The lighting R&D and design center project is postponed and adjusted, and the cross-border education of Qinshang Optoelectronics “goes further and furtherâ€
Qinshang Optoelectronics recently announced the "Verification Opinions on the Extension of the Project of LED Lighting R&D and Design Center of Dongguan Qinshang Optoelectronics Co., Ltd." by Guoxin Securities Co., Ltd.
The company was approved by the China Securities Regulatory Commission “Zheng Jian Li [2011] No. 1745†to issue 46,835,000 shares of RMB ordinary shares (A shares) at an issue price of RMB 24.00 per share. The total amount of funds raised was RMB 1,124,400,000, excluding the issuance expenses. After RMB 67,224,600, the net proceeds raised were RMB 1,056,814,400.
As of October 30, 2016, the company's fund-raising account balance was RMB 654,215,500, of which interest income was RMB 77,17,100, and other issue fees that had not been transferred were RMB 7,826,600.
Based on the principle of prudence, the company has adjusted the progress of the LED lighting R&D and design center project by one year (from November 30, 2016 to November 30, 2017). The total investment, construction scale and content of the project remain unchanged.
Due to the obvious homogenization of the products in the LED semiconductor lighting industry, the product standards are still not perfect, the participants are numerous, and the price war is serious, the competitive pressure of the company's products at both the price end and the cost side is gradually increasing. In order to stabilize and enhance the company's sustainable profitability, in 2016, the company achieved the dual main business layout of the semiconductor lighting and education industry through the acquisition of Longwen Education.
Therefore, the company adheres to the attitude of improving the efficiency of the use of raised funds and increasing the input-output ratio of raised funds. After careful consideration, it is decided to appropriately slow down the implementation progress of the fund-raising investment projects according to the development status of the semiconductor lighting industry.
The massive expansion of Qinshang Optoelectronics in the field of education has led to speculation that it may gradually abandon its original LED business. However, Hu Shaoan, the director of Qinshang Optoelectronics, said in an interview with the media that it is possible to gradually divest LED assets in the future, but there is no implementation plan for this matter.
On November 9, Qinshang Optoelectronics announced that it signed the "Framework Agreement on Asset Transfer" with He Zhijian and Liu Dongming, and proposed to initially purchase Liuzhou Xiaohonghe Education Investment Consulting Co., Ltd. (hereinafter referred to as Little Red Riding Hood Education) held by the other party. At 80% equity.
Qinshang Optoelectronics is a domestic LED listed company, but its revenue has shrunk since 2014, and it has broken through in the form of outsourcing. So far, Qinshang Optoelectronics has announced the acquisition of an education company three times.
In addition to mergers and acquisitions, Qinshang Optoelectronics itself is also setting up an education company. On October 11, Qinshang Optoelectronics announced that it had invested 100 million yuan in its own funds to set up a wholly-owned subsidiary, Qinshang Education Investment Co., Ltd. In the announcement, Qinshang Optoelectronics said that the purpose of setting up a subsidiary is to promote the implementation of the company's strategic development planning goals, promote the company's extended development, help improve the company's profitability, and accelerate the company's business layout and expansion in the field of education.
The Qinshang Optoelectronics Annual Report shows that its revenue has declined for two consecutive years since 2014. In 2015, it was only 850 million yuan, down 30% from the 1.141 billion yuan in 2013.
According to industry insiders, with the maturity of technology and price decline in the field of street lighting, Qinshang Optoelectronics no longer has the advantage of its early years. In the ordinary indoor lighting business, Qinshang Optoelectronics lacks the most basic channels and cannot Optoelectronics and other traditional lighting companies compete.
Therefore, for Qinshang Optoelectronics, the lighting business is not the best development direction. This time, the LED lighting R&D and design center project will be postponed or adjusted.
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