[High-tech LED reporter / Wang Cairong] The LED chip market continues to be popular, and it seems that Taiwan's LED chip leader Jingyuan Optoelectronics is not in a hurry.
On June 30, Jingyuan Optoelectronics and Yanyuan Optoelectronics announced that the M&A plan will be completed. Jingyuan Optoelectronics will acquire Yuyuan Optoelectronics in a way of share swap, and Yuyuan Optoelectronics will become a wholly-owned subsidiary of Jingyuan Optoelectronics. Jingyuan Optoelectronics said that the acquisition will be a share transfer by issuing new shares. It plans to issue 175 million shares at a par value of 10 yuan per share, with a total issue of 1.746 billion yuan (NT). After the completion of the share swap, Jingyuan Optoelectronics Co., Ltd. It will increase to 11.106 billion yuan (NT).
According to the announcements disclosed by the two companies, Yanyuan Optoelectronics will exchange 1.444 shares of common stock for one ordinary share issued by Jingyuan Optoelectronics. The base date for share conversion is tentatively scheduled for December 30, 2014. Based on the closing price of Jingyuan Optoelectronics and Yuyuan Optoelectronics on the day of the announcement, the conversion premium rate was approximately 17.6%. If all the shares of the original shareholder of Yuyuan Optoelectronics are completed, Jingyuan Optoelectronics will hold 100% equity of Haoyuan Optoelectronics.
After the news was disclosed, a stone provoked a thousand waves and immediately caused widespread concern. The industry has different opinions.
M&A eases capacity pressure
"At present, Jingyuan Optoelectronics is out of stock and lacks capacity. The direct acquisition of Yuyuan Optoelectronics is faster than the purchase of MOCVD equipment." Wang Junbo, deputy general manager of Jingyuan Baochen Optoelectronics (Shenzhen) Co., Ltd. accepted "High" In the interview with the worker LED, the speed of our expansion has not slowed down, but at present we need to have faster production capacity. The speed of purchasing MOCVD machines may not be too late.
Since the first half of this year, driven by the accelerated LED lighting market, the supply and demand of LED chip factory capacity has been tight, and the shortage of production capacity of Jingyuan Optoelectronics as a chip leader is more obvious.
In mid-June, Li Bingjie, chairman of Jingyuan Optoelectronics, once admitted that the current production capacity of crystal chip is in short supply, especially the high-brightness chip is obviously out of stock, and the gap between supply and demand is about 20%. Wang Binglong, chairman of Taiwan's packaging factory Hongqi, also said in April this year that the current order with Jingyuan Optoelectronics will take two months to get the goods.
Therefore, for Jingyuan Optoelectronics, it is a good strategy to alleviate the current capacity pressure by selecting and purchasing Yuyuan Optoelectronics at this time.
According to public information, at present, Jingyuan Optoelectronics has a total of 385 MOCVD machine equipment and 103 units of Yanyuan Optoelectronics. Together with this year's expansion plan of Jingyuan Optoelectronics, it is expected to reach 500 units by the end of this year. The expansion of the production capacity of Jingyuan Optoelectronics will further widen the gap with the industry peers.
For Sanan Optoelectronics, the largest shareholder of Yanyuan Optoelectronics, the industry has been speculating about how to make a decision.
In this regard, Sanan Optoelectronics Board Secretary Wang Qing said in an interview with the reporter of "High-tech LED" that for the company's holding of 120 million yuan of shares in the company, Sanan Optoelectronics can choose to vote in the Yuanyuan Optoelectronics M&A proposal. Against the black, and start the repurchase terms, Yuyuan Optoelectronics must repurchase all the shares held by Sanan Optoelectronics. The second option is to convert to Jingyuan Optoelectronics common stock or continue to hold the shares of Yuanyuan Optoelectronics Private Equity. "The specific vote will be held at the Yuanyuan Optoelectronics Shareholders Meeting in late September, but Sanan Optoelectronics will make a decision at the board meeting before the vote."
Sanan photoelectric "chicken rib" said
It is worth noting that if Sanan Optoelectronics chooses to convert shares, its 19.77% of the shares of Yuyuan Optoelectronics will be exchanged for 34,810,800 shares of Jingyuan Optoelectronics, which is expected to become the second largest shareholder of Jingyuan Optoelectronics.
However, some insiders told reporters that Sanan Optoelectronics may sell a part of the shares of Yuyuan Optoelectronics and continue to hold part of the equity of Jingyuan Optoelectronics. “In 2013, Sanan Optoelectronics subscribed for the self-raised funds of Yanyuan Optoelectronics to lend to banks, and the pressure is also relatively large.â€
“Actually, at the end of 2012, Sanan Optoelectronics subscribed for 19.77% of the shares of Yanyuan Optoelectronics based on three considerations: First, it wants to supplement the shortage of production capacity through Yuyuan Optoelectronics, and second, it wants to use the round-scale photoelectric to open relevant overseas sales. In the end, Sanan Optoelectronics paid more attention to the relevant patents of Yuyuan Optoelectronics.†Wang Qing told reporters, but in the past two years, Sanan Optoelectronics has greatly increased the scale of production capacity with the help of the capital market. With the acquisition of US lumens, the channel for capacity consumption has been opened, breaking the relevant patent threshold.
Judging from the reply given by Wang Qing, Sanan Optoelectronics chose "marriage" in the past year. Due to the economic control factors of the mainland and Taiwan, Sanan Optoelectronics did not get much benefit from it, and Yuguang Optoelectronics is near In the two years of market competition, it has also been declining. Therefore, for Sanan Optoelectronics, the current Yuyuan Optoelectronics has become a "chicken rib", just like a discarded child.
Zhang Hongbiao, research director of the High-tech LED Industry Research Institute (GLII), believes that Yuanyuan Optoelectronics has been in a state of loss for almost two years, and the average monthly gross profit margin is below -15%, especially in 2014. The gross profit margin for the quarter was as low as -43.77%, and the shareholders of Yanyuan Optoelectronics were quite dissatisfied.
“It’s very difficult to refinance, and it’s not realistic to continue to expand production. It’s not a reality to convert stocks into shareholders. For the shareholders of Yuanyuan, this transaction is not a loss.†Zhang Hongbiao said If it is not acquired, Yuanyuan is not far from bankruptcy, and even if it is not acquired by Jingdian, it will be acquired by other companies. Therefore, the acquisition of Yuyuan Optoelectronics is essentially the best interpretation of the market competition for the survival of the fittest.
On June 30, Jingyuan Optoelectronics and Yanyuan Optoelectronics announced that the M&A plan will be completed. Jingyuan Optoelectronics will acquire Yuyuan Optoelectronics in a way of share swap, and Yuyuan Optoelectronics will become a wholly-owned subsidiary of Jingyuan Optoelectronics. Jingyuan Optoelectronics said that the acquisition will be a share transfer by issuing new shares. It plans to issue 175 million shares at a par value of 10 yuan per share, with a total issue of 1.746 billion yuan (NT). After the completion of the share swap, Jingyuan Optoelectronics Co., Ltd. It will increase to 11.106 billion yuan (NT).
According to the announcements disclosed by the two companies, Yanyuan Optoelectronics will exchange 1.444 shares of common stock for one ordinary share issued by Jingyuan Optoelectronics. The base date for share conversion is tentatively scheduled for December 30, 2014. Based on the closing price of Jingyuan Optoelectronics and Yuyuan Optoelectronics on the day of the announcement, the conversion premium rate was approximately 17.6%. If all the shares of the original shareholder of Yuyuan Optoelectronics are completed, Jingyuan Optoelectronics will hold 100% equity of Haoyuan Optoelectronics.
After the news was disclosed, a stone provoked a thousand waves and immediately caused widespread concern. The industry has different opinions.
M&A eases capacity pressure
"At present, Jingyuan Optoelectronics is out of stock and lacks capacity. The direct acquisition of Yuyuan Optoelectronics is faster than the purchase of MOCVD equipment." Wang Junbo, deputy general manager of Jingyuan Baochen Optoelectronics (Shenzhen) Co., Ltd. accepted "High" In the interview with the worker LED, the speed of our expansion has not slowed down, but at present we need to have faster production capacity. The speed of purchasing MOCVD machines may not be too late.
Since the first half of this year, driven by the accelerated LED lighting market, the supply and demand of LED chip factory capacity has been tight, and the shortage of production capacity of Jingyuan Optoelectronics as a chip leader is more obvious.
In mid-June, Li Bingjie, chairman of Jingyuan Optoelectronics, once admitted that the current production capacity of crystal chip is in short supply, especially the high-brightness chip is obviously out of stock, and the gap between supply and demand is about 20%. Wang Binglong, chairman of Taiwan's packaging factory Hongqi, also said in April this year that the current order with Jingyuan Optoelectronics will take two months to get the goods.
Therefore, for Jingyuan Optoelectronics, it is a good strategy to alleviate the current capacity pressure by selecting and purchasing Yuyuan Optoelectronics at this time.
According to public information, at present, Jingyuan Optoelectronics has a total of 385 MOCVD machine equipment and 103 units of Yanyuan Optoelectronics. Together with this year's expansion plan of Jingyuan Optoelectronics, it is expected to reach 500 units by the end of this year. The expansion of the production capacity of Jingyuan Optoelectronics will further widen the gap with the industry peers.
For Sanan Optoelectronics, the largest shareholder of Yanyuan Optoelectronics, the industry has been speculating about how to make a decision.
In this regard, Sanan Optoelectronics Board Secretary Wang Qing said in an interview with the reporter of "High-tech LED" that for the company's holding of 120 million yuan of shares in the company, Sanan Optoelectronics can choose to vote in the Yuanyuan Optoelectronics M&A proposal. Against the black, and start the repurchase terms, Yuyuan Optoelectronics must repurchase all the shares held by Sanan Optoelectronics. The second option is to convert to Jingyuan Optoelectronics common stock or continue to hold the shares of Yuanyuan Optoelectronics Private Equity. "The specific vote will be held at the Yuanyuan Optoelectronics Shareholders Meeting in late September, but Sanan Optoelectronics will make a decision at the board meeting before the vote."
Sanan photoelectric "chicken rib" said
It is worth noting that if Sanan Optoelectronics chooses to convert shares, its 19.77% of the shares of Yuyuan Optoelectronics will be exchanged for 34,810,800 shares of Jingyuan Optoelectronics, which is expected to become the second largest shareholder of Jingyuan Optoelectronics.
However, some insiders told reporters that Sanan Optoelectronics may sell a part of the shares of Yuyuan Optoelectronics and continue to hold part of the equity of Jingyuan Optoelectronics. “In 2013, Sanan Optoelectronics subscribed for the self-raised funds of Yanyuan Optoelectronics to lend to banks, and the pressure is also relatively large.â€
“Actually, at the end of 2012, Sanan Optoelectronics subscribed for 19.77% of the shares of Yanyuan Optoelectronics based on three considerations: First, it wants to supplement the shortage of production capacity through Yuyuan Optoelectronics, and second, it wants to use the round-scale photoelectric to open relevant overseas sales. In the end, Sanan Optoelectronics paid more attention to the relevant patents of Yuyuan Optoelectronics.†Wang Qing told reporters, but in the past two years, Sanan Optoelectronics has greatly increased the scale of production capacity with the help of the capital market. With the acquisition of US lumens, the channel for capacity consumption has been opened, breaking the relevant patent threshold.
Judging from the reply given by Wang Qing, Sanan Optoelectronics chose "marriage" in the past year. Due to the economic control factors of the mainland and Taiwan, Sanan Optoelectronics did not get much benefit from it, and Yuguang Optoelectronics is near In the two years of market competition, it has also been declining. Therefore, for Sanan Optoelectronics, the current Yuyuan Optoelectronics has become a "chicken rib", just like a discarded child.
Zhang Hongbiao, research director of the High-tech LED Industry Research Institute (GLII), believes that Yuanyuan Optoelectronics has been in a state of loss for almost two years, and the average monthly gross profit margin is below -15%, especially in 2014. The gross profit margin for the quarter was as low as -43.77%, and the shareholders of Yanyuan Optoelectronics were quite dissatisfied.
“It’s very difficult to refinance, and it’s not realistic to continue to expand production. It’s not a reality to convert stocks into shareholders. For the shareholders of Yuanyuan, this transaction is not a loss.†Zhang Hongbiao said If it is not acquired, Yuanyuan is not far from bankruptcy, and even if it is not acquired by Jingdian, it will be acquired by other companies. Therefore, the acquisition of Yuyuan Optoelectronics is essentially the best interpretation of the market competition for the survival of the fittest.
The Bluetooth headset is to apply Bluetooth technology to the handsfree earphone, so that users can avoid the annoying wires and tie, and when and where they can easily talk. Grand's Bluetooth earphone is small, wireless, portable, and other features, waterproof, Bluetooth stereo earphone, single-ear wireless Bluetooth earphone and hands-free wireless Bluetooth earphone.
Wireless earphone,Mono Earphone, Wireless Bluetooth Earphone
Shenzhen PuFang Technology Co., Ltd. , https://www.hytelus.com