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IPO restarts during the year
On September 27, the spokesperson of the China Securities Regulatory Commission said that since the IPO reform opinions were solicited in June, various circles of the society have put forward a lot of suggestions. The CSRC has made revisions and supplements to the reform opinions, and is actively preparing and preparing supporting reform documents and technical measures.
The spokesman said that the CSRC is cautious in resuming the issuance of new shares. The long-term suspension of new share issuance is not conducive to long-term equity financing of enterprises, and it also adds uncertainty to market operations, which is not conducive to long-term stable and healthy development of the stock market. However, it is necessary to carry out major reforms in the past IPO measures to maximize the protection of the legitimate rights and interests of investors, especially small and medium-sized investors. Therefore, the restart of the IPO must be combined with the reform of the institutional mechanism, rationalize the relationship between the market and the government, and promote the return of all parties in the market. Do your best.
This statement has been nearly four months since the "Opinions of the China Securities Regulatory Commission on Further Promoting the Reform of the New Share Issuance System (Draft for Comment)" issued on June 7.
“The biggest difference is that the regulator first mentioned the relationship between IPO suspension and market development for the first time, and clarified that long-term pauses are not conducive to market development,†said one brokerage executive.
The executive said that even if the official opinion draft was issued, it still required a complicated approval process, and the IPO restart also needed to launch supporting reforms along with the new share reform opinions. Estimated, the possibility of an IPO restarting during the year is not large.
According to statistics from the China Securities Regulatory Commission, as of September 26, 2013, there were 176 IPO queuing companies on the Shanghai Stock Exchange, 308 companies on the Shenzhen Stock Exchange, and 141 companies that had been terminated. There are 264 companies on the GEM, and 134 companies have already terminated this year.
"At present, I can only wait. I hope that the IPO reform opinions will be released as soon as possible." A person in charge of the LED company that has passed the IPO preliminary review told the "High-tech LED" reporter that the LED demand is improving this year, and the company's revenue and profits are not bad.
The hot launch of LED companies began in 2011, and the LED companies listed before this were mainly concentrated in the upstream epitaxial chip. Since 2010, listed companies have concentrated more on packaging, display and lighting applications.
At present, the LED companies waiting for listing in the Shanghai and Shenzhen stock markets include Opp, Kelly, Ocean King, Mulinsen, Yuanhui Optoelectronics, Ai Biesen and other enterprises, mainly focusing on downstream lighting and power supply and other supporting materials.
Among the companies with LED-related business as their main business, the list of IPOs that have been terminated for review in 2013 is Dalian Luming Luminescence Technology Co., Ltd., Yunnan Lanjing Technology Co., Ltd., and Beijing Jinlixiang Yicai Technology Co., Ltd. Co., Ltd., Shengdi Optoelectronics Technology Co., Ltd., Shenzhen Cuitao Automation Equipment Co., Ltd. and other six LED companies.
LED industry mergers and acquisitions accelerate
“M&A and restructuring will undoubtedly accelerate.†A researcher at Guosen Securities said that the IPO was unable to open the gate, and with the impact of the financial verification storm, a group of enterprises will stop listing and switch to mergers and acquisitions to achieve alternative listing.
According to the researcher, many listed companies have recently fled the indefinite queue and turned to the acquisition of listed companies.
This trend has also appeared in the LED industry.
On September 28, Furi Electronics announced that the company had completed the procedures for equity transfer and industrial and commercial registration change. So far, the company holds 92.80% equity of Shenzhen Mairui Optoelectronics Co., Ltd., Shenzhen Maiguang Optoelectronics Co., Ltd. became the company. Holding subsidiary.
According to industry insiders, Mairui Optoelectronics originally had an independent listing plan. Due to the fierce competition in the display industry in the past two years, the price war was ordinary, the profitability was not as good as before, and the difficulty of independent listing became bigger. Mai Rui also turned to an alternative listing through the acquisition of listed companies.
Since the second half of 2012, the integration of M&A in the LED industry has gradually begun.
In August 2012, Jingdian acquired the remaining 49% equity of Guanggao through equity transfer and became its wholly-owned holding company.
Subsequently, Xiamen Sanan, a wholly-owned subsidiary of Sanan Optoelectronics, subscribed for a 19.9% ​​stake in Huanyuan Optoelectronics, a listed company in Taiwan, for 2.325 billion Taiwan dollars (approximately 505.68 million yuan).
In April, Ganzhao Optoelectronics (SZ.300102) acquired Dongguan Zhoulei, and then Maanshan Yuanrong announced the successful acquisition of Jiangxi Ruineng Technology, Sanan Optoelectronics and Weiwei Co., Ltd. to establish LED lighting company.
In the field of LED display, the recent wave of integration is a wave of high waves. Chau Ming Technology acquired a 60% stake in Redio, and Furi Electronics acquired a 92.8% stake in Mairui Optoelectronics.
On July 30, the listed company Keheng announced the announcement of foreign investment. The company decided to acquire 51% of Shenzhen Lian Teng Technology with its own funds of 10.95 million yuan.
"The mergers and acquisitions in the LED industry will be more and more, because in the current situation, enterprises will find it difficult to go public, but the demand for funds is expanding." Recently, Hongli Optoelectronics Co., Ltd., which acquired a 38% stake in Foda Signal Deng Shou-ti said that these acquired companies often face problems in terms of capital and brand, and the LED industry has become increasingly hot in recent years. After all, only to survive can we talk about profitability.
Previously, the shareholding ratio of Fo Da Signal was that Hongli Optoelectronics held 62% of the shares, and two natural person shareholders Dong Jinling and Liu Xinguo held 30 and 8% equity respectively.
Deng Shoutie said that before the acquisition, Fo Da signal wanted to expand the scale, but other shareholders have limited financial strength and cannot increase capital at the same time. Through the acquisition, Fo Da Signal has become a 100%-owned enterprise of Hongli Optoelectronics. Hongli Optoelectronics will use Fo Da Signal as a main business and a new profit growth point to increase investment.
“After the IPO listing materials, enterprises can no longer accept the input of external funds, especially venture capital. In the period when the industry exceeds expectations and develops rapidly, enterprises often need to rapidly expand production capacity and need to re-plan the future. Dr. Zhang Xiaofei believes that M&A integration is the best choice for LED companies at this stage.
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1
JST wire harness
FH-----0.5mm ZH-----1.5mm
SH-----1.0mm PH-----2.0mm
GH-----1.25mm VH-----3.96mm
EH/XH-----2.5/2.54mm
2
Molex wire harness
PicoBlade-----1.25mm PicoClasp-----1.0mm
PiciLock------1.0/1.5mm Minifit Jr-----4.2mm
MicoBlade-----2.0mm MicoClasp-----2.0mm
MicoLock-----1.25/2.0mm
3
IDC flat ribbon cable
Contact material----Copper alloy
Test voltage------500V AC
Current rating-----1A
Cable Technical Data:
Contact Material----Tin plated copper
Isolationswiderstand-->1000MΩ
Insulation Resistance-->1000MΩ
Temperature range----- -40℃.....105℃
UL Typ---------UL2651,28AWG
IPO restarts dystocia LED companies to accelerate mergers and acquisitions
[High-tech LED reporter Zhao Hui] Recently, the spokesperson of the China Securities Regulatory Commission (CSRC) spokesperson said that the IPO will not be activated after the implementation of the reform opinions, which means that the IPO's expectation of restarting during the year has greatly cooled down. Enterprises, brokers, and venture capitalists waiting for the IPO to open are in a more embarrassing situation.