The chip sealing and testing giant Jcet Group Co.Ltd(600584) was formerly a underwear factory, and the large OLED factory Visionox Technology Inc(002387) came out of the Nanfang Black Sesame Group Co.Ltd(000716) paste factory... What other well-known cross-border listed companies affect?
Recently, Zijin Mining Group Company Limited(601899) , Lens Technology Co.Ltd(300433) , Jiangsu Tongli Risheng Machinery Co.Ltd(605286) , Tianshui Zhongxing Bio-Technology Co.Ltd(002772) , Xiamen Jihong Technology Co.Ltd(002803) and other companies have trotted across the lithium battery layout news, sending the "cross-border" to hot search. There are many reasons for cross-border companies, and the ultimate goal is basically the same: to improve operating efficiency. Opportunities and risks coexist, and some companies have paid an "expensive" price for cross-border. This paper will interpret cross-border from multi-dimensional depth.
nearly 1000 companies crossed the border 1341 times
According to the changes of the company's industry over the years (at the beginning of the year, the article does not consider the lag of industry changes. Due to the complexity of the data, the article studies cross-border, including backdoor listed companies). According to the statistics of securities times · databao, 971 companies have crossed the border more than 1300 times since 2003, and there were more than 100 cross-border companies in 2008, 2012, 2015 and 2018, Cross border frequency has increased in recent 10 years .
In 2015, the number of cross-border companies exceeded 240, the highest level in history, including only 19 backdoor listed companies. In 2020, there were 137 cross-border companies, of which only 10 were backdoor listed.
Is there any company keen on frequent cross-border?
Data treasure statistics show that among the above 971 listed companies, including backdoor listing, more than 55 cross-border companies have been listed more than 3 times (non backdoor listing), and 18 have been listed more than 4 times.
Shenzhen Quanxinhao Co.Ltd(000007) the industry has changed 7 times in the 14 years from 2007 to the end of 2020. The company has experienced the industry transformation of household appliances, real estate, leisure services, comprehensive, non-ferrous metals, leisure services, comprehensive and finally commercial trade, and has become a well deserved "cross-border king" of all A-share companies. Yintai Gold Co.Ltd(000975) , Zhejiang Sunriver Culture Co.Ltd(600576) have experienced six industry changes, and Inner Mongolia Tianshou Technology&Development Co.Ltd(000611) have experienced five industry changes. However, Shenzhen Quanxinhao Co.Ltd(000007) , Inner Mongolia Tianshou Technology&Development Co.Ltd(000611) , from the name alone, its cross-border does not seem to be successful. At present, it is warned by the exchange of risks.
One of cross boundary catalysts: tuyere transformation
Perhaps investors will think, well, why cross-border?
Among the cross-border companies over the years, there is a significant feature that the number of cross-border companies in 2008, 2012, 2015 and 2020 is a phased peak. it is worth mentioning that the A-share market was in a stage of bull market or sharp correction in that year or the previous year. It is not difficult to understand the consistency in time. During the boom of the stock market, enterprises with good development prospects are highly sought after; During the downturn of the stock market, the "cross-border" demand of companies with general performance growth may be greater.
Further from the perspective of industry distribution, the top industries after cross-border in 2008 include real estate, comprehensive, medicine and biology, and the top industries in 2012 include agriculture, forestry, animal husbandry and fishery. After the outbreak of covid-19 epidemic in 2020, there was a great demand for anti epidemic related online education market, and chemical stocks ushered in a high prospect. These industries were highly praised by funds, and the number of companies crossing into these industries increased significantly. It can be seen that the transformation of the outlet of the capital market is one of the catalysts for the cross-border of listed companies.
cross border catalyst 2: performance factor
Another main reason why some companies choose to cross the border is to improve their operations.
According to the statistics of data treasure, the performance growth of cross-border companies in 2006, 2009, 2010, 2013, 2016 and 2020 exceeds that before cross-border (for example, cross-border companies in early 2006, cross-border companies refer to 2005, and cross-border companies refer to the current year, the same below). For cross-border companies in 2009, the median increase in net profit before cross-border was negative, and the median increase in net profit after cross-border exceeded 15%.
In 2020, cross-border companies seem to have made the right choice. The median increase in net profit before cross-border is only 4.72%, but it exceeded 10% in 2020. Under the influence of covid-19 epidemic, it is not easy to maintain such performance growth.
18 shares cross from traditional industries to science and technology
Among these cross-border stocks, 149 companies crossed into the technology industry (non backdoor listing). Previously, many belonged to traditional industries, and some had little to do with technology. According to data treasure statistics, there are 18 stocks changed from medicine and biology, food and beverage, commercial trade, real estate, textile and clothing to computer, electronics and communication industries, including Shenzhen Guohua Network Security Technology Co.Ltd(000004) , Shenzhen Huaqiang Industry Co.Ltd(000062) , Visionox Technology Inc(002387) . Visionox Technology Inc(002387) formerly known as black bull food, the company has crossed from the food and beverage industry to the electronics industry, from " Nanfang Black Sesame Group Co.Ltd(000716) paste" to the production of OLED products.
Many companies previously belonged to the textile and garment industry, including Wingtech Technology Co.Ltd(600745) , Ningbo Shanshan Co.Ltd(600884) . Wingtech Technology Co.Ltd(600745) the current market value exceeds 166 billion yuan. The company is in a leading position in the global mobile phone design and manufacturing industry. The market value of Ningbo Shanshan Co.Ltd(600884) exceeds 60 billion yuan. At present, the company is mainly engaged in lithium battery materials and new energy vehicles. The market value of the two companies ranked first and second in 18 shares respectively.
The cross-border of the above companies is really amazing, but the cross-border of Jcet Group Co.Ltd(600584) is absolutely large-scale. The well-known semiconductor company Jcet Group Co.Ltd(600584) is currently a technology company with a market share of 14% (the third in the world) in the field of packaging and testing. In the past, the company was a underwear factory.
According to public information, in the 1970s, "Changjiang underwear factory" was located in Jiangyin, Jiangsu Province. It was a famous local underwear manufacturer. At that time, the state vigorously promoted the development of the semiconductor industry, and "Changjiang underwear factory" finally decided to respond to the call. Shocked inside and outside the industry, it changed its name to Jiangyin transistor ( Jcet Group Co.Ltd(600584) predecessor), and resolutely embarked on a difficult cross-border journey.
After crossing the border, how about the future performance, Jcet Group Co.Ltd(600584) opened the electronic components business in the early 1990s. Since its listing in 2003, Jcet Group Co.Ltd(600584) net profit has increased by more than 20% and the return on investment is relatively stable.
Most of the above 18 companies have good fundamentals and relatively high performance growth. The latest valuation of Shenzhen Desay Battery Technology Co.Ltd(000049) , Shenzhen Huaqiang Industry Co.Ltd(000062) , Ningbo Shanshan Co.Ltd(600884) is less than 30 times; Ningbo Shanshan Co.Ltd(600884) , Wingtech Technology Co.Ltd(600745) , Shenzhen Huaqiang Industry Co.Ltd(000062) institutions predict that the performance is expected to increase significantly this year, and the first two stocks also hold positions together by more than 100 institutions.
every other line is like a mountain. Opportunities and risks coexist
Jcet Group Co.Ltd(600584) the cross-border from traditional textile industry to semiconductor industry is successful, but not all cross-border companies will be so "lucky". The above performance comparison shows that the performance growth of some companies after cross-border is not as good as that before cross-border. The difference is particularly obvious in 2007, 2008 and 2012. In 2008, the median growth rate of cross-border net profit of 22 companies was - 14.21%, but the median growth rate of net profit in 2007 was as high as 77.34%.
Relevant experts said that there are also potential risks in the cross-border development of listed companies, especially in areas whose layout is completely irrelevant. Zheng Lei, chief economist of Baoxin finance, said that the separation of lines is like a mountain. The cross-border of some companies can no longer be regarded as transformation, but belong to a new start. The enterprise combination of two different industries may not only conflict with each other in corporate culture, but also difficult to form synergy in resources and market, facing certain business risks.
(data treasure)
