[Source: Gaogong LED 's " LED Research Review" magazine April issue reporter / Liu Qiaomei ]
Since October 2012, the IPO has been suspended for five months. In addition, the rigorous IPO financial review storm of the China Securities Regulatory Commission has intensified. As of April this year, several LED companies to be listed have chosen to “retract materials†on the eve of the IPO. The result is both “unexpected†and “reasonableâ€.
Why do companies voluntarily give up listing in the face of huge interests? What kind of homework should LED companies do on the eve? In addition to the road to market as a thousand military horses and single-wood bridges, what other financing channels does LED companies have?
Discount IPO
According to public information, at the end of 2012, the CSRC ordered a financial verification storm for IPO companies, requiring sponsors and accounting firms to pay special attention to whether the issuer has self-dealing, related parties paying costs, and interest groups (here Refers to sponsors, PE institutions, etc.) 12 transactions or manipulation of profits such as transactions, indirect funds payment, lowering employee salaries, and control period expenses, and requiring issuers and intermediaries to submit self-examination before March 2013 Report, on this basis, organize a spot check.
As of April 3, the "High-tech LED" reporter from the official website of the China Securities Regulatory Commission found that, affected by this, the company that is mainly engaged in LED-related business, the list of initial public offerings that have been terminated for review in the year is Dalian. Luming Lighting Technology Co., Ltd., Yunnan Lanjing Technology Co., Ltd., Beijing Jinlixiang Art Technology Co., Ltd., Shengdi Optoelectronics Technology Co., Ltd., Shenzhen Cuitao Automation Equipment Co., Ltd. and other LED companies.
Zhang Hua is the Deputy Director of Information Technology Industry Investment of Shenzhen Innovation Investment Group Co., Ltd. His company has invested in NVC Lighting (02222.HK), Qinshang Optoelectronics (002638.SZ) and Zhouming Technology (300232.SZ). ), Dalian Luming, Juzuo Lighting, Yitong Electronics, Inspur Huaguang and other LED enterprises involved in the upstream, middle and lower reaches of the industrial chain, among which the successful entry into the capital market is NVC Lighting, Qinshang Optoelectronics and Chau Ming Technology, and Dalian Lu Ming has been terminated by the China Securities Regulatory Commission.
Shenzhen Venture Capital invested in Dalian Luming in 2000. At that time, the market share of Dalian Luming and Sanan Optoelectronics and Ganzhao Optoelectronics was almost the same. Today, Sanan Optoelectronics and Ganzhao Optoelectronics have been in the capital market for many years, but Dalian Luming has finally had to stop the IPO road.
Why withdraw the order
In order to let the LED companies that submitted the materials to avoid the same problem, the "High-tech LED" reporter has repeatedly tried to understand the specific reasons behind the termination of the review to the LED companies that have been terminated, but these companies do not answer the phone. If you don't reply to the text message, you will not be able to respond directly.
"High-tech LED" reporter learned from relevant informed sources that Dalian Luming has problems such as internal management confusion, related transactions, unclear accounting, non-growth business, and lack of core competitiveness.
For the reporter's verification, Zhang Hua is not willing to say more. However, Dalian Luming went to this step today. Zhang Hua bluntly said: "Dalian Luming began to lay out LEDs in 2000, but in the end it did not develop as fast as Sanan Optoelectronics. This is a very regrettable thing. 2008 to 2011 Year is the best era of display, and it has not been able to do it. It is more like the dry photo photoelectric, Silan Mingxin and Huacan Optoelectronics, which can be laid out later. It can only be said that it is the internal reason of the enterprise."
Like Dalian Luming, there are also companies such as Yunnan Lanjing, Beijing Jinlixiang, Shengdi Optoelectronics, and Cuitao Automation. Zhang Hua said: "Because the price of sapphire substrates has been sluggish since 2011, the financial situation of Yunnan Blue Crystal should not be closed. The auditing department is worried that the performance of the face should be the main cause."
It is understood that the GEM's initial listing management method has two clear rules for the company's financial status: First, continuous profit in the last two years, net profit accumulated not less than 10 million yuan, and continued to grow; second, profit in the most recent year, and The net profit is not less than 5 million yuan. The operating income in the most recent year is not less than 50 million yuan. The growth rate of operating income in the last two years is not less than 30%. “If the industry is in a period of rapid growth, sales and gross profit margins continue to grow. At least two or three years after the listing, the growth is continued. This is what the CSRC expects to see, but you see the LED sector last year basically. There have been varying degrees of decline in performance," said a brokerage investment banker.
On January 4 this year, the CSRC adopted the warning letter issued by Nanda Optoelectronics (300346). One of the reasons was that the performance of Nanda Optoelectronics dropped significantly after its listing. On July 26 last year, the company disclosed that its net profit decreased by about 20% in the “IPO and GEM Listing Announcementâ€. It was disclosed in the first-day risk warning announcement on August 7 last year that “realization is attributable to the issueâ€. The net profit of the shareholders decreased by 27.71% compared with the same period of last year." According to preliminary estimates, the company's net profit fell by about 40% from January to September 2012, and the actual decline was 52.42%.
The CSRC is not only worried about the problem of changing its face, but also the growth factor is one of the elements of assessment.
“Beijing Jin Lixiang’s main business is the display screen. The growth of this market segment is foreseeable and continuing to be depressed. If it is listed on the pure display business, next year’s performance should decline. As long as it is reported by LED display companies. If there is no strong other growth point, it should be returned by the CSRC." Zhang Hua thinks so.
For Cuitao Automation, Zhang Hua believes that equipment depends on the secondary growth of downstream customers' capacity growth. If downstream customers are motivated to expand production capacity, or even expand production, the equipment manufacturers will have very good performance. It is ugly, the SFC should have concerns in this regard.
Another way out
Xiao Ling is the chairman of Shenzhen Juzuo Lighting Co., Ltd., and she is also paying attention to all kinds of information released by the CSRC. She is more concerned about the specific progress before and after the listing of LED companies.
Recently, major financial media have exposed the scandals of Qinshang Optoelectronics and Sanan Optoelectronics, and the performance of some listed companies has changed frequently. Now that I have learned that several LED companies have terminated the review, Xiao Ling feels quite a bit: "The LED industry is really trouble-ridden. Is the CSRC having a negative view on LED companies? After the listing, so many scandals have occurred. Does the CSRC doubt the whole? The LED industry is doing fake, will there be a preconceived impression."
For the time being, aside from the view of the CSRC, whether the listed company has financial packaging, excessive performance, and whether there is a false report, this is a question that the listed company needs to seriously consider.
"Financial statements can not be faked, this is the most fundamental bottom line." In the face of the proposed company or light or heavy "financial packaging," a brokerage said. The first case of the recent listing of the GEM, Wanfushengke (300268), fraudulent listing of financial fraud, will likely become the first GEM listed company to delist.
The listing of the LED industry has always been a single-wood bridge, and now the road to LED companies is more bumpy. In addition to listing, LED companies can also find another way out, one is to fight for the new three board, the second is to seek mergers and acquisitions, and the third is to warm up the group and go public.
At the same time, the development of the new three-board market provides a good exit method for PE and VC. Perhaps the financing problem that SMEs are worried about is expected to be alleviated.
Since October 2012, the IPO has been suspended for five months. In addition, the rigorous IPO financial review storm of the China Securities Regulatory Commission has intensified. As of April this year, several LED companies to be listed have chosen to “retract materials†on the eve of the IPO. The result is both “unexpected†and “reasonableâ€.
Why do companies voluntarily give up listing in the face of huge interests? What kind of homework should LED companies do on the eve? In addition to the road to market as a thousand military horses and single-wood bridges, what other financing channels does LED companies have?
Discount IPO
According to public information, at the end of 2012, the CSRC ordered a financial verification storm for IPO companies, requiring sponsors and accounting firms to pay special attention to whether the issuer has self-dealing, related parties paying costs, and interest groups (here Refers to sponsors, PE institutions, etc.) 12 transactions or manipulation of profits such as transactions, indirect funds payment, lowering employee salaries, and control period expenses, and requiring issuers and intermediaries to submit self-examination before March 2013 Report, on this basis, organize a spot check.
As of April 3, the "High-tech LED" reporter from the official website of the China Securities Regulatory Commission found that, affected by this, the company that is mainly engaged in LED-related business, the list of initial public offerings that have been terminated for review in the year is Dalian. Luming Lighting Technology Co., Ltd., Yunnan Lanjing Technology Co., Ltd., Beijing Jinlixiang Art Technology Co., Ltd., Shengdi Optoelectronics Technology Co., Ltd., Shenzhen Cuitao Automation Equipment Co., Ltd. and other LED companies.
Zhang Hua is the Deputy Director of Information Technology Industry Investment of Shenzhen Innovation Investment Group Co., Ltd. His company has invested in NVC Lighting (02222.HK), Qinshang Optoelectronics (002638.SZ) and Zhouming Technology (300232.SZ). ), Dalian Luming, Juzuo Lighting, Yitong Electronics, Inspur Huaguang and other LED enterprises involved in the upstream, middle and lower reaches of the industrial chain, among which the successful entry into the capital market is NVC Lighting, Qinshang Optoelectronics and Chau Ming Technology, and Dalian Lu Ming has been terminated by the China Securities Regulatory Commission.
Shenzhen Venture Capital invested in Dalian Luming in 2000. At that time, the market share of Dalian Luming and Sanan Optoelectronics and Ganzhao Optoelectronics was almost the same. Today, Sanan Optoelectronics and Ganzhao Optoelectronics have been in the capital market for many years, but Dalian Luming has finally had to stop the IPO road.
Why withdraw the order
In order to let the LED companies that submitted the materials to avoid the same problem, the "High-tech LED" reporter has repeatedly tried to understand the specific reasons behind the termination of the review to the LED companies that have been terminated, but these companies do not answer the phone. If you don't reply to the text message, you will not be able to respond directly.
"High-tech LED" reporter learned from relevant informed sources that Dalian Luming has problems such as internal management confusion, related transactions, unclear accounting, non-growth business, and lack of core competitiveness.
For the reporter's verification, Zhang Hua is not willing to say more. However, Dalian Luming went to this step today. Zhang Hua bluntly said: "Dalian Luming began to lay out LEDs in 2000, but in the end it did not develop as fast as Sanan Optoelectronics. This is a very regrettable thing. 2008 to 2011 Year is the best era of display, and it has not been able to do it. It is more like the dry photo photoelectric, Silan Mingxin and Huacan Optoelectronics, which can be laid out later. It can only be said that it is the internal reason of the enterprise."
Like Dalian Luming, there are also companies such as Yunnan Lanjing, Beijing Jinlixiang, Shengdi Optoelectronics, and Cuitao Automation. Zhang Hua said: "Because the price of sapphire substrates has been sluggish since 2011, the financial situation of Yunnan Blue Crystal should not be closed. The auditing department is worried that the performance of the face should be the main cause."
It is understood that the GEM's initial listing management method has two clear rules for the company's financial status: First, continuous profit in the last two years, net profit accumulated not less than 10 million yuan, and continued to grow; second, profit in the most recent year, and The net profit is not less than 5 million yuan. The operating income in the most recent year is not less than 50 million yuan. The growth rate of operating income in the last two years is not less than 30%. “If the industry is in a period of rapid growth, sales and gross profit margins continue to grow. At least two or three years after the listing, the growth is continued. This is what the CSRC expects to see, but you see the LED sector last year basically. There have been varying degrees of decline in performance," said a brokerage investment banker.
On January 4 this year, the CSRC adopted the warning letter issued by Nanda Optoelectronics (300346). One of the reasons was that the performance of Nanda Optoelectronics dropped significantly after its listing. On July 26 last year, the company disclosed that its net profit decreased by about 20% in the “IPO and GEM Listing Announcementâ€. It was disclosed in the first-day risk warning announcement on August 7 last year that “realization is attributable to the issueâ€. The net profit of the shareholders decreased by 27.71% compared with the same period of last year." According to preliminary estimates, the company's net profit fell by about 40% from January to September 2012, and the actual decline was 52.42%.
The CSRC is not only worried about the problem of changing its face, but also the growth factor is one of the elements of assessment.
“Beijing Jin Lixiang’s main business is the display screen. The growth of this market segment is foreseeable and continuing to be depressed. If it is listed on the pure display business, next year’s performance should decline. As long as it is reported by LED display companies. If there is no strong other growth point, it should be returned by the CSRC." Zhang Hua thinks so.
For Cuitao Automation, Zhang Hua believes that equipment depends on the secondary growth of downstream customers' capacity growth. If downstream customers are motivated to expand production capacity, or even expand production, the equipment manufacturers will have very good performance. It is ugly, the SFC should have concerns in this regard.
Another way out
Xiao Ling is the chairman of Shenzhen Juzuo Lighting Co., Ltd., and she is also paying attention to all kinds of information released by the CSRC. She is more concerned about the specific progress before and after the listing of LED companies.
Recently, major financial media have exposed the scandals of Qinshang Optoelectronics and Sanan Optoelectronics, and the performance of some listed companies has changed frequently. Now that I have learned that several LED companies have terminated the review, Xiao Ling feels quite a bit: "The LED industry is really trouble-ridden. Is the CSRC having a negative view on LED companies? After the listing, so many scandals have occurred. Does the CSRC doubt the whole? The LED industry is doing fake, will there be a preconceived impression."
For the time being, aside from the view of the CSRC, whether the listed company has financial packaging, excessive performance, and whether there is a false report, this is a question that the listed company needs to seriously consider.
"Financial statements can not be faked, this is the most fundamental bottom line." In the face of the proposed company or light or heavy "financial packaging," a brokerage said. The first case of the recent listing of the GEM, Wanfushengke (300268), fraudulent listing of financial fraud, will likely become the first GEM listed company to delist.
The listing of the LED industry has always been a single-wood bridge, and now the road to LED companies is more bumpy. In addition to listing, LED companies can also find another way out, one is to fight for the new three board, the second is to seek mergers and acquisitions, and the third is to warm up the group and go public.
At the same time, the development of the new three-board market provides a good exit method for PE and VC. Perhaps the financing problem that SMEs are worried about is expected to be alleviated.
Flat Wire High Current Inductor
Flat Wire High Current Inductor,Small Flat Wire Common Mode Inductors,High Current Flat Wire Inductors,High Power Flat Wire Inductors
Shenzhen Sichuangge Magneto-electric Co. , Ltd , https://www.rodinductor.com