The announcement was born poor mouth allring technology from shaking regiment

At the beginning of the lunar new year, the million run technology recently a little trouble. Because the earlier a 700 million multivariate placement program has been more than 5 months in the trial SFC, allring technology February 26th morning 115 page bulletin, 24 review the Commission's opinions.

In the announcement, Mason technologies really put a shake off family. A real man is one of the highlights of the liquidity shortage, the increase in bank borrowings, the growth rate of assets and liabilities. The purpose is a, lack of money, so to issue.

Liquidity shortage

In recent years, the rapid development of the company, continued to spend a large amount of investment expenditure working capital, after the listing of the issuer has repeatedly borrowed IPO raised investment funds to supplement the required liquidity. With the completion of the equity investment projects completed, raised investment funds are used, the company has no longer by borrowing IPO raised investment funds to supplement working capital. At the same time, the company's Bank credit line is basically completed, the urgent need to replenish liquidity through equity financing to meet the needs of production and operation.

Million run technology crying liquidity shortage, the reasons are as follows:

First, the initial public offering to raise funds, Mason technologies not only raised funds, and raise total investment funds and raise funds for investment projects are compared, the gap 26 million 357 thousand and 900 yuan, by its own capital investment.

Second, 2012 to September 2014, the net cash flow from operating activities totaled 176 million yuan, while net cash flow from investing activities totaled -3.41 billion yuan (the main investment expenditures for the construction, Dongguan Songshan Lake production base equipment purchase expenditure etc.). Investment activities in addition to funding from the company's initial public offering of shares to raise funds 177 million yuan, and the remaining approximately $164 million is consumed by the company's working capital.

Third, since 2012, in addition to cash sub infrared, the company's operating capital is mainly used for the production of fixed assets investment, liquidity gap is mainly through short-term borrowing to raise funds to supplement. 2012, the end of 2013 and the end of 6 in late 2014, the company through short-term loans to raise funds to supplement working capital balances were $80 million, $60 million and $30 million. With the completion of the implementation of equity investment projects, the use of funds raised, the company can no longer borrow to raise funds to supplement working capital.

Bank borrowings and asset liability ratios exceed the industry average

Mason technologies said that at present, the company used monetary fund balance is not enough to support the further development of the company business; and bank borrowings of the company and the asset liability ratio is more than the industry average, it is difficult to continue to add liquidity through bank borrowings.

As of the end of 2014 9, the company's monetary fund balance of $144 million 117 thousand and 200, but excluding special funds to raise funds for investment projects, investment funds for infrastructure projects, can be used for the daily operation of monetary funds only 47 million yuan. If the company's balance of funds can not be improved, will not be sufficient to support the business development plan in 2015.

2014 1-9 months, the company operating cash outflow of 38 million 388 thousand and 600 yuan per month, calculated in accordance with the maintenance of one and a half of the operating activities of the cash holdings of monetary fund security spending, monetary fund holdings to maintain 57 million 582 thousand and 800 yuan, the current monetary fund holdings to 58 million yuan. At present, the company can be used for business operations of the balance of monetary funds of 47 million 710 thousand and 100 yuan, less than the amount of money to maintain the amount of security funds, capital constraints.

As of the end of 2014 9, the company's asset liability ratio was 41.91%, higher than the average level of Listed Companies in the same industry asset liability ratio of the level of the company's bank loans are higher than the average level of Listed Companies in the same industry.

9 at the end of 2014, bank credit credit company to obtain a total of 270 million yuan, the amount of bank credit has been made for the company at the end of 2014 9 48.99% of net assets, which have been extracted: 100 million yuan bank loan, bank acceptance bills of exchange issued 115 million yuan, the total amount of 215 million yuan, accounting for 80% of credit lines have been used. Such as taking into account the amount of bank loans and limit the issuance of bank acceptance bills of deposit, the actual use of the amount has been basically completed.

The table can be seen as fixed asset investment continued to occupy the working capital, with the equity investment projects have been carried out, through the use of temporarily idle funds add liquidity to raise the amount of more and more small, bank loans (including notes payable) increased year by year, the rate of company assets and liabilities increased year by year, the liquidity ratio decreased year by year.

The company's asset liability ratio rose from 2012 at the end of to the current level of 41.91%, the current ratio from the end of 2012 to the current level of 1.31. The company's short-term solvency has been much lower than the average level of Listed Companies in the same industry.

These allring technology announcement conclusion is that 2015 to smoothly carry out the business, need to add liquidity to total 2.22-2.52 billion yuan. Among them, the company LED packaging and lighting products business growth, is expected to add about 62 million yuan of liquidity; the company's new business EMC contract energy management scale expansion, is expected to invest about 1.2 to 150 million yuan of liquidity; the company to expand the application of the lighting market, the second half of 2014 is expected investment in R & D expenditure of about 10 million yuan, invested about 2015 30 million yuan.

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