In the 18th National Congress of the Communist Party of China, capital market development is encouraged, mergers and acquisitions are supported, and relevant support from the State Council is given. Mergers and acquisitions of emerging industries in 2014 will continue to be hot in 2013.
Since the 18th National Congress of the Communist Party of China, economic transformation and upgrading has become a top priority, and emerging industries are undoubtedly urgent for transformation and upgrading.
In particular, the listed small and medium-sized board and gem enterprises have started the M & A boom relying on the capital market, forming an unprecedented M & A peak.
Last year, with the rapid increase in demand for LED lighting, the LED industry also ushered in a peak period of development. Enterprises in all aspects of the upper, middle and lower reaches began to expand production, and the distribution channels seized more market share.
As one of the convenient and effective ways, mergers and acquisitions are favored by LED listed companies.
Since the second half of last year, almost all LED listed companies have undergone mergers and acquisitions, large and small, or various forms of strategic cooperation.
Under the background that the whole LED industry is weak and strong, listed companies with advantages in products, technology and capital are accelerating their development and integration in order to develop rapidly in the LED lighting industry, when the concentration is increased, it has the first-mover advantage.
Following last year's acquisition of Rex and San 'an optoelectronics by Dehao Runda, Taiwan's Panguan Optoelectronics, this year, another Tongfang shares have taken a stake of 0. 9 billion Hong Kong dollars in zhenmingli, while Jiawei shares have taken a stake of 1.
A number of mergers and acquisitions in LED industries such as lighting, which cost more than 2. 3 billion yuan, have taken place. The Battle for the entire industrial chain has become increasingly fierce and the industry integration drama has gradually reached a climax.
However, the government's policy support for mergers and acquisitions is also increasing.
Today, the CSRC issued refinancing measures for GEM listed companies.
As for the gem refinancing focused on the combination of industry and capital market, the measures stipulate that the issuance conditions of gem refinancing include making profits in the past two years; In the past two years, cash dividends have been implemented according to regulations;
There are 6 conditions for the asset-liability ratio to be higher than 45 at the end of the recent period.
Most of the enterprises listed on GEM are emerging industries like LED, which are in a period of rapid growth. If they cannot be refinanced for a long time, it is not conducive to the long-term development of enterprises.
Some directors of LED listed companies believe that the LED industry is now in an integration period, mergers and acquisitions need financial support, and the introduction of refinancing measures can be described as timely rain.
The cost performance of LED lighting products has already had a strong advantage. The outbreak of the lighting market is certain. This year, it is mainly to test whether the performance of LED enterprises can meet market expectations.
Zhou Yi, a researcher at Huatai Securities, believes that there are few LED enterprises with an output value of more than 1 billion yuan at present. How to become bigger and stronger quickly requires more mergers, acquisitions, restructuring and shares in the LED industry.
Recently, the lighting of old lighting enterprises has been taken over by Jiawei shares, which has attracted the attention of the entire LED industry.
According to the announcement, Jiawei shares signed an equity transfer agreement with all shareholders of Zhongshan pinshang Lighting Co. , Ltd. , agreeing to transfer 100 equity of pinshang lighting in cash. The parties to the agreement to the estimated value of the lighting on the goods 1. 22. 5 billion yuan is the initial transfer consideration.
The original lighting business of Jiawei Co. , Ltd. is mainly concentrated in overseas markets, and the domestic lighting market will be even larger in the future. As a lighting-oriented company, it will naturally not be willing to give up the domestic market.
Commercial lighting and home lighting are key product lines of Jiawei in overseas markets;
Entering the domestic market, these two aspects are still one of our main business areas.
Looking for a suitable business brand, it has a relatively high brand management degree in the domestic market, has a good reputation, and has a ready-made dealer base, these factors and conditions are the prerequisites for the merger and acquisition of enterprises we are looking.
The qualifications of the products are in line with the needs of the current enterprise development of Jiawei;
Moreover, the two sides are highly consistent in their prospects and ideas for future development.
Li, president of Jiawei shares, said in an interview with the media.
As an established lighting enterprise, quality lighting has good resources in channels, brands and other aspects, but in recent years, due to various reasons, the development of the enterprise has stagnated.
Although the lighting on the products later increased the transformation of LED, it is still difficult to return to glory. At this point, seeking external force is a good choice. Jiawei and the marriage of the goods are also favored by the industry.