LED enterprise IPO confusion: the difficulty of listing has not decreased

[Text / high-tech LED reporter Zhao Hui] With the initial public offering of shares on New York on January 17, and successfully listed on the Shanghai Stock Exchange, the A-share IPO that has been suspended for more than a year has officially restarted. According to statistics, 52 companies have been approved to issue approvals, of which 45 new shares have been issued, including a total of 32.1 billion yuan from the transfer of old shares. In addition, 43 new shares have been listed, with a total fundraising of 27.205 billion yuan; the two companies that have not yet listed the results of the successful bidding have raised a total of 4.922 billion yuan.

Up to now, the Chinese stock market has experienced 8 suspensions of new shares and 7 resumed issuances. During the period, all kinds of hardships and hardships were not enough.

As we all know, listing in the domestic IPO is definitely a long and painful process. At present, the domestic listing and implementation of the examination and approval system, thousands of troops and horses across the wooden bridge, this time is not only the strength of the enterprise itself, there are still many things that are not enough to be human.

This is why many listed companies have been exposed to financial fraud, and the letter is untrue.

Many companies that have been listed on the market are not recognized by the audit committee for their continued profitability, standardized operations, financial accounting, independence, subject qualifications, use of raised funds, and information disclosure.

As the LED industry that has developed rapidly in recent years, it has also experienced several high tides during the listing. Statistics show that the 20 major LED listed companies as of the end of 2012, the actual total net fundraising amounted to 18.530 billion yuan.

The hidden benefits obtained by these LED listed companies in terms of government subsidies, engineering orders, talent attraction, and brand channel expansion are even more unmeasurable.

While promoting the rapid development of LED enterprises, capital has also made the LED industry over-exploit. The large-scale fund-raising projects of some listed companies have also promoted the structural overcapacity in the upstream and packaging sectors of the LED industry to a certain extent, resulting in serious product homogeneity and price wars. The entire industry has fallen into the dilemma of increasing revenue and not increasing profits. .

"From the current LED market situation, whether it is the capital market or the company's fundamentals, the listing of LED companies is not a very good time." Tong Ziping, vice president of Tongchuang Weiye, believes that because the above is also almost on, not on or It is just a problem or it is not enough.

For LED companies, although the IPO has been restarted, the difficulty of listing has not been reduced.

According to the latest statistics of the China Securities Regulatory Commission, as of January 24, 2014, there were 173 IPOs in the Shanghai Stock Exchange, 285 in the IPO of the Shenzhen Stock Exchange, and 237 in the IPO.

"Only all of the 695 companies have completed all IPO procedures, at least one year." An official of Guosen Securities said that if there are any policy adjustments or other factors in the middle, it will take longer.

For those LED companies that are in urgent need of financing expansion and expansion of liquidity, the time cost and opportunity cost of waiting for IPO will undoubtedly increase a lot. In the case of rapid growth in LED lighting demand and increasing corporate capital demand, M&A and restructuring are sought. Diversified capital roads such as the New Third Board will become inevitable.

[Note: This article is the exclusive report of Gaogong LED . Please reprint the agreement in advance. For legal reprint, please refer to: Gaogong LED copyright maintenance - "Anti-infringement action" statement will be deemed to be illegally reprinted, this website will be held legally responsible! 】

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