Dehao Runda shares in the vertical integration of NVC's low-cost industry?
Overcapacity, blind production, vicious price wars... In the past two years, the various difficulties in the LED industry have intensified, and industry consolidation is only a matter of timing. Before the market ushered in the outbreak, Dehao Runda and NVC Lighting founder Wu Changjiang completed the strategic alliance of private placement and became the single major shareholder of NVC, paving the way for the shipment of its LED products. Industry researchers say that the combination of Dehao Runda and NVC is actually a low-cost vertical integration of the industry.
Recently, as one of the largest LED chip production enterprises in China, Dehao Runda (002005.SZ) issued an announcement saying that it will spend HK$1,650 million to acquire about 20% of the equity of NVC Lighting (02222.HK), China's largest lighting company. Become the largest shareholder of NVC Lighting. At the same time, Dehao Runda will also issue additional shares to the major shareholder Wuhu Economic Development Zone Investment and Development Co., Ltd. and Wu Changjiang. Wu Changjiang is expected to become the second largest shareholder of Dehao Runda. Yang Shiyu, general manager of the brand and market headquarters of Dehao Runda, told the Southern Reporter that “in addition to NVC’s brand equity, the profit of NVC Lighting’s channel is also a major reason for Dehao Runda’s choice of shares.â€
Become a single major shareholder of NVC
According to the announcement of Dehao Runda, after the completion of the transaction, Dehao Runda will become the largest shareholder of NVC Lighting, holding a total of 633 million shares of NVC Lighting, accounting for 20.55% of the total number of issued common shares. At the same time, Wu Changjiang will subscribe for 130 million non-public offerings of Dehao Runda at a price of 5.86 yuan per share, becoming the second largest shareholder of Dehao Runda.
After the merger announcement, the shares of Dehao Runda and NVC Lighting fell to varying degrees on the 27th. NVC Lighting fell 9.32% to close at HK$2.44/share, and Dehao Runda fell 3.99% to close at 7.46 yuan/share. It is worth noting that many institutions, including Guohai Securities and Huatai Securities, still give “Gaosheng†evaluation to Dehao Runda. The report analyzes that “shared by NVC Lighting has enabled Dehao’s domestic channels to be fully opened and realized. Both domestic and international markets go hand in hand."
The heads of investment institutions believe that the double decline of Dehao Runda and NVC stock market is only a short-term performance. The vertical integration of LED industry and traditional lighting industry has not been fully captured by the industry and the two enterprises. The understanding of the lighting industry is deepening and sustainable and optimistic.
People close to the transaction said that Wang Donglei, chairman of Dehao Runda, had met with Saifu Asia partner Zhu Yan and Schneider Electric China President Zhu Hai earlier, "talking very happy." The person broke the news that Dehao Runda is very likely to further increase the holding of NVC to achieve a higher integration with NVC and strengthen the actual control, and Wu Changjiang will return to take control of NVC, provided that Wu himself must be at Dehao Run Actively cooperate under the premise of perfecting the governance of the board of directors and standardizing operations.
Shares in NVC breakthrough channel short board
Some industry researchers said that the combination of Dehao Runda and NVC is actually a low-cost vertical integration of the industry. NVC has made breakthroughs in the new LE D lighting products, which is in line with Safran Asia. The interests of other shareholders such as Schneider Electric.
For Dehao Runda, the acquisition of NVC is the only way to complement each other's strengths, and it is also an inevitable choice for channel layout after completing the LED industry.
In 2009, Dehao Runda began to enter the LED industry layout. Dehao Runda first introduced the strategic investor Guangdong Jianlongda, and later invested in holding Taishan Jianlong and acquired all the fixed assets related to the LED business of Guangdong Jianlongda and Enping Jianlong, thereby officially cutting into the LED industry. field. In the same year, Dehao Runda took over Shenzhen Ruituo Display Technology Co., Ltd., opening up the LED downstream application market.
In the three years from 2009 to 2011, with more than 9 billion yuan invested, Dehao Runda has successively established Wuhu Dehao Runda Optoelectronics Technology Co., Ltd., Yangzhou Dehao Runda Optoelectronics Co., Ltd. and Dalian Dehao Optoelectronics Technology Co., Ltd. At the same time, it invested in the establishment of the LED base of optoelectronic technology in Anhui.
Since then, Dehao Runda has completed its complete industrial chain layout from LED epitaxial wafers to chip-package-applications (lamps, displays), with LED lighting product development and manufacturing capabilities.
All is ready except for the opportunity. In the words of Yang Suiyu, general manager of Dehao Runda brand and market, after completing the LED industry chain layout and technical reserves, the commercialization of product lines and key technologies was completed. On this basis, the global brand layout was completed and the acquisition of NVC Lighting was completed. It is the key channel to promote the popularization of LED lighting products.
"In addition to NVC's brand assets, the benefits of NVC Lighting's channel is also a major reason for Dehao Runda to choose to buy shares." Yang Siyu said frankly. In the 10 years from 1999 to 2010, NVC Lighting increased its revenue by 110 times. In 2011, its profit was 86.5 million US dollars (about 540 million yuan).
In contrast, Dehao Runda has a net profit of 392 million yuan in 2011. Although the LED industry chain has been completed, it has to admit that its channel is short. “The domestic mass market demand has not yet been fully released, and the upstream competition has gradually intensified. The upstream profits of the LED industry have begun to decline.†Nevertheless, Wang Donglei, chairman of Dehao Runda, is optimistic: “Operating activities extend from the top-end epitaxial chips to the sales terminals. With the extensive experience of NVC in the field of lighting to achieve large-scale application promotion in the field of LED lighting, LED can quickly dominate the lighting market."
(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.)
Recently, as one of the largest LED chip production enterprises in China, Dehao Runda (002005.SZ) issued an announcement saying that it will spend HK$1,650 million to acquire about 20% of the equity of NVC Lighting (02222.HK), China's largest lighting company. Become the largest shareholder of NVC Lighting. At the same time, Dehao Runda will also issue additional shares to the major shareholder Wuhu Economic Development Zone Investment and Development Co., Ltd. and Wu Changjiang. Wu Changjiang is expected to become the second largest shareholder of Dehao Runda. Yang Shiyu, general manager of the brand and market headquarters of Dehao Runda, told the Southern Reporter that “in addition to NVC’s brand equity, the profit of NVC Lighting’s channel is also a major reason for Dehao Runda’s choice of shares.â€
Become a single major shareholder of NVC
According to the announcement of Dehao Runda, after the completion of the transaction, Dehao Runda will become the largest shareholder of NVC Lighting, holding a total of 633 million shares of NVC Lighting, accounting for 20.55% of the total number of issued common shares. At the same time, Wu Changjiang will subscribe for 130 million non-public offerings of Dehao Runda at a price of 5.86 yuan per share, becoming the second largest shareholder of Dehao Runda.
After the merger announcement, the shares of Dehao Runda and NVC Lighting fell to varying degrees on the 27th. NVC Lighting fell 9.32% to close at HK$2.44/share, and Dehao Runda fell 3.99% to close at 7.46 yuan/share. It is worth noting that many institutions, including Guohai Securities and Huatai Securities, still give “Gaosheng†evaluation to Dehao Runda. The report analyzes that “shared by NVC Lighting has enabled Dehao’s domestic channels to be fully opened and realized. Both domestic and international markets go hand in hand."
The heads of investment institutions believe that the double decline of Dehao Runda and NVC stock market is only a short-term performance. The vertical integration of LED industry and traditional lighting industry has not been fully captured by the industry and the two enterprises. The understanding of the lighting industry is deepening and sustainable and optimistic.
People close to the transaction said that Wang Donglei, chairman of Dehao Runda, had met with Saifu Asia partner Zhu Yan and Schneider Electric China President Zhu Hai earlier, "talking very happy." The person broke the news that Dehao Runda is very likely to further increase the holding of NVC to achieve a higher integration with NVC and strengthen the actual control, and Wu Changjiang will return to take control of NVC, provided that Wu himself must be at Dehao Run Actively cooperate under the premise of perfecting the governance of the board of directors and standardizing operations.
Shares in NVC breakthrough channel short board
Some industry researchers said that the combination of Dehao Runda and NVC is actually a low-cost vertical integration of the industry. NVC has made breakthroughs in the new LE D lighting products, which is in line with Safran Asia. The interests of other shareholders such as Schneider Electric.
For Dehao Runda, the acquisition of NVC is the only way to complement each other's strengths, and it is also an inevitable choice for channel layout after completing the LED industry.
In 2009, Dehao Runda began to enter the LED industry layout. Dehao Runda first introduced the strategic investor Guangdong Jianlongda, and later invested in holding Taishan Jianlong and acquired all the fixed assets related to the LED business of Guangdong Jianlongda and Enping Jianlong, thereby officially cutting into the LED industry. field. In the same year, Dehao Runda took over Shenzhen Ruituo Display Technology Co., Ltd., opening up the LED downstream application market.
In the three years from 2009 to 2011, with more than 9 billion yuan invested, Dehao Runda has successively established Wuhu Dehao Runda Optoelectronics Technology Co., Ltd., Yangzhou Dehao Runda Optoelectronics Co., Ltd. and Dalian Dehao Optoelectronics Technology Co., Ltd. At the same time, it invested in the establishment of the LED base of optoelectronic technology in Anhui.
Since then, Dehao Runda has completed its complete industrial chain layout from LED epitaxial wafers to chip-package-applications (lamps, displays), with LED lighting product development and manufacturing capabilities.
All is ready except for the opportunity. In the words of Yang Suiyu, general manager of Dehao Runda brand and market, after completing the LED industry chain layout and technical reserves, the commercialization of product lines and key technologies was completed. On this basis, the global brand layout was completed and the acquisition of NVC Lighting was completed. It is the key channel to promote the popularization of LED lighting products.
"In addition to NVC's brand assets, the benefits of NVC Lighting's channel is also a major reason for Dehao Runda to choose to buy shares." Yang Siyu said frankly. In the 10 years from 1999 to 2010, NVC Lighting increased its revenue by 110 times. In 2011, its profit was 86.5 million US dollars (about 540 million yuan).
In contrast, Dehao Runda has a net profit of 392 million yuan in 2011. Although the LED industry chain has been completed, it has to admit that its channel is short. “The domestic mass market demand has not yet been fully released, and the upstream competition has gradually intensified. The upstream profits of the LED industry have begun to decline.†Nevertheless, Wang Donglei, chairman of Dehao Runda, is optimistic: “Operating activities extend from the top-end epitaxial chips to the sales terminals. With the extensive experience of NVC in the field of lighting to achieve large-scale application promotion in the field of LED lighting, LED can quickly dominate the lighting market."
(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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