The new round of mergers and acquisitions in the industry is different from the capacity expansion in previous years. This round of relative rationality and leading strength are leading enterprises in the industry, and the differentiated competition situation is obvious, and the industry will enter the post-competition era. At the same time, driven by multiple factors such as policy support, upstream technology breakthroughs, price declines, and strong market demand, the LED industry has taken off, and the next decade is the golden period of development. According to statistics, from January to June 2014, only LED lighting companies in mainland China completed 11 M&A transactions. The total transaction amount was about 3.5 billion yuan, and the average fund size per case was about 300 million yuan. It is understood that as of yesterday, there have been two electronic listed companies, ST Hetai and Shiyida, which have participated in the establishment of industrial M&A funds with a total scale of 1.4 billion yuan. Specifically, ST Hetai announced on October 9, 2014 that the wholly-owned subsidiary Jiangxi Helitai plans to invest no more than 80 million yuan to establish a joint venture with Changrun Assets to establish the Hetai Changrun Smart Wear Industry Investment Fund. The total size of the fund is 1 billion yuan, and it is planned to be raised in phases. Among them, the total amount of funds to be raised in the first phase is 100 million yuan. The amount of capital invested by Jiangxi Helitai does not exceed 30 million yuan. The investment field of the industrial fund is mainly the smart wearable industry, and the investment target is the one that meets the development strategy of Jiangxi Helitai and the investment direction of M&A. According to the company's announcement, Jiangxi Helitai is a limited partner of the industrial fund, and the total capital contribution of the series of industrial funds is not more than 80 million with its own funds; the capital contribution of the first-phase fund is not more than 30 million yuan. Changrun Assets is responsible for finding other limited partners for the industry fund and raising the remaining share of the investment. This also means that ST Hetai will eventually incite 1 billion yuan of industrial funds with 80 million yuan of funds. ST Hetai's monetary capital as of June 30 was 482 million yuan. ST Hetai said that the purpose of setting up an industrial fund is to amplify investment capabilities through various financial instruments and means, seize the market opportunities of smart wear development, reserve more M&A targets for the company's future development, and further enhance the company's development in the field of smart wear. Capabilities and core competencies. In addition, the company announced on October 10, 2014 that its subsidiary Qianhai Shiyi had invested 5 million yuan to participate in the establishment of the M&A fund. The first phase of the fund does not exceed 400 million yuan and will mainly invest in the company's strategic planning. M&A. The investment of not more than 75 of the total amount of the M&A fund, that is, no more than 300 million yuan, will be raised by Jiuyi Investment and Qianhai Shiyida. The company has a preferential acquisition right in the equity of the target company invested by Jiupai Kaiyang. The company stated that this investment is based on the needs of the company's strategic planning. By setting up an industrial integration platform, it can open up the company's investment channels, rationally reduce the risks that may exist in investment integration, and realize the company's long-term development plan. The executive partner of Jiupai Kaiyang will be appointed as the representative of Chen Qishan, responsible for the daily operations of Jiupai Kaiyang, the executive director and general manager of Shenzhen Jiupai Capital Management Co., Ltd., in the industry mergers and acquisitions. Experience in investment management and other aspects can provide effective support for the company's capital operation. By co-investors joining social capital to participate in mergers and acquisitions, the company's demand for funds in the M&A process can be solved. Need to be reminded that Lianchuang Optoelectronics has also proposed to set up an industrial merger fund, but the company announced on August 26, 2014 that the company terminated 10 million yuan to acquire the equity of Haitong M&A Capital 10, and terminated the subscription of no more than 290 million yuan. Since the company has not signed a formal contract or agreement with legal effect and has not injected funds into the acquisition, the termination of the acquisition will not affect the company's overall production and operation and current profits and losses. Lianchuang Optoelectronics said that the company and Haitong M&A capital and other investors actively promoted the fund establishment related work, but given the short time window for the establishment of the Shanghai M&A fund, the company and other investors did not reach an agreement at the time of capital contribution, so as not to affect During the establishment of the Shanghai M&A Fund, the company decided to terminate the investment behavior of subscribing to the share of the Shanghai M&A Fund and no longer participate in the Shanghai M&A Fund. From the performance point of view, both ST Hetai and Shiyida have disclosed the third quarter 2014 results forecast, and all the results are reported. Among them, ST Hetai 2014 Interim Report disclosed that the company expects net from January to September 2014. Profit profit was 108.3 million yuan to 128.3 million yuan, a year-on-year increase of 50.17 to 77.90 (previous year net profit of 72.117 million yuan). Reasons for changes in performance: The newly established Jizhou plant and the well-opening plant area have been successfully mass-produced and operating profit has increased significantly compared with the same period of the previous year; however, the chemical industry continues to be sluggish, the main products of ammonium nitrate downstream customers have low operating rates, and the newly-invested production line is temporarily suspended. No economic benefits have been generated. During the reporting period, Jiangxi Helitai touch display and smart wear and other electronic products were added within the scope of the company's consolidated statements. The company's 2014 interim report disclosed that it is expected that the company's net profit for the period from January to September 2014 will turn into a profit, with a profit of 5 million yuan to 10 million yuan (a loss of 71.716 million yuan in the same period last year). Reasons for changes in performance: The company's EMS business customer structure is optimized, and the profitability has improved significantly; the revenue and profit of the LED lighting business have grown steadily. The domestic LED lighting industry has continued to grow in recent years. The average annual compound growth rate of the industry in the past ten years has reached 30 to 35. According to statistics, in 2013, the output value of the domestic LED lighting industry has exceeded 250 billion yuan, of which LED downstream applications accounted for the largest proportion. It is expected that the output value of the domestic LED lighting industry will exceed 300 billion yuan this year. In this regard, analysts said that for the purpose of setting up an industrial fund, almost all companies have indicated that they intend to amplify their investment capabilities through various financial instruments and means, and conduct mergers and acquisitions around the company's strategic planning to enhance the company's profitability.
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