[High-tech report article | Wang Cairong] Since the first half of this year, the LED chip market has continued to be popular, and it seems that Jingyuan Optoelectronics, which has tight supply and demand, is not in a hurry, and will once again be able to fill the gap in capacity supply and demand.
On June 30, Jingyuan Optoelectronics and Yanyuan Optoelectronics announced that the M&A plan will be completed. Jingyuan Optoelectronics will acquire Yuyuan Optoelectronics in a way of share swap, and Yuyuan Optoelectronics will become a wholly-owned subsidiary of Jingyuan Optoelectronics. Jingyuan Optoelectronics said that the acquisition will be a share transfer by issuing new shares. It plans to issue 175 million shares at a par value of 10 yuan per share and a total issue amount of NT$ 1.746 billion. After the completion of the share swap, the amount of Jingyuan Optoelectronics will increase. To NT$11.106 billion.
According to the announcements disclosed by the two companies, Yanyuan Optoelectronics will exchange 1.444 shares of common stock for one ordinary share issued by Jingyuan Optoelectronics. The base date for share conversion is tentatively scheduled for December 30, 2014. Based on the closing price of Jingyuan Optoelectronics and Yuyuan Optoelectronics on the day of the announcement, the conversion premium rate was approximately 17.6%. If all the shares of the original shareholder of Yuyuan Optoelectronics are completed, Jingyuan Optoelectronics will hold 100% equity of Haoyuan Optoelectronics.
After the news was disclosed, the stone provoked a thousand waves, and the industry had different opinions. At the end of 2012, the company’s “marriage†with the mainland’s LED chip leader Sanan Optoelectronics has now “remarried†to Jingdian. What is the reason for this? The LED chip industry has developed so far, where is the road?
"At present, Jingyuan Optoelectronics is out of stock and lacks capacity. The direct acquisition of Yuyuan Optoelectronics is faster than the purchase of MOCVD equipment." Wang Junbo, deputy general manager of Jingyuan Baochen Optoelectronics (Shenzhen) Co., Ltd. accepted "High" In the interview with the worker LED, the speed of the expansion of the company's optoelectronics has not slowed down. However, it is necessary to have a relatively fast production capacity. The speed of purchasing the MOCVD machine may not be too late.
Since the first half of this year, driven by the accelerated LED lighting market, the supply and demand of LED chip factory capacity has been tight, and the shortage of production capacity of Jingyuan Optoelectronics as a chip leader is more obvious.
In mid-June, Li Bingjie, chairman of Jingyuan Optoelectronics, once admitted that the current production capacity of crystal chip is in short supply, especially the shortage of high-brightness chips, and the gap between supply and demand is about 20%. Wang Binglong, chairman of Taiwan's packaging factory Hongqi, also said in April this year that the current order with Jingyuan Optoelectronics will take two months to get the goods.
Therefore, for Jingyuan Optoelectronics, it is a good strategy to alleviate the current capacity pressure by selecting and purchasing Yuyuan Optoelectronics at this time.
According to public information, at present, Jingyuan Optoelectronics has a total of 385 MOCVD machine equipment and 103 units of Yanyuan Optoelectronics. Together with this year's expansion plan of Jingyuan Optoelectronics, it is expected to reach 500 units by the end of this year. The expansion of the production capacity of Jingyuan Optoelectronics will further widen the gap with the industry peers.
For Sanan Optoelectronics, the largest shareholder of Yanyuan Optoelectronics, the industry has been speculating about how to make a decision.
In this regard, Sanan Optoelectronics Board Secretary Wang Qing said in an interview with the reporter of "High-tech LED" that for the company's holding of 120 million yuan of shares in the company, Sanan Optoelectronics can choose to vote in the Yuanyuan Optoelectronics M&A proposal. Against the black, and start the repurchase terms, Yanyuan Optoelectronics must repurchase all the shares held by Sanan Optoelectronics; the second option is to convert to Jingyuan Optoelectronics common stock or continue to hold the shares of Yuanyuan Optoelectronics Private Equity. "The specific vote will be held at the Yuanyuan Optoelectronics Shareholders Meeting in late September, but Sanan Optoelectronics will make a decision at the board meeting before the vote."
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