Previously, as the largest LED company in the A-share market, Sanan Optoelectronics was accused of over-reliance on government subsidies and the existence of obvious related transactions. This makes investors a little off guard.
On April 3, the share price of Sanan Optoelectronics after the resumption of trading fell rapidly.
On the same day, people who questioned Sanan Optoelectronics told reporters that Sanan Optoelectronicsâ€™ clarification announcement denied the concealment of related party transactions, but did not mention the important figures among them. The content of the question being questioned has not been answered in detail.
From 2008 to 2012, Sanan Optoelectronics' net profit surged 15 times. However, what is the truth about this "surprise" questioning and rebuttal? What is the sustainability behind rapid growth? The market is tight.
Allegedly concealing connected transactions
Sanan Optoelectronics is the largest full-color ultra-high brightness LED epitaxial and chip industrial production base in China. The annual report shows that in 2012, Sanan Optoelectronics' net assets reached 6 billion yuan and its total assets exceeded 10 billion yuan. At the beginning of the backdoor listing in 2008, Sanan Optoelectronics had a net asset of less than 500 million yuan and total assets of less than 900 million yuan.
Since April 1st, Sanan Optoelectronics has been plagued by many questions. According to media reports, since Sanan Optoelectronics was listed on the backdoor, not only the majority of its profits came from government subsidies, but also the three main business problems of LED street lights, LED chips, and gold waste materials recycling. The related major customers were treated unrelatedly, Tianjin and Wuhu. The project is also suspected of inflating investment.
According to reports, the price of LED street lamps provided by Sanan Optoelectronics to local governments is much higher than the market price, especially in Quanzhou and Anxi, and even exceeds the market price by three times. These street lights come from outsourcing and are not â€œdesigned and producedâ€ by themselves. In addition, the street lamp contracts signed with local governments not only have problems in implementation, but are also suspected of violating government procurement laws.
Among the top five customers of Sanan Optoelectronics, in addition to the Wuhu Housing Construction Committee, the Huainan City Construction Committee and the newly acquired Quanzhou and Anxi Guotou, which have been purchased by local government street lamps, the three companies with the highest frequency are Shenzhen Anpu Optoelectronics Technology Co., Ltd. Company, Shenzhen Tiandian Optoelectronics Technology Co., Ltd. and Xinda Optoelectronics. Some of the shareholders of the above three companies live in Xiamen. Most of them are Anxi fellows of Lin Xiucheng, the chairman of Sanan Optoelectronics, and they have intricate relationships with Sanan Optoelectronics.
The relevant regulations of the reporters on the Measures for the Administration of Information Disclosure of Listed Companies show that the listed directors, supervisors, senior management personnel, shareholders holding more than 5% of shares, their concerted actions, and actual controllers should submit the listing to the board of directors of the listed company in a timely manner. A description of the company's affiliate list and associated relationships. The parties to the transaction may not evade the related party transaction review procedures and information disclosure obligations of the listed company by concealing the relationship or taking other means.
Li Jian, a senior partner of Zhejiang Yufeng Law Firm, said that according to the questioning report, Sanan Optoelectronics is suspected of concealing related party transactions and constitutes a false statement of securities.
Many doubts have pushed Sanan Optoelectronics to the forefront.
On the afternoon of April 1, Sanan Optoelectronics' share price dipped, once fell to a limit of 12.37 yuan / share, down 9.11%. Subsequently, Sanan Optoelectronics told the media that the news was not true and said that there was no plan to suspend the license in the near future.
In the face of such a simple response from Sanan Optoelectronics, it is difficult for investors to distinguish between true and false, and it is very helpless. "Just a sentence, what is this response?" Mr. Lu, who has been paying attention to this matter, told reporters. He accused that Sanan Optoelectronics should be responsible to investors and produce strong evidence.
On the evening of April 1, Sanan Optoelectronics issued an announcement. Surprisingly, the announcement is not a clarification of many issues, but an announcement about the pledge of shareholder stocks. Some market analysts analyzed that in the face of the stock price oscillated near the liquidation line, this may be a helpless response of Sanan Optoelectronics to the risk of liquidation of its holdings.
What is even more eye-popping is that the promise of â€œno stopâ€ has just fallen. On April 2, Sanan Optoelectronics has been suspended. On the afternoon of April 2, the reporter called Sanan Optoelectronics as an investor. The companyâ€™s Securities Affairs Department admitted that the suspension was related to media reports. However, he refused to explain the relevant questions, but said: "It is very busy now, and then reply."
In the face of doubts, Sanan Optoelectronics had an inconsistent attitude before and after. "I have no problem with the report, I will not say it now." Sanan Optoelectronics said.
Refutation is questioned again
The question of concealing related party transactions sparked a hot debate. Nearly two days later, on the evening of April 2, Sanan Optoelectronics finally responded positively. According to the announcement, Sanan Optoelectronics denied the concealment of connected transactions, and there was no inflated investment situation.
Sanan Optoelectronics said that Cinda Optoelectronics is a holding subsidiary of Xiamen Xinda Co., Ltd., Xiamen Xinda Co., Ltd. holds 10.00% of shares of Sanan Optoelectronics' controlling shareholder Xiamen Sanan Electronics Co., Ltd., indirectly holding Sanan Optoelectronics 3.5% There is no control, joint control or significant influence between the shares, Sanan Optoelectronics and the controlling shareholder and Xiamen Xinda.
According to related reports, Sanan Optoelectronics holds a 20% stake in Anxin Contract Energy. Sanan Optoelectronics countered that since the establishment of Anxin Contract Energy Co., Sanan Optoelectronics has not invested in it or held its shareholding, there is no relationship; in addition, the report mentioned An Puguang, Tiandian and Sanan There is no correlation between optoelectronics.
On the evening of April 2, people who questioned Sanan Optoelectronics told reporters that they had noticed the rebuttal of Sanan Optoelectronics and would express their position on the announcement.
On April 3, people who questioned Sanan Optoelectronics said that Sanan Optoelectronicsâ€™ clarification announcement, while acknowledging that streetlights were outsourcing confidence in optoelectronics, did not deny that high-priced resale street lamps and related contracts did not pass the public bidding process, but strongly denied the concealment of associations. Trading and asset inflated. The related report questioned the existence of a related transaction between Xinda Optoelectronics and Sanan Optoelectronics, not Xiamen Xinda. The clarification of the denial of the announcement is correct.
Getting rid of "subsidy dependence" is not easy
Data show that in 2012, Sanan Optoelectronics achieved a net profit of 810 million yuan, down 13.47% year-on-year. The gross profit margin of the LED industry decreased by 14.36 percentage points from the same period of the previous year to 25.31%.
Media reports questioned that Sanan Opto's performance relied heavily on government subsidies. Data show that since the listing of the backdoor in 2008, Sanan Optoelectronics has received a total of 2.9 billion yuan in government subsidies in various names.
For this, Sanan Optoelectronics did not make too many rebuttals. The company only said that as the equipment is put into use and the benefits are generated, the profit of LED main business will increase year by year, the proportion of subsidies will be less and less, and the impact of subsidies on the company's future performance will be smaller and smaller.
He Zaihua, a senior researcher at China Investment Consulting, said in an interview that since the LED industry is an industry supported by local governments, local governments have the internal motivation to subsidize them. The profit of the LED industry mainly comes from orders, and financial fraud is easier than other industries. "In theory, in the past year, the operating performance of LED companies will not be very good. However, it remains to be seen whether some LED companies have financial fraud."
Although the LED industry has received strong support from the government, the current technical barriers in China's LED industry are relatively low. A large number of enterprises are concentrated in the downstream production field. Some enterprises have not yet made fundamental breakthroughs in core technologies, and the product composition has not been further optimized. In addition, raw materials, excipients and related production factors have not been adequately and reasonably laid out.
â€œIn 2013, overcapacity in the LED industry will continue, and some companies with poor operating conditions and backgrounds will be forced to withdraw, and new funds will continue to enter. In the downstream production sector, the core competitiveness of enterprises is more than their competitors. Low production costs." He Zaihua said.
At the same time, analysts who did not want to be named told this reporter that the release of production capacity is lower than expected, the risk of falling LED chip prices and fluctuations in demand are uncertain factors affecting the future performance of Sanan Optoelectronics.
( 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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