Passing Philips will enter the main crystal power into the largest shareholder

The market has revealed that nearly 80 million US dollars of convertible bonds (ECB) issued by LED Epistar in August this year were obtained by the international giant Philips. If converted into common shares, it will account for 10.98% of the shares of Jingdian. Philips will Therefore, it became the first major shareholder.

Insiders pointed out that for international companies such as Philips, the supply of Epimorphic will be tight next year, and it is indeed possible to ensure supply through strategic investment. After all, if you build your own epitaxial plant, you will need to spend billions or even tens of billions (Taiwan dollars, the same below), but also face the dilemma of at least 15-20% annual decline in price.

For Jingdian, Philips' lighting path is complete and can digest crystal power capacity. According to industry insiders, the international giants originally relied on the four-yuan red light capacity of Jingdian, and the demand for general-purpose lighting next year is also very high. The demand for blue-chip chips is also very high. It is estimated that Philips will consume more than half of the blue-light capacity of crystallography. About when the total capacity is more than 20%).

Jingshi spokesperson Zhang Shixian said that "all Philips buys" should be a market rumor. The convertible bonds had a placement list, but the subsequent trading in the market is not known.

On August 2, Jingdian announced the issuance of 250 million US dollars of convertible bonds, with a conversion price of 65.13 yuan per share. On the same day, Jingdian closed at 49.65 yuan, and the convertible bond premium exceeded 30%. At that time, the market was rumored that Jingdian had introduced strategic investors. Will only recognize the convertible bonds at a price higher than the market price.

If Philips recognizes that the convertible bonds of Jingdian are true, Philips will hold 10.98% of Jingdian, which is the largest shareholder, and the second largest shareholder is Nanshan Life Insurance, holding 7.82%, which is a financial investment. The close-knit strategic investor LED packaging factory holds a 4.06% stake in the company. Li Bingjie, chairman of Jingdian, and Zhou Mingjun, general manager, did not hold 0.2% of the shares.

In fact, in the past two years, the timing of the LED industry has been rampant. Jingdian has tried to introduce strategic investment partners to ensure downstream estuaries. The outside world has been speculating that the major customers of Crystal Power, such as Philips, Osram and Singular, will be in the stock market. At one time, Chinese capital is also interested in participating. However, Jingdian is a leader in Taiwan's LED technology and has a special role. It is not appropriate for foreign ownership to have a dominant position. On the other hand, the major shareholders of Jingdian also have their own strengths, including UMC, Guangbao, Yiguang and so on. Jingdian has repeatedly said that although it is necessary to introduce strategic investment, it may be counterintuitive to follow the Weng idea, so the current plan proposed in the year is not a success.

Now that the situation has changed, the demand for LED lighting will be good next year. The excess global epitaxial capacity in the past two years will reach a balance in the second half of next year. In other words, international companies such as Philips, Osram, etc., may no longer be able to obtain high-quality production capacity of crystal power at a cheap price as in the past.

LED manufacturers prefer to integrate downstream to increase added value. For example, Osram acquired Traxon, a commercial lighting factory that sold light for global landmarks, and Everlight spent $400 million this year to acquire the German lighting factory Wofi. Q3 contributed more than 700 million yuan in revenue.

(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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