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Thursday 09 October, 2014 | TEXT_NEWS_RSS_FEED

LED companies have to prepare for IPO could keep the flowers to see next month?

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IPO capital market is full of temptation and waiting, looking ahead, LED enterprises crowded capital markets, to seek listing. Period, some success, some failure, some people have been waiting and wandering in the IPO long sprint track.

Today, the domestic semiconductor lighting industry scale has reached over two hundred billion yuan, LED nearly thirty-related listed companies, its industrial output value accounted for "half." In these listed companies, after the performance of a listed "running all the way," a good development, there are also negative news business, corporate mediocre performance, there is no difference before and after the listing. How, LED companies listed really need it? Can Aode Zhu long wait, keep too IPO bloom.

IPO restart fully prepare

Since February this year, the Commission suspended the A-share IPO for nearly four months, from June 18 ushered in a second restart during the year. For the LED business, a new round of IPO floodgates are both happy and sad.

May 16, China Securities Regulatory Commission released the revised "IPO and listing on the GEM management approach in the" date and the "Interim Measures for companies listed on GEM issuers' newly enacted, and promulgation. GEM-listed companies have been plagued by refinancing issue was finally resolved at the policy level.

Implementation of the new approach will be a large number of affected by the economic environment and market volatility can not be profitable for two consecutive years to reach the landing GEM LED companies to raise funds through the IPO to accelerate the development and pave the way. Plus, the latest revision of the Commission. "IPO and listing on the GEM Interim Measures", due to lower access to financial indicators starting to cancel continued growth requirements, simplifying conditions of issue. The introduction of this criterion, sparking a new round LED enterprise market boom.

According to IPO audit schedule SFC latest disclosure GEM new admissibility Inventronics (Hangzhou) IPO application the Commission in July to become the only new admissibility, to bring a ray of joy LED listing. As of July 31, the Commission accepted starting businesses and increased 626 pre-disclosure, including Op lighting, lighting Ocean King, born Di optoelectronics, Linsen, Yuan Hui, photovoltaic, LED lighting companies can Rickettsia and other supporting businesses and materials in preparing for the IPO.

While some companies in the process of preparing for the audit to be aborted, but still conceal LED companies listed enthusiasm. Wang Bin Qiu CSA Consulting Director, said: "There are many LED companies are on their own initiative to withdraw IPO application, because the policy in view of the new Commission, need their own verification, some companies need to add some of the material."

Op lighting secretary told the media that the Board of Directors Wu Yiming, Op lighting indeed suspended IPO. "But this is normal, there are more than 500 listed companies are queuing encountered such a situation." Its interpretation, Op lighting had to apply for listing of materials, reported that 2013 performance, these results to the end of June this year expired a.

Because the performance of newly listed companies face the phenomenon of the emergence of the Commission startled, IPO restart the process at the beginning of last year, the financial review is particularly interesting, because of financial verification lasted a long time, verification of contents, is called "the history of the the most stringent verification IPO financial big. "

At the end of May this year, the Commission study "Several Opinions of the State Council on further promote the healthy development of capital markets" (ie, nine new countries) work session, Commission Chairman Xiao Gang had clearly stated the need to "stabilize market expectations, from June to the end of the year , plans to issue about 100 IPOs, and roughly balanced monthly issuance and listing. "

Beijing, a broker said, "The recent slowdown in the Commission shares the audit practice, one can feel the regulators declared intention to control the number of shares, but the more important reason is that most companies need to be updated financial information."

It is understood that this supplement earnings time requirement is 6 + 1, that financial information is valid for seven months, over seven months to go up earnings. If the first major meeting in November the Commission not to issue permits, which in April had not yet been approved by the issuing companies will need to supplement earnings.

"The earnings compared with the first declaration updates vary, due to the established data need only be updated without re-organization reporting framework, make a report relative speed much faster. And active cancellation of business from the date of termination of the review, if the re-apply within one year IPO, still need to fulfill the obligations under the relevant requirements of self-examination of this financial special inspection, declaration of IPO application materials should be submitted at the same time in the financial self-inspection reports. Commission of such enterprises to apply for a special inspection in accordance with the times determined way to conduct random checks. "Wang Bin Qiu added.

Wait too long and keep the flowers

A time when September, LED enterprises running plot IPO after the beginning of autumn as the weather, a little cool little hot.

Because the Commission to regulate the financial market new policy allows preparing IPO more difficult, indeed, to the already fanatical heart poured a bucket of ice water. Although, so many LED companies to suspend the review, but it is difficult to prevent the listing of enthusiasm LED enterprises.

July, Abby Optoelectronics Co., Ltd. of Shenzhen City after eight years of "fighting" the end of a long wait, finally a ward, was successfully listed on the Shenzhen Stock Exchange GEM, issued 2106 shares, the total issued share capital of 8,422 million shares.

Abby chairman 丁彦辉 appreciation cocktail party companies listed in the "big complain Water," "China Securities Regulatory Commission issued from the trial by the audit committee to get the Commission's approval, a full two years later; ready to market data from 2010 to today, this appreciation will do exactly five years later; from 2007 into the company to broker a full eight years later it is now eight years, if we can avoid detours nice; If the efficiency of the government a little higher and more good; If more do not lie, do not fake businesses nice because if, as the Commission's efficiency may be higher, maybe three or four years ago we had listed "!.

Wang Bin Qiu said, "The reason why some companies listed so positive, it is because a few years ago LED investment hot, a lot of funds, institutional investors have been pre-entered, the results this time there are many funds tend to have quit, resulting in the current business to be listed one is in the queue SFC environment, to control the companies listed rhythm; there is also a LED industry is change the environment, change is too fast, project results originally set a queue necessarily wait six months or even a year after a year industry situation has undergone great changes, companies originally expected profit margins is not so big, there are some parameters originally set price expectations for the future and so need to make some adjustments, it will be aborted. some companies think IPO long wait hopeless, also fought three new board, there may be other channels. "

July 10, Jiangxi LatticePower also announced a high profile obtained from the Asia-Pacific Resources Development and Investment Corporation led the investment round of $ 80 million in new financing, plans to go public next year, the first choice listed in the United States.

Whether it is in the domestic market to accept a long wait, or moved to the new board or seeking overseas listing, must face through a rigorous qualification and financial verification. Reporter contacted several companies are waiting stage, asking the company IPO newly situation. Among them, the British special fly Securities Department said, "The company is in the media after the pre-disclosure period of silence, inconvenient to answer your questions." Wu Yiming also said, "We are late in mid-September this year, reported the results reported up, it will resume the approval process. currently Op listing matters, in the normal advancing. "

Linsen lighting, general manager Lin Jiliang said, "There has just been ended brokerage sponsor punishment, they may need to run some procedures there. Our side everything is normal progress, there is no particular problem."

Meanwhile, listed companies will face fund investors a lot of pressure, if you want to experience a long wait or reapply for companies to pay a high cost reporting and financial auditing. "Particularly fast development of the industry, many companies really need money, the market value of listed companies in the past few years the issue rate is relatively high, indeed ring a lot of money, companies eager at this time to market, and these companies is very difficult to market abroad, are the domestic market, overseas listing price-earnings ratio is too low, companies would like to take this time period listed. "Guangdong an analysis of company executives said.

Currently, the domestic LED industry chain to the main business of listed companies has more than 23, involving LED nearly 70 listed companies. Qiu Wang Bin said, "Just look at the current situation and development of LED industry, LED urgent demand of listed companies, the future certainly will be a great expansion." With the platform in the foreseeable future to face Abby finally waiting eight years after the date frenzied media attention out. However, this is merely illustrative of companies listed, and if the aid financing platform companies can not be planned, even though it does not mean better keep too bloom enterprises to development.

In 2014, along with the rapid increase demand for LED lighting, LED industry has also ushered in an unprecedented development of the peak due to the outbreak of the LED lighting market growth and market boom brought about changes in the pattern of market expectations, on all aspects of the middle and lower reaches of the enterprises to seize more market share, more competitive.

As one group LED business success landing stock market, indicates that China's semiconductor lighting industry to mature, but also beckons domestic companies began to abandon the traditional technology, competition on cost price, began with the capital markets platform advantages, brand, size innovation-based integrated competitive advantage.

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