The much-watched capital market has finally come to good news. The China Securities Regulatory Commission issued the "Opinions on Further Promoting the Reform of the New Share Issuance System" (hereinafter referred to as the "Opinions"), and stated that it is expected that by January 2014, about 50 companies will be able to complete the relevant procedures and be listed one after another.
The A-share IPO with more than one year of dust seals opened in January 2014, and the Chinese listed companies are finally expected to usher in the spring. Since the suspension of IPOs on October 10 of the previous year, when the IPO was restarted, the market was rumored for a long time. For the booming LED industry, any spur of the IPO is a frequent stimulation of the keen market.
Now the IPO reform has finally settled. However, a series of reforms in the "Opinions" have made many listed companies feel unprecedented pressure in the past, the new issuance system reform is unprecedented, the game rules are completely rewritten, and LED companies celebrate this carnival feast. Waiting for them will be a bigger challenge.
IPO opens, financing problems are expected to be solved In recent years, China's LED industry has achieved rapid development under the policy support. Since the listing of Lianchuang Optoelectronics in 2001, the number of LED-related enterprises that have been on the market since then has reached 50. However, due to the imperfect development of China's capital market and imperfect factors, IPO reform is imminent. Therefore, at the end of 2012, the IPO was forced to suspend, and many companies that looked at the queues were caught in a long wait for a long time. Of course, the LED companies that have received much attention are no exception.
In the more than one year since the IPO was shut down, the number of companies queuing for application has reached more than 760. Some companies trapped in the IPO barrier lake have even given up on the A-share listing, and instead raised other channels to raise funds. At present, the CSRC has issued the exact news that the companies that have queued up for listing have come to the dawn of hope.
Among the 50 companies announced, three LED companies are expected to take the first bus to appear in the first batch of 50 companies listed after the IPO restart. They are Shenzhen Aibisen Optoelectronics Co., Ltd., Mulinsen Co., Ltd. and Guangdong Jinlaite Electric Co., Ltd.
Nowadays, as the LED lighting market is approaching the outbreak, the demand for capital from the company has also risen. This IPO reopened, undoubtedly brought a heavy profit to the LED industry to be listed. In fact, as an important channel for corporate finance, LED companies have never stopped pursuing the listing. As one of the strategic emerging industries, the LED industry has experienced rapid development in recent years. However, under the circumstance of tight monetary policy and market downturn, due to factors such as quota restrictions and deposit-loan ratio constraints, the normal operation of LED companies' capital chains is greatly threatened. Falling into the triangle debt is the normal state of the industry. Coupled with financing difficulties and narrow financing channels, the collapse of the LED industry has repeatedly appeared. Therefore, LED companies with a certain scale want to raise more funds through listing to seek development and growth.
In addition, the "Opinions on Further Promoting the Reform of the New Share Issuance System" issued by the China Securities Regulatory Commission also brought favorable policies for enterprises to solve the financing problem. It is reported that after the reform, the regulatory authorities and the auditing committee will only review the legal compliance of the issuance of application documents and information disclosure content, and will not judge the issuer's continued profitability and investment value, and will be judged by investors and the market. The issuer can choose a variety of financing methods such as common stock, corporate bonds or combination of stocks and bonds, and the financing means will be more abundant and free.
The promulgation of the significance of reform and the promotion of the benign development of the industry has undoubtedly set off a new wave of turmoil in the entire capital market. Its market pricing, information disclosure-centered regulatory concepts, and major reforms aimed at the shortcomings of the three highs have sparked heated discussions in various sectors of society.
A spokesperson for the Shanghai Stock Exchange said that the "Opinions" in the field of capital markets substantially responded to the major theoretical views put forward by the Third Plenary Session of the 18th CPC Central Committee to make the market play a decisive role in resource allocation. As a breakthrough, the link firmly grasps the main contradictions and will play a leading role in the reform and development of the capital market. Based on marketization and legalization, the Opinions comprehensively clarified the issue of the significant relationship between the government and the market in the new share issuance. With the responsibility of returning to the responsibility, it greatly enriched and improved the connotation of the construction of the new share issuance system. Measures: In order to protect the legitimate rights and interests of investors, the capital market will promote the concept of value investment and revitalize investment functions.
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The "Opinions" aims to protect the rights of small and medium-sized investors, adjust the new share placement mechanism, and curb the new behavior after the listing of new shares. At the same time, it puts forward higher requirements for the issuance pricing of listed companies. The article clearly indicates that the issuer is bound to set a high price, restraining investors from reporting high prices, and curbing the new behavior after stock listing. For LED listed companies, the past high issue price may no longer exist, and has already caused certain pressure and constraints on the listed LED companies at the source.
It is worth noting that the reform of the new share is centered on information disclosure, the auditing standards are more transparent, the review progress is made public, and the transparency of all aspects of the new share issuance is improved, and the public's entire process supervision is strived. Issuers, underwriters, and private equity firms are responsible for the content of public offerings and listing documents. Among them, the issuer and its controlling shareholder, actual controller, directors, supervisors, senior management personnel and other relevant responsible entities shall publicly promise in the public offering and listing documents that the issuer's prospectus has false records, misleading statements or major omissions. Investors who suffer losses in securities transactions will compensate investors for losses according to law. The above provisions play an important role in solving problems such as fraudulent issuance and fraudulent listing. In recent years, several LED listed companies have also reported news of fraudulent listings and abnormal financial data. This new policy will face many constraints and supervision for LED companies to be listed.
It can be seen that the post-marketing information disclosure mechanism will be more stringent, and the targets of disclosure will be extended from the internal and securities regulatory departments to all investors and the public, and the supervision of listed companies will be stricter, and the regulated operation of listed companies will be higher. If a listed company has false or concealed important information and causes losses to investors, the responsible person will compensate according to law. From this point of view, the implementation of the New Deal will certainly promote the entire LED industry to a healthy, benign and sustainable development stage.
The LED industry will enter the era of large-scale competition. For LED companies, it can quickly form scale, reduce costs and seize the LED market through listing. On the other hand, for the companies to be listed, the high requirements and high standards of the "Opinions" put forward higher requirements for the comprehensive strength, profitability and product quality of listed companies. At the same time, China's LED industry is still facing the phenomenon of overcapacity and homogenization competition. There are more and more competitors in the LED field, and it will become very difficult to refinance later. In addition, in terms of industry output, the lighting and LED industry can't accommodate so many listed companies.
Industry insiders estimate that with the increase of the listing threshold, the LED industry will move toward the era of large-scale competition in the future. The phenomenon of Hengda and the strong ones will become more and more obvious.
This IPO restart, for the LED industry that urgently needs financial support, means that more LED companies will go on the market. Compared with non-listed companies, listed companies have natural advantages in terms of brand and capital. Especially in terms of financing ability, listed companies have money, which will inevitably accelerate mergers and acquisitions. Industry integration has become a natural thing, and high-quality enterprises will rely on The capital market is getting stronger and bigger. At the same time, LED listed companies can reduce average production costs by increasing production capacity. For LED packaging and application areas where technical barriers are not high, market competition will intensify. This trend can be reflected in a series of expansion and mergers and acquisitions after the listing of many LED companies in recent years.
In addition, due to the support of the relevant national policies in the LED industry in recent years, the entire industry has already experienced structural overcapacity, and the competition between the enterprises has intensified, and the industry has entered the reshuffle stage. Therefore, mergers and acquisitions and restructuring will become the main form of capital acquisition in the LED industry, and LED listed companies with a vertically integrated industrial chain model will win in the market competition. At present, among the more than 50 listed companies, the layout of the upstream and downstream has been improved, and only the number of listed companies with LED lighting as their main business is the least.
Nowadays, many LED listed companies have already targeted vertical integration, and through strengthening technical barriers, they have improved the integration capabilities of upstream and downstream industries. Companies such as Guoxing Optoelectronics and Silan Micro tried to extend upstream and downstream. At present, the global LED giants adopt a vertical integration strategy, and domestic LED listed companies such as Sanan Optoelectronics, Dehao Runda and Guoxing Optoelectronics are also actively deploying. In the end, those enterprises that have capital, have sustained profitability, or have advantages in a certain segment will be better in the market competition. The vertical integration of the whole industry chain or the merger between the same industry will become the future development of the LED industry. Mainstream trends.
The IPO reform can be described as an important node in China's capital market reform, and it also exerts far-reaching influence and influence on the development of the LED industry. On the one hand, for LED companies to be listed, the rapid formation of scale through the market, reduce costs, and seize the LED market; on the other hand, the landing of the New Deal is also actively promoting the industry to scale, standardization, and spurring LED With the transformation and upgrading of the industry, the LED industry will also move towards a new journey.
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