Domestic LED companies "listed to market" How to wait for the future

At the opening ceremony of the 2008 Beijing Olympic Games, the squad and ink paintings, and the 6,000 lights in Pujiang, which were unveiled at the 2010 Shanghai World Expo, were just the abstract concept of LED technology, which became a new thing in the street.

With the improvement of cognition, the domestic LED industry has also ushered in a period of rapid development. In 2010, National Star Optoelectronics, Ganzhao Optoelectronics, Lehman Optoelectronics, three LED chip companies realized IPO. Since May this year, domestic LED packaging company Hongli Optoelectronics, display company Alto Electronics and Shenzhen Zhouming Technology Co., Ltd. have also listed in Shenzhen. Ruifeng Optoelectronics, which has successfully met, will soon cross the IPO threshold.

It is reported that about 50 LED companies in the Mainland are currently engaged in share reform and are planning to list in the short term. Enterprises such as Mulinsen, Juzuo, Wanrun and Lianjian Optoelectronics have entered the ranks of queuing. Industry insiders predict that the LED industry's explosive point is likely to appear in the next two years. In the current "expansion period" of the near-explosion point, LED companies in the fast-rising period will be blessed once they receive capital assistance. Prospects.

LED companies are lining up for listing, just like the stars. So, how do you view the "listing tide" of the LED company? How can enterprises seek further development through IPO funds? After the listing, where will the mainland LED industry go? The road behind the glamorous listing is still to be solved.

"Listing to market" forced by Taiwan enterprises

The rise of the listing since 2010 has become an important accelerator for LED companies to expand their scale and leapfrog development. Wang Shouren, executive vice president of the Shenzhen Venture Capital Association, told the media: "Some growth companies are generally facing growth bottlenecks when they achieve sales revenues of more than 100 million yuan and net profit of 340 million yuan. Providing a financing platform for enterprises, enabling small and medium-sized enterprises to continue to expand their scale, promote R&D, and improve their business management model by leveraging capital market breakthroughs."

Investors analyzed that under the current macroeconomic policy of energy conservation and emission reduction, if LED companies can successfully go public, whether it is corporate brand, finance, credit rating, or external market cooperation and market trust, it will be greatly improved. Some LED companies are like "black horses" in the high-speed growth period. As long as they get the capital market's boost in development funds and enterprise systems, the market value will be rushed from 200 million yuan to 500 million yuan to 100 million yuan in a short period of time.

However, the promising prospects are not the product of the natural development of the industry. Many insiders have expressed concern about the queuing boom. Zhang Xiaofei, CEO of Gaogong LED, said: "The current situation is like a market. Everyone is worried that this village will not have this store."

The urgency of waiting for this kind of time is mainly due to the pressure exerted by LED companies in Taiwan. Taiwan is the world's LED industry, and Taiwan's Jingyuan Optoelectronics is a global LED packaging giant. On March 26 this year, Jingyuan Optoelectronics signed a cooperation agreement with Skyworth Digital and Delta Electronics to jointly invest 600 million US dollars to build LED chip projects in Zengcheng, Guangdong. Previously, Jingyuan Optoelectronics also established LED chip joint ventures with Xiamen, Changzhou Development and Guangbao in Xiamen and Changzhou.

According to high-tech LED statistics, among the top ten manufacturers of LED epitaxial chips in Taiwan, seven companies, such as Jingyuan, Guanglei, Dingyuan, Yuyuan, Huashang, New Century Optoelectronics and Ronda, have established joint ventures or wholly-owned factories in the mainland. The "giant air raid" has greatly squeezed the space for the survival and development of mainland LED companies.

In the view of Gong Weibin, general manager of Ruifeng Optoelectronics, a leading LED backlight manufacturer in mainland China, the accelerated expansion of the LED industry in Taiwan has triggered a round of fierce competition. “Continental LED companies cannot compete with Taiwan’s LED giants in terms of technology and scale. Without the power of capital, the future development prospects will be gray, and even their own R&D teams may be hacked by competitors."

This argument also found a footnote in reality. Hongli Optoelectronics, which has been listed on the GEM, has data in its prospectus showing that in 2010, the company's revenue was 438 million yuan, an increase of 70.51% compared with 2009, and a net profit of 63.24 million yuan, an increase of 133.46% over the same period of 2009. But this data is a bit pale in the face of the performance of Taiwan's Jingyuan Optoelectronics. In 2010, Jingyuan Optoelectronics earned NT$19.8 billion (about RMB4.4 billion) and its net profit reached NT$5.77 billion (about RMB1.29 billion). Compared with mainland enterprises, it has obvious advantages.

For this reason, Hongli Optoelectronics specifically pointed out in the prospectus that subject to the financial strength, it is subject to certain restrictions on expanding product production scale and optimizing product structure, especially in the comprehensive strength of leading enterprises in Taiwan and foreign industries. A certain gap, the urgent need to use capital to achieve rapid development and industrial upgrading.

Kang Wei, a director of Huarui Investment, which focuses on the LED field, asserts: "If the mainland LED companies cannot be listed in the past two years, or find a strong capital side, the future development direction will be full of uncertainties, including resources and manpower. problem."

In addition, LED technology has a high threshold, core technology is in the hands of US and Japanese companies, and mainland listed companies are more engaged in packaging and application business. Although the industry has broad prospects, the proportion of LED products exported to the Mainland is very small due to the lack of core technology.

Faced with huge external pressure, for most mainland LED companies, seeking financing through listing, and thus expanding the scale of the enterprise, is already on the line and has to be issued.

Going public, everything is just beginning
According to the analysis of securities institutions, in the three years from 2008 to 2010, the output value of LED industry applications maintained an annual growth rate of more than 20%. "Now the capital market is very optimistic about the LED concept. As long as it is the LED business, whether it is doing well or not, the stock price will basically soar." Zhang Xiaofei said frankly.

There are also arguments that China's LED industry is welcoming the "times of a hundred years." Shenzhen Juzuo Lighting Co., Ltd. has been exporting to Japan and Europe for many years and is currently planning to go public. Xiao Ling, general manager of the company, said during the interview that although China's LED industry lags behind international giants in core technology, it has excellent development opportunities on the application side. "There should be a firm grasp of opportunities and rapid use of capital strength." Big, establish the influence of China's local brands, not only based on the domestic, but also to deal with the global competition in the future. "In the eyes of Xiao Ling, capital is no different from the lever of instigating the development of enterprises, along the channel of listing, enterprises will harvest A broader future.

Is the listing a “magic bullet” to help LED companies break through the bottleneck, or is it just “looking beautiful”? This has not been determined within the industry.

Lin Feng, chairman of Zhouming Technology, which has already been listed, bluntly said, “Achieving listing is only a process of company development. First, it provides funds for enterprise development, and at the same time builds a sustainable financing capital market platform for future development. Second, it becomes a listing. After the company, the company will further improve the corporate governance structure; the third is to attract and retain high-end talents through listing, and further enhance the technical strength; at the same time, the listing will also help to further expand production capacity, expand the LED lighting market, and respond to anytime possible Explosive growth." But he also mentioned that after the listing, the pressure on the company has exceeded the excitement brought by the listing itself. "The continuous growth of corporate performance and the company's standardized operation are two important factors for successful listing. When you are bigger, and accompanied by management risks, someone will look at you every step of the way. To the left or to the right, you say that you are not counted. You must be responsible to the shareholders and be responsible for the entire team."

Not only does Zhouming Technology appreciate the “risk” brought by the listing, but experts in the field of securities and investment also said that for listed companies, in addition to thinking about the benefits of listing, it is also necessary to understand what challenges will be faced after listing. . In addition to helping companies achieve financing, attracting talents through equity mechanisms, and upgrading brands, there are also many “side effects” in listing.

For the mainland LED industry, many companies "step on the spot" listed, but "the first step of the long march." Industry experts said that after the listing got the money, the company began to decline down the example of abound. Raising huge amounts of money on the market means that business operations will face higher requirements. When the management ability of the enterprise fails to match, there will be problems in the use or management of funds, which will directly lead to operational risks. “For companies, it’s hard to get to the market. No matter where you go public, you should think of it as a simple start.”

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