Xiamen Dry Photoelectric Co., Ltd. (hereinafter referred to as "Guangzhao Optoelectronics") landed on the GEM on the 12th, stock code 300102, the issue price is 45 yuan / share, corresponding to a price-earnings ratio of 70.31 times. The company's issuance amounted to 29.5 million shares, and the total issued share capital was 118 million shares.
Established in 2006, Ganzhao Optoelectronics Co., Ltd. is one of the largest companies in China for the production and sales of quaternary red and yellow LED chips. It is also one of the largest companies in China capable of mass production of triple junction GaAs solar cell epitaxial wafers. . In the four years since its establishment, it has become a listed company in the domestic capital market, making Ganzhao Optoelectronics the youngest company in the domestic capital market.
In March 2008, Ganzhao Optoelectronics received a US$10.22 million investment from the Sequoia China Phase II Fund (approximately RMB 71,627,900), holding 20.56% of its shares prior to listing. After the listing, Sequoia Capital’s shares were diluted to 15.42%. This is also the first company listed on the GEM of Sequoia China.
According to today's opening price of 90 yuan, the market value of Ganzhao Optoelectronics exceeds 10.6 billion yuan. According to the calculation of 15.42% of the shares held by Sequoia, the value of shares held by Sequoia Capital will reach 1.637 billion yuan, and its book return on investment will exceed 22.5 times.
According to industry insiders, there are not many high-return cases in China's venture capital field, and the investment amount and internal rate of return are very good. Sequoia China's exclusive investment in dry photo optoelectronics once again proved its team's ability and investment vision, especially in China's fast-growing solar energy, new materials and other high-tech fields to accurately grasp the opportunity.
Many brokers are optimistic about the future growth of Ganzhao Optoelectronics. Among them, Northeast Securities believes that the products of Ganzhao Optoelectronics Co., Ltd. are in the middle and upper reaches of the industrial chain, and compared with similar production enterprises, the yield is higher. Therefore, the company's products have strong profitability. In 2008 and 2009, the gross profit margins of the two major categories of products of the company exceeded 50%, which was more than ten percentage points higher than similar enterprises. In the future, with the increase in the proportion of high-brightness and power LED chips in the company's products, the company's higher gross profit margin is expected to continue.
Zhoushan, a partner of Sequoia Capital, believes that the leading position of Ganzhao Optoelectronics in the LED market, especially in the field of red and yellow light chips, will make it very competitive, and the breakthrough of high-efficiency solar cells will open up a broader space for development. He is optimistic about the future of the company.
"We all say that China can't get out of the world-class technology company. We have seen that the company has a world-class competitiveness in terms of technology and technology in the field of LED chips and high-efficiency batteries," Zhou said.
It is understood that the funds raised by the company are mainly invested in three major projects: (1) high-brightness quaternary LED epitaxial wafers and chip projects; (2) high-efficiency triple-junction gallium arsenide solar cell epitaxial wafer projects; (3) Enterprise R&D center construction project. After the project is completed, the company will add 18.9 billion quaternary red and yellow LED small chips, 500 million power quaternary red LED chips and 18,000 three-junction gallium arsenide solar cell epitaxial wafers. ability.
Sequoia Capital was founded in Silicon Valley in the United States in 1972. It invested in Apple Computer, Cisco-T, Oracle, Yahoo, and Google. The Sequoia Capital China team currently manages approximately US$2 billion in overseas funds and nearly RMB1 billion in domestic funds for investment in China's high-growth companies. Its investment in VanceInfo, Gaode Software and Nokang Bio is listed on the US capital market. While Peak Sports, People and Commercial Holdings are listed in Hong Kong, the company also invested in Sina to help its management team complete MBO.
Zhou Wei said that Sequoia China insists on investing in China's innovative and high-growth enterprises, including TMT, new energy, health and environmental protection, consumer goods and modern service companies. In the past five years, Sequoia has invested in nearly 70 innovative and high-growth enterprises in China. The companies we have encountered are more and more oriented to the local capital market. The photo is the first step of Sequoia's GEM in China.
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