LED lighting "integration tide" is still continuing this year

Since the 18th National Congress, economic transformation and upgrading has become a top priority, and emerging industries are undoubtedly the vanguard of transformation and upgrading. In particular, small and medium-sized enterprises and GEM companies that have already listed have opened up the M&A boom based on the capital market, forming an unprecedented peak in mergers and acquisitions. Last year, with the rapid increase in LED lighting demand, the LED industry has also ushered in an unprecedented peak of development. Enterprises in all links of the upstream, middle and lower reaches have begun to expand production, and the cloth channel has seized more market share. As one of the most convenient and efficient, M&A has been favored by LED listed companies. Since the second half of last year, almost all LED listed companies have had large and small mergers or acquisitions or various forms of strategic cooperation. Under the background of the weakening and staying of the entire LED lighting industry, listed companies with product, technology and capital advantages are accelerating their development and integration, with a view to the rapid development of the LED lighting industry and the first-mover advantage when the concentration is improved. After last year's acquisition of NVC by Sanhao Runda and Sanan Optoelectronics' acquisition of Taiwan's Yuyuan Optoelectronics, this year, Tongfang shares have invested 900 million Hong Kong dollars in Zhen Mingli, and Wei Wei shares to welcome more than 12 million LEDs on the lighting. The mergers and acquisitions of the industry took place, and the entire industry chain battle became more and more fierce, and the industry integration drama gradually culminated. The government's policy support for mergers and acquisitions is also constantly improving. Today, the China Securities Regulatory Commission issued a refinancing method for listed companies on the GEM. For the re-financing of the GEM, which is the industry's most concerned capital market, the measures stipulate that the issuance conditions for the refinancing of the GEM include the profit in the last two years; the cash dividends are implemented according to the regulations in the last two years; the asset-liability ratio at the end of the latest period is higher than 45. 6 conditions. Most of the companies listed on the GEM are emerging industries such as LEDs. They are in a high-speed growth period. If they cannot refinance for a long time, it is not conducive to the long-term development of enterprises. The director of the LED listed company believes that the LED industry is now in the integration period, and the M&A needs the support of funds. The introduction of the refinancing method can be described as timely rain. The cost performance of LED lighting products has a strong advantage, the outbreak of the lighting market is certain, this year is mainly to test whether the performance of LED companies can meet market expectations. Zhou Yi, a researcher at Huatai Securities, believes that LED companies currently have few companies with an output value of more than 1 billion yuan. How to make them bigger and stronger will require more mergers and acquisitions, restructuring, and shareholding in the LED industry.

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