The strategic emerging industries that have been included in the government work report this year are becoming the most worthwhile investment targets in VC and PE. According to data from the Zero2IPO Research Center, since last year, venture capital and private equity investment institutions have invested in strategic emerging industries such as new energy, showing a trend of increasing quarter by quarter, especially in the areas of new energy and the Internet. Big Water Tank Vacuum Cleaner,Vacuum Cleaner,Vacuum Cleaner With Socket,Vacuum Cleaner For Roads NingBo CaiNiao Intelligent Technology Co., LTD , http://www.intelligentnewbot.com
Capital stirs up LED industry packaging giants to seek listing
Foshan Guoxing Optoelectronics made its debut on April 2, which aroused the listing expectations of many LED companies. Capital has stirred up the LED industry, but it has not been a thing of the past. China Economic Cooperation, Shenzhen Tongchuang Weiye, and even Zhejiang Private Capital are all arranging emerging LED companies. The industry believes that in 2010, some packaging giants will emerge, and some of them have completed their strategic investment and are preparing for listing.
According to industry insiders, a high-power LED chip company in Guangzhou has received attention from a world-renowned PE. It is expected to complete the first round of financing of several hundred million yuan this month. At the same time, in the packaging sector, only the top five National Star Optoelectronics 2 meeting, so that the company has been expected to accelerate the pace of Ruifeng Optoelectronics, Hongli Optoelectronics, etc.; also strengthened the confidence of the capital layout LED industry.
Statistics show that in 2009, more than 20 billion capitals poured into the LED industry, such as Qingyun Venture Capital's investment of 30 million US dollars, Zheng Mingli, Jinshajiang Venture Capital's 30 million US dollars investment, Taishi Xinguang, IDG, Kaitou Fund, Zhejiang Private Capital Investment Can photoelectric, etc.; investment is distributed in all aspects of the LED industry chain.
Ruifeng Optoelectronics, which focuses on patch packaging, recently received a strategic investment of 80 million from a well-known home appliance company. When talking about this financing experience, the opinion of General Manager of Ruifeng Optoelectronics, Gong Weibin, is quite chaotic. According to him, Ruifeng's operation and capital situation in the past two years is very good. According to the previous annual growth rate of 50%, the company's desire for financing is not strong. He said that many venture capital investors have sought Ruifeng, but the company has always insisted on only accepting strategic investment.
Gong Weibin believes that the LED industry is very hot at present, and the future LED leading enterprises should have the following three conditions. First, there are LED TVs or LED backlight products as the final market brand enterprises, such as Konka, Skyworth, Hisense, TCL, etc.; Second, enterprises with LED lighting layout, because of the discreteness of LEDs, lighting and backlight It is a good complement; the third is a semiconductor-based enterprise. He pointed out that there are currently no domestic enterprises with these three conditions, but the LED TV enterprises that have the most chance to become the leading enterprises are the starting point for Ruifeng to choose strategic partners. With this investment, Ruifeng will increase the production capacity of LED backlight devices and lighting devices.
Packaging giants are planning to go public
Although listed companies such as Sanan Optoelectronics (600703, stock bar), Dehao Runda (002005, shares it) and so on are frequently involved in LED packaging business, but in addition to the latest Guoxing Optoelectronics, before the domestic scale has not been packaged A listed company for the main industry. The industry expects that this situation will be changed in 2010. Jiuzhou Optoelectronics, Hongli Optoelectronics, Ruifeng Optoelectronics, etc. all have the idea of ​​going public; among them, Philips may enter Jiuzhou Optoelectronics, and it is possible to promote its listing in the future.
According to Zhang Xiaofei, CEO of Gaogong Online, in the first half of 2010, at least a dozen LED companies had listing intentions, most of which would be in small and medium-sized boards. Zhang Xiaofei pointed out that from the perspective of the LED industry chain, the upstream epitaxial film requires a large investment, but the income is small. In particular, it has been “pressed†by listed companies such as Silan Micro (600460, stocks) and Sanan Optoelectronics. Too big. Therefore, many small investments will flow to the middle and lower reaches. And packaging is an important part of it.
In terms of output, China's LED packaging accounts for 70% of the world's total, and has a very high market share in the middle and low-end devices. In 2010, some packaging leaders will be expected to rise from the hands of capital operation.
In Zhang Xiaofei's view, the emergence of more listed companies in the LED industry will make the competition more intense. The use of capital market financing to expand production of listed companies will create tremendous pressure on other companies, and industry reshuffle is inevitable.
PE, VC have their own love
Before the interview, Zhang Xiaofei just pulled out from an LED company. This company thinks that its new technology in LED power supply is very promising. Please help him and the VC to take a line. “This is not the first time,†Zhang Xiaofei said. “Many small LED companies have funding bottlenecks. Most of them are technology-based companies, and they have never been connected to capital, and even the relevant exhibitions have not participated.â€
In terms of attracting investment, these companies are often not the “dish†of PE. PEs that are more inclined to invest in the middle and late stage will look at the top three in the industry segment of the Bank of China (601988), which will be the first camp of small and medium-sized companies or GEM listed companies. According to Zhang Xiaofei, there are currently 43 optoelectronic companies undergoing share reform, and enterprises that have completed the shareholding system transformation are particularly favored by PE.
But on the other hand, these companies with technology in the segmentation field are the targets of VC capture.
Zhang Xiaofei told reporters that VC is more inclined to have unique technologies (such as breakthroughs in power supply, IC driver and other sub-sectors), and can help companies that solve key problems in certain aspects of the industry chain. These companies have a large customer base and a broad market space. But the problem is that in the LED industry, investors have a very light understanding of technology, so there is a risk in judging the company. At this time, it is necessary to use some professional institutions to judge the value of technology.
At present, not only venture capital and PE, but also well-funded listed companies, Zheshang private capital, also carry out investment mergers and acquisitions in this field. In January of this year, Zhejiang private capital participated in the financing of 150 million yuan of Wuhan Huacan Optoelectronics. A Zhejiang venture capitalist told reporters that Zhejiang's private capital is more active in Zhejiang, Anhui and other places, while Sanan Optoelectronics and Dehao Runda have increased their investment in LED projects in Wuhu, and also provided opportunities for industrial support. Private capital is Actively pay attention to the supporting enterprises with technological advantages in the Lancang area and take timely shots.
ã€Author: Wen Ting Source: Shanghai Securities News】