Recently, news about the listing of LED lighting companies has been frequently reported, including Sanxiong Aurora, Debon Lighting, and Guangqi Shares. At the same time, there are also a number of lighting companies that have already passed IPOs or are actively awaiting review, and they are seeking new listings to become new in the industry. wind direction. There are three main reasons behind the emergence of LED lighting companies.
Reason one: the industry enters the capital-driven stage
After experiencing the early barbaric growth, the fierce price war, and the strong rise, foreign companies have withdrawn from the general LED lighting market. The domestic LED lighting industry has gradually matured, and there are not many opportunities for explosive growth. At this time, the driving force of the industry gradually Turning to capital, whether it is listing or mergers and acquisitions, the power of capital has gradually emerged in a new phase.
Through the listed companies, they can raise a large amount of funds, thereby investing more research and development, expanding production capacity, and even building more reliable marketing channels. The injection of a large amount of funds can make the development of lighting enterprises more secure. Zhao Fei, secretary general of the Shenzhen Lighting and Display Engineering Industry Association, believes that capital is promoting the intensive and large-scale transformation of the industry. Taking the member units of the association as an example, the growth rate of listed companies and new three-board enterprises in recent years is nearly 40%, far higher than the average growth rate of the industry. Through the cooperation with listed companies, Smide, Jinda Lighting, Kang Mingsheng, Rishang Optoelectronics, and Redio have become the leading companies in the market segment. The power of capital should not be underestimated.
Reason 2: New projects for listing fundraising investment
Looking back on 2016, the successful listing of lighting companies is mainly from three, Shenzhen Mingjiahui, Op Lighting, Infineon Electronics (Hangzhou) three companies have been officially listed, of which only Shenzhen Mingjiahui one listed in the first half of 2016, Op Lighting and English Feite is listed on the market in the second half of the year. And in the time of 2017, in just 4 months, the three lighting companies, Sanxiong Aurora, Debang Lighting and Guangqi, were successfully listed. In addition, Tailong (Fujian) commercial lighting, Shenzhen overclocking three technology and other enterprises have also passed the IPO ready to go public, through the listing, they raised a large amount of funds.
Sanxiong Aurora
Raised funds of 135 million yuan; mainly invested in six major projects: LED green lighting expansion project, LED intelligent lighting production base construction project, R & D center expansion and upgrading project, physical marketing network sinking and perfect expansion project, O2O e-commerce platform construction project, Cross-border e-commerce overseas market expansion projects.
Debang Lighting
The funds raised are 104.16 million yuan; mainly invested in three major projects: an annual output of 110 million (sets) of LED lighting products construction projects, an annual output of 1.16 million sets of LED outdoor lighting construction projects, lighting research and development centers and light experience center construction projects.
Guanghao shares
The funds raised were 19,884,500 yuan; the main investment projects are two major projects: LED lighting product expansion project and R&D center construction project.
Infante
Raised funds of 460.21 million yuan; mainly invested in two major projects: LED lighting drive power R & D center construction project, Tonglu LED lighting drive power industrial base project
Op lighting
The funds raised are 810.657 million yuan; the main investment projects are three major projects: green lighting production projects (annual production of 22,274,400 LED green lighting products and 460,800 non-LED green lighting products), exhibition center and marketing network construction projects (marketing network and sales) Management Information System Construction Project), R&D Center Construction Project (Lighting Technology R&D Center Project).
Famous family
The fundraising funds were 22,707,300 yuan; the main investment projects were three major projects: lighting project construction project working capital, Liuan Mingjiahui Optoelectronic Industrial Park construction project, R&D and design center upgrade project.
It can be seen that companies listed after the listing can raise a large amount of funds, expand the production and research and development of multiple projects, not only can create a more powerful R & D design center, but also expand the production line, and even create a stronger sales. Channels, thus continue to enhance the strength of the company and stabilize the market position, which is the main reason for lighting companies to pursue listing.
This year, a number of LED lighting companies, such as Jucan Optoelectronics Technology, Sichuan Huati Lighting, and Guangzhou Mingdao Lighting, are actively preparing for it. It is expected that the listing will be more likely to be listed in 2017.
Reason three: listing fundraising for mergers and acquisitions
With the development of the industry, the product profit is low and the homogenization problem is becoming more and more obvious. In recent years, enterprises have begun to choose a deep industrial chain to produce and sell high value-added products, and the LED industry has integrated mergers and acquisitions frequently. M&A requires a lot of money, and listing can bring enough capital to the company.
According to incomplete statistics, in 2015, there were more than 40 cases of M&A integration in the whole industry chain, and the total amount of M&A has exceeded 30 billion yuan, including many cases in which Chinese capital acquired foreign brand lighting companies.
By 2016, there were no signs of a pause in the M&A event:
On May 9, Abeson plans to invest US$4.5 million to acquire a 51% stake in Artixium;
On May 20, Zhouming Technology 100% owned Lanpu Technology;
On June 8, Lianjian Optoelectronics spent 660 million to repurchase the three-standard layout of digital media;
On June 14, Lehman acquired the 100 shares of the Australian Super League Newcastle Jet Club;
On June 21, Zhouming Technology and Shenzhen Wonderland Information Technology Co., Ltd. (mainly engaged in VR technology research and development and application) signed the "Strategic Cooperation Agreement";
On June 28, Mulinsen’s 300 million yuan capital increase and the proportion of crystal holdings rose to 25.50%;
On June 29, Liard plans to acquire a 100% stake in Zhongtian Lighting for 350 million yuan;
On July 13, Alto Electronics acquired 100% of Huibai;
On July 13, Lehman shares intend to participate in cooperative investment to enter the VR theme park;
On July 21, Huacan Optoelectronics announced that it would purchase Micron Semiconductor, a leading technology company in the global micro-electromechanical (MEMS) sensor industry;
On July 26, Mu Linsen and other joint bidders purchased 400 million euros of Landsworth, a subsidiary of Osram;
On July 28, Dongshan Precision plans to acquire 4 million US MMCX companies;
On October 15, Huacan Optoelectronics made a price of 1.65 billion yuan to purchase 100% equity of Harmony Optoelectronics held by NSL and Harmony Corelight in the form of additional shares.
......
The most typical one is the merger of Mulinsen and Huacan Optoelectronics. In 2016, Mulinsen conducted a number of mergers and acquisitions and investment, completing the entire industrial chain layout of LED chips, devices and applications. Last year, Mulinsen achieved a revenue of 5.52 billion yuan, an increase of 42.22% over the same period of the previous year. It completed 3 billion to 5 billion "cross-level jumps" in one year; operating profit was 579 million yuan, an increase of 114.06% over the same period of last year; The company's net profit was 473 million yuan, an increase of 85.16% over the same period of the previous year.
Huacan Optoelectronics also succeeded in turning losses into profits by means of mergers and acquisitions. On January 16, Huacan Optoelectronics announced that it announced that it is expected that the net profit attributable to shareholders of listed companies will be 263 million yuan to -26 million yuan in 2016, realizing a turnaround. .
Huacan Optoelectronics' business income mainly comes from LED epitaxy and chip sales. In 2015, Huacan Optoelectronics acquired 100% equity of Yunnan Lanjing Technology Co., Ltd. for 1.08 billion yuan, opened up the upstream material link, and perfected the chip + epitaxial wafer + In the mid-stream layout of the material industry chain, synergies will gradually emerge. The company's business will complement the Blue Crystal technology in its form, which will help the company expand its overall business scale and increase its profitability. The gross profit margin of the sapphire substrate business of Lanjing Technology Co., Ltd. is as high as 45.24%. In the first half of 2016, the company contributed 70.335 million yuan of operating income and net profit of 23.907 million yuan from the consolidated date, effectively improving the company's profitability.
Through horizontal mergers and acquisitions, enterprises can bring economies of scale, increase the market share of enterprises, suppress competitors, and improve the barriers to entry and the differentiated advantages of enterprises in the field of enterprises. Through vertical mergers and acquisitions, the LED industry chain can be strengthened and strengthened. The deep integration and optimization of resources in each link of the chain will enhance the overall competitiveness of the company. Liu Can, president of Huacan Optoelectronics, stressed that under the global integration background, the LED lighting industry has entered the stage of capital-driven growth, and the leading companies that adhere to the main business will achieve greater and stronger through more mergers and acquisitions at home and abroad.
In the current form of capital-driven industry development, the listing can raise enough funds to support enterprises to invest in new projects, conduct mergers and acquisitions, enhance corporate strength, and stabilize market position. Listing is already the general trend, but it is worth noting that listed companies are It is a large-scale enterprise with certain strength, and the industry reshuffle has entered a new stage. In the future, the situation of the big industry Evergrande will become more obvious.
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