On the afternoon of January 10, at the Ritz Carlton Hotel in Shenzhen. Several executives and partners of Dehao Runda (002005.SZ) stood in the new product launching station. At this time, Wang Donglei saw Wu Changjiang standing at the edge, and quickly greeted him to come to his side, and pressed his hand on the energy ball to announce the beginning of the ceremony.
This means that the two most prestigious “gamblers†in the LED industry are coming together. Prior to this, Wang Haolei, Chairman of Dehao Runda and Wu Changjiang, founder of NVC Lighting, were still competitors.
In order to introduce NVC, Wang Donglei initiated a third increase. Since 2010, Dehao Runda has increased its deposit three times, invested billions of funds, and laid out the entire LED industry chain. However, the "gamble" in the eyes of the industry has not yet achieved results. So far, the LED project has not brought profits to Dehao Runda, and the government alone has supported the subsidy of 740 million yuan.
The marriage of NVC is questioned
On December 27 last year, Dehao Runda announced that it intends to obtain a total of 20.05% of NVC Lighting through its wholly-owned subsidiary at a total price of 1.34 billion, becoming the largest shareholder, and Wu Changjiang became a DHL by The second largest shareholder, the two companies cross-share, to achieve marriage.
At the same time, Dehao Runda issued a plan to increase the number of shares, with an additional 230 million shares to be issued, including controlling shareholder Wuhu Dehao Runda to subscribe for 100 million shares, and Wu Changjiang to subscribe for 130 million shares, raising a total of 1.348 billion yuan.
A number of LED industry analysts told the Financial Weekly reporter that an important reason for Dehao Runda to acquire NVC Lighting is to value the latter's channel and brand advantages, thereby opening up downstream sales channels.
"In the past three years, countless people have asked me to say that I am gambling LED. It is indeed. We have acquired chip companies in several cities across the country and established a huge LED industry chain." At the new product meeting, Wang Haolei, chairman of Dehao Runda, believed that gambling LED success.
Since the "infighting incident" of NVC in May last year, the internal management of management has not been significantly changed. The founder of NVC Lighting, Wu Changjiang, is still outside the board of directors.
Dehao Runda’s board secretary Deng Fei said that Dehao Runda supported Wu Changjiang’s return to NVC Lighting’s board of directors and management. Wu Changjiang may also participate in the management of DHL Runda and even enter the company’s board of directors.
"Wang Donglei's gambling personality is somewhat similar to Wu Changjiang, which is one reason why they appreciate each other. But the first question that DHL Runda entered into the NVC lighting board was how to gain the trust of other shareholders and coordinate their cooperation. The contradiction is considered successful." An LED industry analyst told reporters.
Wu Changjiang said in Weibo on December 31, 2012, "We met in the morning, we talked very much; we affirmed the strategic cooperation of Dehao."
"Downstream channel operators still need to observe the recognition level of Dehao Runda lighting products, and Dehao Runda expects to put the chips into the market in batches, and NVC's digestion level is not big enough." The above analysts believe.
Three times a fixed increase of 4.3 billion, the operating rate is only 50%
Wu Changjiang joined, and can not cover up the embarrassing situation of the “big and empty†LED industry layout of Dehao Runda for more than three years.
The investment cycle of the LED industry is long, and the initial investment is huge, and the upstream technical barriers are relatively high. As a latecomer, Dehao Runda has raised a total of at least 7 billion from 2009 through the issuance of private placements, short-term financing bonds, corporate bonds and other channels. As some of the plans have not been approved by the China Securities Regulatory Commission and the fundraising has shrunk, the actual fundraising is about 3 billion. Although Dehao Runda has realized the entire industrial chain layout of epitaxial wafer-to-chip-package-application LED, it is not profitable.
In the first three quarters of 2012, Dehao Runda's net profit was 115 million, a decrease of 57.41%. In the middle of last year, the small household appliance business mainly exported to Europe and the United States was still the main source of revenue of Dehao Runda, accounting for 67.7% of revenue, while the key investment in LED business accounted for only 32%.
In October 2010, Dehao Runda completed its first fixed increase, raising 1.506 billion yuan, and invested in three projects of “LED lighting projectâ€, “LED packaging project†and “LED chip projectâ€. Prior to this, Dehao Runda has invested 240 million in self-raised funds.
“Wang Donglei began to invest in LED projects with his own funds before the funds were raised. On the one hand, he expected the speed of development in this industry, and on the other hand, the personality of his character in gambling.†An industry insider analyzed.
In August 2011, Dehao Runda issued a second fixed announcement, aiming to raise 3.5 billion. At that time, Wang Donglei said to the media that "this is the biggest financing case for domestic LEDs." However, the promotion of private placements did not go smoothly. Actually, only 1.522 billion yuan was raised, which is far from the plan.
Together with the 1.348 billion raised this time, Dehao Runda will have a total of 4.3 billion in three years.
However, Wang Donglei’s gambling-style huge investment did not achieve what he called “a huge return.â€
As of November 30, 2012, Dehao Runda's LED packaging project for the first time in 2010 has not been invested in 93,872,200 yuan, and it has been one year since the expected completion date in December 2011. In 2012, the “LED Epitaxial Film Project†planned to increase investment plans to purchase 150 MOCVD equipment, and currently only 68 procurement plans have been completed.
According to the third quarterly report of Dehao Runda in 2012, only 38 of the 80 MOCVD equipments of Dehao Runda are in mass production, and another 5 are used for R&D. The operating rate is only slightly higher than 50%.
At the new product launch conference on January 10, Wang Donglei said: "The current 80 equipment can meet the production." This means that the 150 equipment projects previously increased have shrunk.
740 million government subsidies cover up the crisis
The doubt is that despite the fact that LED overcapacity has become a consensus, why Dehao Runda is still singing all the way.
In November last year, Shenzhen Haobo Optoelectronics closed its doors due to arrears of huge supplier payments and employee salaries. It is reported that in the past two years, Shenzhen closed the fourth billion-level LED enterprise.
The Samsung Economic Research Institute’s previously published "The Status and Prospects of China's LED General Lighting Industry" report shows that since 2009, Chinese governments have increased their support for the LED industry and subsidized the purchase of MOCVD. The industry has begun to enter the growth stage and invest in hot spots. Focus on the upstream chip.
According to statistics, in 2010, 2011 and the first three quarters of 2012, Dehao Runda received government subsidies of 270 million, 310 million, and 164 million, respectively, and accumulated a total of 744 million yuan in three years. The net profit for the same period was 1.96 billion yuan, 392 million yuan, 115 million yuan, government subsidies support most of the profits of Dehao Runda.
“In 2009, the country began to heavily subsidize the LED industry, which caused a stable market environment in the past. After that, the capital entered a lot. At present, there are overcapacity in the packaging and chip projects in China.†A Shanghai analyst Point out. Dehao Runda’s gamble is born, but the risks are self-evident.
“Subsidized projects are developed in an orderly manner, demand for unsubsidized projects is insufficient, R&D is slowing down, and products are concentrated in the low-end. If the domestic civilian market is not opened, the release of production capacity of many LED companies will have a huge impact on the market. The aforementioned analyst said.
(This article is reproduced on the Internet. The texts and opinions expressed in this article have not been confirmed by this site, nor do they represent the position of Gaogong LED. Readers need to verify the relevant content by themselves.)
This means that the two most prestigious “gamblers†in the LED industry are coming together. Prior to this, Wang Haolei, Chairman of Dehao Runda and Wu Changjiang, founder of NVC Lighting, were still competitors.
In order to introduce NVC, Wang Donglei initiated a third increase. Since 2010, Dehao Runda has increased its deposit three times, invested billions of funds, and laid out the entire LED industry chain. However, the "gamble" in the eyes of the industry has not yet achieved results. So far, the LED project has not brought profits to Dehao Runda, and the government alone has supported the subsidy of 740 million yuan.
The marriage of NVC is questioned
On December 27 last year, Dehao Runda announced that it intends to obtain a total of 20.05% of NVC Lighting through its wholly-owned subsidiary at a total price of 1.34 billion, becoming the largest shareholder, and Wu Changjiang became a DHL by The second largest shareholder, the two companies cross-share, to achieve marriage.
At the same time, Dehao Runda issued a plan to increase the number of shares, with an additional 230 million shares to be issued, including controlling shareholder Wuhu Dehao Runda to subscribe for 100 million shares, and Wu Changjiang to subscribe for 130 million shares, raising a total of 1.348 billion yuan.
A number of LED industry analysts told the Financial Weekly reporter that an important reason for Dehao Runda to acquire NVC Lighting is to value the latter's channel and brand advantages, thereby opening up downstream sales channels.
"In the past three years, countless people have asked me to say that I am gambling LED. It is indeed. We have acquired chip companies in several cities across the country and established a huge LED industry chain." At the new product meeting, Wang Haolei, chairman of Dehao Runda, believed that gambling LED success.
Since the "infighting incident" of NVC in May last year, the internal management of management has not been significantly changed. The founder of NVC Lighting, Wu Changjiang, is still outside the board of directors.
Dehao Runda’s board secretary Deng Fei said that Dehao Runda supported Wu Changjiang’s return to NVC Lighting’s board of directors and management. Wu Changjiang may also participate in the management of DHL Runda and even enter the company’s board of directors.
"Wang Donglei's gambling personality is somewhat similar to Wu Changjiang, which is one reason why they appreciate each other. But the first question that DHL Runda entered into the NVC lighting board was how to gain the trust of other shareholders and coordinate their cooperation. The contradiction is considered successful." An LED industry analyst told reporters.
Wu Changjiang said in Weibo on December 31, 2012, "We met in the morning, we talked very much; we affirmed the strategic cooperation of Dehao."
"Downstream channel operators still need to observe the recognition level of Dehao Runda lighting products, and Dehao Runda expects to put the chips into the market in batches, and NVC's digestion level is not big enough." The above analysts believe.
Three times a fixed increase of 4.3 billion, the operating rate is only 50%
Wu Changjiang joined, and can not cover up the embarrassing situation of the “big and empty†LED industry layout of Dehao Runda for more than three years.
The investment cycle of the LED industry is long, and the initial investment is huge, and the upstream technical barriers are relatively high. As a latecomer, Dehao Runda has raised a total of at least 7 billion from 2009 through the issuance of private placements, short-term financing bonds, corporate bonds and other channels. As some of the plans have not been approved by the China Securities Regulatory Commission and the fundraising has shrunk, the actual fundraising is about 3 billion. Although Dehao Runda has realized the entire industrial chain layout of epitaxial wafer-to-chip-package-application LED, it is not profitable.
In the first three quarters of 2012, Dehao Runda's net profit was 115 million, a decrease of 57.41%. In the middle of last year, the small household appliance business mainly exported to Europe and the United States was still the main source of revenue of Dehao Runda, accounting for 67.7% of revenue, while the key investment in LED business accounted for only 32%.
In October 2010, Dehao Runda completed its first fixed increase, raising 1.506 billion yuan, and invested in three projects of “LED lighting projectâ€, “LED packaging project†and “LED chip projectâ€. Prior to this, Dehao Runda has invested 240 million in self-raised funds.
“Wang Donglei began to invest in LED projects with his own funds before the funds were raised. On the one hand, he expected the speed of development in this industry, and on the other hand, the personality of his character in gambling.†An industry insider analyzed.
In August 2011, Dehao Runda issued a second fixed announcement, aiming to raise 3.5 billion. At that time, Wang Donglei said to the media that "this is the biggest financing case for domestic LEDs." However, the promotion of private placements did not go smoothly. Actually, only 1.522 billion yuan was raised, which is far from the plan.
Together with the 1.348 billion raised this time, Dehao Runda will have a total of 4.3 billion in three years.
However, Wang Donglei’s gambling-style huge investment did not achieve what he called “a huge return.â€
As of November 30, 2012, Dehao Runda's LED packaging project for the first time in 2010 has not been invested in 93,872,200 yuan, and it has been one year since the expected completion date in December 2011. In 2012, the “LED Epitaxial Film Project†planned to increase investment plans to purchase 150 MOCVD equipment, and currently only 68 procurement plans have been completed.
According to the third quarterly report of Dehao Runda in 2012, only 38 of the 80 MOCVD equipments of Dehao Runda are in mass production, and another 5 are used for R&D. The operating rate is only slightly higher than 50%.
At the new product launch conference on January 10, Wang Donglei said: "The current 80 equipment can meet the production." This means that the 150 equipment projects previously increased have shrunk.
740 million government subsidies cover up the crisis
The doubt is that despite the fact that LED overcapacity has become a consensus, why Dehao Runda is still singing all the way.
In November last year, Shenzhen Haobo Optoelectronics closed its doors due to arrears of huge supplier payments and employee salaries. It is reported that in the past two years, Shenzhen closed the fourth billion-level LED enterprise.
The Samsung Economic Research Institute’s previously published "The Status and Prospects of China's LED General Lighting Industry" report shows that since 2009, Chinese governments have increased their support for the LED industry and subsidized the purchase of MOCVD. The industry has begun to enter the growth stage and invest in hot spots. Focus on the upstream chip.
According to statistics, in 2010, 2011 and the first three quarters of 2012, Dehao Runda received government subsidies of 270 million, 310 million, and 164 million, respectively, and accumulated a total of 744 million yuan in three years. The net profit for the same period was 1.96 billion yuan, 392 million yuan, 115 million yuan, government subsidies support most of the profits of Dehao Runda.
“In 2009, the country began to heavily subsidize the LED industry, which caused a stable market environment in the past. After that, the capital entered a lot. At present, there are overcapacity in the packaging and chip projects in China.†A Shanghai analyst Point out. Dehao Runda’s gamble is born, but the risks are self-evident.
“Subsidized projects are developed in an orderly manner, demand for unsubsidized projects is insufficient, R&D is slowing down, and products are concentrated in the low-end. If the domestic civilian market is not opened, the release of production capacity of many LED companies will have a huge impact on the market. The aforementioned analyst said.
(This article is reproduced on the Internet. The texts and opinions expressed in this article have not been confirmed by this site, nor do they represent the position of Gaogong LED. Readers need to verify the relevant content by themselves.)
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