The fixed increase results of Xiamen Changelight Co.Ltd(300102) ( Xiamen Changelight Co.Ltd(300102) ), a supplier of LED optoelectronic products, are fresh. Hisense Visual Technology Co.Ltd(600060) ( Hisense Visual Technology Co.Ltd(600060) ) under Hisense Group has become its largest issuing object, with a subscription amount of 496 million yuan.
On March 11, Xiamen Changelight Co.Ltd(300102) disclosed the report on the fixed increase issuance: the issuance price was 8 yuan / share, and the total amount raised was 1.5 billion yuan, of which Hisense Visual Technology Co.Ltd(600060) was allocated 496 million yuan, Huaneng Guicheng trust was allocated 344 million yuan, Dacheng International assets were allocated 336 million yuan, in addition to the allocation of 52 million yuan to the international investment institution JPMorgan Chase Bank (JPMorgan Chase).
It is worth mentioning that after the completion of this fixed increase, Hisense Visual Technology Co.Ltd(600060) will become the largest shareholder of the listed company, with a shareholding ratio of 6.93%, but Xiamen Changelight Co.Ltd(300102) still has no actual controller. As of the closing on March 11, Xiamen Changelight Co.Ltd(300102) reported 8.67 yuan per share, and the fixed issuance price was about 8% lower than the market price.
industrial capital rush to raise
According to the announcement, Xiamen Changelight Co.Ltd(300102) this time, a total of 22 institutional and individual investors participated in the subscription, and finally 8 were successfully shortlisted in the list of fixed increase issuance, which can be described as being scrambled by capital.
Among them, Hisense Visual Technology Co.Ltd(600060) was allocated 62 million shares with a subscription amount of 496 million yuan, Huaneng Guicheng trust was allocated 43 million shares with a subscription amount of 344 million yuan, Dacheng International assets was allocated 42 million shares with a subscription amount of 336 million yuan, Dong Weilin was allocated 20.5 million shares with a subscription amount of 164 million yuan, and the international investment institution JPMorgan Chase Bank was allocated 6.5 million shares, The subscription amount is 52 million yuan.
It is worth mentioning that Xiamen Changelight Co.Ltd(300102) is the largest issuer of Hisense Visual Technology Co.Ltd(600060) , which is a listed company of Hisense Group. Hisense Visual Technology Co.Ltd(600060) is one of the leading enterprises in the field of A-share display. Hisense TV produced by Xiamen Changelight Co.Ltd(300102) is a household name. This subscription can be regarded as gaining the favor of industrial capital.
From the issue price, the pricing benchmark date of this non-public offering is March 1, 2022, and the issue reserve price is no less than 6.65 yuan / share. According to the bidding results, the issue price is determined to be 8.00 yuan / share, and the issue price is 1.20 times of the benchmark price. Judging from the latest market price, as of the closing on March 11, Xiamen Changelight Co.Ltd(300102) reported 8.67 yuan / share, and the fixed issuance price was about 8% lower than the market price.
Looking back, on November 19, 2020, Xiamen Changelight Co.Ltd(300102) disclosed the fixed increase issuance plan, and planned to issue no more than 212 million shares and raise no more than 1.5 billion yuan to no more than 35 investors. The plan shows that the funds raised by the company will be used for “mini / micro, high light efficiency LED chip R & D and manufacturing project” and supplement working capital, of which the project investment plans to use the raised funds of 1.15 billion yuan.
Xiamen Changelight Co.Ltd(300102) once said that through investment projects, on the one hand, it is conducive for the company to adapt to the market demand in different fields, give play to the synergy of multi category products, create new profit growth points and enhance the ability to resist market risks. On the other hand, it is conducive to further expand the production capacity level of Nanchang base. With the gradual release of new production capacity, It helps the company to reduce the comprehensive cost and improve the profitability of the company through large-scale production.
last year’s performance turnaround
Xiamen Changelight Co.Ltd(300102) was listed on the growth enterprise board of Shenzhen Stock Exchange in 2010. It is mainly engaged in the R & D, production and sales of semiconductor optoelectronic products. Its main products are panchromatic LED epitaxial wafers and chips and gallium arsenide Cecep Solar Energy Co.Ltd(000591) battery epitaxial wafers and chips. It is an upstream enterprise of LED industry chain.
Xiamen Changelight Co.Ltd(300102) disclosed in the 2021 semi annual report that with the release of the production capacity of Nanchang blue-green light expansion project, the overall production capacity of the company has entered the ranks of the first echelon in China. At the same time, the company is one of the largest suppliers of red and yellow light chips in China, and continues to maintain its leading edge in red and yellow light. In addition, Xiamen Changelight Co.Ltd(300102) is also actively laying out the direction of compound semiconductor based on GaAs and Gan materials.
It can be said that the industry position of LED optoelectronic subdivision field and the release period of relevant chip production capacity are a major background for Xiamen Changelight Co.Ltd(300102) this fixed increase to be raised by Hisense Visual Technology Co.Ltd(600060) industrial capital.
From the perspective of business performance, on January 28 this year, Xiamen Changelight Co.Ltd(300102) disclosed the performance forecast for 2021. It is expected to achieve a profit of 181219 million yuan last year, turning losses into profits year-on-year Xiamen Changelight Co.Ltd(300102) said that the profitability of the company has improved due to the recovery of the LED industry market and the rise of some chip prices. In addition, the production capacity of the company’s Nanchang blue-green chip (phase I) project was fully released, and the strong market demand led to an upward trend in the company’s production and sales rate and capacity utilization, resulting in a significant year-on-year increase in the company’s operating revenue and product gross profit margin, resulting in a year-on-year increase in net profit.
