Squeeze into the money side is not a good project, one side is a good project finance early regret, semiconductor lighting industry in the heat of the primary market as much as the current weather. In the "Industrial High LED research and industry seminars nationwide tour", the reporter was informed that venture capital is one after another "grab share" LED-related companies.|
This year in March, a number of venture capital and LED business future market prospects are still wondering, fearing heavy resistance. But recently, venture capital have betting chips, LED packaging company.
Senior engineer in the near future around the LED at the industry research and more than workshops, the reporter was informed that the wind project investment institutions rush to vote LED phenomenon of many, even money can not gain access door situation. Di this year Wuhan Photoelectric Technology Co., Ltd. together with sources of financing case, the LED industry is a classic portrayal of the financial story. As the largest high-power high-brightness white LED power chip professional manufacturer, Wuhan Di-o throw the third round, a total of 150 million yuan financing plan, quickly attracted a number of institutional investors. Hunan New Energy and Industrial Venture Capital Fund and a number of organizations want to help fund, but were turned down outside.
According to report to the static valuation, the valuation of the current LED lighting industry is in no way low. LED chief executive officer, said senior engineer Zhang Xiaofei, "for different companies have different valuation method. With annual output from 50 million to 100 million yuan of large, mature companies, for example, usually the next 3 years to 5 years of net assets , ROE, price-earnings ratio valuation. usually 5 times the net assets to 8 times, may also be more than 10 times. "Wuhan valuation based in part on price-earnings ratio. Despite the formal end of the year turn around, but share issuance price of 5 yuan. The basis for the 2012 profit is expected to nearly 1 per share, plan for the future listing of 3 years, so as to market price-earnings ratio of 20 times after the program was about 5 yuan per share issuance price.
In this regard, WU Zhi-hong, chairman of Wuhan Di-o obviously regret than joy, "selling cheap. If financing for half a year later, certainly not at this price. When formulating financing options, we have not yet profitable, the market situation is good, Wuhan Di source Optoelectronics also out of the breakeven point. "Xiao-Fei Zhang said," This is not an individual phenomenon, since the second quarter of this year, with the support policy implementation, market heating, LED lighting industry in general profitable growth or losses. Therefore, when the current corporate finance, In considering the historical compound annual growth rate, while the industry will accelerate the development of comprehensive consideration of the company to accelerate growth and other factors, are usually much higher than the premium rate for six months or even a quarter ago. "
In this regard, Hunan New Energy and Industrial Venture Capital Fund, said senior managers understand the health beat, "compared with the pure financial shares, LED companies are investing more value behind the resources. Wuhan Di-o after the introduction of Jiuzhou Group cases, which has a LED packaging industry resources, it quickly became Di-o Wuhan downstream partners. the two together, it will help Wuhan Di-o bigger and stronger. "
East Lake High-tech Development Zone, Dao-Hong Yang, deputy director of Investment Promotion Bureau, said, "With the upstream chip technology research results, the lower reaches of large-scale application was put on the agenda, the future high-tech development zone will introduce and support the downstream industry."
Enterprises that financing will be used to expand production capacity. When asked, "With the accelerating pace of expansion, China LED lighting industry, will further substantial excess production capacity of solar cells suffer the fate", the industry does not seem worried. Wei beat said, "China is already the world's largest solar cell manufacturing base, and LED lighting are still far from the stage. In addition, the demand for solar cell industry mainly from overseas, it is more affected by the financial crisis impact; and LED lighting is a huge domestic demand, it is not easy being a serious impact on the outside.
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Article Added on Friday, November 11, 2011
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