With the successful listing of Chenhui Lite in NASDAQ, there are currently 5 listed companies in the domestic lighting industry. Foshan Lighting , Zhejiang Sunshine and Snowlight have successfully listed in China, and Zhen Mingli has successfully listed in Hong Kong. Compared with other industries, this figure reflects the immaturity of the domestic lighting industry in the capital market.
Some people say that with the development of the economy and the emergence of new energy sources such as LED , HID, and solar energy, the lighting industry has gradually played an important role in China's economic arena, and its technological content and market capacity are constantly rising. However, compared with the international lighting giants, it is still too early for domestic lighting companies to “dance†on the lighting stage of the world. Therefore, domestic lighting companies with strength and development ambitions have tried to develop and develop their research capabilities and brand building, hoping to gain a place in the lighting industry. Recently, many domestic lighting companies have indicated that they are preparing for the listing. This includes not only the rapid rise of the NVC lighting industry, but also the steady growth of the market share of “Ford†and the announcement to the media. The listing of "Huayi Lighting", then what can the listing bring to lighting companies? How far is the representative company of some lighting industry from the listing? What are the companies that are strong but not listed? This issue of the Light Source Forum allows us to focus on the fate of lighting companies in the capital market.
Listed company perspective
Listed companies have both opportunities and challenges
Liu Xudong, CEO of Zhen Mingli Group China
Enterprise listing is both an opportunity and a comprehensive test of the comprehensive strength of the company. The listing of the company is a milestone in the development of Zhenmingli Group. With the rapid growth of performance, since the listing in December 2006, the value of Zhenmingli has risen nearly three times in the past six months. The financing is concentrated on R&D and expansion. The construction of factories and ancillary facilities will lay a solid foundation for opening up a new space for profit growth and ensuring steady development.
Nothing can be denied, listing is also a double-edged sword, opportunities and challenges coexist. Its risk performance is the transparency of the financial statements after the listing. While enhancing the confidence of the shareholders, it also means to disclose more information to competitors, and to make their own quarterly work, income, and outlook and deployment for the next quarter. To be disclosed, this makes it easier for competitors to cope and increase competitive pressures. In addition, the situation of technological innovation and global market expansion is even more severe. These are all listed companies must actively face.
Financing is one of the important purposes of Zhen Mingli's listing, but the far-reaching significance is that the listing is only one link in the reform process of the Ming Mingli Group and even the entire Chinese lighting industry. It is an opportunity to become a truly internationally competitive lighting group. The most fundamental thing is to improve core competitiveness.
Prospective listed company
Do a good job in overseas listing
Wu Changjiang, President of Huizhou NVC Optoelectronics Technology Development Co., Ltd.
After a few years, my understanding of corporate listings has continued to deepen. In short, there are four major benefits to listing:
First, solve the funding problem. Second, equity and options. If the enterprise is to be big, it will feel that the management backbone has a certain share in the incentive. There are several levels of employee incentives. One is wage reward, then the welfare, and the other is equity. The equity belongs to the second distribution. Based on this consideration, the best way is to go public. Third, after the listing will improve management. When the enterprise reaches a certain level, the shareholders will force you to meet higher requirements, requiring the company to continue to increase profits and manage more standardized. It is not enough to have a profit, but it will grow. The introduction of Softbank by NVC is also more important to the improvement of qualifications, management and processes brought by NVC. Fourth, expand brand awareness. After the listing, people trust you, the loan is more convenient.
Everyone knows that the state is now strengthening the supervision of Chinese companies listed overseas. NVC should say that it is the first to receive the approval of the National No. 75 document after supervision. NVC is ready to go overseas and the conditions are ripe. However, there is a problem here. My opinion on listing is different from that of many companies. The main purpose of many companies to list is not difficult to see is financing. NVC also has to go public, and the purpose of listing is actually to push the company to internationalization and standardization. At this stage, NVC hopes to make the company better and bigger, and go directly to the overseas market, so once the market value may reach 70 billion to 8 billion, the risk of listing will be reduced.
First clear the purpose and then seek the road
Shi Jie, Chairman of Jiangsu Shifu Photoelectric Technology Co., Ltd.
Chinese lighting companies are actively seeking listings. It is a trend to build a large-scale enterprise, expand the total market, improve overall competitiveness, and build an international enterprise. This is a step that must be taken for Chinese lighting companies to become international.
Enterprises must consider the purpose of listing before they go public. Some companies equate listings with financing, which is a misunderstanding. The listing of enterprises can indeed obtain more funds for R&D and production. However, the key to the listing of enterprises is to make the operation of the company transparent and become a public enterprise to be supervised by the society, so as to continuously improve the management level and sustainable profitability of the enterprise. ability. There is a saying "first clear purpose, then seek the road" is also applicable here. The challenges brought by the listing to China's lighting companies are multifaceted, but the key challenges are not from the outside world, but from the lighting companies themselves. Therefore, I think that listing is more of a process reorganization and organizational reengineering for Chinese lighting companies. It is a deep reflection and re-examination of its core competitiveness. Because listed companies no longer belong to a certain region, or a certain country, but belong to a global enterprise. China's lighting companies that actively seek to go public must stand on a global perspective to think about problems and solve problems.
Listing has a milestone significance in the development of the company. Listing has a long-term and far-reaching significance for promoting the standardization of enterprises, the sunny operation, the scientific and effective promotion of decision-making, and the active integration into the trend of economic globalization.
Unprepared company view
A double-edged sword has its advantages and disadvantages
Tang Xuefen, Marketing Director, Shanghai Huchen Lighting Manufacturing Co., Ltd.
Enterprises listed can not blindly follow the crowd, or judge according to their own circumstances, may be listed as a tonic, but if you are not careful, tonics may become a poison. The benefits of enterprise listing are mainly as follows: 1. Enterprises can raise a large amount of funds that are not repaid, and thus rapidly develop and grow. 2. Listing can improve company level and increase visibility. Listed companies often give people a stronger sense of trust. 3. Listing will help enterprises to take advantage of the socialization of capital and transform their management mechanisms. Further clarification of the property rights structure is conducive to the establishment of a sound management system and is more conducive to the implementation of modern enterprise management systems.
The listing is said to be the exchange of interests. Some people call it the image: dancing with gold handcuffs. The main drawbacks of listing are also three points: 1. The risk of loss of corporate privacy. The company is almost entirely under the attention of the public and competitors, which is clearly unfavorable for the company's operations. 2. Managers' freedom is limited. Major decisions of the company must be decided by the directors or even by all shareholders. 3. The risk of transfer of corporate control. Once a company is listed, it becomes a public company. Everyone has the right to invest in buying. Once a big buyer takes the shot, there is always the danger of losing control. Shanghai Chen Company is still a family business. Although family businesses have incomparable superiority in the early stage of business, in the long run, listed companies should have more vitality than family businesses, and family businesses are difficult to pass on from generation to generation. Moreover, family internal conflicts often affect the company's operations. Therefore, Shanghai Chen Company is also constantly striving towards the goal of listed companies.
Multiplication and addition do the same as the company will naturally grow bigger
Lin Limin, General Manager of Yantai Hongsheng Lighting Co., Ltd.
When a company goes public, more and more people can know your company and buy stocks of your company. To put it bluntly, company listing is a way for companies to raise funds. The listing provides financial protection for companies in the development period, enabling the company to develop rapidly, thus bringing better benefits and benefits to employees. However, the public offering of shares by the company also means that the company must accept strict supervision and management from all aspects of society, and it cannot operate in violation of regulations, otherwise it will fall short. However, you don't have to worry about it. This will force the company to make management and profit-making operations more transparent and standardized. Your employees can learn more and know how the company's prospects are developing. In short, the company's listing for its employees, the income is still quite a lot.
For the company's long-term development and a macro plan, Hung Hom will not be listed. "Asset management is equal to doing addition, capital management is doing multiplication. If addition and multiplication are done together, the enterprise will naturally become bigger and stronger like a snowball." In theory, capital operation is to use the distribution function of money to Price as a cover, occupying the wealth of society. In terms of actual operation, it is how the major shareholders collude with investment banks and bankers to form a chain of interests and deceive the majority of small shareholders. How to operate capital is how to legally defraud the wealth of society. Listing may bring a lot of cash flow in the short term, but in the long run, it will be delisted or forced to close in the capital market because of the interests of the shareholders. In short, the status and prospects of lighting companies in the capital market is a sentence: pain and happiness.
Supplier perspective
Listed enterprise operation standard fund security is guaranteed
Cao Yiqiang, Marketing Manager, Shenzhen Shenai Semiconductor Co., Ltd.
As a raw material supplier of lighting enterprises, I believe that the listed company's operating specifications, strong technical strength, coupled with its overall strength has been recognized by the market, so the security of funds is more secure. The listed company itself pays more attention to its own brand image and pays attention to maintaining the relationship with its partners, because it directly affects the operation of its stock in the capital market.
Looking at the world, the lighting industry has become an influential industry in the world, but there are very few companies that operate well in the country and can go public. This mainly depends on the gap between the technical strength of domestic enterprises and foreign companies. Although there is production, there is no scientific and technological content, and intellectual property rights cannot be independent. Many lighting companies, including those already listed, are still OEM. From the perspective of the entire capital market, there are only three lighting companies listed in China, which cannot form an independent sector with influence, and its influence is relatively limited.
Expert comment
Market performance is relatively stable
Financial commentator Cao Zhongming
If a domestic enterprise wants to go public, it must first meet the requirements of the CSRC for review. Not only must the scale meet the listing requirements, the enterprise structure and enterprise management need to be standardized, and the decision management system must be scientific. In addition, in order to obtain government support, it is necessary to make a corresponding pre-IPO audit work on the core competitiveness of the enterprise, the intellectual property rights of the products, the market potential, the confidentiality of the technology, and the corporate governance structure. In addition, before the listing, it is necessary to go through the counseling work of the professional securities inspection department for half a year to one year, and conduct comprehensive counseling on its financial system and management structure.
As far as the lighting industry is concerned, quasi-listed companies are the advantage conditions for their products in terms of energy and environmental protection, technology patents, market share, etc. In addition, the state's support for the company's main projects also plays a vital role.
The lighting industry now seems to be unable to become a large industry category independently. It should be affiliated with the electronics industry or the manufacturing industry. The industry characteristics are not very prominent. Because it cannot form an influential industry sector, the impact on the entire capital market. The force is not very obvious.
However, from the perspective of the entire industry, the lighting industry led by Foshan Lighting has achieved stable market performance. From the perspective of the entire capital market, in the case of large fluctuations in the market's adjustment range, its volatility is always smaller than the large-scale adjustment, and the market reputation is relatively good. In terms of the return of investors, taking Foshan Lighting as an example, it is also a stock that has very confidence for investors. Every year, there are dividends, and it has truly achieved “reward and light financingâ€. The enterprises that have been listed in the entire lighting industry have a stable overall performance, an upward trend in development, and a promising market outlook. It plays an exemplary role in the development of the entire lighting industry in the capital market.
(Edit: xiaoyao)
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