In the traditional lighting industry, few companies can go public, only Foshan Lighting, Sunlight Lighting, Snowlight, Feile Audio, NVC Lighting, etc., and in the lighting industry are almost blank, "listing" for them Said almost impossible.
In recent years, with the tide of LEDs sweeping the lighting industry, a large amount of capital has poured in, and the door of the capital game of the lighting industry has opened up. In just a few years, a large number of LED lighting concept stocks have emerged. Among them, in addition to the traditional boards such as the main board, small and medium-sized board, and the GEM, the “new three board†has risen rapidly, which has greatly promoted the penetration of capital into the industry.
As is known to all, the mainland's Shenzhen Stock Exchange and the Shanghai Stock Exchange's "high on the" threshold have left many SMEs deterred, while the "New Third Board" has broken the pattern, making up for the shortcomings and shortcomings in the development of China's capital market, so that SMEs no longer suffer from capital markets. Cold. The entry threshold is low, and the enterprise only needs to meet the three basic conditions of “establishing and surviving for two years according to lawâ€, “legal compliance operationâ€, “continuing operations and explaining the company’s ability to continue operations with the companyâ€. Listing on the landing platform, plus many preferential support policies such as government subsidies and support, has attracted many SMEs.
According to statistics, in 2013, LED companies listed only two "new three boards", and in 2014, they reached 19. At present, there are 26 LED companies listed on the “New Third Boardâ€. In the beginning of this year alone, six LED lighting companies such as Zhuo Naipu, Ou Mige and Leite Technology have successively landed on the “New Third Boardâ€. In addition, in the field of “low-key†lighting, Dongguan Jinda Lighting was the first to open the market and successfully listed the “New Third Boardâ€. Recently, the NVC Jiangsu Operation Center – the creation of a good lighting listing “New Third Boardâ€, opened the dealer. Participate in the competitive landscape of listing.
In 2015, the New Third Board seems to have become a “black horse†in the capital market overnight. It is reported that the total market value of listed companies in the "New Third Board" has reached trillions. Among them, the average revenue of the new three-board enterprises in the first half of 2014 was about 58 million yuan, and the average gross profit margin was about 24%. Since 2015, 10% of enterprises have announced financing plans, and the average rate of return has reached 220%.
Low financing costs, flexible methods, policy support, and low barriers to entry have made the listing of the “New Third Board†a life-saving straw for many small and medium-sized enterprises to overcome the current predicament. However, everything has its advantages and disadvantages, as does the "New Third Board". Under the pressure of survival and development, some LED lighting companies have "determined" to list the "new three board", but when the listing is successful, the company does not know what to do next. In addition to paying various taxes and fees, financial transparency and public supervision, increased costs under management standardization, and the payment of more than 2 million yuan in handling fees, there is not much policy support that can be obtained from the government. Listed companies do not make good use of capital leverage to consolidate resources, such as mergers and acquisitions of high-quality companies to expand the scale, integration of quality distributors, or the acquisition of some outstanding lighting design agencies. The capital tool of the "New Third Board" became a plaque and a slogan, and was forgotten to be placed in a corner.
In fact, the "new three boards" are not omnipotent, and enterprises must also look at them rationally.
First, companies consider their own growth as a prerequisite. At present, LEDs tend to be homogenized. If the growth of the company is not good, the listing is useless. There is basically no transaction when the card is hanged, and even the people are hurting the money, which increases the burden on the enterprise.
Second, we must be good at using capital tools to integrate resources. LED is a game of technology and capital. Enterprises should use capital leverage to integrate resources, such as acquiring similar high-quality companies, integrating downstream dealer resources, and acquiring outstanding design institutions.
In addition, we must rationally look at government encouragement and support. The government's LED subsidy "dividends" are gradually decreasing, and the policy support is gradually becoming smaller. Encouraging support is more icing on the cake. It is difficult to have a gift in the snow. Enterprises should focus on their own operations.
Greed is the essence of capital, while industry needs a solid and steady state of mind. The irrational blindly listed "new three boards", and finally hurts the enterprises and industries. I hope that in this "new three board" boom, enterprises should not be listed for listing. Instead, while doing its own business, use capital tools to integrate operations. The listing of the “New Third Board†is only the first step of the Long March, and then the step-by-step financing and capital operation is its fundamental goal.
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