Only one week after the listing of the subsidiary, Han'S Laser Technology Industry Group Co.Ltd(002008) sounded the horn of the next "a demolition a".
Han'S Laser Technology Industry Group Co.Ltd(002008) 3 announced that the company plans to spin off its holding subsidiary Han Zu optoelectronics to be listed on the gem of Shenzhen Stock Exchange. After the spin off, Han's optoelectronics can enhance its financial strength through independent listing and financing, and improve the profitability and comprehensive competitiveness of semiconductor and pan semiconductor sealing and testing special equipment business.
focus on Pan semiconductor track, can you expect to be listed
According to the announcement, Han optoelectronics is mainly engaged in the R & D, production and sales of semiconductor and pan semiconductor sealing and testing special equipment. Its "Hans" series high-speed automatic plane welding machine, high-speed automatic in-line machine test sorter and other products have occupied a leading position in the Chinese market after several years of optimization and improvement.
Among them, the high-speed automatic semiconductor gold / copper wire welding machine independently developed by Han's optoelectronics has been basically the same as ASM, K & S and other international well-known packaging and testing equipment manufacturers in terms of performance efficiency, welding stability, reliability and consistency, and has realized domestic substitution in the field of Pan semiconductor (LED packaging).
It is worth noting that two weeks ago, Han's optoelectronics just introduced five strategic investors of Gaoling Yurun, Gaoxin venture capital, high tech investment Zhiyuan, Xiaohe venture capital and China securities investment through capital increase and share expansion, with a total investment of no more than 141 million yuan; On the other hand, Han'S Laser Technology Industry Group Co.Ltd(002008) ESOP and Han's optoelectronics ESOP also plan to increase the capital of Han's optoelectronics, with a total investment of no more than 141 million yuan.
After the capital increase, the shareholding ratio of Han'S Laser Technology Industry Group Co.Ltd(002008) to Han's optoelectronics will be changed from 76.00% to 59.28%; After the completion of this spin off, Han'S Laser Technology Industry Group Co.Ltd(002008) will still maintain the control over Han's optoelectronics.
The above capital increase agreement also stipulates that if Han's optoelectronics fails to achieve qualified listing before December 31, 2026, investors and other capital increase parties have the right to require Han'S Laser Technology Industry Group Co.Ltd(002008) repurchase all or part of Han's optoelectronics shares, and the repurchase amount is the principal of the investment payment.
According to the financial data, the three-year net profits of Han's optoelectronics from 2018 to 2020 were 227468 million yuan, 135597 million yuan and 2.8752 million yuan respectively. The performance gradually declined, while its net profit increased to 50.58 million yuan in only one year in 2021.
What is the recent market of LED packaging industry? Zhou Jia, a researcher of Yihu investment electronics, told the Securities Daily: "at present, the LED industry is oversupplied, and the product price has an obvious downward trend due to overcapacity. These adverse factors pose great challenges to the development of enterprises in the LED industry chain. At the same time, due to the uncertainty of the global epidemic, high costs and unstable demand, the growth rate of the industry will continue to slow down."
again "a dismantle a", is it "honey" or "arsenic"
For the purpose of this spin off and listing, Han'S Laser Technology Industry Group Co.Ltd(002008) said that the spin off will help consolidate the core competitiveness of the subsidiary Han Zu optoelectronics and maintain its innovative vitality in the manufacturing field of special equipment for semiconductor and pan semiconductor packaging and testing; At the same time, spin off and listing is conducive to the subsidiaries to obtain financing directly from the capital market to meet the capital needs of existing business and future expansion.
It is worth mentioning that Han's CNC, another subsidiary of Han'S Laser Technology Industry Group Co.Ltd(002008) company, went public on February 28. After opening on the first day, it ushered in a diving break, with a decrease of 13.58% on the same day; As of the closing on March 9, the company's share price has fallen 23.55% since its listing.
According to the data, Han CNC is mainly engaged in the R & D, production and sales of PCB special equipment, and its main products are mechanical drilling equipment, CO2 laser drilling equipment, etc. In the past two years, Han CNC has contributed about 30% of the profits to Han'S Laser Technology Industry Group Co.Ltd(002008) every year.
Nowadays, many investors have expressed their concerns and doubts about Han'S Laser Technology Industry Group Co.Ltd(002008) the situation that the listing of a subsidiary broke one second and another subsidiary was busy listing the next.
The announcement shows that in the consolidated statements of Han'S Laser Technology Industry Group Co.Ltd(002008) 2020, the net profit of Han's optoelectronics enjoyed by equity accounts for 0.29% of the net profit attributable to the parent company; The proportion of non net profit deducted by the company in the non net profit deducted by the parent company is 0.70%, accounting for a small proportion.
But contrary to the performance, the valuation of Han's optoelectronics has doubled in less than a year. Last April Han'S Laser Technology Industry Group Co.Ltd(002008) implemented equity incentive for Han's optoelectronics. At that time, the valuation of Han's optoelectronics was only 78 million yuan. When Han's optoelectronics was priced for capital increase in February this year, its valuation was as high as 1 billion yuan, more than 12 times.
In this regard, Kuang Yuqing, the founder of lens research, told reporters: "the subsidiary businesses with the qualification of being able to be split and listed generally have the attributes of high value and high prospect. If the company is over split, it will damage the sustainable development ability of the parent listed company and even lead to the shell of the parent company's business."
"The split listing of listed companies can help the parent company and subsidiaries concentrate their core business, improve the valuation level of the company, enhance the financing ability and implement the equity incentive of the management. On the other hand, Han'S Laser Technology Industry Group Co.Ltd(002008) whether it can help Han's optoelectronics to expand its business rapidly and make the growth of its subsidiaries meet the market expectations deserves the continuous attention of investors." AI media consulting CEO Zhang Yi told reporters.
