1. SAIC and Infineon join forces to establish a power semiconductor joint venture;
According to the micro-network news, SAIC and Infineon Technologies announced the establishment of a joint venture. The joint venture company was named SAIC Infineon Automotive Power (Shanghai) Co., Ltd., 51% owned by SAIC and 49% owned by Infineon. The company is headquartered in Shanghai and its production base is located in the expansion project of Infineon’s Wuxi plant. Production is expected to begin in the second half of 2018.
Jochen Hanebeck, board member of Infineon’s business operations, said that the company’s cooperation with SAIC Group, China’s largest automaker, will further consolidate and strengthen its market position and expand its production capacity to meet the rapidly growing market demand. Meanwhile, The products tailored to the needs of China's electric vehicle industry will jointly develop more business. This cooperation will enable the company to serve Chinese electric vehicle customers more quickly.
Chen Zhixin, president of SAIC, stated that Infineon has a good reputation in the field of automotive power modules. The company is very pleased with this cooperation and is confident that it believes that Infineon’s advanced power module solutions will be integrated with the company’s electric vehicles. The perfect integration of automotive and system expertise. Electric vehicles can not only provide customers with high convenience and excellent driving experience, but also effectively relieve energy and environmental pressures.
The joint venture company aims to provide Chinese customers with more convenient and better service and experience, and provide power solutions for the Chinese electric vehicle market. The joint venture company mainly manufactures the automotive-grade frame-type IGBT module HybridPACK for the Chinese market.
2. Cannot afford to pay 440 million fines Hang Seng electronic subsidiary may be bankrupt;
Hang Seng Electronics Holdings subsidiary Hangzhou Hang Seng Network Technology Services Co., Ltd. (hereinafter referred to as Hang Seng Network) had received 440 million days of fines for illegal offenses in off-balance-sheet capital allocation cases and attracted much attention. The Hang Seng Network, which is not worth the penalty, is fortunate. Will there be bankruptcy liquidation? An insider of Hang Seng Electronics told UI News that its parent company, Hang Seng Electronics, prefers to bankrupt the Hang Seng Network.
On the evening of March 9, Hang Seng Electronics disclosed the progress of the incident and announced that the bank deposits of Hang Seng Bank were frozen and allocated. At present, Hang Seng Network is unable to continue normal operations and is in a state where its net assets are not sufficient to pay fines. The company will supervise Hang Seng Network. According to the relevant laws and regulations, actively cooperate with the processing.
According to the announcement, on March 8th Hang Seng Network received the “execution notice” and “enforcement ruling” of the Xicheng Court. The Xicheng Court ordered the Hang Seng Network to immediately perform the obligations determined by the effective legal documents and bear the interest on the debts during the delayed performance period. , Application for the implementation fee and the actual expenditure incurred during the execution. Overdue non-performance, West City Court will be enforced according to law.
The main content of the "Enforcement Ruling" is a freeze, allocating bank deposits from the Hang Seng Network; freezing, detaining, and extracting Hang Seng Network's income from performing obligations, as well as seizure, freezing, seizure, detainment, abstraction, auction, and sale of Hang Seng Network shall fulfill its obligations. Part of the property.
On November 25, 2016, the China Securities Regulatory Commission disclosed the penalty decision on Hang Seng Network and confiscated the illegal income of Hang Seng Network amounting to approximately RMB109.86 billion, and imposed a fine of approximately RMB 329.6 million. The company’s chief executive officer, Liu Xiaofeng, and Chief Executive Officer Guan Xiaoyu, were warned. , And were fined 300,000 yuan respectively; The total fine was about 440 million yuan.
It is reported that Hang Seng Network is a legally registered company with a registered capital of 200 million yuan. Its business scope includes technology development, consulting and service, and it undertakes system application management and maintenance in order to undertake service outsourcing. The HOMS system is one of its core products.
According to the information disclosed by Hang Seng Electronics on December 14, 2016, Hang Seng Electronics directly holds 60% equity of Hang Seng. In addition, Hang Seng Electronic also passed Ningbo Yunhan Equity Investment Management Partnership (Limited Partnership), which is the innovation business of Hang Seng Electronics employees. Holding stock investment platform) and other indirect holdings of about 28.86% stake in Hang Seng Network.
According to the weather information, Hang Seng’s major shareholder is Hangzhou Hang Seng Electronics Group (holding 20.72%), while Zhejiang Ant Small Finance Services Group Co., Ltd. passes 100% of Zhejiang Rongxin Network Technology Co., Ltd. to Hangzhou Hang Seng Electronics Group. The actual control person is Ma Yun.
Hang Seng Electronics stated that the Hang Seng Network is currently unable to continue its normal operations and is in a state where its net assets are not sufficient to meet the financial penalty imposed by the SFC. As of March 9, 2018, the Hang Seng Network has already paid the fine for administrative penalties. RMB 26.65 million, not paid approximately RMB 417 million, and the monetary fund balance was approximately RMB 497,300 (unaudited). As of the end of 2017, the amount of net assets was approximately RMB 421 million.
According to industry sources, there are two ways to handle the high-price tickets of Hang Seng. One is to pay the parent company's fines and the other is to let Hang Seng network go bankrupt. According to the announcement, Hang Seng Electronics expects the net profit for 2017 to be 450 million to 510 million yuan. , And the 2016 annual report shows that Hang Seng's net profit was only 18.29 million.
Previously, Hang Seng Electronics, an insider who declined to be named, told UI News that its parent company, Hang Seng Electronics, prefers to bankrupt the Hang Seng Network. 'HengSheng.com's company had no quality products except the homs system. There was almost no revenue. And the homs system blew up such a big catastrophe when the stock market fluctuates in 2015 and was banned.
Another resigned Hang Seng Electronics employee once told reporters that during the period when the CSRC planned to penalize Hang Seng Electronics in September of 15 years and formally impose a penalty in 16 years, Hang Seng Electronics had considered letting Hang Seng Network go bankrupt, but taking into account the ticket There will be no penalties for the subject to cause greater skepticism and concern from the outside world and give up the idea.
Lawrence Ding, a lawyer from Shanghai Dingshan Law Firm, told the interface news: 'As far as limited liability companies are concerned, shareholders only have limited liability within the scope of their subscribed capital contributions. Hang Seng Network, as a limited liability company, has independent legal personality and can be legally independent. Take civil liability. If Hang Seng's network becomes insolvent and goes bankrupt, its shareholder (parent company) can only assume limited liability within the scope of its subscribed capital, and does not need to assume other responsibilities.
In addition, Hang Seng Electronics made a risk warning in the announcement that the company has uncertain risks including but not limited to the loss of company reputation, potential business regulatory risks, potential access qualification restrictions and short-term refinancing Risk, related risks brought about by this enforcement, etc. Interface News
3. Huacan Optoelectronics over 4 billion fundraising layout industry expansion
Changjiang Business Daily News IDG Capital has not reduced its holdings for 10 years, net profit has doubled for two consecutive years
□ Reporter Shen Zuorong
China Canton Optoelectronics (20.62 +7.34%, diagnostics) (300323.SZ), the second largest LED chip company in China, has used the equity refinancing to expand the industry in an extensible manner and achieved a significant increase in operating performance. Huacan Solar’s performance forecast shows that It is estimated that the net profit in 2017 will be 470 million yuan to 534 million yuan, an increase of 76% to 100%.
The Yangtze River Business Daily reporter combed and found out that five years ago, Huacan Optoelectronics, which had been deeply involved in the field of LED chips, successfully listed on the GEB. However, after the IPO, due to changes in the industry environment, the company's operating performance began to change its face. In 2013 and 2015, they were caught in succession. Loss.
In order to reverse the unfavorable situation of the business, Huacan Optoelectronics began leveraging the capital market to expand its industry. As of now, the increase in the issuance of bonds will increase the amount of Huacan Optoelectronics' refinancing to 3.863 billion yuan. If other financing is counted, it is in terms of extension. Fundraising reached at least 4 billion yuan.
In terms of R&D investment, Huacan Optoelectronics also frequently overcharged. Last year last year, the company's R&D investment was 5,423,660,000 yuan, an increase of 5.4% compared to the first half of 2016. In addition, the company plans to invest 10.8 billion yuan in the next 7 years, and the new semiconductors will be deployed. Technical field.
After Huacan Optoelectronics' series of actions, the company not only turned a profit, but also saw a doubling of its net profit. Gross profit of product sales also increased significantly. In the first half of 2017, Huacan's gross margin was 33.72%, which was close to 16.75% in 2015. 2 times.
Two-year growth in gross margins nearly doubled
With the increasing concentration of the LED industry, the market as a whole is good, Huacan photoelectric also ushered in the harvest season.
According to Huacan Solar's performance forecast, it is estimated that the net profit for 2017 will be 470 million yuan to 534 million yuan, an increase of 76% to 100% compared with 267 million yuan in 2016. This is the second highest performance that the company will face after its 2015 loss. Growth year. In 2016, the company not only turned a profit, but also net profit increased 378.40% year-on-year.
Huacan Solar, which was listed in 2012, has seen significant growth in its operating results before its IPO. After listing, it was affected by the external environment, and its performance continued to decline and it lost money.
The data shows that from 2009 to 2011 before the IPO, the net profit of the company was RMB 15 million, RMB 112 million, and RMB 126 million. After the listing, from 2010 to 2015, its operating income was RMB 330 million. 316 million yuan, 706 million yuan, 955 million yuan, two years after the first two years of decline, a sharp increase in two years. Net profit for the same period of 087 million yuan, -0.09 billion, 91 million yuan, -0.96 billion yuan, a one-year loss of profit for one year , Profitability is not stable.
However, with the improvement of the market environment, Huacan Optoelectronics's profitability was quickly released.
In 2016, the company achieved operating income of 1.582 billion yuan, an increase of 65.62%, and a net profit of 267 million yuan, an increase of 3.78 times. In the first nine months, the company's operating income reached 1.872 billion yuan, which exceeded the 2016 full-year growth rate. 74.78%.
Huacan Optoelectronics stated in its 2016 annual report that during the year, due to the increase in market demand and the elimination of outdated production capacity, the LED industry improved supply and demand in the chip market, and the company’s production and sales volume increased significantly, consolidating its dominant position in the market. The company is expected to display The market's dominant position will provide the company with a faster growth opportunity in the next 2-3 years.
In the middle of January this year, Huacan Optoelectronics explained the reasons for the rapid growth of the company's performance, said that the LED chip production capacity has achieved greater growth, making the company's chip product production and sales increased year-on-year as compared to the same period last year. At the same time, as R & D continues to increase, the overall chip The adjustment of the production and sales structure to the high end, together with the scale effect, the chip cost further decreased, and the customer structure converged with large and high-quality customers, resulting in a year-on-year increase in gross profit margin year-on-year, and a stable gross profit margin from the first quarter to the fourth quarter. , Blue Crystal Technology has fully completed the switch from 2-inch to 4-inch substrate wafers from the beginning of last year.
As Huacan Optoelectronics stated, R&D investment has boosted the increase in gross profit margin. In the first half of last year, the company's R&D investment was 54 million yuan, an increase of 5.4% year-on-year. The current gross profit margin was 33.72%, which was an increase from 23.94% at the beginning of the year. Nearly 10%, nearly doubled from 16.75% in 2015.
4 times to increase the layout of the extension of the expansion
Huacan Optoelectronics has significantly increased its profitability. Apart from the fact that the production environment leads to a better market environment, it also has a close relationship with the company's industrial layout.
In 2016, Huacan Optoelectronics invested 6 billion yuan to establish a Zhejiang subsidiary to enter the construction phase. It is mainly responsible for the development of optoelectronic technology products, technology transfer and sales, and the expansion of its main business. In February of this year, the company also joined the management committee of Yiwu Industrial Park. Signing the contract, it plans to invest 10.8 billion yuan in the construction of advanced semiconductor and device projects, and to enter into world-class and high-end production capacity.
Huacan Optoelectronics has also continuously extended its industrial chain to form a synergy effect to enhance its comprehensive competitiveness. In May 2016, the company acquired a 100% stake in Blue Crystal Technology through the issuance of shares and payment of cash. The industry extends to the growth and processing of sapphire crystals. And sales and sapphire substrate research and development, production and sales, etc. In addition, to expand the development space in the third generation of semiconductor applications, expand the product of new applications, Huacan photoelectric through the investment in the Daily Strategy Limited indirect equity participation in North awakening.
It is worth focusing on the fact that after more than a year of twists and turns, Huacan Optoelectronics acquired a major asset acquisition of MEMSIC, which was approved by the China Securities Regulatory Commission.
According to the previously disclosed plan, the company intends to acquire Harmony Optronics for a consideration of RMB 1.65 billion. The latter’s main asset is 100% equity of Midea Semiconductor. Mainstream’s main business is around the MEMS industry. The main products are accelerometers and magnetic sensors. Smart phones and consumer electronics, automotive security systems and other fields.
According to published data, in terms of accelerometers, last year, the company continued to maintain its leading position in technology, and at the same time it has expanded its compatibility programs. It is expected that the market share of Accelerometer will exceed 30% in 2019. In geomagnetic sensors, last year Introduced a full-featured single-chip three-axis MMC5603NJ geomagnetic sensor with industry advantages in terms of integration, accuracy, and cost. Currently, a considerable number of mobile phone Tier 1 manufacturers and the United States and Singapore cooperate. In addition, the United States and New Zealand is still the only car with the level of Accelerometers and geomagnetic sensor chip companies, their automotive sensors have entered the general, Mazda and other international car manufacturers, began to realize the cooperation of manufacturers in large quantities.
In order to support the expansion of production capacity, industrial transformation and upgrading and industrial chain extension, Huacan Optoelectronics continued to raise funds.
According to an inquiry by a reporter from the Changjiang Business Daily, the company has implemented two fixed-term increases since 2016. Together with the two scheduled increases that have been approved for implementation, the company's equity refinancing will reach 3.363 billion yuan. In addition, the company had announced in 2015 that A corporate bond with a issuance size of 500 million yuan is used to supplement liquidity.
To sum up, we will increase the issuance of bonds. Huacan Optoelectronics' refinancing of equity will reach 3.863 billion yuan. If we count other financing, the fund-raising for the expansion of expansion will reach at least 4 billion yuan.
IDG Capital shares 10 years or enjoy wealth feast
Huacan Optoelectronics' operating performance ups and downs did not allow the internationally renowned capital IDG to remain unmoved. Sticking to its position as a major shareholder, Huacan Solar has ushered in a surge in wealth.
From the perspective of shareholders’ shareholdings, Huacan Optoelectronics’ shareholdings are relatively decentralized. The company has no controlling shareholders and actual controllers. As of the end of September last year, the company’s largest shareholder was IDG Capital, which was held by NSL, Jing Tian and others. There is a 17.89% stake in the company.
IDG's share of Huacan Optoelectronics will be traced back to 10 years ago, before the company's IPO.
According to public information, in December 2007, IDG registered Jing Tian I and Jing Tian II exclusively in Hong Kong and acquired shares in Huacan Optoelectronics. In 2012, after the IPO of the company, IDG held a total of 18.17% of Huacan Optoelectronics through the two funds. .
In the two blue-crystal and midea semiconductor processes that Huacan Optoelectronics had acquired through the acquisition, IDG has already advanced the company in advance.
In 2015, Huacan Optoelectronics announced that it had acquired 100% equity of Lanjing Technology by issuing shares for RMB1.08 billion through the issuance of shares and payment of cash, among which, 93.42 million shares were issued and cash paid was RMB154 million. KAI LE, a major shareholder, issued 36.42 million shares, and this former majority shareholder was controlled by IDG.
Blue Crystal Technology originally wanted to land A shares through the IPO and submitted a listing application to the China Securities Regulatory Commission. In 2010 prior to the IPO, KAI LE invested US$30.21 million to subscribe for 6.8 million shares in Blue Crystal Technology, holding a share of 11%. After the operation, by June 2014, its shareholdings rose to 33.42%.
However, due to the sharp decline in the profitability of Blue Crystal Technology. In 2013, the company withdrew its IPO application.
The direct IPO failed, and the blue crystal technology curve was listed. Through the reorganization with Huacan Optoelectronics, it successfully entered the A-share market.
In addition, Huacan Optoelectronics has been closely associated with IDG since its acquisition of Midea Semiconductor for over a year.
According to the announcement, JingtianI and JingtianII, Kai Le are controlled by the IDG-Accel Fund, and the actual controllers are Zhicheng and Zhouquan. IDG's official website shows that He Zhicheng and Zhou Quan are members of the IDG Capital team. In addition, the chairman of Huacan Optoelectronics is Yu Xinhua. IDG Capital team members.
Huacan Optoelectronics acquires Harmony, a shareholder of Midea Semiconductor, and its shareholders, NSL, is also associated with IDG Capital's shareholders. The NSL shareholders include four IDG U.S. dollar funds. The general partners of the four I funds are He Zhicheng and Zhou Quan, directors or controllers. .
In view of this, after Huacan Optoelectronics completes the acquisition of Midea Semiconductor, its largest shareholder will still be IDG Capital. Perhaps, it is only one step away from the controlling shareholder and the actual controller. Changjiang Business Daily