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In 2014, the beginning of the LED story was not dull. The recent wave of industrial consolidation was more intense and violent than expected. A series of actions by listed companies such as Sanan Optoelectronics, Yuanfang Optoelectronics, and Maoshuo Power Supply can't help but feel that the use of capital operation for investment mergers and acquisitions is becoming a new trend in China's LED industry, and the looming emergence of industry giants has also accelerated. The process of business cooperation team.
Recalling the past, the global LED industry has experienced two rounds of important mergers and acquisitions. At the time of the 2008 economic crisis, international first-tier manufacturers Philips, Cree, OSRAM, and GE launched a round of mergers and acquisitions of LEDs. Through the various segments of the M&A industry chain, each company has accumulated advantages in technology, patent, production capacity and globalization. The other round is 2011-2012. In the LED industry in Taiwan, China has a crystal Gallium, Yiguang's acquisition of Taigu, and the merger of Ronda and Power League have many cases.
In the above mergers and acquisitions, Chinese LED companies are obviously more of a primary school student, and now their identity is rapidly turning into a protagonist.
As early as last year, Sanan Optoelectronics not only acquired the equity of LuminusDevices100 in the United States, but also made a positive relationship with Taiwan’s Yuyuanyuan; Furi Electronics acquired a wave of three-fold acquisition of Mairui Optoelectronics; Hongli Optoelectronics acquired Foda to enter the LED car lighting merger and acquisition, plus the mid-year exposure The small and medium-sized LED lighting companies and Taiwan chip factories have closed down, and the industrial integration will accelerate the judgment. In 2014, this judgment really began to be fulfilled, but in the field of equipment that was not frequented by previous capital events, Yuanfang Optoelectronics acquired Advanced Optoelectronics and Maoshuo Power to acquire Lianshuo equipment.
It is not difficult to say that listed financing provides enterprises with M&A funds other than cash flow, and the improvement of the company's own technology, brand, management and other comprehensive strengths has increased its enthusiasm for its acquisition. It can be said that Chinese LED companies are following the path that the international lighting giants are accustomed to, and are constantly growing stronger and bigger.
In 2014, LED lighting was put on the outbreak of the outerwear. The rapid development of the industry has already begun to take shape. Leading LED companies are actively expanding. The scale of chip and packaging industry is king. M&A brings the improvement of production and operation efficiency to enterprises. The role of the performance of the economies of scale, that is, the effect of 1 12 . In order to open up the upstream and downstream industry chain, some large domestic chip companies and lighting application companies may increase their shareholding and packaging enterprises.
Of course, the integration of the industry can also be expressed as a strong alliance between domestic and foreign companies, which has become more and more obvious in the first quarter of this year. The catalysts for the current strong combination are also different.
First of all, the strength of China's LED enterprises continues to grow, especially the concentration effect of leading enterprises such as Sanan Optoelectronics has gradually formed, and in the future, it will even force enterprises to stand in line and appear to be camped.
Secondly, the expansion of the chip and packaging companies are all required, in order to stabilize the digestion of production capacity and ensure upstream supply, strategic cooperation. Recently, Sanan Optoelectronics and Guoxing Optoelectronics signed a "Strategic Cooperation Agreement". The two parties will promote the strategic integration and conduct the relationship with the company based on the procurement and supply of LED chip projects.
Thirdly, cooperation with foreign big companies is also seen as a way and means for domestic LED enterprise products to go global and produce high-end market sales effects. Just as Sanan Optoelectronics established a joint venture with Seoul Semiconductor, it can be seen that Sanan is a foundry of chips, but more importantly, the sales of chips are eager to open quickly, especially in a new round of chips. Under the background of industry capacity expansion. And Hanming Lighting, a subsidiary of Chau Ming Technology, teamed up with Samsung LED, which means that LED light source uses Samsung's devices, and the market recognition will be much higher, making this LED lighting e-commerce brand more competitive.
In addition, in terms of localization, the technological level of the enterprise and the scientific and technological content of the product have been significantly improved, catching up with even surpassing foreign companies, and also providing guarantee for cooperation between enterprises. For example, the strategic cooperation between Hangzhou Zhongwei and Hongli Optoelectronics focuses on the intelligentization of future production equipment, and is considered to be the symbol of mainstreaming the domestic high-end equipment market.
From a policy perspective, the policy environment and market environment faced by LED industry mergers and acquisitions will become increasingly loose in the future. Recently, the State Council issued the "Opinions on Further Optimizing the Market Environment for Mergers and Reorganizations of Enterprises". According to the contents of the "Opinions", except for the listing of the backdoors and the issuance of shares to purchase assets, the CSRC will approve the merger, and other mergers and acquisitions will be cancelled. The market generally believes that this is the signal of mergers and acquisitions reorganization, the market-based wave of mergers and acquisitions will start in the capital market, greatly reducing the cost of mergers and acquisitions.
In 2014, the beginning of the LED story was not dull. The recent wave of industrial consolidation was more intense and violent than expected. A series of actions by listed companies such as Sanan Optoelectronics, Yuanfang Optoelectronics, and Maoshuo Power Supply can't help but feel that the use of capital operation for investment mergers and acquisitions is becoming a new trend in China's LED industry, and the looming emergence of industry giants has also accelerated. The process of business cooperation team.
Recalling the past, the global LED industry has experienced two rounds of important mergers and acquisitions. At the time of the 2008 economic crisis, international first-tier manufacturers Philips, Cree, OSRAM, and GE launched a round of mergers and acquisitions of LEDs. Through the various segments of the M&A industry chain, each company has accumulated advantages in technology, patent, production capacity and globalization. The other round is 2011-2012. In the LED industry in Taiwan, China has a crystal Gallium, Yiguang's acquisition of Taigu, and the merger of Ronda and Power League have many cases.
In the above mergers and acquisitions, Chinese LED companies are obviously more of a primary school student, and now their identity is rapidly turning into a protagonist.
As early as last year, Sanan Optoelectronics not only acquired the equity of LuminusDevices100 in the United States, but also made a positive relationship with Taiwan’s Yuyuanyuan; Furi Electronics acquired a wave of three-fold acquisition of Mairui Optoelectronics; Hongli Optoelectronics acquired Foda to enter the LED car lighting merger and acquisition, plus the mid-year exposure The small and medium-sized LED lighting companies and Taiwan chip factories have closed down, and the industrial integration will accelerate the judgment. In 2014, this judgment really began to be fulfilled, but in the field of equipment that was not frequented by previous capital events, Yuanfang Optoelectronics acquired Advanced Optoelectronics and Maoshuo Power to acquire Lianshuo equipment.
It is not difficult to say that listed financing provides enterprises with M&A funds other than cash flow, and the improvement of the company's own technology, brand, management and other comprehensive strengths has increased its enthusiasm for its acquisition. It can be said that Chinese LED companies are following the path that the international lighting giants are accustomed to, and are constantly growing stronger and bigger.
In 2014, LED lighting was put on the outbreak of the outerwear. The rapid development of the industry has already begun to take shape. Leading LED companies are actively expanding. The scale of chip and packaging industry is king. M&A brings the improvement of production and operation efficiency to enterprises. The role of the performance of the economies of scale, that is, the effect of 1 12 . In order to open up the upstream and downstream industry chain, some large domestic chip companies and lighting application companies may increase their shareholding and packaging enterprises.
Of course, the integration of the industry can also be expressed as a strong alliance between domestic and foreign companies, which has become more and more obvious in the first quarter of this year. The catalysts for the current strong combination are also different.
First of all, the strength of China's LED enterprises continues to grow, especially the concentration effect of leading enterprises such as Sanan Optoelectronics has gradually formed, and in the future, it will even force enterprises to stand in line and appear to be camped.
Secondly, the expansion of the chip and packaging companies are all required, in order to stabilize the digestion of production capacity and ensure upstream supply, strategic cooperation. Recently, Sanan Optoelectronics and Guoxing Optoelectronics signed a "Strategic Cooperation Agreement". The two parties will promote the strategic integration and conduct the relationship with the company based on the procurement and supply of LED chip projects.
Thirdly, cooperation with foreign big companies is also seen as a way and means for domestic LED enterprise products to go global and produce high-end market sales effects. Just as Sanan Optoelectronics established a joint venture with Seoul Semiconductor, it can be seen that Sanan is a foundry of chips, but more importantly, the sales of chips are eager to open quickly, especially in a new round of chips. Under the background of industry capacity expansion. And Hanming Lighting, a subsidiary of Chau Ming Technology, teamed up with Samsung LED, which means that LED light source uses Samsung's devices, and the market recognition will be much higher, making this LED lighting e-commerce brand more competitive.
In addition, in terms of localization, the technological level of the enterprise and the scientific and technological content of the product have been significantly improved, catching up with even surpassing foreign companies, and also providing guarantee for cooperation between enterprises. For example, the strategic cooperation between Hangzhou Zhongwei and Hongli Optoelectronics focuses on the intelligentization of future production equipment, and is considered to be the symbol of mainstreaming the domestic high-end equipment market.
From a policy perspective, the policy environment and market environment faced by LED industry mergers and acquisitions will become increasingly loose in the future. Recently, the State Council issued the "Opinions on Further Optimizing the Market Environment for Mergers and Reorganizations of Enterprises". According to the contents of the "Opinions", except for the listing of the backdoors and the issuance of shares to purchase assets, the CSRC will approve the merger, and other mergers and acquisitions will be cancelled. The market generally believes that this is the signal of mergers and acquisitions reorganization, the market-based wave of mergers and acquisitions will start in the capital market, greatly reducing the cost of mergers and acquisitions.