettheirrenewableenergydeveloofinstalledcapacityorpowergeneration)Brunei,Malaysia,andthePhilippinesarefocusingoVietnamispromotingwindpower.Newconsiderableinvestmentfrombothhomeandabroad.Energy,theaverageannualene2030,withasmuchas79%ofinvestmentsbein02016-2020EstablishedpolicySustainabledevelopment80%70%60%50%40%30%20%10%0%ElectricvehicleCleanenergyElectricvehicleCleanenergyshare(rightaxis)Low-emissionfuelThermalefficiencyconsumptionSource:IEA;KPMGanalysis?2024KPMGHuazhenLLP,aPeople'sRepublicofChinapartnershipandamemberfirmoftheKPMGglobalorganisationofindependentmemberfirmsaffiliatedwithKPMGInternationalLimited,aprivateEnglishcompanylimitedbyguarantee.Allrightsreserved.88NewEnergyEnterprises“GoingAbroad”SeriesofSailingtoSoutheastAsialevelisedcostofelectricity(LC 020142015201620172018201920202021PhotovoltaicPhotovoltaicSource:BloombergNEF;KPMGanalysis?2024KPMGHuazhenLLP,aPeople'sRepublicofChinapartnershipandamemberfirmoftheKPMGglobalorganisationofindependentmemberfirmsaffiliatedwithKPMGInternationalLimited,aprivateEnglishcompanylimitedbyguarantee.Allrightsreserved.NewNewEnergyEnterprises“GoingAbroad”SeriesofSailingtoSoutheastAsia9Inordertodrawprivateinvesenergy,someASEANcountrieshaveotherdevelopingcountries.Theseinctariffsubsidies,andauctionmechanisms,aswellasincometaxrtenurepoliciesfortransnationalinvestorfortransnationali(percentageofcountries0AuctionmechanismOthersTaxincentiveFiscalincentiveOn-gridAuctionmechanismOtherssubsidyDevelopedcountriesDeveloSource:UnitedNationsConferenceonTradeandDevelopment3;KPMGanalysis3TheprivateinvestmentpromotionpoliciesarebasedontheClimateChangeLawsoftheWorlddatabase,andtheothertypesofpolicymainlyincludeguaranteeplans,businessfacilitation,etc.?2024KPMGHuazhenLLP,aPeople'sRepublicofChinapartnershipandamemberfirmoftheKPMGglobalorganisationofindependentmemberfirmsaffiliatedwithKPMGInternationalLimited,aprivateEnglishcompanylimitedbyguarantee.Allrightsreserved.1010NewEnergyEnterprises“GoingAbroad”SeriesofSailingtoSoutheastAsiapopulardestinationsforChAtpresent,thereareobviousdifferencesinthecapacityamongASEANcountries,aswellrenewableenergyinovVietnam,thisshareexceeds35%,meetingtheoverallgoalundertheActionforEnergyCooperation(APAEC)2andThailandarestillWaterGeotherSolarWindTotal(MW)——6———Cambodia46,044——437——51.87%4,35220,8312,360—Malaysia—————82.95%———24.45%Myanmar————47.23%Philippines4,436443—28,93228.76%Singapore—————Thailand6,068—2,9092,69229.96%Vietnam25,31222,492——56.88%61,2704,31324,211310,31733.29%Source:ASEANCentreforEnergy;KPMGanalysis?2024KPMGHuazhenLLP,aPeople'sRepublicofChinapartnershipandamemberfirmoftheKPMGglobalorganisationofindependentmemberfirmsaffiliatedwithKPMGInternationalLimited,aprivateEnglishcompanylimitedbyguarantee.Allrightsreserved.NewNewEnergyEnterprises“GoingAbroad”SeriesofSailingtoSoutheastAsia11Foreigntrade:Exportofphotov 2.2.1Exportofphotovoltaicpowerlargestshare,butfCapitalisingonastrongdomesticR&DandsupptheUnitedStatestoASEAN,theMiddleEastandVietnam,andMalaysiaareshowinggreatmarketmoduleoutputhadtoppedtheworldfor16consecutisiliconwafers,andsolarcellsandcomponensiliconwafers,China's43.7%between2019and2023.Thaimportersintheregion,andhavealsotoppeyears.Forsolarcellsand2023.Thoughthegloba2023.Forinverters,China'sexportstotalinverterexportshasdeclinedfrom8.WhatshouldbenotedisthatChiquantitybutdeclininginprice.InphotovoltaicmanufacturingindustryinSeptandInformationTechnologyclearlypointedoulow-endproductsrequirebecominganimportantmarketforcompetitivenessintechnologyandproductdiffere4OperatingconditionsofChina’sphotovoltaicmanufacturingindustryinSeptembertoOctober2023(),MinistryofIndustryandInformationTechnology,12December2023,/gxsj/tjfx/dzxx/art/2023/art_3525982a17314cc6a42a0dc3e0de1fa2.html?2024KPMGHuazhenLLP,aPeople'sRepublicofChinapartnershipandamemberfirmoftheKPMGglobalorganisationofindependentmemberfirmsaffiliatedwithKPMGInternationalLimited,aprivateEnglishcompanylimitedbyguarantee.Allrightsreserved.1212NewEnergyEnterprises“GoingAbroad”SeriesofSailingtoSoutheastAsia2.2.2TheexportofwindpowergenerationAccordingtostatisticsfromtheChineseWindEnergyAcountriesonfivecontinents,ofwhichVietnamwasthetop23.3%ofthetotal(seeFigure5).OverthepastfivofwindturbinestoSoutheastAsiawasretoVietnam.ExportsrangedfrommerelyRMB100,000uptoRMB1SoutheastAsiahasawealthoflargescale.AccordingtotheASEANOffshoreWindPoASEANCentreforEnergy,ASEAN'soffshorewbytheendof2022.Offshendof2022)VietnamAustraliaSouthAfricaArgentinaSource:CWEA;KPMGanalysis?2024KPMGHuazhenLLP,aPeople'sRepublicofChinapartnershipandamemberfirmoftheKPMGglobalorganisationofindependentmemberfirmsaffiliatedwithKPMGInternationalLimited,aprivateEnglishcompanylimitedbyguarantee.Allrightsreserved.NewNewEnergyEnterprises“GoingAbroad”SeriesofSailingtoSoutheastAsia13TheenergystoragemarketinSoutheastAsiaregionincludeMalaysia,MordorIntelligence,theeneUSD3.11billiontoUSD4.32billionbetween202023Source:MordorIntelligence;KPMGanalysis5In-depthanalysisofhouseholdenergystoragemarketdemand,ESCN,20October2023,/20231020/69c31de744f24003bdbd3bba84551571/c.html?2024KPMGHuazhenLLP,aPeople'sRepublicofChinapartnershipandamemberfirmoftheKPMGglobalorganisationofindependentmemberfirmsaffiliatedwithKPMGInternationalLimited,aprivateEnglishcompanylimitedbyguarantee.Allrightsreserved.1414NewEnergyEnterprises“GoingAbroad”SeriesofSailingtoSoutheastAsiaannualgrowthrateof25.7%toRMB35.321billion.Vietna-2019202020212022VietnamIndonesiaMalaysiaThailandSingaporeThePhilippinesLaosMyaSoutheastAsiaboastsrichanApplicationsreleasedbytheASEANCentrefossilfuelresourcesandlarge-scaleproductioninfrastructurexportgreyhydrogenand2020and2025.From2026capture,utilisation,andstoexportbasedontheirgreyhydrogenproducAfter2030,whentheLCOEofrenecountries,electrolytichyenergyandprovideauxiliarygriatpeakhours.Bythistime,greenh6HydrogeninASEAN:EconomicProspects,Development,andApplications,ASEANCentreforEnergy,September2021?2024KPMGHuazhenLLP,aPeople'sRepublicofChinapartnershipandamemberfirmoftheKPMGglobalorganisationofindependentmemberfirmsaffiliatedwithKPMGInternationalLimited,aprivateEnglishcompanylimitedbyguarantee.Allrightsreserved.NewNewEnergyEnterprises“GoingAbroad”SeriesofSailingtoSoutheastAsia15Atpresent,thehydrogenandammoniaindusneedtolookoutwardsforhydrogenSomemidstreamanddownstreamstartedexportinghydrogTechnologyandCRRCZhuzhouhaproductsforMalaysia'shydrogen-poGreenfieldinvestment: investmentsinSoutheastASEANisoneofthemaindestinationsforChina'soversereceivedatotalofUSD5.17billionenergy-relatedgreenfand2023,includingUSD3.03billionfor50 2019202020212022RenewableenergyCoalNaturalgasOthersSource:TheAmericanEnterpriseInstitute;TheHeritageFoundation;KPMGanalysisCountry-wise,Cambodia,VietnaamountofgreenfieldinvestmentsfroestimatesbytheGlobalDevelopmentPolicyCentcapacitiesofChina-investedpower7Greendevelopmentandhydrogenenergyactionsofthe"BeltandRoad"countries,OFweek,20October2023,/hydrogen/2023-10/ART-180826-8420-30613919.html?2024KPMGHuazhenLLP,aPeople'sRepublicofChinapartnershipandamemberfirmoftheKPMGglobalorganisationofindependentmemberfirmsaffiliatedwithKPMGInternationalLimited,aprivateEnglishcompanylimitedbyguarantee.Allrightsreserved.1616NewEnergyEnterprises“GoingAbroad”SeriesofSailingtoSoutheastAsia5CambodiaVietnamLaosMalaysiaMyanmarSource:TheAmericanEnterpriseInstitute;TheHeritageFoundation;KPMGanalysis2.3.1.PhotovoltaicenterprisesareusingSoutheastAsiaasa“springboard”toswiftlyestablishaglobalindustrialchainAsaconsequenceofthetworoundsof“atheUnitedStatesagainstChina,photovoltaicproduStatesfromChinaaresubjecttoanti-dumpingandanti-subsidytaritheU.S.governmentissuedfivedeterminationsineProductionActtopermitupto24monthsofdutfromCambodia,Malaysia,Thailand,andVietnam,aimingtcleanenergytechnologiesandpowergridfacilitieswithicapacityinSoutheastAsiaandstouseSoutheastAsiaasa"springboard"toreducetarif8BidendeclaresanenergyemergencyintheUnitedStateandChinaacceleratestheconstructionofitsenergysystem,ifeng,8June2022,/c/8Gfih57VfGg?2024KPMGHuazhenLLP,aPeople'sRepublicofChinapartnershipandamemberfirmoftheKPMGglobalorganisationofindependentmemberfirmsaffiliatedwithKPMGInternationalLimited,aprivateEnglishcompanylimitedbyguarantee.Allrightsreserved.NewNewEnergyEnterprises“GoingAbroad”SeriesofSailingtoSoutheastAsia17Table2Table2DescriptionVietnamFirstAppliedJASolarTechnologyCo.,TechnologyCo.,2023-10-2827,700,000Aprojectwithanannualproductioncapacityof30millionsqmbacksh2023-8-120,000,000Furtherinvestedinitssubsidiaryforproducingsolarcellencapsulationfilm2023-8-21350,000,000Builtasolarequipmentplantforproducingphotovoltaiccellsandmodulesandadvancedalloystrips2023-8-312,715,000,000Investedinahighwithanannualproductioncapacityof5GW2023-9-1234,000,000photovoltaicmodules,junctionboxesandconsumerelectronicsconnectors2023-8-1570,900,000productioncapacityof26millionsqmTrinaSolarCo.,2023-9-19NotdisclosedPutintoproductionits1.22023-10-17NotdisclosedBuiltitsfirstphotovoltaiccellandmodule2023-11-1290,000,000Investedintwoprojectswithadailymeltcapacityof1,600tonnephotovoltaMalaysiaJinjingCo.,2023-10-172,800,000,000Built8.8GWofproductioncapa2.8GW;phaseII:6GW),andputphaseIintoproduction2023-5-18NotdisclosedStartedoperationsofits600t/dthin-filmphotovoltaicmoduleglassproductionThailandFirstApplied2023-10-28productioncapacityof720millionsqmofhigh-efficiencybatteryencapsulationfilmCambodiaSolarSpaceTechnologyCo.,2023-3-1NotdisclosedProducedthefirst1.2GWhigh-efficiensolarmoduleSource:;KPMGanalysisMalaysia,ThailandandVietnamwillendbmeasurestopromotethereturnofthemphotovoltaicenterprises.This,tosomeextent,wi?2024KPMGHuazhenLLP,aPeople'sRepublicofChinapartnershipandamemberfirmoftheKPMGglobalorganisationofindependentmemberfirmsaffiliatedwithKPMGInternationalLimited,aprivateEnglishcompanylimitedbyguarantee.Allrightsreserved.1818NewEnergyEnterprises“GoingAbroad”SeriesofSailingtoSoutheastAsiaWhileexploringtheSoutheastAsiamarketformanufacturersarenotonlyexportingwindturbines,butarealsojoinwindpowerprojectdevelopmententerpriseprojectsinSoutheastAsia,shiftingtheirbusinessmodelandconstruction”(EPC)to“build,operateandtransferstatistics,Chinesewind2020andOctober2023,settingupatconstructedatotalinstalledcaTheconstructionofenergystoragepropowerconsumptionhabits,requiringsignificantpowerdistributionandstoragemarkeproductionfacilitiesbasedonadeenumberofChineseenterp2.3.4.Hydrogen(ammonia)Overthepastfewyears,Chinesehydrostrategiestodiversifyinvestmentandcoconstructionprojectsandengagingindevelopmentprojectdevelopmentintheregionleveragingtheirtechnointegrationcapabilities,andexpertiseinpstrategiccooperationframeworkonhydragreementinvolvescreatingajointventuretoestablishafootenergymarket,andthentoexpandintoprojectsinMalaysia9GUOFUHEEsignsacontractinSingaporetojointlydrivedevelopmentofthehydrogenenergymarketinSoutheastAsia,,7August2023,/html/h2-2427381.shtml?2024KPMGHuazhenLLP,aPeople'sRepublicofChinapartnershipandamemberfirmoftheKPMGglobalorganisationofindependentmemberfirmsaffiliatedwithKPMGInternationalLimited,aprivateEnglishcompanylimitedbyguarantee.Allrightsreserved.NewNewEnergyEnterprises“GoingAbroad”SeriesofSailingtoSoutheastAsia19InadditiontomakinggreenfieldinvespursuetheSoutheastAsiamarketpartialstatistics,ChinesephotovoltaicaM&AdealsintheSouthtowhichSingaporeandIndTable3Table3AcquirerTargettargetAmount2019-11-12EnergyTechnologyCo.,Singapore2,906.92023-07-132022-07-07DebonairHoldingsPrivSingapore2021-04-14EnergyTechnologyCo.,Singapore2019-02-02SichuanXidianElectrPhilippines400.02022-12-14CuuAnWindPowerJStockCompany(100%stakVietnam2023-10-20WintimeEnergyGroupCo.,Singapore2019-05-09Corporation(PhotovoltaicdisclosedSource:CVsource;Mergermarket;Refinitiv;KPMGanalysis?2024KPMGHuazhenLLP,aPeople'sRepublicofChinapartnershipandamemberfirmoftheKPMGglobalorganisationofindependentmemberfirmsaffiliatedwithKPMGInternationalLimited,aprivateEnglishcompanylimitedbyguarantee.Allrightsreserved.2020NewEnergyEnterprises“GoingAbroad”SeriesofSailingtoSoutheastAsiaexportstoSoutheastAsiahaveenergycontinuestorisecompetitiveness,itisexpectedthatChinawillexportagreateproductstoSoutheastAsia,altpolicyuncertainty.GreenfieldinvestmonlyhelptoestablishclosepartnershthemtoavoidpotentialtradefrictionsagreenfieldinvestmentmaybecometheprimaryfocusforlookingforexpansioninSoutheastAsia.M&Aplaysanimportantroleingoingglobal,Chinesenewenergyenterprisesshouldtheneedsanddynamicso?2024KPMGHuazhenLLP,aPeople'sRepublicofChinapartnershipandamemberfirmoftheKPMGglobalorganisationofindependentmemberfirmsaffiliatedwithKPMGInternationalLimited,aprivateEnglishcompanylimitedbyguarantee.Allrightsreserved.NewNewEnergyEnterprises“GoingAbroad”SeriesofSailingtoSoutheastAsia21?2024KPMGHuazhenLLP,aPeople'sRepublicofChinapartnershipandamemberfirmoftheKPMGglobalorganisationofindependentmemberfirmsaffiliatedwithKPMGInternationalLimited,aprivateEnglishcompanylimitedbyguarantee.Allrightsreserved.2222NewEnergyEnterprises“GoingAbroad”SeriesofSailingtoSoutheastAsiaAlthoughSoutheastAsiacountriesarekeenhavingbeeninoperationforonldecommissioningandreengineeringthesecoalplantsandtothem.Forexample,VietnHighlightingthecomplexitiesanduncertaintiesinpolicy-making.Ontheonehand,therduty-freeperiodintheUnitedStatestoexpire.SubsequentUStAsiastillhangsinthebalalookingtocarryoutproductioninstillfacetradepolicyuncertainty.Ontheothermarketaccessbarriertoobtainpermitsfromlocalgovernments,suchasinvestmentpermits,enlocalpolicies,regulations,approvalformalities,attitudestowardsfootherfactors,allofwhichcaninfluenceforeignin?2024KPMGHuazhenLLP,aPeople'sRepublicofChinapartnershipandamemberfirmoftheKPMGglobalorganisationofindependentmemberfirmsaffiliatedwithKPMGInternationalLimited,aprivateEnglishcompanylimitedbyguarantee.Allrightsreserved.NewNewEnergyEnterprises“GoingAbroad”SeriesofSailingtoSoutheastAsia23ThenewenergyindustryissubjAlthoughChinahasarelenterprisesstillfaceriskswhefluctuations,differencesintechnicalstandenergyindustryreliesheavilyoncriticalrawmSupplychaininterruptionsarealsoabroad".EmergenciesliketheCOVID-globalsupplychainandhinderthemanufacturinganddelivery Theriskassessmentandcreditratingsystemoffinancialyettoreachahighlevelofsophistication,and,therefore,financialinstitutionsareaboutfundingthelatter.Meanwhile,mostSoutheastAsiacountrimarket,onlymakingitevenmoredifficultfortechstart-upsto?2024KPMGHuazhenLLP,aPeople'sRepublicofChinapartnershipandamemberfirmoftheKPMGglobalorganisationofindependentmemberfirmsaffiliatedwithKPMGInternationalLimited,aprivateEnglishcompanylimitedbyguarantee.Allrightsreserved.2424NewEnergyEnterprises“GoingAbroad”SeriesofSailingtoSoutheastAsia?2024KPMGHuazhenLLP,aPeople'sRepublicofChinapartnershipandamemberfirmoftheKPMGglobalorganisationofindependentmemberfirmsaffiliatedwithKPMGInternationalLimited,aprivateEnglishcompanylimitedbyguarantee.Allrightsreserved.NewNewEnergyEnterprises“GoingAbroad”SeriesofSailingtoSoutheastAsia25 ThepolicyrisksconfrontingChineseenterprispoliticalenvironmentanenterprisesshouldpaycloseattentiontotheenecountries,maintainclosecommunicationwithlocalgovernmentsandindustandestablishandimproveThenewformsoftradeprotectionccoverage,andlimitedmeasuresforavoidanwarningsgiven,toavoidpotentialadverseeffectsbyimplementingmarketdivestrategies,improvingthecompetitivenessofproductsandservices,andimplementinglocalisationandforward-lookinginternatNewenergyenterprisesneedtopursuedependenceonasinglesupplierandlocadvantagesofSoutheastAsia.Byestablishingjointventuresagreements,andmakingstrategicinvestments,thWhenfacingfinancingchallenges,newenergyenterprisesneedtoadoptdifinancingapproaches,suchasloans,debtfinancing,andequityfinancifundingandsustainablebusi?2024KPMGHuazhenLLP,aPeople'sRepublicofChinapartnershipandamemberfirmoftheKPMGglobalorganisationofindependentmemberfirmsaffiliatedwithKPMGInternationalLimited,aprivateEnglishcompanylimitedbyguarantee.Allrightsreserved.2626NewEnergyEnterprises“GoingAbroad”SeriesofSailingtoSoutheastAsiaClarifythestrategicobjectiveofoverseasinvestment,andClarifythestrategicobjectiveofoverseasinvestment,andpreliminarilydeterminethetargetlocationandindustryDevelopinganoverseasinvestmentstrategyStudytheStudythepolitical,economic,legalandtaxsystems,industrydynamics,labourmarketcondition,Analysingtheinvestmentenvironmentinvestmentmajorrisks,andotherfactorsinvestmentmajorrisks,andotherfactorsofthetargetlocationDeterminetheDeterminetheinvestmentapproach(M&A,equityparticipation,greenfieldconstruction,jointventure,cooperation,etc.)anddevelopamarketentrystrategyandactionplanDevelopingamarketentrystrategyCollectprojectinformation,preliminarilyCollectprojectinformation,preliminarilydetermineandevaluatetheprojectsalignedwiththeinvestmentstrategy,andselecttheprojecttobeinvestedinSelectingaprojectConductpreliminaryConductpreliminarycommunicationontheinvestmentintention,andpreliminarilydetermineCarryoutanall-roundduediligencesurveyontheselectedprojectPerformacomprehensivefinancialcalculationontheproject,conductsensitivityanalysisonmacrofactors,policychanges,keyfinancialindicatorsandotherfactors,anddeterminethepricerangeforthetransactionClarifythefinancingneeds,expandfinancingchannels,designafinancingstructure,andformulateafundarrangementplanCarryingoutpreliminarycommunicationwhetherthewhethertheprojectisfeasibleConductingduediligenceConductingduediligenceDeterminingtheDeterminingthepricerangeDevelopingafinancingDevelopingafinancingplaninvestmentDesigningataxinvestmentDesigningataxstructureConductpreliminarycommunicationontheinvestmentintention,andpreliminarilydeterminewhetherthewhethertheprojectisfeasibleCreatingCreatingatransactionexecutionstrategyCreateatransactionexecutionstrategybasedoncomprehensiveconsiderationoftheduediligencefindings,valuationanalysisresults,financingneedandotherfactors;clarifytheexitmechanismConductingbusinessConductingbusinessnegotiationsSpecifythekeynegotiationfocuses,formulateanegotiationstrategyandprinciples,anddesigntransactionprotectionclauses;reachanagreementonprojectoperationcontrolauthority,andclarifymattersclarifymattersrelatedtocorporategovernanceObtainingObtainingapprovalsfromcompetentauthoritiesPerformdomesticapprovalprocesses(withtheNationalDevelopmentandReformCommission,theMi