4 billion yuan to acquire NVC, dehaorunda integrates industry chain

by:ALLTOP      2020-03-20
After half a year of suspension of trading, Dehao Runda announced on the evening of June 29 that the company planned to conduct major asset restructuring on the manufacturing business controlled by NVC Lighting in China and the mergers and acquisitions of related enterprises. The company's shares resumed trading on July 2, 2018. After half a year of suspension of trading, Dehao Runda announced on the evening of June 29 that the company planned to conduct major asset restructuring on the manufacturing business controlled by NVC Lighting in China and the mergers and acquisitions of related enterprises. The company's shares resumed trading on July 2, 2018. According to the announcement, the target of this asset restructuring is NVC, the core asset of NVC Lighting Holdings. For NVC Lighting 24. 3 for Dehao Runda of tradable shares, through this reorganization, Dehao Runda and NVC Lighting will realize industrial integration and rank in the industry with an annual revenue of more than 10 billion yuan, making the market have more expectations. According to the integrated data of Dehao Runda's whole industrial chain, NVC Optoelectronics is a green and energy-saving lighting enterprise, mainly engaged in the research and development, production and sales of domestic NVC brand commercial lighting and home lighting lamps. At present, NVC has two major commercial lighting production bases in Huizhou, Guangdong and Wanzhou, Chongqing, and has 34 operation centers in China (Provincial Distributors) The operation center has more than 3500 regional distributors. The regional distributors and their subordinate distributors have more than 4000 specialty stores. The coverage rate of provincial capital cities is over 90, and that of prefecture-level cities is over 85, county-level cities or county-level cities have a coverage rate of more than 60. Some securities analysts believe that because NVC Lighting's valuation in Hong Kong, China is relatively low, this purchase is a good time for Dehao Runda: On the one hand, with 4 billion yuan, the company acquired the underlying assets of NVC Lighting with a brand value of more than 20 billion yuan, and bought its offline channels of more than 4000 stores; At the same time, it integrates Derun Haoda's own lighting business, and the company's competitiveness in the lighting field will be greatly enhanced. In this regard, Dehao Runda analyzed in the announcement that after the completion of this transaction, Dehao Runda will effectively integrate its own general lighting product manufacturing business with NVC Optoelectronics general lighting product manufacturing business, achieve synergy. In addition, before this transaction, NVC Optronics purchased chips used in LED lighting products from Dehao Runda. After the completion of this transaction, the above procurement will continue, and will play the same control of the upstream and downstream synergy. Some people in the lighting industry told the 'Securities Daily' reporter that the integration of upstream and downstream has gradually become a prominent feature of the LED industry. On the one hand, the demand for lighting in the public and urban lighting fields is increasingly hot, the application of the project is gradually expanded, laying the Market Foundation; On the other hand, industry integration makes enterprises more competitive and will integrate and occupy a larger market. NVC Lighting has built an international e-commerce business. Through this acquisition, NVC Lighting, which has stripped off its production and manufacturing assets, has truly realized the cutting of production and channels, which means that it can then go into the international market with a light load. In the eyes of the industry, such an acquisition is mainly based on the division of labor between the two sides. Dehao Runda will focus more on research and development, production and domestic market, while NVC Lighting will focus more on channel business, and both parties will become upstream and downstream partners in the value chain. Especially for NVC Lighting, international e-commerce will be launched in the future to create Gome and Suning in the lighting and home industry. Today, with the business integration of NVC Lighting and Dehao Runda, 4 billion yuan of purchase money is in the pocket. Even if more than 2 billion yuan is used for dividends, the remaining cash of nearly 2 billion yuan will play a role in promoting NVC Lighting to develop international markets and channels in the future. Whether in the short term or in the long term, it is a multiple benefit. In this regard, some institutions believe that NVC Lighting was underestimated in the capital market in Hong Kong, China. As NVC Lighting will further invest in channel business after stripping production-related assets and obtaining cash income, compared with traditional manufacturing, the channel business will receive a higher valuation in the Hong Kong market.
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