LED burning money upstream project valuation shrinks by more than 70%

[Source: "New Industry" May issue Reporter / Tang Guirong] Although LED lighting quickly penetrated the market, the overcapacity situation of LED upstream chips has not been completely changed. Some LED upstream enterprises that have fallen into operational difficulties seem to have entered the "tears of tears." The stage.

In early April, a number of venture capitalists revealed to the "New Industry" that LED chip maker Zhejiang Yaweilang was also valued at 2 billion yuan in 2010. Due to operational problems, the current valuation has shrunk to 500 million yuan, and it is still looking for Not to pick up the party.

Coincidentally, in mid-January, Guoxing Optoelectronics (002449.SZ) increased its capital by 50 million yuan. After the capital increase, Guoxing Optoelectronics holds the shares of Xurui Optoelectronics from the original 15% to 60.55%, becoming the first. The major shareholder also means that the market valuation of Xurui Optoelectronics has dropped to 110 million yuan. Three years ago, when LED investment was hot, Xurui Optoelectronics was once known as the largest LED joint venture project in Foshan. According to the investment situation of various stocks at that time, the new industry's market valuation should be above 430 million yuan.

"Now the domestic LED chip industry has no investment value, and investment is equal to loss." Zong Peimin, chairman of Zhejiang Huarui Investment Co., said. "New Industry" has learned from many investors that many investors have planned to invest in the second round of LED upstream funding has long been stopped, but also ready to switch to the LED project on hand, but basically no one took over.

According to the statistics of the High-tech LED Industry Research Institute, there are currently 47 LED chip manufacturers in the mainland, and 40 business difficulties are faced. The actual investment of the 40 manufacturers in the LED chip project has exceeded 25 billion yuan. If Xurui Optoelectronics has now depreciated by more than 70%, the original investment of 25 billion yuan was worth 7.5 billion yuan today, and 17.5 billion yuan has been invisible in two years of market operation.

It is understood that Zhejiang Yaweilang was established in 2009 with a registered capital of 18.6 million US dollars. In 2012, Yaweilang was in a dilemma, and some investors had divested.

On December 29, 2012, Tiantong Co., Ltd. announced that it had recovered 16.44 million yuan of investment in Yaweilang Optoelectronics.

“The actual investment amount of Yaweilang is only about 500 million yuan. Now the market valuation of Yaweilang is also 500 million yuan.” A venture capitalist said that this means that the original investment of 500 million yuan was in operation for three or four years. After that, without any added value, it is better to put interest on the bank. "If you can't continue to operate and there is no takeover, Yaweilang's market valuation will continue to decline."

However, the "New Industry" aspect did not receive any response from Yaweilang. In contrast, Xurui Optoelectronics at least escaped the embarrassing situation of no one to take over.

"The reorganization of Xurui Optoelectronics is a matter of time. It took eight months for Guoxing Optoelectronics to take over Xu Rui Optoelectronics," said a senior LED chip manufacturer.

In fact, Xu Rui Optoelectronics was valued at 430 million yuan. In addition to the major shareholder Xu Ming Optoelectronics, it also introduced Guoxing Optoelectronics, Zhejiang Shenghui, Beijing Langboer, Beijing Aieridi Investment Co., Ltd. and Nanhai District High-tech Industry Investment. the company.

However, Xu Ming Optoelectronics holds a 49% stake in Xu Rui Optoelectronics, a considerable part of which is a technology share. According to data released by Guoxing Optoelectronics, as of August 2012, the net assets of Xurui Optoelectronics was only 174 million yuan.

The net assets are derived from the factory buildings, land and all equipment including 11 MOCVD (LED epitaxial wafer production equipment).

The most valuable thing is MOCVD equipment. In 2010, the equipment was priced at 20 million yuan, and now it is only about 10 million yuan.

The "New Industry" has learned from many LED chip manufacturers such as Dehao Runda, Sanan Optoelectronics and Huacan Optoelectronics that many of the suspended LED chip projects are selling MOCVD equipment, and the selling price is only 20% of the original purchase price. Even the buyer could not be found.

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