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On December 16, 2013, the State Council issued the “Decision on Issues Related to the National SME Share Transfer Systemâ€. After the decision was made, the conditions for expanding the pilot to the whole country were already in place, and all the joint-stock companies registered in the territory that met the listing conditions. All can be listed on the national share transfer system through the recommendation of the sponsoring volume dealer. Listed companies are no longer restricted by high-tech parks, are not subject to ownership restrictions, and are not limited to high-tech enterprises.
Top1, LED middle and lower enterprises landed in the background of the new three boards LED industry integration trend, the capital chain has become the lifeblood of enterprise development, Shenzhen City, Duo Li, this once famous brand, has won many honors, in 2011, its group chairman The family ran away and disappeared from here. However, in the absence of a year of stagnation, it is not undoubted that the same is the Shenzhen LED company. In 2012, Vision Optoelectronics also declared bankruptcy, and the company boss did not know what to do. In 2013, Shenzhen Yiguang and others fell down. Here we will not go into details about these closed enterprises. Some of these enterprises are manufacturers of 100 million yuan. Only these companies, although they are in the pipeline, are representative, and they can be seen in the current situation, development trend and future prospects of the LED industry. A company is a machine. To make it work normally and continuously, it needs to provide power continuously, and the money is the oil that drives the machine to go and go far. Throughout the above-mentioned enterprises, to explore the roots, although there are various reasons intertwined to lead to bankruptcy, it is not difficult to see that the real death point is still the chain of the capital chain.
What needs to be mentioned is that the triangular debt of these small and medium-sized enterprises is very serious. This kind of serial debt can be said to be a common phenomenon in the LED industry. For small and medium-sized enterprises, their funds are not very strong, which is self-evident. Let's take a simple example. These small and medium-sized enterprises, when they buy raw materials with LED upstream companies, because they do not have the ability to make one-time payments, the strategies they adopt are usually credited. When they produce the products, they Urgent to want to sell, and customers' concerns about quality, often implemented is a phased payment (it is understood that at the beginning of the new year in 2013, the Guangdong Provincial Quality Supervision Bureau in the spot check 23 batches of self-ballasted LED, the test failed 17 Batch, the failure rate was as high as 73.9.5 mid-month, Chengdu Quality and Technical Supervision Bureau checked 13 LED-related products produced by the company, including 11 batches of LED lighting products, the physical quality pass rate was 81.8; LED display products 2 Batches, the physical quality pass rate is only 50.) From these data, the end-user customer trust in the product can be imagined. It takes a lot of time for users to pay or product quality problems to become dead accounts. These are very dangerous, because once the company fails to recover the debts on time, the money owed to the raw material suppliers cannot be paid off in time, resulting in corporate funds. The turnover is not working, the wages cannot be paid, the debts are insolvent, and the supply of raw materials is broken. The company naturally walks into the dead end. In fact, the entire LED raw material supply chain is also basically the same, the funds are interlocking, taking the lead and moving the whole body, as long as a company falls into the water, it will have a chain effect.
The market environment is sluggish, and the payment of bad debts and bad debts are endless, while the financing difficulties of SMEs are often difficult to face difficulties such as triangular debts and capital chain breaks. However, relying solely on the government or financing institutions can not meet the demand;
For various reasons, small and medium-sized enterprises have small scale, insufficient strength, limited financial strength and financing capacity, and weak ability to withstand risks. Only by turning your own money into everyone's money can you reduce the risk;
It is difficult for LED companies to list on the GEM and SME board. The New Third Board is valued by the state and is regarded as China Nasdaq. It is also a real Chinese version of the GEM. At the end of last year, the IPO reform, the stock issuance began to transition from the approval system to the registration system. After the news came out, the GEM was washed. IPO is so difficult, many companies choose the curve to save the country, choose the financing method that suits them. Whether it is the main board, the GEM or the SME board, the threshold is relatively high, and the new three board can solve the problem that the enterprise does not go to the IPO temporarily, plus Before the IPO New Deal was issued, the IPO was suspended for 13 months. Many companies could not afford it. Therefore, many companies including LED companies chose to take a step back and retreat to the new board.
It is not optimistic that there are still hundreds of companies still queued for listing, so will the difficulty of listing the LED industry, which is worrying about earnings, increase? Among the 83 pre-announced enterprises announced in the first batch, there were only three LED companies that had already passed, namely Shenzhen Ai Bisen Optoelectronics Co., Ltd., Mulinsen Co., Ltd., and Guangdong Jinlaite Electric Co., Ltd. It is worth noting that there is a subtle difference. Only Ai Biesn Optoelectronics sprints on the GEM. Both Mulinsen and King Wright are sprinting small and medium-sized boards. Compared with previous years, from the industry distribution of queuing companies, LED companies are not in a state of madness. Despite the IPO barriers, the IPO door has been opened to LED companies, but the listing prospects are still worrying, not so optimistic.
The LED company's new three board listing benefits outweigh the disadvantages. It is suitable for financing many companies to rush to the new three boards, naturally because the listing can bring many benefits.
First, it can enhance the liquidity of the stock and enhance the overall valuation of the company.
Second, it can facilitate financing and promote the development of the company. The listed company can issue shares at the same time or after listing on the New Third Board. As of February 28, 2014, 116 listed companies in the New Third Board market have implemented 139 stock issuances, with an average P/E ratio of 23.77 times. Listing is beneficial to corporate debt financing. After the Shanghai and Shenzhen Stock Exchanges launched the SME private debt business, eight companies including Zhonghaiyang completed the issuance of private debts, with a total amount of 230 million yuan.
Third, listing on the New Third Board will lay the foundation for the company's follow-up capital operation. The new three board is like a warm-up place, which will warm up the company's future entry into the GEM and the small and medium-sized board, and shorten the listing process. Since 2009, eight companies including Beijing Software, Beilu Pharmaceutical, Century Ruier, Jiaxun Feihong, Ziguang Huayu, Bohui Innovation, Dongtu Technology, and Security Technology have completed the transfer and entered the SME board and the Growth Enterprise Market. In addition, Haixin Kejin, Helong Technology, Const, Shuangjie Electric and other companies have suspended the offer of the New Third Board and are awaiting review by the Audit Committee.
Fourth, it can enhance the propaganda effect and enhance the brand image.
Fifth, listed companies can use the new three-board market to accelerate development and growth through mergers and acquisitions and asset restructuring. For example, in 2010, Jiuhengxing issued 4.5 million shares and purchased the equity of Shenzhen Sikai 100. The current annual net profit of the company has exceeded 30 million yuan.
In addition, enterprises listed on the New Third Board, the local government will generally provide financial subsidies, the subsidy range from hundreds of thousands to millions, greatly reducing the cost of restructuring and listing. In areas with high government subsidies, park enterprises can basically achieve zero-cost restructuring and listing.
Of course, we have to divide the matter into two. Although the New Third Board has so many benefits, there are still many places to be perfected. For a long time, poor liquidity and light trading have been the biggest weaknesses restricting the development of the New Third Board.
On January 24th, the collective listing led to a blowout of the volume, but it was flat after the hot. On the collective listing day, the number of transactions, volume and turnover of the New Third Board were 30.7 times, 12.5 times and 19 times respectively of the average daily level in 2013. On the first day of the 266 new listings, 109 companies had shares in the stock market, and many of them reported high prices, but in the following days everything went flat. However, from the comparison of past data in previous years, it can still be seen that the market trading situation is gradually improving. As of February 19, 2014, the total market turnover was 264 million yuan, accounting for 32.4. The turnover of the new three board in 2013 was 814 million yuan, and 989 transactions were completed. The average daily turnover was less than 3, and some companies also sold There is no trading volume in the whole year.
It is reported that in August 2014, the New Third Board will officially launch the market maker system, which will help to enrich the market transfer method and improve market liquidity. According to the original plan, the market maker will go online in May. Market participants said that if there is no transaction, there will be no significance for the company to have a new board, and the number of listings will be useless. After all, there are still corporate governance thresholds. In addition to paying taxes, you have to bear the annual listing fees, which is also a big burden for small businesses. Compared with the hot restart of the secondary market IPO, the liquidity of the New Third Board is still insufficient. According to statistics, the current natural person investors in the market are still dominated by the existing shareholders of the listed companies.
Relevant person in charge revealed that vigorously developing institutional investors and cultivating professional investment markets will become important tasks for the share transfer company. First of all, it is necessary to strengthen the docking with PE/VC, so that the market will gradually develop into a market of long-term investment and value investment. Secondly, encourage and support financial institutions such as securities companies and fund companies to design and launch targeted and combined products for ordinary investors and invest in listed company securities to meet the diverse needs of investors for product liquidity, stability and growth. Third, deepen the strategic cooperation with cooperative commercial banks and continue to build an integrated financial service platform. Regarding the current situation of poor liquidity of the New Third Board, analysts said that the stock transfer company is working with financial institutions such as securities companies to develop wealth management products for the New Third Board, which are directed or combined for ordinary investors. By then, liquidity will gradually improve. In addition, NEEQ will also launch research and development work on new products such as portfolio tools, price discovery tools and price hedging tools, facilitate investors to participate in the market, better manage risk, and organize mergers and acquisitions and acquisitions. Supporting business rules.
It is believed that in the near future, the national share transfer system will also become a gold mining base for investment institutions and individual investors interested in participating in the development of innovative enterprises by providing reasonable valuation and financing support for different stages of development and different types of enterprises.
According to the person in charge of the relevant department of the New Third Board, from the perspective of facilitating investors, the preparation of an index recording the characteristics of the new three board market is the focus of its next phase. Similar to the Nasdaq index, the NEEQ also needs an index that reflects the true operating conditions of the market. The person in charge said that the New Third Board had already conducted research in the early stage, but due to the continuity of transaction in the secondary market, there has been no complete reference indicator. In addition, the current market transaction types are mostly negotiated transactions, and the fairness of the price is debatable, so the index has not been released, and it will take some time to experiment in the future.
Top2, LED SMEs and the New Third Board Status Interpretation Successfully listed LED-related enterprises After the expansion of the New Third Board, more and more outstanding enterprises will be able to enter the capital market, obtain financing support and continue to grow and develop; Under the improvement, more enterprises can upgrade from the New Third Board to the Shanghai and Shenzhen stock markets; and the backward students of the Shanghai and Shenzhen stock markets can realize the delisting more smoothly, and the multi-level capital market will be able to penetrate to form a virtuous cycle system. According to industry analysts, after the expansion of the New Third Board, more and more outstanding enterprises will be able to enter the capital market, obtain financing support and continue to grow and develop. On January 24, 266 companies gathered in the New Third Board. As of March 28, the New Third Board had nearly 650 listed companies. Some insiders expect that there will be 1,000 listed companies in the stock transfer system during the year. Of the 266 companies, 95 are in information technology and computer science, accounting for more than one-third. This is consistent with the purpose of the New Third Board to support reform, innovation, and transformation and upgrading. Among them, there are 12 companies related to lighting and LED industry: Easystar, Guangxu Electronics, Yuanheng Optoelectronics, Tianhong Laser, Qipu Optoelectronics, Hengyu Lighting, Ruiteng Technology, Jingbao, Zhongyi Testing, Austria Energy saving, Sanjing Technology, Yamamoto Optoelectronics.
Qipu Optoelectronics: R&D, production, sales and engineering services of LED electronic display ★ Total share capital: 28 million shares ★ Latest net profit: 4,446,100 yuan (end of August)
Founded in 2000, Qipu Optoelectronics Co., Ltd. is headquartered in Building C, Gemstone Technology Park, Shiyan Road, Shiyan Street, Baoan District, Shenzhen, China. The production and operation area is 12,000 square meters. Since its inception, Qipu Optoelectronics has focused on the R&D, production, sales and service of LED full-color displays, and is committed to providing customers with a full range of product solutions.