Why LED companies in the face of huge benefits to give up the initiative?

Since 2012, IPO has been suspended for up to 5 months in the past years. In addition, the Commission strictly IPO the financial review storm intensified, as of April this year, the number of listed companies on the eve of IPO LED select "withdraw materials", "is not only the result is contrary to expectation", and "reasonable".

Why do companies in the face of huge benefits to give up the initiative? LED enterprises on the eve of what homework should be done? In addition to a crowded bridge thousands upon thousands of horses and soldiers on the road, what LED enterprise financing way?

Crashed IPO

According to public information display, by the end of 2012, the commission ordered the IPO companies in the trial set off the financial crisis of verification, the sponsor agencies, accounting firms should pay special attention to the issue of whether the person has the self related party transactions, to pay costs, and interest groups (here refers to the sponsor, PE trading exchanges, etc.) in vitro the payment of funds, staff salaries, cost down regulation during 12 or whitewash profit manipulation, and the provisions of issuers and intermediaries to submit inspection report in March 2013 the day before, on the basis of the organization checks.

As of April 3rd, the Commission found that the reporter from the official website statistics, affected by this, the LED business related to the main business of the company, the annual review has terminated the IPO to declare the list for Dalian Luming Polytron Technologies Inc, Yunnan langene Polytron Technologies Inc, Beijing jinlixiang color art Polytron Technologies Inc, Polytron Technologies Inc, Shenzhen Cui Di photo Tao automation equipment and several Limited by Share Ltd LED company.

Zhang Hua is deputy director of investment Shenzhen Innovation Investment Group Co., the information technology industry, the company has invested in KingSun, Chau Ming technology, Dalian Lu Ming, poly for lighting, kuangtong electronic, Inspur to downstream industry chain in LED company, which has successfully landed on the capital market KingSun and Chau Ming technology, Dalian Lu Ming, has been the China Securities Regulatory Commission to terminate the review.

Deep venture as early as 2000 on the investment Dalian Lu Ming, then Dalian Lu Ming and Sanan optoelectronics, changelight, market share is not much difference between. Now, three safety optoelectronics, changelight Chizha early in the capital market for many years, Dalian Lu Ming eventually had to stop IPO road.

Why Chechan

In order to make the enterprise avoid LED later submit materials fall on the same issue, the reporter repeatedly tried to have been terminated LED enterprises to understand the specific reasons for the termination of the review behind, but these companies either do not answer the phone, do not return messages, or do not respond to direct statement.

Reporters learned from relevant sources, Dalian Road, there are internal management confusion, related transactions, accounts are not clear, the business does not grow, lack of core competitiveness and other issues.

For the reporter's confirmation, Zhang Hua and do not want to say. But Lu Ming Dalian come to this step, today Zhang Hua bluntly: "2000 Dalian Lu Ming began the layout of LED, but ultimately failed to develop as fast as Sanan optoelectronics, which is a great thing. 2008 to 2011 is the best display time, it also can not do it, it later than the layout of changelight, Silan azure, HC semitek are up, I regret to say that is the internal reasons. "

Ming with Dalian Road, crashed out of the IPO and Yunnan, Jin Lixiang, Beijing langene Di photoelectric, cuitao automation company. Zhang Hua said: "since 2011, sapphire prices continued to slump, Yunnan langene financial situation would not pass. In addition, there are rumors that its equipment investment is not real, such as no billing, inflated registered capital, the most critical is the lack of sustained growth of the main business. "

It is understood that the management approach starting GEM listed on the financial situation of enterprises have two clear: one is the last two years of continuous profitability, the cumulative net profit of not less than 10 million yuan, and sustained growth; two is the most recent year profit, and net profit of not less than 5 million yuan in revenue last year of less than 50 million yuan. The last two years, revenue growth rate of not less than 30%. "If the industry is in a stage of rapid growth, sales revenue, gross margin continues to grow, after the listing of at least two or three years of sustained growth, the Commission is expected to see, but you see the field of LED enterprises last year basically have suffered different degrees of decline in performance. A brokerage investment bank said.

In January 4th this year, the Commission issued a warning letter to the south to take a warning photoelectric, one of the reasons is that the results of a large decline in the performance of the company after the listing of photovoltaic. The company in July 26th last year in the "IPO and listing on the gem issuance announcement" in the disclosure of net profit of about 20% year-on-year decline in August 7th last year, in the first day of listing risk warning notice disclosure "attributable to shareholders of the issuer's net profit over the same period last year fell 27.71%, the preliminary estimate of net profit in 2012 1-9 month the company fell about 40%, then the actual decline of 52.42%.

The Commission is not only worried about the performance of the face of the problem, one of the elements of sustainable growth is also one of the assessment.

Beijing Jin Xiang's main business is the display, the growth of this segment of the market can be expected to continue downturn. If YISHION display business to the market, the second year performance will certainly decline. As long as the LED display enterprise reporting materials, if there is no strong performance growth point, the Commission will certainly be back. Zhang Hua so recognized