On October 13th, the day of the 222.2 million non-public offering of shares of Sanan Optoelectronics will be ushered in. However, for institutional investors represented by Dacheng Fund, the taste of the year after the hardships can be uncomfortable. Sanan Optoelectronics' main business is the development, production and sales of LED epitaxial wafers and chips. Previously, in 2010, the market had high hopes for LED lighting to start in 2011, but this year has passed more than half, and the market situation has made investors disappointed.
The former big bull stock Sanan Optoelectronics has no longer been bullish.
On the last trading day before the National Day, Sanan Optoelectronics closed at 12.93 yuan. This stock price has set a new low for the company in the past two years. Compared with the historical high of 53.89 yuan (the re-emergence price of 107.78 yuan after the implementation of 10 to 10 in 2009), the company’s share price has been higher than the historical high of the company’s stock price on August 4, 2010. Up to 73.61%.
It is worth mentioning that on October 13th, the 222.2 million non-public offering shares of Sanan Optoelectronics will be released. However, for institutional investors represented by Dacheng Fund, the taste of the year after the hardships can be uncomfortable.
As of the close of October 11, although Sanan Optoelectronics received a small Yangxian line with a long shadow on the same day, it closed at 13.14 yuan, but its price after reinstatement was compared with the 2010 private price of 30 yuan/share. There is still a 3.64% discount. This means that the target of high-priced participation in the company's private placement is not as sweet as it is.
Sanan Optoelectronics' main business is the development, production and sales of LED epitaxial wafers and chips. Previously, in 2010, the market had high hopes for LED lighting to start in 2011, but this year has passed more than half, and the market situation has made investors disappointed.
Zheshang Securities analyst Shi Zhentao said, "In the current LED industry, upstream chips, sapphire substrates and other overcapacity, and the entire electronic semiconductor industry this year coincides with a phased downturn, the downstream lighting applications have been delayed."
"hardcore fans"
Sanan Optoelectronics has been re-financed many times before. In particular, many of the funds of Dacheng Fund Co., Ltd. participated in the private placement of Sanan Optoelectronics twice in 2009 and 2010 respectively, which is regarded as a “hardcore fan†of Sanan Optoelectronics.
In terms of the number of subscriptions, in 2010, the Dacheng Fund was overweight to subscribe for the non-public offering of Sanan Optoelectronics.
On October 10th, its announcement of the listing and circulation of non-public issuance of restricted shares showed that a total of 8 funds of the Dacheng Department had participated in the subscription, and a total of 20 million shares were subscribed. Based on the 30-yuan/share directional issuance price, the funds of the Dacheng Department will participate in the subscription for a total of 600 million yuan.
Previously, when Sanan Optoelectronics was released in non-public in 2009, 7 funds of the Dacheng Department also participated in the subscription of 10 million shares, and the capital contribution reached 260 million yuan.
Our reporter noticed that the funds of Dacheng Department also held heavy stocks in Sanan Optoelectronics in the secondary market.
According to the China Daily, as of June 30, as many as 10 funds under the Dacheng Department held a heavy holding of Sanan Optoelectronics tradable shares, with a total holding of 76.208 million shares, and the market capitalization at the end of the period was as high as 1.251 billion yuan.
However, since June 30, Sanan Optoelectronics' stock price has been falling. As of the close of October 10, its share price has fallen by 3.26 yuan, and the range has dropped by 20%. Up to now, if the shareholding remains unchanged, Sanan Optoelectronics has already made the market value of the Dacheng Fund, which is holding a heavy position, more than 249 million yuan at the end of June.
Leverage LED "12 billion in three years"
Our reporter noticed that since Sanan Optoelectronics began to transform the LED industry in 2008, the company is borrowing money from the LED name every year. From 800 million yuan in 2009 to 3 billion yuan in 2010, it has soared to 8 billion yuan this year.
On April 13, 2011, Sanan Optoelectronics once again threw a new round of refinancing. The company plans to raise funds of no more than 8 billion yuan by means of public issuance. The fundraising will all be invested in Anhui Sanan Optoelectronics Co., Ltd. Wuhu Photoelectric Industrialization (Phase II) project and Anhui Sanan Optoelectronics Co., Ltd. LED application product industrialization project.
As of June 30, the actual use amount of the company's previous raised funds was 293,999,700 yuan, the interest income of the fund-raising account was 200,100,000 yuan, and the current balance of 4,160,100 yuan was still stored in the company's special account for raised funds.
In addition, the Tianjin base of the company's fundraising project in 2009 has been put into production, but it has not reached production. From January to June 2011, it only generated a profit of 38.921 million yuan. This figure is far from the company's estimated revenue of 1.1 billion yuan and 220 million yuan in profits in the initial issuance plan.
Similarly, another of the company's other investment projects, Anhui Sanan Optoelectronics Co., Ltd., generated a revenue of RMB 2011.54 million in the first half of the year, including a huge net subsidy of up to 10,376,470 yuan.
Correspondingly, after eliminating non-recurring gains and losses such as government subsidies, Sanan Optoelectronics' performance was eclipsed. In the first half of this year, the amount of government subsidies included in the current profit and loss amounted to 583,261,100 yuan, accounting for 127.15% of the company's net profit in the first half of this year.
On July 1, Sanan Optoelectronics announced that the company's subsidiary, Suncore Photovoltaic Technology Co., Ltd. received a financial subsidy of 450 million yuan.
If Sanan Optoelectronics made a successful public offering, Sanan Optoelectronics will spend nearly 12 billion yuan from the secondary market in recent years.
The former big bull stock Sanan Optoelectronics has no longer been bullish.
On the last trading day before the National Day, Sanan Optoelectronics closed at 12.93 yuan. This stock price has set a new low for the company in the past two years. Compared with the historical high of 53.89 yuan (the re-emergence price of 107.78 yuan after the implementation of 10 to 10 in 2009), the company’s share price has been higher than the historical high of the company’s stock price on August 4, 2010. Up to 73.61%.
It is worth mentioning that on October 13th, the 222.2 million non-public offering shares of Sanan Optoelectronics will be released. However, for institutional investors represented by Dacheng Fund, the taste of the year after the hardships can be uncomfortable.
As of the close of October 11, although Sanan Optoelectronics received a small Yangxian line with a long shadow on the same day, it closed at 13.14 yuan, but its price after reinstatement was compared with the 2010 private price of 30 yuan/share. There is still a 3.64% discount. This means that the target of high-priced participation in the company's private placement is not as sweet as it is.
Sanan Optoelectronics' main business is the development, production and sales of LED epitaxial wafers and chips. Previously, in 2010, the market had high hopes for LED lighting to start in 2011, but this year has passed more than half, and the market situation has made investors disappointed.
Zheshang Securities analyst Shi Zhentao said, "In the current LED industry, upstream chips, sapphire substrates and other overcapacity, and the entire electronic semiconductor industry this year coincides with a phased downturn, the downstream lighting applications have been delayed."
"hardcore fans"
Sanan Optoelectronics has been re-financed many times before. In particular, many of the funds of Dacheng Fund Co., Ltd. participated in the private placement of Sanan Optoelectronics twice in 2009 and 2010 respectively, which is regarded as a “hardcore fan†of Sanan Optoelectronics.
In terms of the number of subscriptions, in 2010, the Dacheng Fund was overweight to subscribe for the non-public offering of Sanan Optoelectronics.
On October 10th, its announcement of the listing and circulation of non-public issuance of restricted shares showed that a total of 8 funds of the Dacheng Department had participated in the subscription, and a total of 20 million shares were subscribed. Based on the 30-yuan/share directional issuance price, the funds of the Dacheng Department will participate in the subscription for a total of 600 million yuan.
Previously, when Sanan Optoelectronics was released in non-public in 2009, 7 funds of the Dacheng Department also participated in the subscription of 10 million shares, and the capital contribution reached 260 million yuan.
Our reporter noticed that the funds of Dacheng Department also held heavy stocks in Sanan Optoelectronics in the secondary market.
According to the China Daily, as of June 30, as many as 10 funds under the Dacheng Department held a heavy holding of Sanan Optoelectronics tradable shares, with a total holding of 76.208 million shares, and the market capitalization at the end of the period was as high as 1.251 billion yuan.
However, since June 30, Sanan Optoelectronics' stock price has been falling. As of the close of October 10, its share price has fallen by 3.26 yuan, and the range has dropped by 20%. Up to now, if the shareholding remains unchanged, Sanan Optoelectronics has already made the market value of the Dacheng Fund, which is holding a heavy position, more than 249 million yuan at the end of June.
Leverage LED "12 billion in three years"
Our reporter noticed that since Sanan Optoelectronics began to transform the LED industry in 2008, the company is borrowing money from the LED name every year. From 800 million yuan in 2009 to 3 billion yuan in 2010, it has soared to 8 billion yuan this year.
On April 13, 2011, Sanan Optoelectronics once again threw a new round of refinancing. The company plans to raise funds of no more than 8 billion yuan by means of public issuance. The fundraising will all be invested in Anhui Sanan Optoelectronics Co., Ltd. Wuhu Photoelectric Industrialization (Phase II) project and Anhui Sanan Optoelectronics Co., Ltd. LED application product industrialization project.
As of June 30, the actual use amount of the company's previous raised funds was 293,999,700 yuan, the interest income of the fund-raising account was 200,100,000 yuan, and the current balance of 4,160,100 yuan was still stored in the company's special account for raised funds.
In addition, the Tianjin base of the company's fundraising project in 2009 has been put into production, but it has not reached production. From January to June 2011, it only generated a profit of 38.921 million yuan. This figure is far from the company's estimated revenue of 1.1 billion yuan and 220 million yuan in profits in the initial issuance plan.
Similarly, another of the company's other investment projects, Anhui Sanan Optoelectronics Co., Ltd., generated a revenue of RMB 2011.54 million in the first half of the year, including a huge net subsidy of up to 10,376,470 yuan.
Correspondingly, after eliminating non-recurring gains and losses such as government subsidies, Sanan Optoelectronics' performance was eclipsed. In the first half of this year, the amount of government subsidies included in the current profit and loss amounted to 583,261,100 yuan, accounting for 127.15% of the company's net profit in the first half of this year.
On July 1, Sanan Optoelectronics announced that the company's subsidiary, Suncore Photovoltaic Technology Co., Ltd. received a financial subsidy of 450 million yuan.
If Sanan Optoelectronics made a successful public offering, Sanan Optoelectronics will spend nearly 12 billion yuan from the secondary market in recent years.
Fiber Optic Patch Cord,Fiber Patch Cord,Fiber Patch Cables,Fiber Optic Patch Cable
Huizhou Fibercan Industrial Co.Ltd , https://www.fibercaniot.com