[High-tech LED reporter / Wang Cairong] "The Zhenmingli Group will be acquired by a listed company, and the Fan family will all withdraw." A retired Zheng Mingli executive recently revealed this heavy news to the Gaogong LED reporter.
If the information is true, this will be the case where the first billion-scale enterprise in the LED industry has been acquired so far.
It was once one of the few LED companies in the global LED industry with a complete industrial chain from upstream epitaxial chips to lighting finished products. Zhen Mingli Group (hereinafter referred to as “Zhen Mingliâ€) seems to be the end of the road after two years of storms. The Fan family era, which has been in power for 35 years, may end in the next equity change.
In 2011, the performance of listed companies of Zhenmingli Group suffered severe turmoil. The annual revenue of Zhenmingli (HK.01868) fell from HK$1.71 billion in 2010 to HK$1.084 billion, a drop of 36.6%, and the net profit attributable to shareholders of listed companies. The (deductible) loss amounted to HK$1.43 billion, and the earnings per share fell to -151.8 HK cents from 12.7 HK cents in the same period last year.
According to the latest 2012 (FY13) annual report data disclosed by Zhen Mingli, in 2012, Zhen Mingli achieved a revenue of 827 million Hong Kong dollars, and the net profit attributable to shareholders of the listed company was 617 million Hong Kong dollars, which still did not get rid of the loss.
Judging from the real financial report, the company’s operating status in the past two years is indeed not ideal. However, whether the huge losses for two consecutive years have made this formerly brilliant company into an unsustainable situation is still questionable.
At this point, the major shareholders such as the needle felt for many days have apparently long been unable to find a way out.
Shareholders
“The employees who used to go to the office are now going to pack the products. Now even the bosses are going to the production line.†A person familiar with Qingyun’s second largest shareholder, Qingyun Ventures, described the current status of Zheng Mingli’s current decline. Venture Capital has been dissatisfied with the dismal performance of the Zhenmingli Group for a long time.
“Before investing, the company’s share price was more than two. After the investment, the stock price quickly rose to about six. The capital market is optimistic, but now the stock price has been struggling in a piece of six, which is very embarrassing.†One of the top five shareholders of Zhen Mingli A person in charge of a fund in Shanghai complained about the operation of Zhen Mingli.
The reporter checked the relevant information and learned that up to now, Fan Banghong, Weng Cui Duan and Fan Bangyang, the three executive directors of the Fan family, hold a total of 40.58% of the shares of Zhen Mingli, and the second, third and fourth major shareholders are Qingyun Venture Capital and Germany. Banks and a fund in Shanghai, in addition to Zhen Mingli placed a considerable share of the Taiwan TDR (Taiwan Depositary Receipts) market.
“The performance of the Fan’s family, the largest shareholder, is so bleak, there is almost only one empty shell. Several big shareholders of Zhenlili have joined forces to force the palace. They are seeking a powerful listed company to acquire it.†A person familiar with Zhen Mingli told reporters that if Zhen Mingli wants to revive her glory, she must change the current status of the Fan family.
For the continued loss of performance, the explanation given by Zhen Mingli in the annual report is that the customer's order is conservative due to the weak global demand, and the competition in the LED lighting market is fierce. But a former executive of Zhen Mingli, who asked not to be named, told reporters that the external economic downturn is only one of the reasons. The most fundamental reason for the decline of Zhen Mingli's performance year after year is its centralized family management and investment strategy mistakes.
“Zhen Mingli has huge investments in Yangzhou, Vietnam and other places, but the family management top executives lack trust in foreigners. They can only send family members to manage, and their management and control capabilities are limited. At present, many high-level executives have left their posts.†Tell the reporter that at present, Zhen Mingli is selling some of the assets of Jiangmen and Yangzhou.
Performance "cage" is difficult to break
2010-2012 Zhen Mingli Performance Status List
In the past two years, the performance of Zhen Mingli's upstream, midstream and downstream industries has been shrinking sharply.
According to the data released by Zhen Mingli's 2012 annual report, in 2012, the revenue of LED decorative lighting products decreased by 25.0% compared with the same period of last year. The revenue of LED general lighting products decreased by 14.4% year-on-year, while the business of incandescent decorative lighting products and stage lighting products Revenue decreased by 32.1% and 31.7% respectively.
Correspondingly, in addition to the French region's revenue growth of 6.2% in the domestic and overseas markets, China's regional revenue fell 25.7% year-on-year, the US region fell 45.9%, while other regions' revenue performance also appeared sharply Sliding down.
The upstream epitaxial chip business with a large investment amount has been deteriorating.
In 2010, the high-tech LED industry research institute (GLII) released the LED chip enterprise sales rankings, Zhen Mingli was ranked ninth, the strength can not be underestimated, but after the 2011 "earthquake" hit, the order volume began The drama has been reduced, and the capacity utilization rate has become smaller and smaller. The bright and beautiful "Ming Li" has become a history.
"A few years ago, the really bright chip products still have some influence, but now customers at home and abroad are more disappointed with it." A person in charge of a LED company in South China said that the truth is as rumored to be acquired, unless the top After some cleaning, it is difficult to get out of the sluggish performance.
Rumor has reached an acquisition intention
The continued sluggish performance and the sluggish capital market have caused many shareholders and investors to resemble the ants on the hot pot, and they are eager to change the status quo. The reporter learned that listed companies including Konka Group and Midea Group had contacted Zhen Mingli, but they did not see the following.
“Recently, Ming Mingli has reached an acquisition intention with a listed company, but it is not a US group. Because both parties are listed companies, the specific announcement has not yet come out. It is not convenient to disclose the company name and other relevant information.†A person familiar with the matter told the reporter. The acquisition of Zhen Mingli's listed company is quite powerful and has been in operation for three years.
However, the current management of Zhen Mingli does not seem to have received this news.
"Before, Konka, Midea and so on did have the intention to buy shares, but the company's assets should not be acquired, and has not received any news yet." Xu Lianglu, sales director of Zhenmingli Group, was quite surprised after hearing the news. As for the rumors of the recent sale of assets, Xu Lianglu said that it is only dealing with non-performing assets.
[Note: This article is a high-tech LED reporter original, reprinted please obtain a reprint agreement in advance, legal reprint please refer to: high-tech LED copyright maintenance - "anti-infringement action" statement , otherwise it will be deemed illegal reprint, this website will be held legally responsible ! 】
If the information is true, this will be the case where the first billion-scale enterprise in the LED industry has been acquired so far.
It was once one of the few LED companies in the global LED industry with a complete industrial chain from upstream epitaxial chips to lighting finished products. Zhen Mingli Group (hereinafter referred to as “Zhen Mingliâ€) seems to be the end of the road after two years of storms. The Fan family era, which has been in power for 35 years, may end in the next equity change.
In 2011, the performance of listed companies of Zhenmingli Group suffered severe turmoil. The annual revenue of Zhenmingli (HK.01868) fell from HK$1.71 billion in 2010 to HK$1.084 billion, a drop of 36.6%, and the net profit attributable to shareholders of listed companies. The (deductible) loss amounted to HK$1.43 billion, and the earnings per share fell to -151.8 HK cents from 12.7 HK cents in the same period last year.
According to the latest 2012 (FY13) annual report data disclosed by Zhen Mingli, in 2012, Zhen Mingli achieved a revenue of 827 million Hong Kong dollars, and the net profit attributable to shareholders of the listed company was 617 million Hong Kong dollars, which still did not get rid of the loss.
Judging from the real financial report, the company’s operating status in the past two years is indeed not ideal. However, whether the huge losses for two consecutive years have made this formerly brilliant company into an unsustainable situation is still questionable.
At this point, the major shareholders such as the needle felt for many days have apparently long been unable to find a way out.
Shareholders
“The employees who used to go to the office are now going to pack the products. Now even the bosses are going to the production line.†A person familiar with Qingyun’s second largest shareholder, Qingyun Ventures, described the current status of Zheng Mingli’s current decline. Venture Capital has been dissatisfied with the dismal performance of the Zhenmingli Group for a long time.
“Before investing, the company’s share price was more than two. After the investment, the stock price quickly rose to about six. The capital market is optimistic, but now the stock price has been struggling in a piece of six, which is very embarrassing.†One of the top five shareholders of Zhen Mingli A person in charge of a fund in Shanghai complained about the operation of Zhen Mingli.
The reporter checked the relevant information and learned that up to now, Fan Banghong, Weng Cui Duan and Fan Bangyang, the three executive directors of the Fan family, hold a total of 40.58% of the shares of Zhen Mingli, and the second, third and fourth major shareholders are Qingyun Venture Capital and Germany. Banks and a fund in Shanghai, in addition to Zhen Mingli placed a considerable share of the Taiwan TDR (Taiwan Depositary Receipts) market.
“The performance of the Fan’s family, the largest shareholder, is so bleak, there is almost only one empty shell. Several big shareholders of Zhenlili have joined forces to force the palace. They are seeking a powerful listed company to acquire it.†A person familiar with Zhen Mingli told reporters that if Zhen Mingli wants to revive her glory, she must change the current status of the Fan family.
For the continued loss of performance, the explanation given by Zhen Mingli in the annual report is that the customer's order is conservative due to the weak global demand, and the competition in the LED lighting market is fierce. But a former executive of Zhen Mingli, who asked not to be named, told reporters that the external economic downturn is only one of the reasons. The most fundamental reason for the decline of Zhen Mingli's performance year after year is its centralized family management and investment strategy mistakes.
“Zhen Mingli has huge investments in Yangzhou, Vietnam and other places, but the family management top executives lack trust in foreigners. They can only send family members to manage, and their management and control capabilities are limited. At present, many high-level executives have left their posts.†Tell the reporter that at present, Zhen Mingli is selling some of the assets of Jiangmen and Yangzhou.
Performance "cage" is difficult to break
2010-2012 Zhen Mingli Performance Status List
Unit: HKD million
| Operating income | Revenue growth rate | gross profit | Gross profit increase | Net interest rate | Earnings before interest, tax, depreciation and amortization | |
| 2012 | 827 | -23.7% | 98 | 11.9% | -75.5% | -431 |
| year 2011 | 1084 | -36.6% | -585 | -53.9% | -132.0% | -1230 |
| year 2010 | 1710 | 53.92% | 582 | 34.0% | 6.6% | 331 |
In the past two years, the performance of Zhen Mingli's upstream, midstream and downstream industries has been shrinking sharply.
According to the data released by Zhen Mingli's 2012 annual report, in 2012, the revenue of LED decorative lighting products decreased by 25.0% compared with the same period of last year. The revenue of LED general lighting products decreased by 14.4% year-on-year, while the business of incandescent decorative lighting products and stage lighting products Revenue decreased by 32.1% and 31.7% respectively.
Correspondingly, in addition to the French region's revenue growth of 6.2% in the domestic and overseas markets, China's regional revenue fell 25.7% year-on-year, the US region fell 45.9%, while other regions' revenue performance also appeared sharply Sliding down.
The upstream epitaxial chip business with a large investment amount has been deteriorating.
In 2010, the high-tech LED industry research institute (GLII) released the LED chip enterprise sales rankings, Zhen Mingli was ranked ninth, the strength can not be underestimated, but after the 2011 "earthquake" hit, the order volume began The drama has been reduced, and the capacity utilization rate has become smaller and smaller. The bright and beautiful "Ming Li" has become a history.
"A few years ago, the really bright chip products still have some influence, but now customers at home and abroad are more disappointed with it." A person in charge of a LED company in South China said that the truth is as rumored to be acquired, unless the top After some cleaning, it is difficult to get out of the sluggish performance.
Rumor has reached an acquisition intention
The continued sluggish performance and the sluggish capital market have caused many shareholders and investors to resemble the ants on the hot pot, and they are eager to change the status quo. The reporter learned that listed companies including Konka Group and Midea Group had contacted Zhen Mingli, but they did not see the following.
“Recently, Ming Mingli has reached an acquisition intention with a listed company, but it is not a US group. Because both parties are listed companies, the specific announcement has not yet come out. It is not convenient to disclose the company name and other relevant information.†A person familiar with the matter told the reporter. The acquisition of Zhen Mingli's listed company is quite powerful and has been in operation for three years.
However, the current management of Zhen Mingli does not seem to have received this news.
"Before, Konka, Midea and so on did have the intention to buy shares, but the company's assets should not be acquired, and has not received any news yet." Xu Lianglu, sales director of Zhenmingli Group, was quite surprised after hearing the news. As for the rumors of the recent sale of assets, Xu Lianglu said that it is only dealing with non-performing assets.
[Note: This article is a high-tech LED reporter original, reprinted please obtain a reprint agreement in advance, legal reprint please refer to: high-tech LED copyright maintenance - "anti-infringement action" statement , otherwise it will be deemed illegal reprint, this website will be held legally responsible ! 】
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