The IPO capital market is full of temptation and waiting. Looking ahead, LED companies are competing for the capital market and seeking listing. During the period, someone succeeded, someone failed, and some people waited and lingered on the long sprint runway of the IPO. Today, the domestic semiconductor lighting industry has reached more than 200 billion yuan, nearly 30 LED-related listed companies, and its output value also accounts for half of the industry. Among these listed companies, the performance has been well developed after the listing, and there are also negative news from the company. The company's performance is flat and there is no difference before and after the listing. I would like to ask, LED companies really need to go public? Can you wait for a long wait and keep the IPO? IPO restarts full preparations Since February this year, the CSRC has suspended the A-share IPO for nearly four months. On June 18, it ushered in the second restart of the year. For LED companies, the new round of IPO opening is both happy and worrying. On May 16, the China Securities Regulatory Commission officially issued the revised Measures for the Administration of Initial Public Offerings and Listing on the Growth Enterprise Market, and the newly established Interim Measures for the Administration of Securities Issuance of GEM-listed Companies, which will be implemented as of the date of promulgation. The refinancing problem that once plagued the GEM listed companies was finally resolved at the policy level. CSA pointed out that the implementation of the new measures will be a large number of LED companies that are affected by the economic environment and market volatility, unable to achieve two consecutive years of profitability, landing on the GEM, paving the way for IPO raising funds to accelerate development. In addition, the CSRC has recently revised the Interim Measures for the Administration of Initial Public Offerings and Listing on the Growth Enterprise Market, appropriately reducing the initial entry financial indicators, eliminating the requirement for continuous growth, and simplifying the issuance conditions. The introduction of this standard has aroused a new round of listing boom for LED companies. According to the latest IPO review schedule disclosed by the China Securities Regulatory Commission, Infineon Electronics (Hangzhou), which has been newly accepted by the GEM, has become the only newly accepted IPO application in the CSRC in July, which has brought a little joy to the LED listing. As of July 31, the number of first-time enterprises accepted and pre-disclosed by the China Securities Regulatory Commission increased to 626, including LED Lighting, Ocean Lighting, Shengdi Optoelectronics, Mulinsen, Yuanhui Optoelectronics, Kelik and other LED lighting companies and materials supporting enterprises. Actively preparing for the IPO. Although some companies have been suspended in the preparation process, it is still difficult to hide the enthusiasm of LED companies. CBA Consulting Director Wang Binqiu believes that there are many LED companies that have taken the initiative to withdraw their IPO applications because, in view of the new policy of the CSRC, enterprises need to verify their own, some enterprises need to add some materials. Wu Yiming, secretary of the board of Op Lighting, once told the media that Op Lighting has indeed stopped the IPO. But this is normal, and more than 500 companies that are listed in the market have encountered such a situation. According to the explanation, in the materials that Op Lighting originally applied for listing, the results reported in 2013, these performances expired at the end of June this year. Because the performance of the newly listed companies has changed the face of the SFC, the financial review was particularly noticeable during the IPO restart process at the beginning of last year. Because the financial verification lasted for a long time, the verification content was much, and it was called the most in history. Strict IPO financial verification. At the end of May this year, the CSRC studied the "Several Opinions of the State Council on Further Promoting the Healthy Development of the Capital Market" (ie, the New China Nine Articles). At the meeting of the CSRC Chairman Xiao Gang, he clearly stated that it is necessary to stabilize market expectations from June to the end of the year. It plans to issue about 100 new shares to be listed and issue it on a regular basis. A brokerage in Beijing said that the recent review of the SFC's new shares has actually slowed down. On the one hand, it can feel the intention of the regulatory authorities to control the number of new shares, but the main reason is that most companies need to update their financial information. It is understood that the time requirement for this supplementary financial report is 6.1. That is to say, the financial information is valid within 7 months, and it is necessary to make up the financial report after 7 months. If the Securities and Futures Commission cannot issue approval documents before the major meeting in November, these companies that have not yet approved the issuance in April will need to supplement their financial statements. This financial report update is different from the initial declaration. Since only the updated data needs to be updated, there is no need to reorganize the reporting framework, and the reimbursement rate is relatively fast. And from the date of termination of the review, if the IPO is reapplied within one year, it is still necessary to perform the self-examination obligation according to the relevant requirements of this special financial inspection. The financial self-inspection report should also be submitted when applying for the IPO application materials. The CSRC will conduct a random inspection of such enterprises in the manner determined by this special inspection. Wang Binqiu added. Long wait for the time to pay off in September, LED companies running the IPO plot is like the weather after the autumn, a bit cold and a little hot. Because the CSRC has made it more difficult to prepare for the IPO in order to regulate the new policy of the financial market, it has poured a bucket of ice water into the heart of the original fanaticism. Although, let many LED companies temporarily suspend the review, but it is difficult to prevent the LED companies from listing enthusiasm. In July, Shenzhen Ai Bisen Optoelectronics Co., Ltd. waited for a long time after eight years of hard work, and finally fulfilled its wish, successfully listed on the GEM of the Shenzhen Stock Exchange, issued 21.06 million shares, and issued a total of 84.22 million shares after the issuance. Ding Yanhui, Chairman of Abbyson, complained about the painstaking efforts at the company's listing thank-you reception. From the approval of the China Securities Regulatory Commission, to the approval of the CSRC, the whole two years have passed. From the preparation of the listing materials in 2010 to today's office The thank-you will have passed for five years; from the time the brokers entered the company in 2007, it has now passed for eight years. In the past 8 years, how much better if we can take less detours; if the government's efficiency is higher, how much better; if there are more companies that don't lie or fake, how good! Because if so, the efficiency of the SFC may be higher, maybe we will be listed three or four years ago. Wang Binqiu said that the reason why some companies are listed so aggressively is because LED investment is very hot in the past few years. Many funds and investment institutions have already entered in the early stage. As a result, many funds have exited during this period, resulting in the current listing of enterprises. In line. One is the environment of the CSRC, and it is necessary to control the rhythm of the company's listing. Another is the change of the LED industry environment. The change is too fast. The original set of project results will wait for half a year, even one year, one year later. The industry situation has undergone great changes. The profit space that the company originally expected is not so large. Some of the original price parameters and expectations for the future need to be adjusted, so it will be suspended. Some companies believe that IPOs will wait for long-term hopelessness, and they will also switch to the New Third Board. There may be other channels. On July 10th, Jiangxi Jingneng Optoelectronics also announced a new round of financing of US$80 million led by Asia-Pacific Resources Development and Investment Corporation. It plans to go public next year, and the preferred place to be listed is the United States. Whether it is a long wait in the domestic listing, or a move to the New Third Board or seeking overseas listing, you must face strict qualifications and financial verification. The reporter contacted several companies in the waiting stage to ask about the company's recent IPO situation. Among them, the Infinex Securities Department said that the company is currently in the media silence period after the pre-disclosure, it is not convenient to answer your questions. Wu Yiming also said that we will report the performance of this year's mid-year report in mid-to-late September and will resume the approval process. At present, the listing of Oup is in the normal progress. Lin Jilin, general manager of Mulinsen Lighting, said that the sponsored brokers have just been punished, and they may need to go through some formalities. Everything on our side is going on normally, and there are no special problems. At the same time, the listing of enterprises will face great pressure from funds and investors. Once they have to wait for a long wait or re-apply for enterprises, they will have to pay high filing and financial review fees. The industry is developing very fast. Many companies do have the need for funds. In recent years, the market value of listed companies has been relatively high. It has indeed made a lot of money. Enterprises are eager to go public at this time, and these companies are difficult to list abroad. Listing, the overseas listing price-earnings ratio is too low, companies want to use this time period to go public. An enterprise executive in Guangdong said. At present, there are more than 23 listed companies with LED industry chain as their main business, and nearly 70 listed companies involved in LED. Wang Binqiu said that with regard to the current development of the LED industry, the demand for LED listed companies is urgent, and the future will certainly be greatly expanded. With the help of the platform foreseeing the future, after Abyssen finally waited for 8 years, the cloud will see the sunrise. However, this only means that the company is listed. If the company can't plan with the financing platform, even if it is not guaranteed, it will not be better for the company to develop. Since 2014, with the rapid increase in the demand for LED lighting, the LED industry has also ushered in an unprecedented peak period of development. Due to the explosive growth of the LED lighting market, the market pattern changes and the market sentiment is expected. In order to seize more market share, the competition is becoming more and more fierce. With the successful landing of a number of LED companies in the stock market, it indicates that China's semiconductor lighting industry is maturing, and it also indicates that domestic enterprises have begun to abandon the traditional technology, cost and price competition, and began to take advantage of the capital market platform to attract brands and scale. Innovation-based comprehensive advantage competition.
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