Recently led industry mergers and acquisitions occur frequently: Guangdong Province Electronic Information Industry Group 26.2 billion over OSRAM Foshan Lighting 13.47% equity interest held by; HC semitek 10.8 billion acquisition of a wholly-owned Lanjing technology; Feilo acoustics proposed acquisition of Germany OSRAM lighting project; KingSun intends to spend $1 billion over Philips Lumileds 6.15% stake held by...
Although the popularity of LED lighting Aurora, but prices fell sharply, a rapid decline in profit levels, LED industry consolidation and restructuring of the climax. Incomplete statistics, so far this year has been the case of mergers and acquisitions has nearly 30, the overall acquisition of more than 28000000000 yuan of funds; and mergers and acquisitions have occurred more frequently, one after another.
Unlike in the past, industry profits "bottom", so that some multinational companies also feel dispirited, OSRAM, Philips and other transnational giants in the field of LED lighting "contraction front", it is opportunity for the rise of Chinese enterprises. Industry experts predict that the future of Chinese LED companies will be more and more cross-border mergers and acquisitions.
LED into the era of low profit
LED industry has entered the era of low profit, for the industry to provide a full integration of power. China, the United States and other countries are accelerating the process of the elimination of incandescent lamps, LED lighting prices continue to decline, like LED 40W has dropped to $4.9, LED lighting era has arrived. LED industry integration of the gradual peak, is expected in 2015 domestic LED output value will reach 430000000000 yuan, an increase of 27%, but the industry is highly competitive, especially LED packaging, application areas, industry concentration is low, to provide the necessary conditions for integration.
Foshan lighting has been hailed as "the Chinese Lantern king". However, the first half of 2015, Foshan lighting business revenue 1520000000 yuan, down 1.21% year on year, net profit of about 100000000 yuan, down 46.94%. Decline in performance should be one of the reasons for the transfer of Foshan lighting equity.
September 9th, Foshan lighting announcement, OSRAM Holdings Co., Ltd. to hold the Foshan lighting about 170000000 shares of A shares, to about 2620000000 yuan price, transferred to the Guangdong provincial electronic information industry group. After the completion of the transaction, Guangdong Province, the electronic information industry group will hold 13.47% of the equity interest in Foshan, Foshan became the first major shareholder.
As one of the leading enterprises in the domestic lighting industry, Foshan Lighting this year and Linsen, OP and other enterprises together, do not hesitate to significantly reduce the price of LED products, speed up the popularization of the LED lamp, and continue to expand in the LED lighting market share. The price of its LED lamp has dropped to below 10 yuan, so the income and profit are also affected.
However, Guangdong Province SASAC's gram company under the Guangdong Province electronic information industry group, or another led domestic listed company's star photoelectric the actual controller. Guangdong Province electronic information industry group to become the major shareholder of the Foshan Lighting, Guangsheng is expected to open up from the packaging, lighting to the channel of the LED industry chain.
"Low profit era" of the other is a proof, LED Industry Research Institute data show that from January to June this year, domestic LED sales of the same period last year increased by 100%, but sales increased by only 10%. Because the main LED product price has been reduced by 50%; in August this year, China's export amount led than in July, down 10%, export volume did not fall, because prices fell, resulting in such exports decline.
High engineering and financial services project director Zhang Hongbiao believes that now and before the acquisition is different, regardless of whether the acquisition or by the acquisition is more moisture, and now the acquisition is' integration ', and some are acquired by the acquisition is not going to live, some of the original want to market but not the City, even on the new board can not melt the money."
Four acquisition direction
From the beginning of this year so far, LED industry has occurred nearly 30 cases of mergers and acquisitions, the overall amount of mergers and acquisitions has more than 28000000000 yuan. Mainly divided into horizontal mergers and acquisitions to enhance the core competitiveness, complementary merger and acquisition optimization of industrial chain, cross-border mergers and acquisitions to find new profit growth point, cross-border mergers and acquisitions to better go abroad and other four categories, the proportion of 6:13:4:5.
Horizontal mergers and acquisitions, such as Ruifeng photoelectric this year to 2 billion acquisition of Ling Tao photoelectric 85% stake in and expansion of small and medium-sized LED packaging business, consolidate the status of their field of LED package; complementary mergers and acquisitions, such as Huacan photoelectric acquisition of upstream enterprises sapphire Lanjing technology; cross-border mergers and acquisitions, such as Lei Manguang actual controller Li MANTIE intends to through the holding company established in Hong Kong investment does not exceed 25 million euros and Wanda Group, IDG, Chinese culture foundation, the Oriental Pearl Tower, in the Swiss infront group equity investment, Lehman photoelectric half of the income decline 16.38%, is currently out on to the pitch LED screen to the sports industry development and seek new growth space.
In addition, the intention of cross-border mergers and acquisitions increased significantly. With the LED lighting industry profit levels continued to decline, it in the eyes of the multinational company has from the "xiangbobo" into "chicken ribs". Like OSRAM not only to sell the shares held by Foshan lighting, its own is also out of the part of the LED field.
Feilo acoustics on September 10 announcement revealed that intends to Germany OSRAM acquired its lighting business, the company in July 22, officially to OSRAM submitted the acquisition of its lighting business non binding letter. Feilo acoustics has set up a rich experience of the team, to support the potential acquisition opportunities, but the acquisition of OSRAM lighting business end of the deal has yet to be further negotiate.
There is also a shrinking front of the giant PHILPS. KingSun September 18 announcement revealed that intends to spend $100 million ($6.55 billion yuan), to Philips acquired its holdings of Lumileds (Chinese name "bright sharp commerce") 6.15% stake in the company.
