February 26, 2020

Analysis of the "shuffle pain" of LED industry capital market in 2012

In recent years, thanks to favorable policies and broad market prospects, capital has flooded into the LED industry of “Xiangxiang”. As a large number of LED companies and non-LED companies are surging in the capital market, the seemingly glamorous LED industry is experiencing a brutal market reshuffle. According to relevant statistics, at the end of last year, there were more than 80 LED companies in Shenzhen. The LED industry capital market under the global economic crisis can be described as the pain of the LED industry.

First, in 2012, the LED companies listed in the tide are still piled up, and strive to "cut the cake" trend
In 2012, the LED industry, although still not getting rid of the European debt crisis, which is a “tired big coffee” that hinders market development, still can't resist the compact pace of LED companies' listing. In the dilemma of the market, benefiting from the favorable factors after listing, it has become an important way for LED companies to accelerate financing, scale expansion and development.

According to the statistics of the High-tech LED Industry Research Institute (GLII), since the LED detonation was launched at the end of 2011, the listing of LED companies has increased in 2012. In 2011, there were 13 IPOs of LED companies, and 7 of them were successfully listed. The IPO will be listed for 6 times. In 2012, 10 LED companies were successfully listed, including: Hongkai (January 6th), Wanrun Technology (February 17th), Liard (March 15th), Moso Power (March 16), Jufei Optoelectronics (March 19), Changfang Lighting (March 21), Yuanfang Optoelectronics (March 29), Huacan Optoelectronics (June 1), Red Dick (June 5), Nanda Optoelectronics (August 7th), while the IPO will wait for the listing of Abbyson (May 18th). At the same time, there are not a few LED companies that are waiting in line to go public.

Second, the "classic" repair of LED listed companies in 2012: listing - "returning furnace" reconstruction
Mulinsen: I have not been listed for a year, and the price increase in 2012 has raised doubts.
Although LED packaging company Mulinsen Co., Ltd. has passed the three trials of the China Securities Regulatory Commission in July 2011, it has been criticized by the industry for its initial prospectus, and it was once used by the media to “get sick”. Described, the industry is circulated or stuck in the "post-meeting major issues review." On the occasion of the arrival of 2013, the Mulinsen listing still has no news and is stuck outside the IPO.

Abbyson: Patent Suspense + Quality Door or "Stumbling Stone"

Since the first application of Shenzhen Ai Bison Optoelectronics Co., Ltd. was approved in May 2012, the company has been riddled with various negatives. The focus of suspense has pointed to the special attention of the audit committee: Ai Bison’s continued profitability . In addition, the “unusual” and more prominent Abbison prospectus on patent and financial data is over-packaged.

LED listed companies are caught in a scandal, the original shape is exposed
Nanda Optoelectronics: From "New Arrival" to "Performance Change Face King", LED "listen" in the corporate world

"The most expensive new shares", "unlisted results have changed face", "five-day generous dividends", the new shares of the GEM new Nanda Optoelectronics since the August 7, 2012 listing has created a variety of "exotic." Previously, the net profit of the first three quarters of 2012 released by Nanda Optoelectronics was revised down from the expected 40% year-on-year decrease to 51.02% to 53.53%, causing the market to be in turmoil, causing the stockholders to scream and strongly demanding that the supervision department strictly check Nanda Optoelectronics. .
In addition, Nanda Optoelectronics was disclosed to the company's shareholder Xu Wei to set up the company and the old club "snapping Taiwan", NTU has not explained the matter, but there are insiders broke the news, saying that Nanda Optoelectronics actually concealed the actual prospectus in order to complete the listing financing Capacity, beautify the prospects of fundraising projects, and even worse, the market price of fundraising products has already experienced a huge decline, and the market prospects have turned a big turn, but none of the prospectus has mentioned, one is concealing capacity and market price, suspected The fraudulently listed hat was firmly attached to Nanda Optoelectronics.

Lehman Optoelectronics Deducts the Road to IPO: "Story Story - Circle Money - Cash Out"

In 2012, the LED listed company scandals continued to blow. Last year, the listed company Lehman Optoelectronics was recently exposed to the "telling story-circle money-cash-out" IPO road.

Event review:

Lehman Optoelectronics landed on the GEM in 2011. The time has only passed over the past year, and its performance has quickly changed its face. It is very different from the high profit growth of the prospectus. Nowadays, the restricted shares will be released soon, and the first batch of restricted shares will be listed and circulated on December 24. However, through the announcement disclosed by the company, it was found that the company not only did not find ways to improve its performance or stabilize the hearts of investors, but instead tried to cash out the way. “Story story – money--cash-out” was reflected in Lehman Optoelectronics. Full of dripping. The second largest shareholder of Lehman Optoelectronics moved to suspect the reduction of tax avoidance
On December 14, 2012, Lehman Optoelectronics announced the change of shareholder registration information for the shareholders. The company’s second largest shareholder, Shenzhen Jiede Investment Co., Ltd., recently obtained the business license issued by the Xinjiang Uygur Autonomous Region Administration for Industry and Commerce. Change procedure. Analysts pointed out that Jade’s investment may be to avoid taxation when reducing the holdings of restricted shares to maximize revenue. It is understood that according to the national tax and tax regulations, 20% of personal income tax is required to reduce the holding of restricted shares. In recent years, Tibet, Xinjiang, Jiangxi, Jiangsu and other provinces have implemented a certain proportion of the restricted shares in order to obtain tax sources. Tax refund policy. As a result, many companies have moved their registrations to Tibet, Xinjiang, and Yingtan, Jiangxi in order to avoid taxation when they reduce their holdings.

In addition to the important shareholder's omnipotence for tax reduction and tax avoidance, the company's executives rushed to retire before the release of their shares, and it is also difficult to pave the way for a smooth lifting of the ban. On November 7, Zeng Xiaoling, the company's vice president and chief financial officer, resigned for personal reasons and no longer held other positions in the company. The 400,000 restricted shares held by Zeng Xiaoling will be listed and circulated on December 24, only a difference of more than one month.

In order to minimize operating costs, Lehman Optoelectronics moved its headquarters from Shenzhen Nanshan District to Huizhou in October. However, some employees were reluctant to go and there was a physical conflict.

It is not difficult to see that the factors that caused Lehman Optoelectronics to face performance pressures could not be eliminated in the short term, which made the company's senior management and management plan ahead and prepare for the reduction of cash. This kind of storytelling is a big deal for the IPO and the unfairness of investors.

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