Major events in the LED industry in July: Ou Pu Lighting listed Mulinsen M&A

In July of this year, it was a month that made the LED industry difficult to forget. What happened in this month?

1. Op Lighting's initial public offering

According to the announcement of the CSRC on July 22, the IPO application of Op Lighting Co., Ltd. (hereinafter referred to as “Oupu Lighting”) has been approved according to the legal procedures, which means that the official listing of Op Lighting will be put on the agenda and can be listed according to its own arrangements. The process, in consultation with the Shanghai and Shenzhen Stock Exchange, determines the issuance schedule, and successively publishes the prospectus documents, and will officially obtain the qualification to issue shares to the public for fundraising in the short term. After the initial application for the listed company is approved according to the “Climate Management Measures”, the enterprise shall publicly issue shares within 6 months. This means that Op Lighting is likely to be officially listed before the end of the year.

As a leading company in the lighting and lighting industry, Op's listing has always been the focus of the industry. It is reported that as early as May 2013, Op Lighting has started its listing work. During the period, due to objective factors such as policy adjustment and market fluctuations, it was forced to stop outside the IPO twice. The announcement on March 9, 2016 stated that the Optel Lighting IPO (IPO) application had been approved. The approval of the IPO approval is not only a gorgeous transformation of Op Lighting to the capital market, but also a strong confidence and warmth for the lighting industry.

On July 29, Op Lighting Co., Ltd. ("Op Lighting") issued an initial public offering of A-share prospectus and proposed to issue no more than 58 million shares on the Shanghai Stock Exchange. The proceeds from the issuance will be mainly used for green lighting production projects, exhibition centers and marketing network construction projects and R&D center construction projects. Among them, there will be about 230 million yuan for the construction of LED production projects, and 470 million yuan for the construction of marketing networks.

According to the “Oppu Lighting Co., Ltd. Initial Public Offering Issuance Arrangement and Preliminary Inquiry Announcement”, Oupu Lighting’s initial inquiry and offline subscription are all conducted by the Shanghai Stock Exchange’s offline electronic platform for purchase. The lead underwriter) is CITIC Securities. The issuer's stock is referred to as “Oupu Lighting” and the stock code is “603515”. The code is also used for the initial inquiry and offline subscription of this issue. The online subscription code for this issuance is “732515”. According to the China Securities Regulatory Commission's "Industry Classification Guidelines for Listed Companies" (revised in 2012), the company's industry is "Electrical Machinery and Equipment Manufacturing (C38)".

According to the Opto Lighting Prospectus, the company's main business income from 2013 to 2015 was 3.367 billion yuan, 3.819 billion yuan and 4.45 billion yuan, and net profit was 478 million yuan, 300 million yuan and 443 million yuan respectively. As a leading company in the lighting industry, Opal Lighting has been developing home, commercial and e-commerce business units for over 20 years. It has more than 6,000 franchised stores and 41,000 sales terminals around the world. The company was founded in 1996 from a small town in Zhongshan. The workshop has grown into a provider of industry-leading total lighting solutions with a global presence.

2, Mulinsen acquired Osram LED lighting business

Osram CEO Dr. Olaf Berlien, Mulinsen Chairman Sun Qinghuan and OSRAM OPTO Semiconductors CEO Aldo Kamper

On July 27, 2016, Mulinsen issued the notice of the announcement of Mulinsen Co., Ltd. on the major foreign investment of the company's investment:

According to the company's development strategy plan, Mulinsen Co., Ltd. and Zhuhai Harmony Excellence Investment Center (Limited Partnership), Harmony Haoquan Investment Management (Beijing) Co., Ltd., and Yiwu State-owned Capital Operation Center jointly established Yiwu Harmony Mingxin Equity Investment Partnership (Limited Partnership) (hereinafter referred to as “Harmonious Mingxin”), investing in high-quality enterprises or quality assets in the LED industry. The company is a limited partner (LP) of Harmony Mingxin, and has now subscribed for a $1.45 billion contribution from Harmony Mingxin.

Harmony Mingxin's subsidiary, Harmony Mingxin (Yiwu) Optoelectronics Technology Co., Ltd. (hereinafter referred to as “Mingxin Optoelectronics”) was established on July 26, 2016 in Germany with OSRAM GmbH (a company established under German law) and OSRAM SYLVANIAINC. (A company established under the laws of the United States) signed a share purchase agreement to acquire LEDVANCEGmbH (a company established under the laws of Germany) and LEDVANCELLC (a company established under the laws of the United States) (LEDVANCEGmbH and LEDVANCELLC are collectively referred to as "LEDVANCE" ") All shares.

And with July 29, 2016, Mulinsen issued a major asset restructuring of Mulinsen Co., Ltd. and continued to suspend the announcement. The announcement is:

In order to plan major foreign investment matters, Mu Linsen Co., Ltd., based on the “Stock Listing Rules of Shenzhen Stock Exchange” and the “Memorandum of Information Disclosure of Small and Medium-sized Enterprises Board No. 14: Suspension of Resumption of Trading of Listed Companies”, the company’s stock The trading will be suspended from 15:00 on the afternoon of July 15, 2016. Since the suspension of the trading, the company has actively promoted various tasks and carried out program demonstration.

It has been confirmed that the company's suspension planning and progress are:

Harmony Mingxin's subsidiary, Harmony Mingxin (Yiwu) Optoelectronics Technology Co., Ltd. (hereinafter referred to as "Mingxin Optoelectronics") was established on July 26, 2016 in Germany with OSRAM GmbH (a company established under German law) and OSRAM SYLVANIAINC. (A company established under US law) signed a share purchase agreement to acquire LEDVANCE GmbH (a company established under German law) and LEDVANCE LLC (a company established under US law) (LEDVANCE GmbH and LEDVANCE LLC) All shares referred to as "LEDVANCE".

After Mingxin Optoelectronics completed the acquisition of LEDVANCE, the listed company arranged the relevant personnel to conduct a comprehensive due diligence investigation on Mingxin Optoelectronics and LEDVANCE, and based on the due diligence results and the harmonious Mingxin negotiations to acquire the equity of Mingxin Optoelectronics held by it. Matters, after the listed company issued the tender offer, Harmony Mingxin can decide whether to accept the offer by the acquisition conditions and market conditions.

3, LED companies have closed down

(1) Product One Lighting

The eruption of the product's lighting collapsed first appeared in the WeChat circle, and it also revealed that the supplier gathered to discuss the video of the arrears, and the public inspection law also appeared in the video. Subsequent news that the lighting of the product "an accident" was confirmed. The civil ruling of the People's Court of Shunde District of Foshan City on June 16, 2016 showed that "the frozen defendant Foshan Pinyi Lighting Co., Ltd. and Foshan Pinyi Lighting Co., Ltd. Branch, Xie Guoying, Liang Ronghua deposited 1.5 million yuan in the bank or seized and seized the property of its corresponding value."

The event of Yiyi Lighting has shocked the industry. Before that, it was a "black horse" in the field of e-commerce, with outstanding performance and brilliant record. According to statistics, it is 10 million in 2013, 60 million in 2014, more than 100 million in 201515, and 12 million sales in 2015, like a "myth".

(2) Zhongshan Tongji Lighting Bankruptcy Liquidation

On July 20th, some media exposed the news that “Zhongshan Tongji Technology Lighting was closed and liquidated”. Zhongshan Tongji Technology Lighting Co., Ltd. posted an announcement. The content is: due to the poor management of our company, the board of directors decided to proceed: All suppliers (companies) are invited to come to our company to handle the transaction accounting from July 20, 2016 to July 26, 2016. Our company refused to handle this business after the deadline.

It is understood that Zhongshan Tongji Technology Lighting Co., Ltd. was established on May 25, 2006, and has been in full 10 years. On June 23, 2016, the address of the business site was changed to the 2nd and 2nd floors on the first floor of Building 1, No. 3, Fuqing 1st Road, Yongxing Industrial Zone, Henglan Town, Zhongshan City.

As for the reasons for the closure, the network rumors: the supplier's 6 million purchases are not able to pay, and the millions are less than tens of thousands. The employees' wages are not paid in two or three months, and the judicial authorities have intervened.

(3) Shenzhen Delip Optoelectronics is temporarily closed

According to WeChat broke the news, on July 19, 2016, Shenzhen Delip Optoelectronics Co., Ltd. issued a notice saying: due to overcapacity and industry triangle debt, the company's cash is very tight, coupled with some irrational suppliers to seal accounts and limit shareholders' freedom, to supply The payment of the merchant caused great delay and trouble. The company decided to suspend business on the 20th of this month to clear the internal accounts, and in the first ten days of August, the supplier will hold the bond declaration and liquidation.

(4) Zhongzhou Optoelectronics bankruptcy collapse

Lisanda, a listed company on the New Third Board, announced on July 19 that on July 18, the company and Zhejiang Zhongzhou Optoelectronics Co., Ltd. signed a “reorganization investment agreement” and the company plans to enter the court bankruptcy. Reorganized Zhejiang Zhongzhou Optoelectronics Co., Ltd.

The announcement shows that Zhejiang Zhongzhou Optoelectronics Co., Ltd. is a bankruptcy reorganization enterprise decided by the Hangzhou Intermediate People's Court. The company was previously recognized as a benchmark for LED filaments in the industry, and is a leader in the technology and production process of LED filament products. In the process of introducing an external investment institution, problems occurred and the company was unable to operate normally and entered the bankruptcy reorganization.

Lierda said that according to its own development strategy, Lierda Technology Group Co., Ltd. intends to restructure the investor to acquire the debtor, and intends to transfer 100% of the equity held by the debtor Zhongzhou Co., the existing shareholder, and the consideration price is 40 million. yuan.

(5) Shenzhen Ruigu Technology

Recently, Ruigu Technology (Shenzhen) Co., Ltd., the main power supply product, announced that it is facing bankruptcy due to operational difficulties.

Founded in 2000, Ruigu Technology is a Sino-foreign joint venture engaged in research and development and manufacturing of high-end power. It independently develops and produces safe, reliable and durable power products. The product line includes base station system power supply, embedded power supply and standard module power supply. LED high-power drive power, high-density AC∕DC and DC∕DC and other power supplies have won the recognition of manufacturers including mainstream communication equipment such as Huawei and Shangbei, and are among the best in the field of domestic communication power supply. In 2013, Ruigu Technology also revealed that it is the largest supplier of Huawei communication power.

However, with the increasingly fierce competition in the LED power supply industry, product profits have shown a rapid decline, and the market demand growth rate has continued to slow down. Coupled with the sharp decline in product prices, many manufacturers are struggling.

It is reported that Ruigu, who has emerged in the industry, has advocated “competing to be “GE and Philips” in the power field. However, although the ideal is rich, the reality is quite skinny. In 2013, the company was too big to make ends meet, and then proceeded. A series of plans to reduce the size of the staff. It is reported that Ruigu has repeatedly laid off employees within six months, and freely dismissed new employees.

4, the ancient town became the first batch of characteristic towns

It is understood that the Ministry of Housing and Urban-Rural Development, the National Development and Reform Commission, and the Ministry of Finance have decided to carry out the cultivation of characteristic towns nationwide, and clearly propose that by 2020, we will cultivate about 1,000 unique and dynamic leisure tourism, trade logistics, Modern towns, educational technology, traditional culture, beautiful and livable.

According to the Notice of the Ministry of Finance of the Ministry of Housing and Urban-Rural Development of the Ministry of Finance on the Cultivation of Characteristic Towns, the cultivation of characteristic towns must adhere to outstanding features, prevent thousands of towns from rushing to the top; adhere to market dominance, and the government should build Platforms, providing services, preventing large-scale projects, focusing on industrial development, determining the scale of construction based on industrial development, preventing blind towns; insisting on deepening reforms, cultivating and expanding emerging industries, creating a new platform for entrepreneurial innovation, and developing a new economy.

Afterwards, the provincial government held a site meeting of the construction of characteristic towns in the province in Shunde District, learned and promoted the construction experience of characteristic towns in Zhejiang Province, comprehensively deployed the cultivation and creation of characteristic towns in Guangdong Province, and promoted the construction of characteristic towns in Guangdong Province. Zhongshan City Guzhen Lighting Town and Dayong Hongmu Culture Tourism Town were the first batch of provincial-specific town projects, which were successfully selected into the province's characteristic towns.

Guzhen Town is a world-famous “China Lighting Capital”. The sales of Guzhen Lighting accounted for more than 70% of the domestic lighting market. The products are exported to more than 130 countries and regions. The center of the ancient town has formed a coverage of the surrounding three cities and 11 towns. The lighting industry cluster with an annual output value of over 100 billion yuan has successfully held seven international lighting fairs and is the largest lighting production and sales center in the country.

Guzhen plans to invest 5 billion yuan within three years to build a 6 square kilometer lighting industry center, industry, commerce, culture, and tourism gathering center with the Dengdu Ecological Park as the center.

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