With the development of the domestic LED industry and the gradual increase of the domestic LED application market, more and more LED companies urgently need to expand the scale of operations to meet the increasing market demand, which has triggered the demand for capital.
On the morning of November 26th, at the 2013 Capital High-Tech LED Conference "Capital Strategy", Wu Jiufei, deputy general manager of the listing advisory headquarters of Qianhai Equity Exchange Center, gave a keynote speech on establishing a multi-level capital market, and with CITIC Securities Corporate Finance. Chen Shuman, deputy general manager of the department, Yan Yong, general manager of Guoxin Securities' off-market department, and Zheng Jun, vice president of Huatai Securities, and the CEOs of LED companies attended the discussion on the new three-board market and corporate financing.
â€œThe IPO has been shut down for a period of time, which has a huge impact on the LED industry.â€ Dr. Zhang Xiaofei, CEO of Gaogong LED, said that each company has its core value and competitiveness. Gaogong LED will evaluate the industry based on in-depth research on the industry. This assessment is mainly based on third-party evaluation of the company.
It is understood that the entire evaluation system of high-tech LEDs is mainly from several aspects. The first is the change of the industrial development cycle, the second is the development of the enterprise's technical level, the third is whether there is a very good management system and management team, and the fourth is the financial situation.
"The capital market is originally to solve the capital supply needs of the entity." Wu Jiufei said that since December last year, the IPO has been suspended, and has not yet opened. It also shows that there is an urgent need to establish a multi-level capital market. The first is the main board, which is the sharpest piece of the pyramid. The second is the small and medium board, and the bottom is the GEM. A large number of private enterprises have a process in the capital market, so they call for an off-exchange capital market to serve them.
Wu Jiufei, deputy general manager of the listing advisory headquarters of Qianhai Equity Exchange Center
Wu Jiufei said that the OTC capital market is using market forces to solve market problems. The OTC capital market is open to all companies and the listing criteria are very low. All companies can share on this platform, but also a contribution. The functions of the OTC market are divided into four major categories: listing display, investment attraction, investment promotion, and investment guidance.
"Now the country's multi-level capital market development, the new three board, small and medium-sized enterprises sector, the current state of great value, can solve the difficulties of enterprises temporarily not to IPO. There are also some IPO companies, it has to meet the requirements of the listing is relatively high, if If there is any degradation in recent years, you can retreat to the new three boards to solve this problem.â€ Chen Shuman said that SMEs are the future of a country, especially the real economy. This seminar organized by Gaogong LED this year, for this very promising industry, for banks, to invest in the future, including PE, private capital, in this direction, they have very own vision. At this point, we do not have to doubt the development of SMEs, it must be the future. There may be some well-known companies in our group.
Chen Shuman, Deputy General Manager, Corporate Finance Department, CITIC Securities
Zheng Jun, Vice President of Huatai Securities
Zheng Jun also believes that in the process of enterprise development, it is necessary to connect with capital, get the help of capital, and finally obtain the recognition of capital. From the beginning of a business development, an enterprise will invest through the original shareholders, VC, PE, IPO, and development mergers and acquisitions after the listing. If there is a merger, there will be a merger. These are all need to be docked through capital. Jingyuan Optoelectronics and Sanan Optoelectronics have adopted M&A in the development process to realize the expansion of technology and market.
"A business development, listing is the means in the development process, the path, not the ultimate goal, the ultimate goal is to grow the business from the business, its own strength, financial strength." Zheng Jun said that the resistance to mergers and acquisitions, from the regulatory level The support is very strong. From the State Council, the Ministry of Industry and Information Technology, and the National Development and Reform Commission, there are many policies being introduced, and the efficiency is greatly improved. In the past, it took a year to acquire, and now it only takes two to three months, and it provides a lot of convenient means of payment. In the past, it was cash, and now it can be equity purchase, providing a variety of trading methods. Enterprises must be prepared by both hands, one is to do their own business development, and the other is to prepare for M&A.
Yu Yong, General Manager of Guoxin Securities OTC Market
Yong Yong believes that the financing method of enterprises should choose the most suitable for them, whether it is the main board or the new three board, or other methods, each company's situation is different, the demand is different, and it is not necessary to flock to an IPO Huashan Road.
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