550 million yuan raised funds cited the question of the Ocean King IPO road blocked

Ocean King Lighting Technology Co., Ltd. (hereinafter referred to as "Ocean King Lighting"), which had pre-disclosed the prospectus as early as June 2012, has not yet been arranged.

In fact, the preliminary disclosure of its prospectus had suffered a lot of doubts at the beginning, and the outside world once speculated that the listing of Ocean King Lighting would be blocked. In this regard, the relevant person of the Ocean King Lighting Office told the reporter: "The company does not know when to meet, and other inconveniences are disclosed."

The divergent doubts focused on the fundraising project of Ocean King Lighting, and believed that its own funds could satisfy most of the fundraising projects. According to its prospectus, the company’s monetary fund balance at the end of the last three years was more than 200 million yuan, and as of the end of 2011, the figure was 346 million yuan, which was just in line with the 336 million yuan of capital demand for the “production line construction project” in its fundraising project. .

What is even more controversial is that among the five independent directors of Ocean King Lighting, there are two independent directors who “have several roles”. Chen Yansheng, one of the independent directors, also serves as Sunlight (600261) and Feile Audio (600651). The independent directors of the four listed companies of Qinshang Optoelectronics (002638) and Yuanfang Optoelectronics (300306), while the other independent director Wang Jinxi is currently an independent non-executive director of NVC Lighting.

According to the statistics of the reporters, there are currently 17 lighting and related companies that are lining up for listing. Ocean King Lighting is the only company that specializes in the special environmental lighting industry. According to "2010 Special Environmental Lighting Market Analysis", in the special environmental lighting market in mainland China, from 2008 to 2010, Ocean King Lighting's sales and market share ranked first in domestic enterprises. That is to say, although it has been criticized for many problems, the IPO process of Ocean King Lighting may not be “half-way” like the outside world.

Huge amount of funds raised

According to its prospectus, Ocean King Lighting intends to publicly issue 50 million shares of common stock, accounting for 12.5% ​​of the total issued share capital. The raised funds of Ocean King Lighting IPO will be mainly used for the following three projects: an annual production capacity of 1 million sets of special environmental lighting equipment production lines (planned investment of 336 million yuan) and R&D center construction projects (planned investment amount is 140 million yuan), The expansion project of the domestic marketing center (planned investment amount of 69.77 million yuan), the total investment of the three projects is about 550 million yuan.

In this regard, Ocean King Lighting said that the fund-raising investment project is matched with the company's development strategy. If it can be implemented smoothly, the company's production capacity, technology level, research and development capabilities and marketing capabilities will be greatly improved, which will help the company further enhance its core competitiveness. And profitability.

But in fact, Ocean King Lighting, which was established in 1995 and has a registered capital of 350 million yuan, is actually holding huge sums of money. At the end of 2009, 2010 and 2011, the balance of marine king lighting currency funds was 312 million yuan, 274 million yuan and 346 million yuan respectively, while the net operating cash flow of the company for the past three years was 127 million yuan and 155 million yuan respectively. Yuan and 158 million yuan.

Moreover, in 2009-2011, Ocean King Lighting had a total cash dividend of 240 million yuan. In this way, the book cash plus three years of historical dividends reached 586 million yuan, more than 30 million yuan more than the proposed fundraising. However, it is worth noting that since the actual controller of Ocean King Lighting, Zhou Mingjie, holds 83.62% of the company's share capital, most historical dividends are naturally occupied by the Zhou couple.

Then why, in the case of accumulating a large amount of cash, Ocean King Lighting has to launch a huge fundraising project? “There may be plans to use cash for other projects, but the lack of investment in new capacity for existing cash may be uncertain about future growth. After all, the competition in the special environmental lighting industry is still very intense.” An LED enterprise sales manager analyzed the Times Weekly reporter.

For the construction project of the Ocean King lighting production line, the above-mentioned insiders believe that it is more radical: "On the one hand, the relatively large domestic lighting companies such as NVC have already begun to get involved in this industry. On the other hand, they are more mature in the special lighting industry. Foreign companies are gradually increasing their domestic market. According to the sales of Ocean King Lighting, the annual output of 1 million sets may bring great pressure on sales."

According to its prospectus, in 2011, Ocean King Lighting achieved sales of 1.23 million sets of lighting equipment through the promotion of the increase in accounts receivable, which sold about 55,000 sets more than in 2010; The capacity utilization rate of 94.24% has not reached the state of full production, so as such, the goal of producing 1 million sets per year is not easy for Ocean King.

In fact, Ocean Wang Lighting's revenue growth in 2011 has decreased compared to 2010, mainly due to the decrease in its receivables and advance receipts. According to the prospectus, its net profit for 2011 was 189 million, but the net cash flow from operations was only 158 million. There was a difference of 31 million between performance and cash. The company's revenue growth was slower than that of listed companies in the same industry. Moreover, according to Ocean King Lighting's advance receipts and important contract disclosures, its business prospects are not optimistic. At the end of 2011, the company's advance receipts were the lowest in the last three years.

Two independent directors also serve competitors

Two independent directors of Ocean King Lighting were also involved in the cusp.

According to the prospectus of Ocean King Lighting, the company's board of directors consists of 13 directors, including five independent directors: Chen Yansheng, Wang Jinxi, Fan Shiqing, Hu Yuancheng and Wang Yong.

Intriguingly, Ocean King Lighting's independent director Chen Yansheng is currently the vice chairman and secretary general of the China Lighting Association. In addition to his appointment at Ocean Wang Lighting, Chen Yansheng is also an independent director of four listed companies including Sunlight Lighting, Feile Audio, Qinshang Optoelectronics and Yuanfang Optoelectronics. According to the current regulations of the China Securities Regulatory Commission, no one can serve as an independent director of a listed company at the same time. Xu Jingchang, who has been dubbed by the media as the "most busy independent director", has resigned from the independent director positions of the two companies. In the four companies part-time, Chen Yansheng can be said to just "step on the policy red line."

Another independent director, Wang Jinxi, is 76 years old. He is currently the honorary chairman of the China Lighting Society and concurrently serves as an independent director of NVC Lighting. In addition, Fan value Qing and Wang Yong are also independent directors in non-lighting enterprises: Shahe Industrial Co., Ltd., Shenzhen Jinxinnuo (300252, shares) High-tech Co., Ltd. and Shenzhen Kelu Electronics (002121, Share it) Technology Co., Ltd.

For the above problems, Time Weekly called the Ocean King Lighting Office, and the relevant person in charge said that it is inconvenient to express any opinions on any issues.

“NVC Lighting and Sunshine Lighting are all market competitors of Ocean King Lighting. The independent directors who work part-time at competitors will definitely affect the independence of independent directors. In some industry-competitive issues, these independent directors are inevitable. Can not be objectively judged." Lawyer Li of Wuhan Puming Law Firm told the Times Weekly reporter.

Ocean King Lighting is either helpless or not. It is said in the prospectus that at present, the main special environmental lighting equipment providers in the domestic market are the international lighting companies Philips, Cooper, Osram, GE Lighting and other companies. With the development of oilfield, electric power, shipbuilding, metallurgy and other industries, the market demand for special environmental lighting equipment is strong. Enterprises that were not originally in the industry, including NVC lighting, have entered the industry and expanded their scale through various competitive strategies. And increase product market share.

In fact, although traditional lighting companies are constantly pouring into the special environmental lighting industry, according to the “2009 China Mainland Lighting and Professional Lighting Market Research Report” and “2010 Special Environmental Lighting Market Analysis” published by the China Lighting Society, it is special in mainland China. In the environmental lighting market, in 2008, 2009 and 2010, Ocean King Lighting ranked fourth in terms of sales and market share, second only to international manufacturers such as Philips, Cooper and Osram.

The special ambient lighting cake is getting bigger and bigger. The data shows that the market size of special environmental lighting equipment in mainland China in 2007-2013 was 8.53 billion yuan, 10.5 billion yuan, 12.24 billion yuan, 14.51 billion yuan, 17.62 billion yuan, 21.19 billion yuan, 25.73 billion yuan, 2007-2010 The compound annual growth rate of the market scale is 19.37%, and the compound annual growth rate of the market scale in 2011-2013 is 20.84%.

"Now the market for special lighting is still in a period of growth. Although the competition is fierce, the prospects are good. Like NVC, they also started to do this. It is also a good choice for Ocean King to do this piece to make it fine." 51 Lithium battery The net says.

(This article is reproduced on the Internet. The texts and opinions expressed in this article have not been confirmed by this site, nor do they represent the position of Gaogong LED. Readers need to verify the relevant content by themselves.)

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