2012 LED Capital Market "En Chou Lu"

In recent years, thanks to favorable policies and broad market prospects, capital has flooded into the LED industry of Xiangxi. As a large number of LED companies and non-LED companies have become increasingly successful outside the capital market, the LED industry, which looks like a glamorous appearance, is experiencing a cruel market reshuffle. According to statistics, at the end of last year, there were more than 80 LED companies that failed in Shenzhen. The so-called: "Cheng also capital, defeat also capital." The LED industry capital market under the global economic crisis can be described as the pain of the LED industry.

I. The tide of LED companies getting listed in 2012 remains the same, and the trend of “cut cake”

The LED industry in 2012, although still not freed from the European debt crisis, which has hindered the development of the market, is still a big step for the LED companies. In the dilemma of the market downturn, benefiting from the favorable factors after the listing, it has obviously become an important way for LED companies to accelerate the financing, expansion scale and development.

According to LEDinside, an LED industry research institution, since the end of 2011, the market explosion of LED companies has continued unabated. LED companies had 13 IPOs in 2011 and 7 have been successfully listed. IPOs will be listed. 6 homes. In 2012, 10 LED companies were successfully listed, including: Hong Kai (January 6th), Wanrun Technology (February 17th), Liad (March 15th), Maoshuo Power (March 16), Jufei Optoelectronics (March 19), Rectangular Illumination (March 21st), Remote Optoelectronics (March 29th), Huacan Optoelectronics (June 1st), Refitek (June 5th), Nanda Optoelectronics (August 7th), while the IPO will wait to be listed on the Absen (May 18th). At the same time, LED companies that are waiting in line for listing are also in the minority.

Second, the "classic" repair of LED listed companies in 2012: Listing - "reinvented" recycling

Linsen: After a meeting for one year, it was not listed. In 2012, the price adjustment expanded again and I became skeptical. Although the LED packaging company Mulinsen Co., Ltd. had passed three trials of the China Securities Regulatory Commission in July 2011, it was doubtful because of its initial prospectus. Many people have been criticized by the industry. They were even described by the media as "morbidly afflicted." The industry was circulated or stuck in the "review of major issues after the meeting." At the close of 2013, Mulinsen still had no news on the IPO and was stuck outside the IPO.

Absen: patent suspense + quality door or listing "stumbling block"

Since the first application of Shenzhen Ebison Optoelectronics Co., Ltd. was approved in May 2012, the company has been exposed to various negative influences. The focus of external suspense points to the factors that are of special concern to the IPP: Abibson’s continued lack of profitability . In addition, "unusual" in patents and financial data, the more prominent Abibison prospectus was over-packed.

LED listed companies fall into scandal, the original shape reveals Nanda Optoelectronics: from the "new" to "performance change face king", LED listed companies in the "exotic"

"The most expensive new shares", "unlisted performance has changed face," "listed five days of generous dividends", GEM's new shares Nanda Optoelectronics since the listing on August 7, 2012 has created a variety of "exotic". Previously, NTU’s net profit for the first three quarters of 2012 was revised down from the original expected decrease of 40% year-on-year to 51.02% to 53.53%, causing the market to be upset, resulting in a buzz among investors, and strongly demanding that the supervision department strictly investigate Nanda Optoelectronics. .

In addition, Nanda Optoelectronics was disclosed that the company’s shareholder Xu Hao established the company and the old club “fights the stage.” NTU has not made any explanation on this matter, but some insiders have disclosed that NTU has actually concealed the actual in the prospectus in order to complete the listing financing. Capacity, beautify the prospects of investment projects, what is even worse, the market price of raised investment products has been a huge decline in the market outlook, a major turning point, and no prospectus in the prospectus, a hidden capacity and market prices, suspected The fraudulently listed hat has been steadily detained by NTU.

Lehman Optoelectronics Demonstrates the Road to IPO: "Storytelling - Money-Cashing"

The scandal of the LED listed companies that broke out in 2012 continued to turmoil. Last year, Lehman Optoelectronics, a listed company, was exposed to the "storytelling-circulating money-cashing" IPO.

Event Review:

Lehman Opto-electronics landed on the GEM in 2011, and its performance has quickly changed its face in just over a year. It is a far cry from the high net profit growth on the prospectus. At present, the lifting of restrictions on the sale of shares is coming, and the first batch of restricted shares will be listed and circulated on December 24. However, through the announcement disclosed by the company, the company discovered that instead of trying to improve its performance or stabilizing investors' hearts, the company tried its best to cash out. “Story telling—circulating money—cashing out” was reflected in Lehman Optoelectronics. Incisively. The relocation of Lehman Optoelectronics's second largest shareholder is suspected to reduce tax avoidance. On December 14, 2012, Lehman Optoelectronic announced the change of shareholders' business registration information, the company’s second largest shareholder, Shenzhen Jiede Investment Co., Ltd. has recently obtained The business license issued by the Administrative Bureau of Industry and Commerce of Xinjiang Uygur Autonomous Region completed the change procedures. Analysts pointed out that JADE invests in this move to avoid taxation when reducing holdings of restricted shares and to maximize profits. It is understood that according to the regulations of the State Tax Land Tax, 20% of personal income tax is levied on the reduction of restricted shares. In recent years, Tibet, Xinjiang, Jiangxi, and Jiangsu provinces have implemented a certain percentage of the restricted-sale shareholding reduction companies in order to obtain tax sources. Tax refund policy. As a result, many companies have moved their companies to Tibet, Xinjiang, and Yingtan in Jiangxi Province in order to avoid taxation when they reduce their holdings of restricted shares.

Except that important shareholders are doing everything they can to avoid tax cuts, executives of the company leave the company before the release of their shares. On November 7, Zeng Xiaoling, the company’s vice president and chief financial officer, resigned for personal reasons and no longer held other positions in the company. The 400,000 restricted shares held by Zeng Xiaoling will be listed and circulated on December 24, only a difference of more than one month.

In order to reduce operating costs as much as possible, Lehman Optoelectronics relocated its headquarters from Shenzhen Nanshan District to Huizhou in October. However, some employees were reluctant to go and physical conflicts broke out.

It is easy to see that the factors that caused Lehman Optoelectronics to face performance pressure cannot be eliminated within a short period of time, making the company's senior management and management take precautions to prepare for the reduction in cash. This practice of telling stories and making money early and taking advantage of people’s early moves is not only against the original intention of the IPO, but also very unfair to investors.

Third, resignation door detonated listing related insider

In the 2012 resignation event, the two major listed companies, Foshan Lighting and NVC Lighting, were the most provocative. Because the founders of the two companies have successively left office, it has caused an uproar. The follow-up was followed by an astonishing inside story that left the industry stunned and became the industry's aftermath.

Foshan Lighting broke the “scandals” such as related transactions and insider trading. On April 23, 2012, Foshan Lighting announced that Zhong Xin, the chairman and general manager of the company, resigned as the general manager. On July 23, 2012, the company's director Joerg Thaele ("Taylor") submitted an application for resignation from the company's director. The independent director Zhang Haixia also submitted the resignation report the next day. On December 26, Zhao Yong, a director and deputy general manager of Foshan Lighting, resigned his application for all positions held by the company.

With the departure of Foshan Lighting senior executives, the "scandals" involving Foshan lighting related party transactions and insider trading were immediately exposed. They were naked and presented to everyone.

It is worth mentioning that Foshan Lighting released 20 announcements on August 2 this year in order to supplement the undisclosed connected transactions on July 13. This disclosure made Foshan Lighting’s “Friends and Friends Group” surface to the surface, involving Zhong Xincai’s eldest son, second son, younger brother, sister-in-law and relatives. In addition to irregularities in daily connected transactions, Foshan Lighting also involved three related investment violations.

It can be described as a wave of waves. When the related transactions failed to be fully investigated, in September, Foshan Lighting received the administrative punishment decision of the CSRC. The former deputy general manager of the company Zou Jianping and his spouses Zhang Minzhi and Nu Wa Xingfu were planning in 2009. The administrative penalties were imposed on the use of inside information to conduct stock trading during the investment in new energy projects.

The annual report of Foshan Lighting has been fraudulent for three consecutive years, Zhong Xincai's father and son are closely affiliated with the company's network, Foshan Lighting Co., Ltd. has transferred benefits, internal struggles or fading the "King of Lights," etc. The media is even laughingly said that it has been rewarded by high dividends for many consecutive years. The "cash cow" is now known as "the pheasant". Facing numerous allegations of unfounded evidence, Foshan Lighting eventually admitted the above facts, and Chairman and General Manager Zhong Xincai of Foshan Lighting also publicly apologized and was willing to accept punishment, but the phrase “do not understand the law” still made everyone laugh.

NVC Lighting's "inside storm" high-level fluctuations, the chairman of the position at the helm?

On May 25, 2012, NVC Lighting announced that Wu Changjiang, the founder of the company, had resigned from all positions for personal reasons. Wu Changjiang's speech was taken over by a non-executive director and founding partner of Saifung Asia Fund, and the company's public notice was ambiguous, making the suspicion of the outside world continuous and the truth becoming confusing.

On June 22, 2012, Wu Changjiang responded strongly to Gong Gongmen: no one can leave me.

July 12, 2012 NVC employees and shareholders openly broke, employees threatened to strike indefinitely. Wu Changjiang said he did not accept the accusation.

On September 4, 2012, NVC Lighting announced the establishment of a temporary operations management committee. Wu Changjiang was the person in charge and achieved an initial return.

On November 25, 2012, NVC Lighting's board of directors announced that Zhang Kaipeng has resigned as the company’s chief executive officer and temporary operating committee member.

On December 26, 2012, Wu Changjiang transferred approximately 11.8% of NVC Lighting's equity in the hands of BDO Runda Lighting, which owns a 20.05% stake in NVC and became the largest shareholder of NVC Lighting.

While abandoning the location of NVC Lighting, Wu Changjiang chose to take a strategic stake in BDO Runda. According to the announcement, BDO Runda will also provide private placements to its controlling shareholder and Wu Changjiang, raising 1.348 billion yuan for additional liquidity. Wu Changjiang subscribed 130 million shares.

BDO Runda’s successors have caused a reversal of the NASA storm that lasted for half a year. The “marriage” between BDO Runda and NVC Lighting is considered to be a warmth in the “cold winter” of the LED lighting industry. Complementing each other can open up the entire industry chain of LED lighting, midstream and downstream. The anti-sectists said that this is an exquisite capital drama. Under the clever arrangements, Wu Changjiang successfully achieved a solo flight, thrown off Sai Fu Hao, Germany Schneider and other shareholders, personal and BDO Runda completed a share exchange merger, BDO Runda is "people and property". NVC Lighting is not known in the future, and investors such as Saifu Co. have become passive. Wu Changjiang retired one by three: the introduction of German Hao, with the "Netherlands Alliance" against "Shu (Rayze Lighting Chairman Yan) Shi (Nei Shiren shareholder Schneider alliance)."

The so-called “amateurs look busy and the insiders take a look at the doorway”. From the insider incidents of Foshan Lighting and NVC lighting that detonated the listing related parties, the game between the founder and the investor reflects the case that the social investment has the right to seize power. Phenomenon, it is worth thinking of many companies, in the introduction of investors have to be more cautious.

Fourth, LED companies Taiwan - land, land - land integration? M&A "Wind and Water"

Mainland Sanan Optoelectronics Co., Ltd

Since Taiwan’s upper limit to loosen its land-based share participation policy, many Taiwanese companies have re-launched cross-strait vendor alliances and consolidation plans for competitiveness, and have been in contact with mainland manufacturers. Previously, Long Yuan and Luanda, which are subsidiaries of AUO Group, both reportedly made personal contact with the mainland's panel maker BOE and led LED industry leader Sanan to negotiate shares.

On November 13, 2012, Sanan Optoelectronics announced that Xiamen Sanan Optoelectronics Co., Ltd., a wholly-owned subsidiary of the company, plans to use NT$2.352 billion (approximately RMB 506 million) to subscribe for LED chip makers in Taiwan. The company does not exceed 120 million ordinary shares, holds approximately 19.9% ​​of shares in Haoyuan, and is also the largest shareholder of Haoyuan. This move undoubtedly Sanan Optoelectronics has created a new milestone for Luji to Taiwan.

Sanan Optoelectronics, as the current domestic LED epitaxial wafer and chip leader, owns full-color LED chip production capacity and is second only to Jingdian in both companies' productivity. However, Sanan's products are mainly concentrated in the low-end LED chip market.

Luanyuan Optoelectronics is the second largest manufacturer of LED epitaxial wafers and chips in Taiwan. It owns a number of LED core patented technologies. Its major markets are in Taiwan, South Korea and other Asian markets, and it also has a good customer base in the mainland's high-end market.

It is not accidental that this round of Optoelectronics selection and Sanan Optoelectronics is an alliance. From all aspects, the combination of the two will be the best choice for the future development of both parties. In addition to forming a close strategic partnership, the procurement, production and sales Other links will also be further cooperation, effectively combining the characteristics of both sides, give full play to their respective advantages, mutual benefit and win-win, strengthen their core competitiveness, and continue to strengthen the company’s overall competitiveness and brand influence in the global optoelectronics field.

Integration? Counterattack: BDO Runda and NVC Lighting "Flash Marriage"

On December 26, 2012, NVC Inc., one of the major shareholders of BDO Runda and NVC Lighting in Hong Kong. Signed the "Share Transfer Agreement" with the conditions of entry into force and intends to be transferred to NVC Inc. The 338 million shares (including dividend rights) of NVC Lighting's common stock held accounted for 11.81% of the total number of issued common stock of NVC, and the transaction amount was HK$951 million. If successfully traded, BDO Runda will become the largest shareholder of NVC Lighting and enter the board of directors.

The industry believes that the integration of traditional lighting and LED industry is the trend. Emerging LED companies obviously have a gap with traditional lighting in terms of sales channels and brand influence. Traditional lighting is difficult to match with LED key technologies and industrial resources. Ships are difficult to turn around, and several large traditional lighting manufacturers in the mainland are advancing. In the process of LED transformation, there is a lack of success. In addition, in accordance with the current dilemma of the LED market, BDO Runda and NVC lighting "marriage" can be described in the LED lighting industry, "winter" in the embrace of warmth, the two sides complement each other, take the necessary, can be integrated on the LED lighting , Middle and Downstream Vertical Industry Chains.

Bundesliga's partnership NVC lighting is exactly what it takes to meet each other's needs and both regard the other party as its own gold mine. BDO Runda Suzuki Lighting Co., Ltd. attaches great importance to its channel resources. NVC Lighting has tens of thousands of stores and franchise stores on the mainland. The channels have been laid to the township level. The market sales system is perfect, and traditional lighting is finally replaced by LED. At that time, the entry of BDO Runda will undoubtedly open up a new round of growth for NVC Lighting. And BDO Runda has been stepping up its efforts to build a business model for the entire industry chain. Its business activities have expanded from the top-level epitaxial chips to sales terminals, and it has sought to grasp the industrial chain and cost discourse. Today, with the extensive experience of NVC in the field of lighting to achieve a large area of ​​LED lighting applications, LED can quickly dominate the lighting market.