After the introduction of the new policy, it may be centralized distribution. It is estimated that in January 2014, about 50 companies will complete the procedures and will be listed one after another. Among the 83 companies that have already passed the conference, 9 are in the electronics industry, of which 3 are LED companies and 1 is related to LED lamps. The three LED companies that have already met are: Shenzhen Aibisen Optoelectronics Co., Ltd., Mulinsen Co., Ltd., Guangdong Jinlaite Electric Co., Ltd.; and the LED lamps related enterprises are Zhejiang Youbang Integrated Ceiling Co., Ltd. "Guangdong LED" reporter found in the interview research, many industry experts believe that IPO restart, LED enterprise financing channels will be further opened, will inevitably bring new hope to the industry that is weak and sorrowful, and want to go public Enterprises can continue to sprint IPOs, but at the same time, the IPO New Deal has also challenged companies including LED companies.
The opening of the IPO will exert certain pressure on the market supply. The timing should be cautious. Zhao Xijun, deputy director of the School of Finance and Finance of Renmin University of China, deputy director of the Institute of Finance and Securities, macroeconomic trends, macroeconomic policies, market supply and demand, listed companies, The investor's mentality will have an impact on the entire market. In the case of other factors, from the perspective of market supply and demand, the opening of the IPO will exert certain pressure on the market supply, and the pressure of supply and demand may have a certain impact on the funds of the entire market. Zhao Xijun said. If a market has not entered a new listed company for a long time, and the primary market has not changed, then the vitality of the market will become worse and worse. From the overall development of the primary market and the secondary market, the primary market is issued and the secondary market. Market transactions should work together to advance.
The introduction of the IPO New Deal, for the listed LED companies, the attention of the IPO New Deal will be lower than that of the companies that have not yet listed. After all, they have already listed, but they will also increase from the industry, listed companies in the industry, etc. Consider the impact on them. Among the 2,500 listed companies in China, the real estate industry has the largest number of listed companies, with a number of 140. But in terms of industry output, the lighting and LED industry can't accommodate so many listed companies. At the same time, the LED industry is clearly losing the aura of its initial new energy. The capital market needs continuous growth and the uniqueness of the company itself. There are more and more competitors in the LED field, and it will become difficult to refinance later.
For LED companies that have already passed the meeting, the IPO New Deal and the IPO are restarting. They are expecting the stars to look forward to the moon. It has not been restarted. The LED companies that have already passed the meeting should not only be worried, but also supplement the semi-annual report and the annual report will increase the burden on the enterprise. Due to the importance of listing to the enterprise and the work that affects the listing process, the company will be consciously dragged backwards, which also affects the normal development of the company. Song Guoliang, director of the Center for Financial Products and Investment Research at the University of International Business and Economics, stressed that grasping the rhythm of the entire market is very important for the opening of the IPO. Recently, the market has experienced a short-term adjustment after the recovery, if the economic fundamentals remain The market continues to show an upward trend.
The LED industry will have more and more mergers and acquisitions, and the capital demand is expanding. Guangdong Semiconductor Industry Joint Innovation Center, Shi Shirong, has fallen rapidly from top to bottom in the past two years. From LED chips to LED lamps, their prices are falling every year. The speed of 150 has come to 2013. The upstream projects that have the ability to launch LEDs have high standards for the company's capital strength. Only listed companies in China have the ability to pay and have sufficient liquidity to maintain the normal operation of the company. The opening of the IPO may, to a certain extent, provide a way out for promising companies that have the ability to continue to continue in the LED industry, but which are very difficult, to improve the financing environment and ensure that their liquidity does not collapse.
However, we must also profoundly realize that LED companies can obtain more financing opportunities and improve their financial situation through successful IPO listing, but they will also face many problems. One is that it may induce a new round of bloody slaughter, and industry consolidation and re-integration will be further accelerated. There will be more and more mergers and acquisitions in the LED industry, because in the current situation, enterprises will want to go public, it will be very difficult, but the demand for funds is constantly expanding. There have been many recent acquisitions. The companies that are acquired often face problems in terms of capital and brand. In recent years, the LED industry has become increasingly fierce in competition. Only when it survives can we talk about profitability.
The IPO restart will allow more high-quality LED companies to join the ranks of listed companies and accelerate the reshuffle of the LED industry. With the listing of LED companies, more LED listed companies will reduce average production costs by increasing production capacity. For LED packaging and applications with low technical barriers, market competition will intensify. From 2011 to 2012, a number of LED companies successfully listed, and the major initiatives of these companies after listing are not huge investment in LED industry base projects to increase production capacity. On the other hand, compared with non-listed companies, listed companies have natural advantages in terms of brand and capital, especially in terms of financing ability. If listed companies have money, they will inevitably accelerate mergers and acquisitions, and industry integration becomes a natural thing. Quality companies will become better and better with the help of the capital market. In addition, the increase in LED listed companies has also increased the choice of investors, and listed companies will compete with each other to gain more votes from investors.
The product integration capability and capital support prospects are gratifying, and the new business model is expected to gain the future. Cao Dongyu, general manager of Shenzhen Rui Desang Energy Saving Technology Co., Ltd. Shenzhen Branch In the past few years, the LED industry has set off investment hotspots, and capital has poured into the LED industry. Government policy support and financial subsidies, more foreign capital and foreign investment in the LED industry, led to the LED industry began to enter the crazy investment stage, especially in the LED upstream field, sapphire substrate, epitaxial chip, chip and other projects planning investment amount is huge. However, the frenzied investment in the past two years has produced severe negative effects. The result is that the LED industry has a structural overcapacity, product homogeneity is serious, and the price war is burning all over the country. The LED industry directly enters the era of low profit. For example, there are several companies that will be listed on the market in the middle and lower reaches. The main businesses of these listed companies and listed companies overlap. If they are listed successfully, it is conceivable that next year's LED industry chain will be in the middle and lower reaches. The killing will be even more bloody.
Of course, LED technology and patents will play a very important role in the future, such as the size of the chip becomes smaller, the changes brought by light distribution and heat dissipation, the emergence of integrated LED lamps, unified interface standards and intelligence, etc. Lighting has an important impact. At present, LED lighting companies are still putting too much research and development cost and energy on replacing traditional lamps. The obstacles of most enterprises are still how to solve the problem of light distribution of lamps. In fact, there is still a very large space and market in the application of LED characteristics, such as building materials LED, it is difficult to say that it is lighting products or building materials, but there are indeed great market opportunities. But beyond, large-scale manufacturing capabilities and cost control capabilities will determine the life and death of many low-end and mid-range product companies. M&A and restructuring will become the main form of capital acquisition in the LED industry. The pure enterprise IPO will be saturated, and it is already very obvious. Among the more than 40 related listed companies, the layout of the upstream and downstream has already been established, and only the number of listed companies with LED lighting as their main business is the least. However, the upstream listed companies are already doing vertical integration in the industry. Those who hold capital, have sustained profitability or have advantages in a certain segment will eventually be better. Many companies will no longer use listing as a means of financing. Vertical integration of the entire industry chain or mergers and acquisitions between the same industry will become mainstream.
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