None of the top ten shareholders
PE into the column has been very rare, the industry is little brother heard the first listing.
2010 12 28, Wuhan Golden Laser Co., Ltd. (hereinafter referred to as Golden Laser) will be succeeded in the GEM. Intended to raise funds to invest 127 million yuan metal laser production and research and development projects.
years ago, part of the shares is expected to soar! Confidential! Market institutions will soon be reversed capital flows have changed dramatically! Main funding is plotting a new layout
However, the raised metal laser project investment has attracted investors controversy, some investors believe that the small metal laser market space, growing slowly, Golden Laser does not have investment value, but also the small investors that the domestic market has huge potential for growth just as the reason.
raise investment and foreign products of metal laser tube replacement
Golden Laser use of proceeds as if the clear and sure.
prospectus shows the main use of the direction of raising funds concentrated in three areas: small and medium-power laser device remote technology projects, small and medium-power RF excited carbon dioxide laser metal industry projects, marketing network construction projects.
which there is a According to the prospectus a description of the core of this project is called
upstream industry chain as a part of the laser at the core. If the laser device is a pencil, then the laser is the cartridge. In accordance with the sealing material to divide, lasers into the laser glass lasers and two metal pipes. High glass laser penetration in the country, and metal pipe lasers are mainly dependent on foreign imports a small number of suppliers.
the laser project, Golden Laser is to raise funds through the production of metal pipe to replace the company's past metal pipe mainly depends on cutting-edge companies, Coherent Inc. and two suppliers of the situation. The project put into production, it will be some cost savings for the company.
according to the prospectus of Golden Laser Show: A laser for the purchase of raw materials used in the proportion of costs, accounting for nearly 20% of the total cost ratio, a foreign import needs of 68 600 metal pipe laser Yuan / root to 8.17 yuan / root ranged Golden Laser their own production needs only a metal tube 26,600 yuan laser / root to 3.37 yuan / root.
metal tube laser cutting equipment is not widespread in the country, but international usage is very high, reaching 64% ratio. Golden Laser top five customers, accounting for the vast proportion of the foreign distributors. If the volume of production, export profits will be greatly improved.
currently the low penetration of laser cutting equipment, equipment expensive, downstream industries such as garment factories, mills and lack of awareness of the products have become obstacles to development of metal laser equipment.
Statistics show that China in the clothing textile, packaging, printing, furniture and other downstream industries, yet the penetration rate of laser equipment to 2%; metal tube lasers in the country now uses a small amount of power laser cutting the ratio is not high, only a 11.96%; compared to the international use of lasers for the proportion of the metal at a disadvantage.
major customers focus on apparel textile industry has also increased the status of Golden Laser operational risks. 2007-2010 January-September, Golden Laser apparel textile industry from the revenue share of total operating income was 49.52%, 48.37%, 42.10% and 36.73%, the market is more concentrated.
first to market, market segmentation promising
2006 onwards, the Wuhan Optical Valley Laser brewing companies began to re-alliance between small business plan, Wuhan Golden Laser have also positively participation. Today, no longer re-League, Golden Laser find different routes, about the successful listing.
prospectus disclosure: in 2007 to 2009 operating income can be seen, Golden Laser operating profit within two years achieved 138%, respectively, and 77% growth, while achieving 78% and net profit 63% growth.
Even so, the Golden Laser Optical Valley in Wuhan, or whether the entire industry, does not rank. In the small and medium-power laser cutting machine industry, there are Han Yue Ming, Bo laser industry, open days, science and technology, several companies Chutian laser. According to public information, not the size of these companies than the Golden Laser small.
the Golden Laser rush in before the listing Chutian Laser. Insiders have said: Chutian Laser also has been listed in the plan, because since last year, driven by the relevant departments, Chutian only interested in laser and solidarity with the laborers laser laser come together and consider the way through the industrial restructuring to enter the Chinese laborers to this listing platform technology.
In fact, in the field of gas lasers, Golden Laser and the other three small and medium-power laser company occupies a total area of small and medium-power lasers with 64% market share. It is reported that in 2009, the domestic small and medium-power laser cutting equipment market size of about 449 million, while the Golden Laser Co., Ltd. 17.4% market share, second only to the Han Ming Yue, ranked second. Market segments in specific applications, Wuhan Golden apparel textile industry has maintained a leading position in domestic, 2009, the company's market share in the industry to reach 49%. And shoe bags, textiles, furniture, decoration, advertising products, precision metal processing industries such as market share in the forefront.
no PE into the top ten shareholders of the column:
not be optimistic about the growth or to avoid equity dilution
Golden Laser there is little doubt that our attention , the top ten shareholders in the company, the chairman and managing director Liang holds a 73.84% stake, there are eight other individuals accounted for 21.16%. Only through a legal entity is AXA Investment Management Co., Ltd., Wuhan (hereinafter referred to Jinsheng pass), accounting for 5% of the company's equity.
and this is only a corporate ownership structure is also quite interesting, Jinsheng pass only two shareholders, namely, Liang Ping and Yu Yanhua, including Ping Liang Jinsheng General of the shares held by 99% , Yu Yanhua only 1%. The beam is precisely Ping will lead the IPO on the Golden Laser sister Liang, chairman and general manager, and the remaining individual shareholders are mostly relatives of Liang and the company's core staff.
compared to both the IPO on the GEM will several other companies, Golden Laser's top ten shareholders of the composition of the structure appears to be very special.
2009 年 10 月 30 on Venture board since the start, almost all companies have a PE GEM or broker direct investment among the top ten shareholders, ranging from one to as many as thirty-five, PE high double take after the listing of shares of the profit earned has been the only way to be listed. I would go to the same time, also located in the valley of the Wuhan Tianyu Evidence from optic information, for example, Wuhan Tianyu Information top ten shareholders of the top five shareholders are institutional investors taking, institutional shareholding to 78.27%. Even the founder of all venture capital background.
Wuhan Optical Valley in the laser industry, another general manager said that the existence of large and small number of valley Evidence from optic laser industry companies, VC and PE regularly in touch with them, the top ten Golden Laser Shareholders did not PE, is indeed a strange thing. VC industry have said, VC and PE specializes in the possibility of large listed companies, investment shares, to earn income, Golden Laser is not PE, is very rare.
Insiders analyzed that the listing of Golden Laser is not the top ten institutional investors, shareholders, there may be two different reasons. Institutional investors, a situation is not optimistic about the prospects for this company that he grew up poor, the market is unlikely that another case is listed company in order to prevent future dilution, wish to avoid institutional investors to enter .
reporter on this question on several occasions call Golden Laser Investment and Financing Department of the phone, no one answered. The Deputy General Manager also said that its headquarters busy to participate in various IPO-related meeting or business trip could not be contacted. As of press time, the reporter failed to get an interview, Wuhan Golden Laser reply.
No comments:
Post a Comment