Looking at the development trend of LED industry from the perspective of enterprise capital operation

Entering 2016, the LED industry is showing signs of recovery. The price war that pervaded the entire industry last year is no longer obvious this year. On the contrary, the price of some LED products has shown a slight increase. What is even more surprising is that in 2015, the LED industry has experienced a large decline in the performance of most LED companies due to the high investment and low gross profit. However, in 2016, the LED industry showed a recovery trend. The price war that pervaded the entire industry last year is no longer obvious this year. On the contrary, the price of some LED products has shown a slight increase. What is even more surprising is that in 2015, due to the high investment and low gross profit of the LED industry, most LED companies have experienced a large decline in their performance. However, in 2016, dozens of LED companies from the semi-annual report were released. In view, the super-70% enterprise has achieved a double harvest of revenue and profits, and the industrial situation is booming. Many listed companies have frequently acted in capital operations, and mergers, acquisitions, and expansions have become the norm. In the first half of the year, the M&A process was further accelerated. The development model based on mergers and acquisitions has become a shortcut for LED companies to seek overseas market and cross-border transformation. In the LED industry, there have been billions of mergers and acquisitions, whether it is Mulinsen's acquisition of Osram's Landvewans, or Huacan Optoelectronics' acquisition of overseas MEMS sensor companies. From this we can see that with the development of the LED industry, the concentration and scale will be the development trend of the whole industry, and the development model of the larger Evergrande is inevitable. In the first half of 2016, the common M&A case no longer seems to be so exciting for the industry, but it has become very dull. Let's review some of the major mergers and acquisitions in the LED industry in the first half of 2016: 1. OSRAM acquires ADB assets and lays out the entertainment Lighting sector. OSRAM is actively deploying the entertainment lighting business and acquired the assets of ADB TTV SAS. The assets acquired by OSRAM this time will be part of the subsidiary Clay Paky. ADB's extensive experience in stage and studio lighting and the complete line of lighting products are in line with OSRAM's needs. With the addition of new capabilities, OSRAM will be able to integrate special applications and focus on innovation and technology development. From this, it is also more innovative products for indoor entertainment lighting such as theaters. 2. Lianjian Optoelectronics plans to acquire more than 100 million acquisitions of Tibet Portor to accelerate the deployment of digital media. Lianjian Optoelectronics announced on the evening of August 4 that the company plans to raise funds of no more than RMB 130 million from its wholly-owned subsidiary Sichuan Timeshare Advertising Media Limited. The company purchased 100% of its shares in Tibet Boshi Culture Communication Co., Ltd. from Langsen and Song Jie. Lianjian Optoelectronics said that this transaction is an important measure for the company to actively improve the digital outdoor media industry chain and enhance the comprehensive strength of the company's communication business based on the strategic guidelines for building a digital communication group. 3. The Mulinsen joint bidder acquired Osram's Landvewans on July 26. According to Reuters news, OSRAM Lighting decided to sell it to the acquisition team headed by Mulinsen for more than 400 million euros ($439 million). The transaction is expected to be completed in the 2016-2017 fiscal year. From LED manufacturing countries to LED technology countries, Mulinsen is speeding up the solution to both the supply side and the demand side. With all kinds of high-quality projects and capital strength, we will build a completed product ecosystem and supply chain, improve the company's LED industry chain layout, and strengthen its core competitiveness. This acquisition of Osram lighting business will have the opportunity to become the world's top three LED lighting plants. 4. Huacan Optoelectronics acquired Meixin Semiconductor. On July 21, Huacan Optoelectronics, which is mainly engaged in LED chips, released a preliminary restructuring plan, saying that it will issue shares to purchase assets, namely: the standard assets are Harmony Core (Yiwu) Optoelectronics Technology Co., Ltd. (referred to as SPV), the SPV purchases 100% equity of the target company from the shareholders of the target company of the transaction. The target company of this transaction is Meixin Company, which is a leading technology company in the global micro-electromechanical (MEMS) sensor industry. 5, Osram acquired the US LED car module factory to continue the three pillar strategy July 21 news, Osram acquired the US automotive LED module manufacturer Novit Technologies, its products are mostly taillights, fog lights and daytime running lights. This acquisition will have an immediate value-added effect on the OSRAM special lighting business. 6. Lilda's 40 million acquisition into the bankruptcy program to promote the Internet of Things. On July 18, the company and Zhejiang Zhongzhou Optoelectronics Co., Ltd. signed the “Restructuring Investment Agreement”. Lierda announced that it plans to acquire 40 million acquisitions of Zhejiang Zhongzhou Optoelectronics Co., Ltd., which has entered the bankruptcy reorganization of the court. Perfecting the industrial chain of intelligent lighting control system will greatly promote the layout of the entire industrial chain of the company's Internet of Things system. The acquisition will promote Lierda to further expand the smart LED filament lamp market and intelligent lighting control system market, and quickly improve the company's smart park, smart hotel, smart home full set of industry chain, for the company's subsequent market expansion, performance improvement will Bring a boost. 7. Lehman shares completed the acquisition of Australia Super Football Club On the morning of July 6, Li Mantie, chairman of Lehman Co., announced at the press conference that he had acquired the Australian Super Newcastle Jet Football Club through Shenzhen Lehman Investment Company. The M&A process has been completed and all delivery has been completed. At the same time, the Jets China strategy and business investment in China have been officially launched. Li Mantie said that the acquisition is an important part of Lehman's sports industry layout, and its actual operation will be handled by the sports industry team of the listed company. 8. The wholly-owned subsidiary of Lianjian Optoelectronics acquired the equity of Xi'an Lvyi Media. On July 4, Shenzhen Lianjian Optoelectronics Co., Ltd. announced that its wholly-owned subsidiary Shenzhen Liandong Culture Investment Co., Ltd. acquired Xi'an Lvyi Media Co., Ltd. The 100% equity transaction has been completed. It is understood that Xi'an Green One is a media company engaged in outdoor LED full-color HD large-screen advertising operation in Shaanxi. It has 34 outdoor media resources covering Xi'an key areas and core business districts. With strong resource integration capabilities, it has formed outdoor advertising. Strong media platform. This move is seen as one of the important initiatives of Lianjian Optoelectronics to build a digital communications group strategy. 9. Liard plans to acquire 350 million yuan to acquire Zhongtian Lighting to increase the layout of lighting. July 1st news shows that Liard plans to acquire Shanghai Jingyi Business Consulting Co., Ltd. (limited partnership) and Shanghai Runying for RMB 350 million in cash. The business consulting firm (limited partnership) holds a 100% stake in Shanghai Zhongtian Lighting Complete Co., Ltd. After the completion of the acquisition, based on Zhongtian Lighting, it can help Liard to gradually realize the layout of the grid format market in East China, and then build the Liede Group East China Comprehensive Base to integrate the sales of the Liede Group members in the East China region. , procurement, production, research and development resources, and promote the development of the existing business of each member company of the Group. 10. Weiwei Co., Ltd. plans to acquire 100% equity of Guoyuan Power. On June 20, Shenzhen Weiwei Photovoltaic Lighting Co., Ltd. issued the “Report on the Issuance of Shares to Purchase Assets and the Raising of Matching Funds and the Listing Report on New Shares”, said the company It is planned to purchase 100% equity of Guoyuan Power, which is held by Sunshine Volt, by way of issuance of shares, and pay a transaction consideration of RMB 110,500,000. The transaction consideration is all paid by way of issuing shares. It is reported that after the completion of this transaction, Guoyuan Power became a wholly-owned subsidiary of the listed company. The listing date of this new share is June 24, 2016. 11. FGC plans to acquire 670 million euros to acquire German MOCVD plant. Fujian Grand Chip Investment Fund LP and German semiconductor equipment manufacturer Ai Siqiang said that FGC will acquire Ai Siqiang at a price of 6 euros per share, including net cash. The valuation of Ai Siqiang is about 670 million euros. Germany AIXTRON is a leading global deposition equipment supplier for the semiconductor industry, covering compound semiconductors, silicon semiconductors, organic semiconductors, and nanotechnology. With the support of FGC, we have found a strong partner to provide a deep understanding of the local market to support our business goals in Asia, said Ai Siqiang Regulatory Chairman Kim Schindelhauer in a statement. 12. Zhengye Technology plans to acquire 450 million LED equipment enterprises. Shunyo Optoelectronics Zhengye Technology disclosed the major asset restructuring plan on the morning of the 18th. The company plans to purchase 100% equity of Hyun Shuo Optoelectronics by issuing shares and paying cash, and raise matching funds. Upon completion of this transaction, Zhengye Technology will hold 100% equity of Hyun Shuo Optoelectronics, and Hyun Shuo Optoelectronics will become a wholly-owned subsidiary of Zhengye Technology. 13, GE over 100 million acquisition of Australian Internet of Things star Daintree At the end of April, the United States General Electric (GE) acquired Melbourne construction automation startup Daintree Networks for more than 100 million Australian dollars, becoming the Australian technology company's capital market mergers and acquisitions transaction amount in the past ten years One of the biggest cases. After being acquired by GE, Daintree's team will join GE's new company, Current, which combines GE's LED, solar, energy storage and electric vehicle businesses with its industrial Internet platform Predix. In a statement, GE said that the acquisition will enable Current to expand its building automation platform and enhance its ability to provide energy-as-a-service to small and medium-sized buildings around the world. 14. Dongshan Precision plans to acquire 4 billion US listed companies MFLX to enter the FPC market Dongshan Precision released a major asset purchase report on April 20, and the company merged the US Nasdaq-listed company MFLX in cash through overseas subsidiaries. According to the Merger Agreement, MFLX's combined consideration for each share is $23.95, and the total transaction price is expected to be $610 million (approximately RMB 3.984 billion). MFLX is one of the world's largest suppliers of professional flexible circuit boards (FPCs) and flexible circuit assemblies (FPCAs). Its revenues are mainly from the mobile market, and its end products include smartphones, tablets and home electronics. If you successfully acquire MFLX, Dongshan Precision will become the first domestic FPC manufacturer in terms of market share and technical capability. The company's business layout has been further improved and its competitiveness has been greatly improved. 15. Lianchuang Optoelectronics' acquisition target locked VR enterprise Hann Internet Lianchuang Optoelectronics disclosed on the evening of April 18, the transaction partner of this major asset reorganization is Nanjing Hann Digital Internet Culture Co., Ltd. and related entities. Purchase assets and pay cash to purchase assets and raise matching funds. After the completion of the transaction, Lianchuang Optoelectronics will add holographic multimedia interactive digital display services and mobile development operations to achieve diversified development. 16. Aoyang Shunchang plans to acquire 600 million yuan of shares in the lithium battery industry company. Aoyang Shunchang announced on April 12 that it plans to acquire a 40% stake in Jiangsu Luwei Lithium Energy Co., Ltd. for 600 million yuan in cash. At the same time, Jiangsu Luwei will make a unilateral capital increase with a cash of 200 million yuan. Upon completion of the transaction, Aoyang Shunchang will hold a 47.06% stake in Jiangsu Luwei. Aoyang Shunchang said that Jiangsu Luwei has certain market competitiveness in the lithium battery industry. The company will rely on Jiangsu Luwei to carry out lithium battery products business, and expand its emerging business on the basis of expanding and strengthening its existing main business. Improve the industrial layout and create new profit growth points for the company. 17. A surprise 1 yuan merger case: Huacan Optoelectronics 1 yuan acquisition Ruijing Optoelectronics Huacan Optoelectronics released on March 18, "On the acquisition of 100% equity of Yiwu Ruijing Optoelectronics Technology Co., Ltd." announced that the company acquired Yiwu Ruijing Optoelectronics Technology The entire equity of the company has been reviewed and approved at the 22nd meeting of the second board of directors of the company. 18, Acrylic manufacturer Plaskolite acquires lighting board business Acrylic manufacturer Plaskolite LLC recently acquired Rotuba Extruders' extrusion lighting board business to expand its product line. The transaction was completed on February 22. 19. Yuanfang Optoelectronics plans to acquire 1 billion yuan. After the three-year suspension of the Ali-in company, the company announced the restructuring plan on February 2, and the company plans to acquire Zhejiang Weier Technology Co., Ltd. for 1.02 billion yuan. Hereinafter referred to as Weier Technology) 100% equity. Through this major asset restructuring, Yuanfang Optoelectronics will successfully enter the field of biometric identification. After the completion of the transaction, Yuanfang Optoelectronics and Weier Technology will share the R&D technology system, which will help the company to build a professional detection and identification information product and service system, realize the complementary advantages of both parties, play a synergistic effect, and enhance the overall value of the listed company. 20, Qinshang Optoelectronics plans to acquire 2 billion yuan to purchase Guangzhou Longwen layout education service industry Qinshang Optoelectronics announced on January 3, intends to issue 106 million shares at 14.16 yuan / share, and pay cash 500 million yuan, a total of 2 billion yuan, the acquisition 100% equity of Guangzhou Longwen Education Technology Co., Ltd. Guangzhou Longwen has a good layout in the domestic K12 education industry and a high reputation. After the transaction is completed, the company will further expand the national chain of teaching outlets, form an online education platform, and firmly improve the brand and market share. Qinshang Optoelectronics acquired Guangzhou Longwen, which will cut into the broad market of K12, enhance the company's core capital profitability, and realize the dual main business layout of semiconductor lighting products and K12 counseling services. In fact, since last year, mergers and acquisitions in the LED industry have occurred frequently. As the industry continues to integrate, mergers and acquisitions will continue to increase. At present, with the acceleration of the global integration process, Chinese LED companies have gradually turned their attention to the longer-term. They are beginning to realize that if a company wants to grow and develop, it is not enough to rely solely on endogenous power. It also needs to rely on the external forces of mergers and acquisitions. The external forces complement each other and can add icing on the cake. However, in recent years, the development status of the domestic market is so much that many LED companies have turned their attention to overseas markets. Therefore, after accumulating the strengths of manufacturing, market development, and capital accumulation, a group of listed companies will continue to expand overseas in addition to the domestic market. They want to achieve large enterprise scale through integration and realize enterprise through cross-border acquisition. Diversified development. At the same time, with the gradual transformation of foreign technology and patents into domestic resources, the intention of outstanding enterprises in the domestic LED industry chain to go abroad has become stronger, and the integration of overseas LED industry chain enterprises and channels will be put on the agenda. With the recovery of the LED industry, major listed companies experienced double harvests in terms of performance and profits in the first half of 2016. At the same time, due to the major market segments of LED - plant lighting, automotive lighting, intelligent lighting, LED filament lights, visible light communication, etc. are widely optimistic. Therefore, the major giants have been deployed through acquisitions, etc., which has also spawned a series of capital operations. From the above mergers and acquisitions, we found that in addition to the integration of upstream and downstream of the LED industry chain, many LED lighting companies have already extended the reach of funds to investment, media, Internet, sports and other fields other than LEDs. At the same time, mergers and acquisitions overseas Has become a major trend. Finally, Xiaobian wants to say that M&A is only one of the means to help enterprises develop. If enterprises want to be successful, they still have to use products to conquer users and finally accept the test of the market.

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