This is the best time and the worst time. In 2013, for the domestic tens of thousands of LED companies, there are happy, there is also no lack of frustration, the use of Toon's words is that the happiness of the company's mood may be the same, frustrated companies have their own reasons. They either staged a farce in the management's guilt, or fell into a scandal involving insider trading, or entered the quagmire of difficult transitions... Who can laugh at the end and it is far from conclusive, but the following companies can only be called 2013. Temporary losers.

First, Foshan Lighting - Linfenchang, infighting intensified at 8:30 am on May 28, Foshan Lighting held the 2012 annual general meeting of shareholders to select a new company leadership. The current CEO of GE GE Water Treatment Group in Greater China and born in 1971, Pan Jie became the chairman of the board. Veteran Zhong Xincai said that he was older and would not be out of the mountain. It is said that Zhuang Jianyi, the actual controller of Foshan Lighting, appeared as a shareholder of Youchang Lighting Equipment Co., Ltd. in the shareholders' meeting yesterday.
According to a senior company source, OSRAM, the current majority shareholder, has promised to transfer core patented technology to Foshan Lighting, but the new chairman needs to communicate further.

The actual controller emerged and the chairman of Foshan Lighting Co., Ltd. who was in charge of 41 years, Zhong Xincai returned to Jia. Just past 8 o'clock yesterday, the reporter saw the figure of the bell. He said to the early shareholders that because of his old age, he would basically not go out again.

The new Chairman Pan Jie, born in Shanghai in 1971, holds a bachelor's degree in electric light from Fudan University's Department of Light Sources and Lighting Engineering, a master's degree from the Chinese Academy of Sciences, and a master's degree in optics and optoelectronics from the Shanghai Institute of Technical Physics, Chinese Academy of Sciences; School of Management, Fudan University /B1-Master's degree in Norwegian School of Management. At present, he is the CEO of GE-Water Treatment Group in Greater China.

Before the results of the election of the new board of directors and board of supervisors, the reporter interviewed Pan Jie and learned that the new leadership team will continue its previous operations. For example, in 2013, it will intensify efforts to develop LED products. According to the reporter's understanding, prior to this general meeting of shareholders, there had been internal news that Pan Jie became a new chairman of the company.

Focused on many years of Foshan Lighting, Ye Jun believes that from the current situation, the pattern of interests of Foshan Lighting has not changed, but the executive in front of the stage has changed.

For many years, the largest shareholder of Foshan Lighting was OSRAM Holdings Limited, and the second largest shareholder was Youchang Lighting Equipment Co., Ltd. The shareholding ratios were 13.47% and 10.5%, respectively, and neither of them was sufficient to become a controlling shareholder. The company's 2012 annual report shows that the company does not currently have controlling shareholders or actual controllers.

According to Ye Jun, the actual controller of Foshan Lighting is Zhuang Jianyi. It is understood that Zhuang Jianyi has been an important distributor of Foshan Lighting and OSRAM since the 1990s. It is not only a major shareholder of Foshan Lighting, an honorary citizen of Foshan City, but also a director and vice chairman of Foshan Lighting Company since 1995. He was also elected chairman of Foshan Electrical Lighting Co., Ltd. on May 27, 2010. On August 30th of the same year, due to "suspected violation of securities laws and regulations," the company accepted the investigation of the Guangdong Securities Regulatory Commission and resigned from the post of chairman of the company. The term of office is 96 days.

For the stockholding situation of Zhuang Jianyi and its related companies, the company's 2012 annual report also showed that Zhuang Jianyi holds 0.85% of shares as an overseas natural person, and its concerted action Renyou Lighting Equipment Co., Ltd. holds 10.5% of the shares. .

Ye Jun revealed that among the non-independent directors of the new board of directors, Zhuang Jianyi directly nominated Yang Jianhu who had a doctoral degree and was born in 1977. In addition, Zhuang Jianyi played a very important role in the new session of the board of directors, the board of supervisors, and the senior management team. Representatives of the major shareholder OSRAM Group are Wu Shengbo, President of OSRAM Asia Pacific, and Vianna Hoffman, Asia Pacific Financial Controller.

The Ministry of Finance “fire” burned Foshan lighting and fell to the altar. Among the more than 2,000 listed companies in Shanghai and Shenzhen, as one of the eight companies that were directly criticized by the Ministry of Finance for having major internal control flaws, Foshan Lighting was once again The fire "burned.

Recently, the Ministry of Finance website published the “Analysis Report on the Implementation of the Internal Control Regulation System for Listed Companies in China in 2012”, which was jointly prepared by the Ministry of Finance and the Securities Regulatory Commission. The "Report" disclosed that in 2012, a total of 2,244 listed companies disclosed internal control evaluation reports, accounting for 90.05% of the 2492 listed companies in Shanghai and Shenzhen Stock Exchanges.

II. True Brightness - The frequency of broken LED "China Optics Valley" dream employee drama is nearly 30,000 people. Only about 2,000 people left. When Gonghe Zhen Zhen Mingli factory was crowded, one Aberdeen selling pearl milk tea was net for a month. Earn 40,000 yuan.

However, after Guanggu predicted more than three years, the Zhen Mingli Group did not become the leader of Jiangmen's “Optical Valley” as expected, but the business turned sharply and brought uncertainty to the development strategy of Jiangmen LED industry.

The LED industry is one of the three strategic emerging industries that Jiangmen has focused on. Jiangmen has introduced the most favorable LED industry support policy in 2009 and expects it to become a 100 billion yuan industry. The immediate target is to reach 50 billion yuan in 2015. . However, in 2012, Jiangmen's LED industry output value was only 20 billion yuan, and the leading enterprise, the Neo Bright Group, was in trouble, and the company continued to rumors.

At 5 pm on November 8th, during the hours of work at the factory in Zhenming, the workers emerged in a burst and the team still looked huge. However, the nearby streets are deserted. There are only a few vendors and several motorcycle drivers selling vegetables and fruits at the factory gate. Nandu reporter learned from Gonghe Town that there are only 2,000 employees in the company, which is equivalent to only 1/10 of the peak period. “Neon Mingli’s electricity bill was more than 100,000 per day in previous years. From January to September this year, she used electricity at 22 million kWh, which translates into an average daily electricity bill of more than 60,000.”

Dual Difficulties Industry Hundreds of Restricted Funds and Technology After 2011, Ning Lili’s performance continued to decline, with a loss of HK$617 million in 2012. This year, it continues to suffer losses. "LED has two problems: one is technically not very good and not advanced internationally. Now that foreign countries have been studying the third generation of LED, but our second generation has not done very well." Li Chaoqi, director of Jiangmen Municipal Party Committee, said.

After 2011, the company's performance continued to decline, with a loss of HK$617 million in 2012. This year, it continues to suffer losses. The stock price of Neo-Neon in 2007 was the highest of HK$18.34. In 2010, it had fallen to HK$67, and this year it continued to fall sharply. It closed at just HK$1.83 yesterday. In order to cope with the loss, Neo-Neon had to sell the Hong Kong office and exhibition hall on the ground floor of the New East Sea Commercial Center, 9 Science Museum Road, Tsimshatsui, Hong Kong.

In mainland China, Neo-Neon is also using various methods to solve the financial difficulties. The plant of Jiangmen High-tech Zone in Zhenming Lijiang was signed in June 2010 with a planned investment of 2 billion yuan. The reason for the stranding is precisely the funding problem.

Some people in the town of Republique said that since the last two years, Neo-Neon has been looking for buyers and hopes to sell its assets. However, no one has ever received orders. Ning Mingli had sold a plant covering 100 acres last year. The takeover was Jiangfen Magnetic Material, which was originally a Battery factory. After the acquisition of Neo-Neon, it used it for a long time as a warehouse. In addition, according to reports, Konka, Midea, and Tsinghua Tongfang have all negotiated with Zhenmingli. The content is to acquire MING Mingli, and Fan Bangyang will withdraw.

The reporter learned from Gonghe Town that in June 2011, the Zhen Mingli Group formulated a plan for “Guangdong Mingmingli Green Source Incubator Construction Project” and plans to invest 10 billion yuan to build a regional light source industrial park, making it a new international new light source. All. The analysis of risk in the plan pointed out that with the continuous changes in market demand and technology, there is a risk that the product or technology will be backward. The performance of Neo-Neon in recent years shows that this risk has become a reality. Fan Bangyang acknowledged this point in an interview with the media. However, he believes that it is necessary to continue to increase investment in order to solve the problems of falling orders, overcapacity and aging equipment, and seize the opportunities in the future.

"Ye Guoguang's departure is a precursor. As Guo Guoguang is engaged in technology, he certainly understands the prospects of LED." Li Chaoqi, former director of the Jiangmen Municipal Party Affairs Research Office who has long studied Jiangmen's economic problems, said that after Ming Mingli is in 2011, The problem is already obvious, especially after Ye Guoguang’s departure. "LED has two problems: one is technically not very good and not advanced internationally. Now that foreign countries have been studying the third generation of LED, but our second generation has not done very well. Continue to do so. If we go on, our LED industry will certainly be controlled by others. In addition, the cost can not be reduced, product stability can not keep up, LED in the domestic market is not likely to enter the home in large numbers." Li Chaoqi is not optimistic about the development prospects of Jiangmen LED industry .

III. Shilan Mingxin - Loss of LED business slumps severely Hangzhou Silan Microelectronics Co., Ltd. released the 2013 semi-annual report. During the reporting period, Silan Micro achieved operating income of 747 million yuan, an increase of 20.05% over the same period of the previous year; The net profit of shareholders of listed companies was 37.12 million yuan, an increase of 263.57% over the same period of the previous year; basic earnings per share was 0.04 yuan, an increase of 300% over the same period of last year. Among them, Shilan Mingxin realized operating income of 74.47 million yuan, a decrease of 8.61% over the same period of 2012, and a net profit of -26.31 million yuan, a decrease of 161.31% over the same period of 2012. Shilanming Subsidiary, Hangzhou Meikale Optoelectronics Co., Ltd. realized operating income of 24.15 million yuan, an increase of 7.39 times over the same period of last year; and a net profit of -3.47 million yuan, a decrease of 146.90% over the same period of last year. Not only is the chip business, but also the packaging business of Shilan Ming Subsidiary Meikaile is at a loss.

Since 2011, Silan Micro's LED business has been in decline. Revenue declined from the peak of 392 million yuan in 2010 to 175 million yuan in 2012, while gross margin also fell from 48.06% to 5.7% last year. Deducting the expenses during the period, in fact, a substantial loss. As the chip quality of Shilan Mingxin is at the leading position in China in 2010, although the price is relatively expensive, due to the better quality and the great market demand, the market has always been good. However, due to the acceleration of domestic LED chip project construction speed after 2010, a large number of chips are flocking to the market. Shilan Mingxin's original pricing and sales strategy gradually deviated from the market direction, sales fell sharply, and gross profit margin also dropped to 5.7%. The reason for the low gross profit margin is related to Shi Lanming’s recent pricing strategy. Since Shilan Mingxin is mainly used in display screens, the slump in the display market this year has had a detrimental effect on the sales of Shilan Mingxin. In order to clear inventory and seize the market, Shilan Mingxin was the first to significantly reduce this year. The ex-factory price of the chip caused the gross margin of the chip business to drop to freezing point.

The company's semi-annual report shows that Shilan Mingxin achieved operating income of 74.47 million yuan, a decrease of 8.61% from the same period in 2012, and a net profit of -26.31 million yuan, a decrease of 161.31% from the same period in 2012. According to the semi-annual report, the main reason for the increase in Shilan Mingxin’s loss was: In the first half of 2013, due to market competition, the price of LED chips continued to decline significantly compared to the end of last year (but with the rapid entry of LED lighting market) During the start-up phase, LED chip prices are expected to stabilize in the second half of this year.

Since the net profit rate of Shilan Mingxin in 2010 is as high as 30.53%, the capital market is very optimistic about the prospect of LED chips. Silan Microfinance issued 30 million shares in non-public offerings to the capital market, raising a total of 575 million yuan in funds, of which nearly RMB 500 million was invested in Shilan Mingxin's high-brightness LED chip production line expansion project. The latest announcement of Silan Micro’s “Special Report on Deposit and Use of Raised Funds” stated that the sales revenue of the project for the current year (1H2013) was 69,022,100 yuan, sales gross profit was -7.5085 million yuan, profit after tax was -147.878 million yuan, and the project did not reach planning schedule. The reason is that “the high-brightness LED chip production line expansion project was completed in November 2012. Due to the extension of the construction period, delays in release of production capacity, and changes in the market, the annual benefits of the project after the completion of production and the promised normal production are greater. In the first half of 2013, due to market competition, the company’s LED chip prices continued to drop significantly, and with the rapid start of the LED lighting market, the company expects LED chip prices to stabilize in the second half of 2013. 2013 In the first half of the year, the company continued to optimize the process and further tap the production capacity of the existing equipment.In June 2013, the company's previous 4-cavity MOCVD equipment purchased from Applied Materials entered into production; thus, the company’s previous capital investment project was raised. The newly added 15 MOCVD equipments have all been put into production, and the actual monthly output has reached the design capacity of the previously raised capital investment projects. In June 2013, the company’s output of LED epitaxial wafers reached 58,000, and the output of LED dies exceeded With 1.3 billion units, the production and sales rate reached 99.20%."

Fourth, Dongshan Precision - LED losses, set the prospect of increasing worry on the evening of September 22, Dongshan Precision Disclosure of the year before the fixed increase program was September 18 by the Securities and Futures Commission's audit committee rejected. On the 23rd, the company's stock price has risen all the way after the opening, eventually achieving an increase of 7.84% throughout the day and a slight increase of 0.77% on the 24th.

It is worth noting that Dongshan Precision announced on September 17 that the actual controller Yuan Yonggang paid 139 million yuan to fill the company's three-year loss in order to promote the development of the company. However, this measure failed to reverse the fate of the fixed increase. There is a bit of concern for other companies that are waiting in line for a review of the LED project.

LED packaging technology leading?

When Dongshan Precision was listed in 2010, the main products were precision die-casting and precision sheet metal. The LED production line was subsequently added in 2011. Since then, the production and sales volume has expanded rapidly. In the first half of 2013, the operating revenue of LEDs and modules reached 480 million yuan. , The total operating revenue share is more than 40%.

In the year when Dongshan Precision went public, it purchased over US$20 million in preferred shares issued by SolFocus in the United States with a total amount of over 13.369 million yuan, accounting for 10.65% of its shares. Dongshan Precision said: "In the solar business, the company is the sole supplier of SolFocus' precision sheet metal parts and assembly services. There are no competitors at present."

However, after the stakes began, the United States SolFocus fell into a long period of loss, and Dongshan precision related transactions purchases and sales are also less than 2% of similar transactions, so Dongshan Precision's acquisition of SolFocus shares have been criticized by investors.

Despite this, from January to September 2012, Dongshan Precision's operating income and net profit still increased 39.82% and 10.14% year-on-year. Therefore, Dongshan Precision planned to increase the final plan to be launched in December, and planned to raise funds of 1.08 billion yuan for expansion. Precision sheet metal parts project, expansion of precision metal structural parts projects, expansion of precision electronic device projects, expansion of LED devices and precision module projects.

The investment budget for LED devices and precision module projects accounted for half of the estimated amount of funds to be raised. The quota is 530 million yuan. It can be seen that the LED component of Dongshan Precision's business direction is heavier. In the LED investment, Dongshan Precision is favored for backlighting and lighting. However, the disadvantages of Dongshan Precision are also significant, mainly because the company is in the downstream segment of the LED industry chain. However, Dongshan Precision stated in its fixed-incident plan that its self-developed LED package Technology is at the leading domestic and international advanced level. This argument has led to many questions, of which the most talked about is that LED and photovoltaic industries are all overcapacity, and Dongshan Precision's re-expansion or will face the dilemma of investment failure.

Sure enough, obviously net profit from January to September 2012 is 74.59 million yuan, and brokerage firms are more optimistic. However, the 2012 annual report released shows that the annual loss is 110 million yuan, accounting receivables for losses and LED companies. Loss of investment has become a pain in performance.

5 companies involved in LED add to worry?

After a long wait, there was still no review and approval committee giving approval opinions. Until September 17, 2013, Yuan Yonggang, a shareholder of Dongshan Precision Control, suddenly sent a Letter of Commitment, promising to fully compensate the 2010 due to the investment in the US SolFocus. The total investment loss and long-term asset impairment losses incurred in the year -2012 were RMB133.69 million.

However, on September 18, the China Securities Regulatory Commission's issuing and approving committee still rejected the company's fixed increase plan. Regarding whether or not the increase in the number of LED projects due to technical issues or market conditions has caused the reporter to call Dongshan Precision's public phone number many times, it has never been answered.

It is worth noting that this year's A-share LED projects have mushroomed. First Silan Microelectronics added 880 million yuan to increase the production of LED-related products, followed by Sanan Photoelectric launched a 3.3 billion yuan fund-raising plan, followed by Oyo Shunchang. After the launch of the plan to increase the RMB 900 million yuan for the expansion of LED chips, National Star Optoelectronics and Xiamen Xinda will launch plans for growth at almost the same time. Swords refer to LED chips and packages.

If the CSRC's issuance and examination committee rejects the Dongshan Precision Increment Project for LED industry issues, the above companies that are waiting in line for approval will also be affected more or less.

Silan Micro Securities Affairs representative Ma Liang said in an interview with reporters on the 24th that he does not believe that the LED market has excess capacity. Before 2013, the LED lighting market did not open, resulting in excess capacity in the LED market, but after the introduction of this year's policy, LED lighting The market is booming and the problem of overcapacity has been solved, so the LED factory will decide to increase the scale.

Ma Liang also said that he felt that the Dongshan Precision Increment Project was rejected and that the relevant departments should focus on other issues, such as finance, trust, etc., rather than LED projects for raising funds.

V. Benefits - Decline in performance, resignations of directors On October 29, Shenzhen Shida issued its third quarterly report. During the reporting period, operating income was RMB182 million, a decrease of 41.32% from the previous year; net profit attributable to listed companies was a loss of 55.13 million, which was a sharp drop of 2741% from the previous year.

Shiyida expects to have a loss in its operating performance in 2013, with losses ranging from RMB 125 to 155 million. In 2012, the net profit attributable to shareholders of listed companies was 32.17 million yuan.

The reason for the change in performance is that the number and quality of the company's traditional EMS business orders have been greatly reduced, gross profit margin has continued to decline, and the company’s own brand business such as LED indoor commercial lighting has been in continuous investment.

Director Lu Changrong resigned On November 13, the company received a written resignation report submitted by director Lu Changrong. For personal reasons, Lu Changrong requested to resign from the company's directorship from the same day, and resigned from the position of director and general manager of the subsidiary Wuxi Shiyida Electronics Co., Ltd. and Shenzhen City. Hui Da Optoelectronics Technology Co., Ltd. Director.

Lu Changrong’s resignation will not cause the company’s board of directors to fall below the statutory minimum, and Lv Changrong’s resignation report will take effect on the date of delivery on the board of directors. After that, Lu Changrong does not hold any position in the company and its subsidiaries.

Sixth, Qixi Holdings - playing does not turn LED, change to play the medical industry Qixi Holdings on November 22 a notice to investors doubts, the company wants to transfer the LED company - Guangzhou Qixi Optoelectronics Co., Ltd. (hereinafter referred to as Qixi Optoelectronics) in this year It was just established on August 9.

The reporter noticed that while selling LED companies, the company also liked the pharmaceutical industry; it not only participated in the establishment of a medical device company, but also increased its subsidiary pharmaceutical company Biotec.

Transfer of shares of several companies Qixi Holdings announced on November 22 that the company and Guangzhou Qixi Information Industry Co., Ltd. (hereafter referred to as Qixi Information) have signed the "Equity Transfer Agreement," and the company will hold Guangzhou Qixi Electronic Technology Co., Ltd. The five shares of Guangzhou Precision Mould Co., Ltd., Qixi (Hong Kong) Technology Co., Ltd., Qixi Optoelectronics, and Guangzhou Chengxin Electronic Technology Co., Ltd. (hereinafter referred to as Chengyu Electronics) were all transferred to Qixi Information at a transfer price of RMB 19 million.

It is worth noting that Qixi Information and listed companies are affiliates controlled by the same legal person, and the controlling shareholders are Yi Xianzhong. Qixi Holdings claimed that the target company for this transfer is not the company’s main business. After the transfer of these target companies, the company can save resources and concentrate on other businesses or new areas and improve the company’s cash flow, which is conducive to the company’s continuous transformation and upgrading. Further integrate company assets and optimize asset structure.

In addition, due to the increase in operating pressure and loss limit of the above five target companies, the transfer of the shares of the underlying company can avoid the negative impact on the performance of the listed company and will have a positive impact on the profit of the Qixi Holdings financial statement. Therefore, Qixi Holdings wishes to transfer. According to the statistics, among the five target companies that were transferred, there were only RMB 63,000 in earnings from January to October this year.



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