[Text / "High-tech LED - Research and Review" August issue Hu Yanling]
In the history of China's LED industry, 2012 will be an extraordinary year. Under the background of the tremendous changes in the market environment, many companies known as “old qualifications†are experiencing transformation pains.
As the first optoelectronic listed company in China, Lianchuang Optoelectronics (600363.SH) has not grabbed a lot of opportunities in the fast-growing LED industry in recent years, but has been followed by many LED listed companies. "As the first old company listed in the LED industry, there has been no riches or starvation for more than ten years." Xiao Wen, Chairman of Lianchuang Optoelectronics, objectively evaluated the history of Lianchuang Optoelectronics.
According to the 2012 semi-annual report released by Lianchuang Optoelectronics, during the reporting period, the company's LED products realized operating income of 389 million yuan, accounting for 66.83% of the company's operating income in the first half of the year, down 15.23% year-on-year. Like most LED companies, Lianchuang Optoelectronics has not escaped the decline in performance. Such performance is also far from the income of the largest LED company in China, 1.37 billion yuan.
"The state-owned system has greatly restricted the development of the company." Xiao Wen pointed out the development of Lianchuang Optoelectronics. However, this system is undergoing changes. At the end of 2010, Haoshang United Co., Ltd. acquired 100% equity of Jiangxi Electronic Group, which is directly affiliated to Jiangxi Provincial State-owned Assets Supervision and Administration Commission, and indirectly owned 20.41% of Lianchuang Optoelectronics through Jiangxi Electronics Group. Become the largest shareholder of Lianchuang Optoelectronics.
Lianchuang Optoelectronics has thus completed the transition from state-owned holding companies to privatized enterprises, and a series of changes are also quietly unfolding. Xiao Wen admits that Lianchuang Optoelectronics has had too much inherent thinking and inertia in the past 20 years of the old state-owned enterprise system. The change will not be done overnight, and there will be a long period of pain.
Privatization reform
Lianchuang Optoelectronics Co., Ltd. was founded in June 1999 and listed on the Shanghai Stock Exchange in March 2001. It is the first optoelectronic enterprise listed in China. We must know that Sanan Optoelectronics, the largest LED company in China, has only recently been established.
In 2001, Lianchuang Optoelectronics earned an operating income of 632 million yuan, of which LED revenue was 255 million yuan. However, in the past ten years, by 2011, the company's operating income was 1.171 billion yuan, an increase of only 83.83% compared with 2001.
This decade is exactly the decade of rapid development of the LED industry. A number of LED companies such as Sanan Optoelectronics, Ganzhao Optoelectronics, Guoxing Optoelectronics and Ruifeng Optoelectronics have also been listed. For a time, the LED concept flourished in the capital market, and Lianchuang Optoelectronics grew so slowly that it almost fell into the forgotten corner.
Xiao Wen admits that the development of Lianchuang photoelectric deep receptor system, the development of these years is in a tepid situation.
The transfer took place in 2011. It was in this year that Lianchuang Optoelectronics successfully completed the transition from state-owned holding companies to private enterprises.
Before 2011, the actual controller of Lianchuang Optoelectronics was the Jiangxi Provincial State-owned Assets Supervision and Administration Commission. Jiangxi Electronic Group, which is directly affiliated to the Jiangxi Provincial State-owned Assets Supervision and Administration Commission, owns 20.41% of Lianchuang Optoelectronics and is the largest shareholder of Lianchuang Optoelectronics.
In October 2009, the Jiangxi Provincial State-owned Assets Supervision and Administration Commission issued a notice on the equity transfer of Jiangxi Electronics Group. Until the beginning of August 2010, the Jiangxi Provincial People's Government agreed to publicly list the entire equity of the Electronic Group.
On October 14, 2010, at the electronic bidding meeting held by the Jiangxi Provincial Property Rights Exchange, the merchants jointly won the entire equity of Jiangxi Electronic Group for 982 million yuan.
On November 5, 2010, the State-owned Assets Supervision and Administration Commission of Jiangxi Province officially signed the equity transfer contract of Jiangxi Electronic Group with the merchants. As a result, the merchants jointly became the new owner of Lianchuang Optoelectronics.
The privatization reform has been successfully completed, and how to re-start has become the biggest problem facing Lianchuang Optoelectronics. Xiao Wen said frankly: "This year will be the most painful year for Lianchuang Optoelectronics. We must respect history and we must get rid of the burdens before we can lightly install the road."
Financing
Lianchuang Optoelectronics, which has completed the privatization and restructuring, has gradually begun the road to change. The first thing to solve is the issue of funds.
In July 2011, Lianchuang Optoelectronics launched a non-public offering of A shares. On June 15, 2012, the company's application for non-public issuance of A shares was successfully approved by the China Securities Regulatory Commission's Issuance Review Committee. On August 13, the approval of the non-public issuance of A shares by the China Securities Regulatory Commission was approved.
According to the plan, the total amount of funds raised this time does not exceed 636.3 million yuan (including the issuance expenses), and the net proceeds after deducting the issuance expenses will be used for the following items:
Table 1. Status of fundraising projects
In the next 18 months, the above projects will produce 100,000 LED street lights, tunnel lights, 1.5 million LED fluorescent lamps, and 3 million LED bulbs. In terms of LED devices, the annual output of 1.2 billion LED packaging lines will be realized. . If the above plan is implemented smoothly, the revenue of Lianchuang Optoelectronics LED business will be close to 1.4 billion yuan, and the total profit will reach 166 million yuan.
In the history of China's LED industry, 2012 will be an extraordinary year. Under the background of the tremendous changes in the market environment, many companies known as “old qualifications†are experiencing transformation pains.
As the first optoelectronic listed company in China, Lianchuang Optoelectronics (600363.SH) has not grabbed a lot of opportunities in the fast-growing LED industry in recent years, but has been followed by many LED listed companies. "As the first old company listed in the LED industry, there has been no riches or starvation for more than ten years." Xiao Wen, Chairman of Lianchuang Optoelectronics, objectively evaluated the history of Lianchuang Optoelectronics.
According to the 2012 semi-annual report released by Lianchuang Optoelectronics, during the reporting period, the company's LED products realized operating income of 389 million yuan, accounting for 66.83% of the company's operating income in the first half of the year, down 15.23% year-on-year. Like most LED companies, Lianchuang Optoelectronics has not escaped the decline in performance. Such performance is also far from the income of the largest LED company in China, 1.37 billion yuan.
"The state-owned system has greatly restricted the development of the company." Xiao Wen pointed out the development of Lianchuang Optoelectronics. However, this system is undergoing changes. At the end of 2010, Haoshang United Co., Ltd. acquired 100% equity of Jiangxi Electronic Group, which is directly affiliated to Jiangxi Provincial State-owned Assets Supervision and Administration Commission, and indirectly owned 20.41% of Lianchuang Optoelectronics through Jiangxi Electronics Group. Become the largest shareholder of Lianchuang Optoelectronics.
Lianchuang Optoelectronics has thus completed the transition from state-owned holding companies to privatized enterprises, and a series of changes are also quietly unfolding. Xiao Wen admits that Lianchuang Optoelectronics has had too much inherent thinking and inertia in the past 20 years of the old state-owned enterprise system. The change will not be done overnight, and there will be a long period of pain.
Privatization reform
Lianchuang Optoelectronics Co., Ltd. was founded in June 1999 and listed on the Shanghai Stock Exchange in March 2001. It is the first optoelectronic enterprise listed in China. We must know that Sanan Optoelectronics, the largest LED company in China, has only recently been established.
In 2001, Lianchuang Optoelectronics earned an operating income of 632 million yuan, of which LED revenue was 255 million yuan. However, in the past ten years, by 2011, the company's operating income was 1.171 billion yuan, an increase of only 83.83% compared with 2001.
This decade is exactly the decade of rapid development of the LED industry. A number of LED companies such as Sanan Optoelectronics, Ganzhao Optoelectronics, Guoxing Optoelectronics and Ruifeng Optoelectronics have also been listed. For a time, the LED concept flourished in the capital market, and Lianchuang Optoelectronics grew so slowly that it almost fell into the forgotten corner.
Xiao Wen admits that the development of Lianchuang photoelectric deep receptor system, the development of these years is in a tepid situation.
The transfer took place in 2011. It was in this year that Lianchuang Optoelectronics successfully completed the transition from state-owned holding companies to private enterprises.
Before 2011, the actual controller of Lianchuang Optoelectronics was the Jiangxi Provincial State-owned Assets Supervision and Administration Commission. Jiangxi Electronic Group, which is directly affiliated to the Jiangxi Provincial State-owned Assets Supervision and Administration Commission, owns 20.41% of Lianchuang Optoelectronics and is the largest shareholder of Lianchuang Optoelectronics.
In October 2009, the Jiangxi Provincial State-owned Assets Supervision and Administration Commission issued a notice on the equity transfer of Jiangxi Electronics Group. Until the beginning of August 2010, the Jiangxi Provincial People's Government agreed to publicly list the entire equity of the Electronic Group.
On October 14, 2010, at the electronic bidding meeting held by the Jiangxi Provincial Property Rights Exchange, the merchants jointly won the entire equity of Jiangxi Electronic Group for 982 million yuan.
On November 5, 2010, the State-owned Assets Supervision and Administration Commission of Jiangxi Province officially signed the equity transfer contract of Jiangxi Electronic Group with the merchants. As a result, the merchants jointly became the new owner of Lianchuang Optoelectronics.
The privatization reform has been successfully completed, and how to re-start has become the biggest problem facing Lianchuang Optoelectronics. Xiao Wen said frankly: "This year will be the most painful year for Lianchuang Optoelectronics. We must respect history and we must get rid of the burdens before we can lightly install the road."
Financing
Lianchuang Optoelectronics, which has completed the privatization and restructuring, has gradually begun the road to change. The first thing to solve is the issue of funds.
In July 2011, Lianchuang Optoelectronics launched a non-public offering of A shares. On June 15, 2012, the company's application for non-public issuance of A shares was successfully approved by the China Securities Regulatory Commission's Issuance Review Committee. On August 13, the approval of the non-public issuance of A shares by the China Securities Regulatory Commission was approved.
According to the plan, the total amount of funds raised this time does not exceed 636.3 million yuan (including the issuance expenses), and the net proceeds after deducting the issuance expenses will be used for the following items:
Table 1. Status of fundraising projects
In the next 18 months, the above projects will produce 100,000 LED street lights, tunnel lights, 1.5 million LED fluorescent lamps, and 3 million LED bulbs. In terms of LED devices, the annual output of 1.2 billion LED packaging lines will be realized. . If the above plan is implemented smoothly, the revenue of Lianchuang Optoelectronics LED business will be close to 1.4 billion yuan, and the total profit will reach 166 million yuan.
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