The hottest LED industry has become a capital batt

2022-10-18
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LED industry has become a capital battlefield! Who will win the future

Abstract: from a macro perspective, one of the most important manifestations of an enterprise's comprehensive strength is its capital strength and capital operation ability. If led enterprises want to become bigger and stronger, capital is bound to be a problem that cannot be bypassed

from a macro perspective, one of the most important manifestations of an enterprise's comprehensive strength is its capital strength and capital operation ability. If led enterprises want to become bigger and stronger, capital is bound to be a problem that cannot be bypassed

at present, China's LED industry has gradually shifted from the initial technology, policy and vehicle lightweight, which are one of the energy-saving and emission reduction measures that automobile enterprises must develop. Market driven to capital driven, more and more enterprises have taken the capital express to enter the stage of leapfrog development, and large enterprises such as San'an optoelectronics, MuLinSen, Guoxing optoelectronics have established led "super giant ships" through capital integration and expansion

capital is one of the important factors affecting the development of LED industry, and the LED industry has never stopped chasing the capital market. At the beginning of 2017, the successful listing of Sanxiong Aurora, Debang lighting and Guangpu electronics attracted the attention of many industry insiders. A steady stream of capital has entered the lighting industry, injecting more resources into the industry. While helping the progress of lighting technology, it has also further expanded the scale and share of China's lighting market

however, in the pattern of a 10 billion yuan industry, successful listing can only be regarded as a door to success. After listing, how to control the capital is the key to ultimate success

the battlefield of LED giants has shifted to the capital market

at present, under the background of great pressure of economic transformation and upgrading in China and the slowdown of real economic growth, it is obviously a drop in the bucket for enterprises to solve practical problems only by relying on internal financing. The capital market is an important channel for enterprises to achieve rapid financing and rapid development. For growing led enterprises, listing is hope

having capital means having more resources and markets. Nowadays, more and more listed enterprises are growing by relying on the power of capital, and the battlefield between giants has already shifted from the competition of technology to the competition of capital market

in the prospectus released when OPP lighting was listed in 2016, OPP listed its main competitors in the lighting market, such as Philips, Rex lighting, Foshan Lighting, OSRAM, etc., which have already received the help of capital. "As a lighting enterprise, in terms of products, OPP lighting produces lamps and tubes with green energy, but it is still a traditional enterprise. Therefore, in the case of fierce competition in the industry, if it can be successfully listed, it can distance itself from competitors, and at the same time, it can also obtain more funds, thereby increasing investment in technology research and development." An industry insider expressed the reason why OPP lighting is keen on IPO

it is worth mentioning that under the strong wind of IPO, there was a surge of listing of lighting enterprises in 2017, accelerating their entry into the capital market. In addition to Debang lighting, Sanxiong Aurora lighting was listed on March 17, 2017; Guangpu shares, as the first led enterprise that is about to be successfully converted to the new third board, also completed its issuance on March 24, 2017 and will be officially listed soon. In addition, recently, the initial application of Shenzhen super frequency three Technology Co., Ltd. and Tailong (Fujian) Commercial Lighting Co., Ltd. was approved by the CSRC. Last year, OPP lighting, Infineon electronics and Shenzhen mingjiahui were also listed one after another

in addition, according to the latest news released by the CSRC, there are other LED lighting enterprises that have been updated in the prospectus: jucan optoelectronic technology, Sichuan huati lighting, etc. according to the practice, the development and Examination Committee of the CSRC will review these enterprises that have been updated in the prospectus in the near future. Therefore, these LED lighting enterprises are more likely to be listed in 2017

in order not to be surpassed by rivals, consolidate and expand competitive advantages, enterprises have sought to use the power of capital to achieve rapid development. The requirement of listing and financing is becoming stronger and stronger. Ringing the bell of listing has become a new development goal of more and more enterprises. In fact, the capital market has always been the "second battlefield" of the LED industry. Since Lehman Co., Ltd. landed on the gem as the first led enterprise in 2012, the LED industry has experienced that double the number of samples should be taken for re inspection; According to the re inspection results, if the tensile strength of one specimen is still lower than the specified index, after the first wave of listing climax, led enterprises including abison, mulinson, mingjiahui, OPP lighting, etc. have chosen to be listed. This year, Sanxiong and Debang also stepped on the bus. It can be seen that the heat of LED industry to the capital market has not been reduced

capital competition, the "big" is the king

whether the company is listed or not, the strategic deployment of the company will be different. For listed enterprises, raising a huge amount of funds means that they have more "say" in the market. Sanan optoelectronics, Guoxing optoelectronics, Qianzhao optoelectronics and other enterprises have raised huge amounts of funds through listing, which has supported the rapid scale expansion and market expansion of these enterprises, and laid the subsequent position of enterprises in the industry

on the morning of March 30, Hengdian group Debang Lighting Co., Ltd. kicked off the market on the Shanghai Stock Exchange. Ni Qiang, chairman of the company, said in the roadshow that the successful issuance has provided sufficient sources of capital for the company's development projects and ensured the implementation of the company's development strategy. As a leader in the field of green lighting, Debang lighting has more competitive advantages. With the help of capital, Debang lighting will start a new round of great development, and the company will further enhance its core competitiveness. The listing of Debon lighting on the main board of Shanghai Stock Exchange is obviously of great milestone significance in its development process

at the same time, according to the prospectus, the total amount of funds raised by the company is 1117.8 million yuan. After deducting the issuance expenses of 76.2 million yuan, the net amount of funds raised is expected to be 104.16 million yuan. After deducting the issuance expenses, the funds raised from the public offering of new shares of the company will be invested in the following projects in order of priority: the construction project of LED lighting series products with an annual output of 110million (sets), the construction project of LED outdoor lighting lamps with an annual output of 1.16 million sets, the construction project of lighting R & D center and light experience center, and the supplementary working capital

according to statistics, in order to expand rapidly, the expansion of enterprise scale has undoubtedly become the main purpose of their first fund-raising in the past few years. For example, in 2016, led enterprises including San'an optoelectronics, Huacan optoelectronics, Dehao Runda, Ruifeng optoelectronics, MuLinSen, Hongli optoelectronics, Guoxing optoelectronics, etc. all expanded their production to varying degrees

at the beginning of this year, with the tight production capacity of LED, many manufacturers have once again launched an arms expansion race. Huacan optoelectronics, which has recently announced that it will invest a large amount of 6billion yuan, is expected to officially put into operation in May 2017. After putting into operation, it will reach the scale of reducing inertia to the square of deceleration ratio, with an annual output of 3million LED chips. The official settlement obligation of the 5.5 billion yuan project of Mu Linsen at the beginning of the year will also bring a new round of production expansion to the LED industry

in the era of capital competition, who can have more capital, who can occupy the dominant market, and the power of capital is gradually changing the pattern of the market. This year, the closing date of the acquisition of landvance, a subsidiary of OSRAM in Germany, by the mullinson consortium coincided with the 20th anniversary of the company. Mu Linsen's "ten billion" goal has fulfilled the dream of Chinese enterprises in the era of traditional lighting

capital integration changes the global LED industry pattern

financing in development and development after financing. Enterprises taking the capital express have embarked on the road of rapid expansion, while accelerating the horizontal and vertical integration of the industry. In recent years, overseas mergers and acquisitions of Chinese enterprises driven by capital have occurred frequently, and "going global" is expected to play an important role in the transformation and upgrading of domestic economy. OSRAM sold its lighting business to Chinese enterprises, Midea acquired KUKA, a famous German robot manufacturer, and Chinese enterprises negotiated the purchase of German semiconductor enterprise aisqiang, which attracted media attention in 2016

Mu Linsen recently released a restructuring plan. The company plans to purchase 100% equity of Mingxin optoelectronics at a price of 4billion yuan. At the same time, it plans to continue to shrink the supporting fund-raising by no more than 1.255 billion yuan. The acquisition target of the company is actually landvance, an overseas lighting solution supplier, which is mainly engaged in traditional light sources, LED light sources, etc. The company will carry out global layout and expand overseas markets through this transaction

from the consortium bidding for ledvance, the general lighting business of OSRAM, to the 100% acquisition, mulinson will officially take over ledvance. The merger and acquisition of OSRAM, the world lighting giant, which lasted more than a year and attracted many domestic enterprises to participate in the bidding, was officially concluded. The Chinese consortium consisting of IDG capital, MuLinSen and Yiwu state-owned assets operation center finally successfully completed the acquisition of the lighting business of this century old German enterprise. At the same time, with the advancement of the wholly-owned acquisition, the output value of Mu Linsen has exceeded 20billion yuan, which will make it squeeze into the top three LED lighting plants in the world

for listed companies, the acquisition of OSRAM lighting business by Mu Linsen is a milestone for them to enter the high-tech level of the lighting field. This combination of strong and strong forces, the industry generally believes that Mu Linsen will therefore rank among the world's three major led giants

in addition, at present, IDG capital is also leading Huacan optoelectronics to acquire the world's leading MEMS Meixin semiconductor, and the reorganization is now awaiting the final review of CFIUS in the United States; Once completed, it will significantly improve the technical level in the field of domestic sensors, and change the current situation that domestic enterprises cannot participate in the global competition of sensors

in this regard, the relevant person in charge of IDG capital said that as more Chinese enterprises leverage investment institutions with rich experience in mergers and acquisitions to implement overseas mergers and acquisitions, more and more core technologies will be introduced into China, promoting the transformation and upgrading of made in China in more fields, so as to reduce the impact that may be caused by the damage to the global supply chain and realize a faster transformation to "made in China"; On the other hand, effective mergers and acquisitions will promote the development of multi-level capital markets, play a positive role in serving the real economy and inject "capital flowing water" into the industry

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