Dehao Runda "snake swallow"? Will become the largest shareholder of NVC Lighting

Dehao Runda (002005) disclosed the non-public offering plan and will directly control NVC Lighting through the acquisition of Wu Changjiang's equity. Take over most of the shares of NVC Lighting and become the largest shareholder of NVC Lighting. Wu Changjiang became the second largest shareholder of Dehao Runda through fixed growth.

According to the plan, Dehao Runda intends to issue no more than 230 million shares at a price of 5.86 yuan/share, and raise no more than 1.348 billion yuan to supplement the working capital. The company has locked in two issue targets, including controlling shareholder Wuhu Dehao Investment Co., Ltd. to subscribe for 100 million shares and Wu Changjiang to subscribe for 130 million shares.

Wu Changjiang is one of the people in this year's capital market. The founder, former chairman, executive director and chief executive officer of NVC Lighting is now the head of the temporary operation committee of NVC Lighting's board of directors. Up to now, 2528.1 is directly held. 10,000 shares of NVC Lighting, and indirectly held 560 million shares through NVC Inc., which together accounted for 18.60% of the total number of issued ordinary shares of NVC Lighting, and had 30.476 million share options. In the first half of this year, in order to compete for the actual control of the company, Wu Changjiang had a fierce conflict with Safran, causing a sensational NVC storm.

Now, Wu Changjiang has decided to sell most of its shares in NVC. According to the announcement, Dehao Runda purchased 260 million shares of NVC Lighting common stock in the on-market and off-exchange transactions from December 11 to December 21, accounting for the total number of issued ordinary shares. 8.24%, the transaction amount is 703 million Hong Kong dollars. In addition, on December 25, the company's wholly-owned subsidiary, Hong Kong Dehao Runda and NVC Inc., which is wholly owned by Wu Changjiang, signed a “Share Transfer Agreement” with effective conditions. Hong Kong Dehao Runda intends to purchase it from NVC Inc. The total number of shares held by NVC Lighting is 373 million shares, accounting for 11.81% of the total number of issued ordinary shares of NVC Lighting, with a transaction amount of HK$950 million.

Upon completion of the acquisition, Hong Kong Dehao Runda will hold a total of 633.3 million shares of NVC Lighting, accounting for 20.05% of its total issued ordinary shares, becoming the largest shareholder of NVC Lighting. For Wu Changjiang, since the proceeds from the sale of shares are basically used to participate in the shares of Dehao Runda, it is equivalent to replacing 373 million shares of NVC Lighting with 130 million shares of Dehao Runda, from Dehao Run. According to the existing shareholder list, Wu Changjiang will hold a stake of approximately 9.3 from Dehao Runda after the completion of the acquisition and become its second largest shareholder.

For Dehao Runda, it is obviously a very cost-effective transaction to obtain the controlling stake in NVC Lighting and complete the industrial integration. In the view of some industry insiders, there is even a “snake swallowing” meaning, although DHL Runda’s current asset size is larger than NVC lighting (8.1 billion yuan to 748 million US dollars), but the operating income is higher. some. Data shows that in 2011, Dehao Runda's revenue was 3 billion yuan, and NVC Lighting was 589 million US dollars. In terms of profitability, NVC Lighting is also stronger than DHL Runda. In 2011, NVC Lighting's profit was 86.5 million US dollars. (about 540 million yuan), Dehao Runda's net profit for the same period was 392 million yuan.

Abandoning the control of NVC and turning to Dehao Runda, can't figure out the true psychology of Wu Changjiang. One speculation is that after the storm that experienced this summer, the environment of NVC lighting has changed, Wu Changjiang's situation and thoughts. It has also changed. Of course, it is not excluded that Wu Changjiang and Dehao Runda have reached other agreements on corporate control and management, and the PE parties such as Saifu are in the process.

There may be follow-up to this transaction. During the suspension of the DHL Runda planning and the acquisition, the company's largest state-owned shareholder, Wuhu Economic Development Zone Optoelectronic Industry Investment Development Co., Ltd. intends to transfer 104 million shares of the company held by the public collection method, accounting for the company. 8.92% of the total share capital. With the news of the successful holding of NVC Lighting, Wuhu Optoelectronics should be able to sell for a better price.

(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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