[Text / Gaogong LED Zhao Hui] At the time of issuing shares and paying cash to acquire Yunnan Lanjing, while the CSRC is still reviewing, the domestic chip maker Huacan Optoelectronics once again throws out a large-scale investment expansion plan, amounting to 6 billion yuan. Big.
On January 4th, Huacan Optoelectronics (300323.SZ) issued the announcement on the “Project Investment Framework Agreement with Zhejiang Yiwu Industrial Park Management Committee†and announced the resumption of stocks.
The investment framework agreement shows that Huacan Optoelectronics will invest in LED extension, chip and industrial chain extension projects in Yiwu Industrial Park. It is estimated that the total investment will be about RMB 6 billion. At the same time, both parties agreed to jointly set up LED industry M&A funds for Huacan Optoelectronics LED The industry chain conducts mergers and acquisitions.
In return, Yiwu Industrial Park Management Committee will give Huacan Optoelectronics the R&D project of the project company no more than 400 million yuan of research and development and industrial development subsidies, 8 years of 1.2 billion yuan loan interest subsidy, equivalent to equipment investment in the project within 5 years 20 % of equipment investment subsidies and other industrial development funds support.
For a long time, Huacan Optoelectronics has been widely praised in the LED industry for its soft technology strength and stable performance. However, it is limited by the insufficient scale of the Wuhan base plant, the small number of MOCVD machines, and the serious shortage of production capacity. Hard power has always been lacking. Strong soft power cannot be turned into a scale advantage.
After the first, second and third phases of the Huacan Optoelectronics Suzhou project began production, the scale advantage of Huacan Optoelectronics continued to be reflected, and it became the second largest chip company in the domestic LED epitaxial chip production capacity.
The data shows that Huacan Optoelectronics currently has more than 100 MOCVD machines.
However, the number of MOCVD machines of Sanan Optoelectronics, which has the largest domestic chip production capacity, has exceeded 200 units and is still in continuous expansion.
Some people in the chip industry said that the accelerated expansion of Huacan Optoelectronics' new project is not to narrow the gap between the production capacity of Jingdian and Sanan.
In this regard, Hua Can Optoelectronics Secretary Ye Aimin also said that in terms of production capacity, Huacan is the second largest and the world's fourth largest LED chip manufacturing company in terms of production capacity, and plans to expand production in the next few years. The world's top three levels, the industry's leading position.
Prior to the acquisition of Yunnan Lanjing by Huacan Optoelectronics, it was also based on the original intention of stabilizing epitaxial wafers as an important raw material for sapphire substrates.
“The acquisition of Blue Crystal will be considered. On the one hand, it will consider the synergy effect with the company's main LED industry, on the other hand, it will be optimistic about the application prospect of sapphire.†Ye Aimin said that Huacan has developed from a single factory in Wuhan to the current two factories in Wuhan and Zhangjiagang. There will also be Blue Crystal's upstream business to join in, and gradually have more multi-plant, multi-service management experience.
The LED production base stationed in Yiwu Industrial Park will drive the upstream and downstream of the LED industry chain and the agglomeration of supporting enterprises through the implementation of the project, which will help Huacan Optoelectronics to further expand the company's scale and cost advantages and enhance the company's core competitiveness and industry influence. force.
According to the statistics of the High-tech Research Institute LED Research Institute, the output value of China's LED upstream epitaxial chips reached 12 billion yuan in 2014, a year-on-year increase of 43%. In 2015, the output value of China's upstream epitaxial chips increased by only 8.3% year-on-year, with an output value of 13 billion yuan, and its growth rate slowed down noticeably.
“The top five companies including Huacan and Tongfang occupy 65% ​​of the market, and the industry is rapidly concentrated.†Dr. Zhang Xiaofei, Chairman of Gaogong LED, believes that the chip market is gradually beginning to clear, and its market share is concentrated in several large enterprises.
Huacan Optoelectronics Yiwu reopened the epitaxial chip production capacity also has the intention of accelerating the market's commanding heights during the rapid concentration period of production capacity.
It is worth noting that in the investment agreement, Yiwu Industrial Park Management Committee and Huacan Optoelectronics will also jointly establish LED industry M&A funds for Huacan Optoelectronics to launch M&A on the LED industry chain.
The emergence of this signal also indicates that Huacan Optoelectronics will carry out large-scale mergers and acquisitions integration of the entire LED industry chain.
In 2015, the LED industry mergers and acquisitions winds are blazing. According to the statistics of the High-tech Research Institute LED Research Institute, from January to November 2015, the LED industry M&A amount has reached 40.8 billion yuan, and 53 mergers and acquisitions. Large-scale mergers and acquisitions have increased significantly, with over 100 million mergers and acquisitions. M&A is mainly complementary, with less vertical integration, overseas mergers and acquisitions, cross-border mergers and acquisitions, and the speed of industrial chain enterprises.
“From the whole year of last year to the first half of this year, mergers and acquisitions in the LED industry frequently occurred. The total amount of mergers and acquisitions will reach 100 billion in the next two years. The number of mergers and acquisitions with a scale of more than 500 million yuan will increase. At the same time, the merger will go international. The merger case will also increase simultaneously.†Dr. Zhang Xiaofei, Chairman of Gaogong LED, said that through mergers and acquisitions, the acquirer can obtain the dominant technology and resources, which can enhance the production scale and lower the production cost. Secondly, if the M&A sales company can Strengthening the development of the market, you can also gain greater benefits in interoperability technology and the full application of innovative technologies, which can be seen as the significance of corporate mergers and acquisitions.
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