Tianlong Optoelectronics sells the shell of the actual controller to quit

The old master of Tianlong Optoelectronics, the actual controllers of Changzhou Noah, Feng Yuexiu, Lu Xing, and Wan Junping fell on the road of heating in the photovoltaic industry.

On November 7, Tianlong Optoelectronics announced that the company's controlling shareholder Changzhou Noah's actual controllers Feng Yuexiu, Lu Xing, Wan Junping and Beijing Lingguang Energy Investment Co., Ltd. (hereinafter referred to as Lingguang Energy) signed the "Capital Increase and Share Expansion Agreement". After the transaction is completed, Lingguang Energy will control Changzhou Noah, which means that Lingguang Energy will indirectly become the largest shareholder of Tianlong Optoelectronics.

The fire line ushered in the new owner's Tianlong Optoelectronics, the form of the shell is still grim, leaving only one month left for its shell. In the short term, the loss can only be achieved by selling assets. On the evening of November 11, Tianlong Optoelectronics announced that the company will transfer 46.3654% equity of Jiangsu Zhonghao Semiconductor Equipment Co., Ltd. (hereinafter referred to as Jiangsu Zhongyu), which is a subsidiary of the company, through the public listing and transfer. The initial listing price will not be low. At 194 million yuan.

However, whether Jiangsu Zhongyi can be successfully sold before the end of December, after the success of the shell, how the new owners can achieve asset injection under the rules of the “backdoor listing” of the GEM has become a lingering concern for Tianlong Optoelectronics investors.

The actual controller shelling <br> <br> as early as March 3 this year, Dragon Optical suspension and began planning major issues, according to the plan, when the second major asset restructuring matters involving temporarily, counterparty will seek to achieve the company's Actual control. After the actual controller is changed, the asset injection can be performed to achieve the same effect as the backdoor. However, in reality, the transaction was aborted due to the failure to reach an agreement on the transfer price.

Tianlong Optoelectronics (300029.SZ) was listed on the GEM on December 25, 2009. As one of the leading companies in the field of solar cell production and processing equipment for solar cells in China, the company has been well received by the market. It successfully raised 909 million yuan at a price of 18.18 yuan, and the closing price on the day of listing reached 26.99 yuan. Once on the road to rise to 38.49 yuan. However, as the photovoltaic industry entered a trough, the company's share price continued to decline, its controlling shareholders were repeatedly in trouble, and the company was repeatedly questioned by the media.

Chen Xin, an associate professor in the Department of Accounting and Finance of Shanghai Jiaotong University, believes that the objective reason for Tianlong Optoelectronics’ large shareholder to rely on financial “skills” to boost the stock price is the photovoltaic winter experienced by the industry. However, the subjective reason is that A large number of trust financing debts, Tianlong Optoelectronics' controlling shareholders use the chairman to increase holdings, additional lock commitments, reduce holdings, restructuring, reduce bad debts, and even manipulate financial data to get rid of the difficulties and try to "survive", but ultimately Can get rid of the photovoltaic industry's sluggish performance caused by the stock price continued to decline until the break through the stop-loss line, had to "golden shells."

As early as September 2011, Noah Technology and Shandong International Trust Co., Ltd. signed the “Equity Pledge Contract of Tianlong Optoelectronics of Luxin-Hengxin No. 3 Collective Capital Trust”, which will hold 12.5 million shares of Tianlong Optoelectronics. Stocks (20.43%) were used for pledge. The total issuance amount of the trust is 100 million yuan, and the term is 18 months. The warning line and the stop loss line respectively reduce the total value of the pledged stock market to 1.5 times and 1.4 times the project investment amount. In other words, once Tianlong Optoelectronics shares fall below 12 yuan, Noah Technology will have to pay credit guarantee or additional stock pledge, and once the stock price falls below 11.2 yuan, Noah Technology must fulfill the equity repurchase obligation in advance, otherwise the trust company The rights can be exercised to realize the pledge of stocks.

The reporter combined with the stock price chart of Tianlong Optoelectronics found that in September 2011, although its stock price was running above 20 yuan, the downward trend was quite obvious. On January 6, 2012, Tianlong Optoelectronics' stock price fell below 12 yuan. After that, although the stock price rose slightly, it still went all the way down. As of December 5, 2012, the stock price finally fell to 5.21 yuan. Although the photoelectric stock price has recovered, it has never exceeded 12 yuan so far.

The performance report on February 28 this year shows that Tianlong Optoelectronics will turn losses in 2013. The reason for the loss was: in 2013, the photovoltaic and sapphire industries recovered, the company strategy grasped the market orders, and the equipment revenue increased. In 2013, the company increased its efforts to deal with the inventory, and solved the accounts receivable through various channels, and disposed of the part. Idle assets.

However, the good times did not last long, and then it was revealed that Tianlong Optoelectronics' important customer *ST Super Day had major operational and financial difficulties, and directly pulled Tianlong Optoelectronics back to the cold reality. Either delisting, or selling shells in disguise, it is clear that the majority of Tianlong Optoelectronics chose the latter.

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