Based on the rainbow strategy, Tongchuang Weiye has focused on the LED industry and has invested in at least 8 projects in the past few years.
In the recent listing of more than a dozen LED listed companies that focused on the 2012 annual report or performance report, the profitability has generally dropped by about 30% compared to last year. What's more, such as Silan Micro (600460), net profit fell 88.07% year-on-year; dry photo photoelectric (300102) net profit fell 39.33%.
“The retail price of LED terminals has dropped by half in the past year, and the price war has been very fierce.†A secretarial director of the LED listed company, who did not want to be named, told reporters that “everyone is consuming, the capacity is up, and who can support it. ."
Compared with the listed companies with sufficient ammunition, a large number of LED companies to be listed can not withstand the price war, and forced to stop the listing.
The reporter found that from 2012 to the present, six LED companies have been withdrawn, they are Zhejiang Huazheng New Materials Co., Ltd., Dalian Luming Lighting Technology Co., Ltd., and Quanquan Optoelectronics Technology (Shanghai) Co., Ltd. The company, Shenzhen Mingwei Electronics Co., Ltd., Yunnan Lanjing Technology Co., Ltd. and AEM Technology (Suzhou) Co., Ltd.
Behind these six companies, there are a number of PE institutions such as Tongchuang Weiye, IDG, China High-tech Investment, and Nano Venture Capital, involving hundreds of millions of capital.
With no exit, the PE institutions that have a large number of reserve projects during the “LED fever†from 2009 to 2010 are anxious. Among them, Tongchuang Weiye listed the LED industry as an important part of its rainbow strategy. So far, it has invested in at least 8 LED-related industrial projects, of which 6 still failed to achieve IPO exit.
Dalian Luming suffered withdrawal
The PE institutions lurking in Luming, Dalian, have Tongchuang Weiye, Shanghai Lianchuang and China High-tech Investment.
Among the six unlisted LED projects of Tongchuang Weiye, only Dalian Luming first reported the listed materials to the CSRC.
However, on January 10, 2013, the status of the SFC's issuance review showed that the status of Dalian Luming changed from a suspension review to a termination review.
This means that Dalian Luming took the initiative to withdraw the materials after the SFC announced on January 8 that it had implemented the IPO audit of the enterprise.
In September 2009, Tongchuang Weiye invested 24 million yuan, accounting for 7.53% of the shares. The PE institutions lurking in Dalian Luming also have Shanghai Lianchuang Fund (10%) and China High-tech Investment.
Previously, the reporter had called Xiao Zhiguo, the chairman of Dalian Luming. He told reporters that the withdrawal of materials was not due to the decline in performance. As for what reason, it is not suitable for disclosure.
In the past years when the LED project data was piled up in the PE office, no one would doubt the bright prospects of the LED industry. The function of benefiting the capital market has also caused the influx of PE institutions, and the heart of entrepreneurs' listings is just around the corner.
Therefore, as early as the Spring Festival of 2010, the Dalian State-owned Assets Supervision and Administration Commission issued relevant approvals and provided relevant documents for the Dalian Luming listing application materials.
On March 28, 2011, the CSRC indicated that it has agreed to accept the application for listing of Dalian Luming. Until March 1, 2012, Dalian Luming was still in the stage of implementing feedback. However, on March 15, Dalian Luming’s status was changed to suspension review.
On January 10 this year, only two days after the SFC announced the implementation of the financial special audit, the status of Dalian Luming was changed to termination.
According to Dalian Luming official website, Dalian Luming Lighting Technology Co., Ltd., formerly known as Dalian Luming Lighting Co., Ltd., is a high-tech enterprise engaged in LED application business, integrating R&D, design, product, construction and service. Dalian Luming is specifically engaged in LED lighting and LED display applications. In 2007, Dalian Luming’s “Rare Earth Activated New Silicate Luminescent Materials and Applications†project won the second prize of National Technology Invention and was “the only semiconductor lighting (LED) application company that won the National Technology Invention Award in the field of LEDsâ€. Technology is the core technology to achieve LED white light illumination.
However, a VC investor who is concerned about the development of the LED industry told the Financial Weekly that at present, Dalian Luming’s “Rare Earth Activated New Silicate Phosphorsâ€, that is, the profit margin of phosphors has not been high, and it is an auxiliary material for the LED industry. Although it has its own technical advantages, there are other alternative materials on the market. Therefore, Dalian Luming has always wanted to change the direction of technology.
It is understood that LED phosphors only account for 1% to 2% of the cost of white LED devices. In recent years, LED chips and packaging technologies are constantly improving, and the performance of phosphors is required to continue to improve and improve.
"The management of the company has always had problems. The loss of core technical personnel has been a big blow to the company. This may be the main reason for the company's withdrawal." The above-mentioned venture capital institution close to Dalian Luming told reporters.
Zhou Ming Technology once fell back to the cost price
"The price war has caused the LED industry's gross profit margin to continue to decline, and the general decline in performance of 30% is also expected."
Dalian Luming withdrew the materials and bid farewell to the capital market. Tongchuang Weiye lost the opportunity to withdraw from the IPO. On the other hand, the situation of the listed LED projects invested by Tongchuang Weiye is also quite unclear. The two projects that have achieved IPO but have not reduced their holdings are Chaon Ming Technology and Moso Power (002660).
Earlier, Ding Baoyu, a partner of Tongchuang Weiye, said in an interview with the media that the LED investment of Tongchuang Weiye had caught up with the good times. However, catching up with the good opportunity of the LED investment project, Zhou Ming Technology and Mao Shuo Power, the performance in the secondary market is not ideal, Zhou Ming Technology has even once fell back to the cost price.
"The price war has caused the LED industry's gross profit margin to continue to decline, and the general decline in performance is also expected." A Shenzhen brokerage analyst told reporters, "In addition to the performance factors, more important is the market's expectations for the LED industry prospects. It has become pessimistic. At present, the entire industry is overcapacity. It takes about three years to digest the existing production capacity."
"Of course, we don't know when the inflection point of the industry will appear. It may not take 3 years, maybe it will take longer." The analyst added.
In March 2010, Chau Ming Technology carried out the last round of financing before listing, which attracted the joining of Tongchuang Weiye and Innovation Investment. Among them, the innovation voted to pay 5.55 million shares, the capital increase price was 30 million yuan, the capital increase price was 5.4 yuan / share; and Tongchuang Weiye's Nanhai Growth Science and Technology Investment Partnership (Limited Partnership) subscribed 2.16 million shares, the capital increase price is 15 million yuan, the capital increase price is 6.93 yuan / share.
On June 22, 2011, Chau Ming Technology successfully listed, the issue price was 18.57 yuan / share. On the day of listing, the opening price was 17.72 yuan, which is lower than the issue price. The highest price for the whole day was 17.97 yuan, and the first day closing price was 17.20 yuan.
Subsequently, a paper "On the establishment of the joint venture subsidiary Shenzhen (Xiangming) Energy Technology Co., Ltd." announcement made Chau Ming Technology a high of 23.74 yuan / share. However, with the announcement of the 2011 annual report, coupled with the market's decline, the stock price of Chau Ming Technology also lacks support.
According to the 2011 annual report, the operating income of Zhouming Technology only increased by 6% year-on-year, while the net profit fell by 18%. In the first quarter of 2012, its operating income fell by 16% for the first time, and its net profit fell by 80% for the capital market. I was shocked by a cold sweat.
Since then, Zhouming Technology's share price has become extremely weak. On December 4, 2012, the lowest price once dropped to 7.26 yuan/share, which is only one step away from the price of Tongchuang Weiye's initial shareholding of 6.93 yuan/share. According to the prospectus, the price-earnings ratio of Tongchuang Weiye's shareholding in Zhouming Technology's 6.93 yuan/share is 12 times.
The other LED project of Tongchuang Weiye, although its performance on the first day of the listing was eye-catching, the issue price was 18.5 yuan/share. The opening price on the first day was as high as 31.45 yuan/share, while the first-day closing price was 24.50 yuan/share.
However, its first semi-annual report showed that operating income fell 16.95% year-on-year, and net profit growth was only 7%. Then it followed the broader market and fell to a minimum of 12.8 yuan per share on December 4 last year.
According to the data, the price of the fund of Nanchuang, a subsidiary of Tongchuang Weiye, is 6.5 yuan/share, and it holds 3.5 million shares of Maoshuo Power.
Rainbow strategy LED exit blocked
Tongchuang Weiye’s LED investment is not unrelated to its early rainbow strategy.
Compared with other PE institutions without a project exit, Tongchuang Weiye has now realized the exit of two LED project IPOs.
However, the reporter found that in the past few years of investment, Tongchuang Weiye invested in eight LED-related industries, and the other six projects withdrew.
In addition to Dalian Luming, there are Shenzhen DXY Dingxin Infinity, Shanghai Weir Semiconductor, Shenzhen Haotian Optoelectronics, Yatong Optoelectronics and Sanli Spectrum.
Among them, Dingxin Unlimited is the project invested on March 1 last year, with an investment of 24 million yuan. Its product line includes LED driver and other applications.
Shanghai Weir Semiconductor invested in the project on May 1, 2011. The investment amount was not disclosed. The investor was Ding Baoyu, a partner.
Shenzhen Haotian Optoelectronics investment project on December 1, 2010, the investment amount is 15 million yuan, and the investor is vice president Tong Ziping.
The first round of investment of Yatong Optoelectronics was June 1, 2008, with an investment amount of 27.4 million yuan. The investor was Zheng Weihe, the chairman of the board, and the second round was May 25, 2010. The investment amount was not disclosed.
Shenzhen Sanli Spectrum Optoelectronics Co., Ltd. is an investment project on November 1, 2009, with an amount of 15 million yuan. The investor is Zhang Yiwei.
The reporter learned that the LED investment of Tongchuang Weiye is not unrelated to the rainbow strategy set in the early years.
Previously, the country proposed seven emerging industries such as energy conservation and environmental protection, new generation information technology, biology, high-end equipment manufacturing, new energy, and new energy vehicles. Tongchuang Weiye listed the seven emerging industries as its main investment direction and formulated “ The Rainbow Strategy" plan.
Therefore, in the LED-related industry, Tongchuang Weiye has also made a major focus on investing in at least eight of these projects in the past few years, from chips to displays to power supplies.
"At present, it seems that LED companies can be listed, and overcapacity has led to a sharp decline in the profitability of the LED industry." A partner of a PE organization in Shenzhen told reporters that "the best period to invest in the LED industry is probably over." ."
The partner's PE organization has also invested in multiple LED projects in the past and is currently seeking other ways to exit.
"The fund is about to expire, we can't do anything, and we want to talk to LP and postpone it again." The partner of the above-mentioned PE organization said, "There are demand for cash, and we can only seek other ways to withdraw."
"In the future, the listing of LED companies will be very difficult. First, Volkswagen has no trust in the LED industry, especially its profitability. Second, the CSRC will review the LED more stringently. Overcapacity will become the key consideration of the CSRC. In particular, attention to key indicators such as gross profit margin will be the focus," said the partner.
"Unless the LED company has a very prominent technical advantage and is less affected by the overall fluctuations of the industry, it is difficult to justify it at the trial meeting."
According to the data, as of the end of the third quarter of 2012, there were 23 listed companies with LED as their main business, including 5 enterprises covering the whole industry chain, 3 supporting equipment companies, and 5 packaging companies. 5 homes.
In the field of LED applications, there are 4 listed companies whose main business is LED display, and the company that focuses on LED lighting is Qinshang Optoelectronics Co., Ltd. (002638, stock bar).
The above-mentioned more than 10 listed companies with declining performances have unreasonably attributed the reasons to the macroeconomic downturn in 2012 and the intensification of competition in the LED industry.
8 projects pressed in the meeting, turned to early
Zheng Weihe, chairman of Tongchuang Weiye, once said that Tongchuang Weiye will turn to early projects in the future.
In addition to Dalian Luming, Tongchuang Weiye's project in the meeting, Jiaozuo Brake Co., Ltd. also changed from the initial review status to the end of review on May 7 last year.
The status of Liaoning Tianhe Technology Co., Ltd., Shenzhen Haiyuntian Technology Co., Ltd., Qingdao Guoen Technology Co., Ltd., Guangdong Zhongankang Logistics Group Co., Ltd. and Shenzhen Wenke Garden Co., Ltd. are all “implementation feedbackâ€.
The review status of Jiangyin Dadi Equipment Co., Ltd. is for the registration of the registration and registration, while Huayang Lianzhong Digital Technology Co., Ltd. and Guangxi Southwest City Department Store Co., Ltd. are in the preliminary review.
Last year, Tongchuang Weiye invested 29 projects in the whole year, with a total investment of 670 million yuan. Compared with 27 projects in 2011, the number has increased. However, the amount has decreased. In 2011, the total investment was 900 million yuan.
In the whole year of 2010, Tongchuang Weiye invested a total of 35 projects with an investment amount of 900 million yuan. Last year, Zheng Weihe, the chairman of Tongchuang Weiye, said that Tongchuang Weiye will turn to early projects in the future. In 2011, there were only two or three early projects of Tongchuang Weiye Investment, and the number of early projects in 2012 reached 14,15.
In terms of M&A exit, Tongchuang Weiye also made some gains. DeNing Ningxia and Jieshijie all withdrew from the merger on October 12 last year.
(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.)
In the recent listing of more than a dozen LED listed companies that focused on the 2012 annual report or performance report, the profitability has generally dropped by about 30% compared to last year. What's more, such as Silan Micro (600460), net profit fell 88.07% year-on-year; dry photo photoelectric (300102) net profit fell 39.33%.
“The retail price of LED terminals has dropped by half in the past year, and the price war has been very fierce.†A secretarial director of the LED listed company, who did not want to be named, told reporters that “everyone is consuming, the capacity is up, and who can support it. ."
Compared with the listed companies with sufficient ammunition, a large number of LED companies to be listed can not withstand the price war, and forced to stop the listing.
The reporter found that from 2012 to the present, six LED companies have been withdrawn, they are Zhejiang Huazheng New Materials Co., Ltd., Dalian Luming Lighting Technology Co., Ltd., and Quanquan Optoelectronics Technology (Shanghai) Co., Ltd. The company, Shenzhen Mingwei Electronics Co., Ltd., Yunnan Lanjing Technology Co., Ltd. and AEM Technology (Suzhou) Co., Ltd.
Behind these six companies, there are a number of PE institutions such as Tongchuang Weiye, IDG, China High-tech Investment, and Nano Venture Capital, involving hundreds of millions of capital.
With no exit, the PE institutions that have a large number of reserve projects during the “LED fever†from 2009 to 2010 are anxious. Among them, Tongchuang Weiye listed the LED industry as an important part of its rainbow strategy. So far, it has invested in at least 8 LED-related industrial projects, of which 6 still failed to achieve IPO exit.
Dalian Luming suffered withdrawal
The PE institutions lurking in Luming, Dalian, have Tongchuang Weiye, Shanghai Lianchuang and China High-tech Investment.
Among the six unlisted LED projects of Tongchuang Weiye, only Dalian Luming first reported the listed materials to the CSRC.
However, on January 10, 2013, the status of the SFC's issuance review showed that the status of Dalian Luming changed from a suspension review to a termination review.
This means that Dalian Luming took the initiative to withdraw the materials after the SFC announced on January 8 that it had implemented the IPO audit of the enterprise.
In September 2009, Tongchuang Weiye invested 24 million yuan, accounting for 7.53% of the shares. The PE institutions lurking in Dalian Luming also have Shanghai Lianchuang Fund (10%) and China High-tech Investment.
Previously, the reporter had called Xiao Zhiguo, the chairman of Dalian Luming. He told reporters that the withdrawal of materials was not due to the decline in performance. As for what reason, it is not suitable for disclosure.
In the past years when the LED project data was piled up in the PE office, no one would doubt the bright prospects of the LED industry. The function of benefiting the capital market has also caused the influx of PE institutions, and the heart of entrepreneurs' listings is just around the corner.
Therefore, as early as the Spring Festival of 2010, the Dalian State-owned Assets Supervision and Administration Commission issued relevant approvals and provided relevant documents for the Dalian Luming listing application materials.
On March 28, 2011, the CSRC indicated that it has agreed to accept the application for listing of Dalian Luming. Until March 1, 2012, Dalian Luming was still in the stage of implementing feedback. However, on March 15, Dalian Luming’s status was changed to suspension review.
On January 10 this year, only two days after the SFC announced the implementation of the financial special audit, the status of Dalian Luming was changed to termination.
According to Dalian Luming official website, Dalian Luming Lighting Technology Co., Ltd., formerly known as Dalian Luming Lighting Co., Ltd., is a high-tech enterprise engaged in LED application business, integrating R&D, design, product, construction and service. Dalian Luming is specifically engaged in LED lighting and LED display applications. In 2007, Dalian Luming’s “Rare Earth Activated New Silicate Luminescent Materials and Applications†project won the second prize of National Technology Invention and was “the only semiconductor lighting (LED) application company that won the National Technology Invention Award in the field of LEDsâ€. Technology is the core technology to achieve LED white light illumination.
However, a VC investor who is concerned about the development of the LED industry told the Financial Weekly that at present, Dalian Luming’s “Rare Earth Activated New Silicate Phosphorsâ€, that is, the profit margin of phosphors has not been high, and it is an auxiliary material for the LED industry. Although it has its own technical advantages, there are other alternative materials on the market. Therefore, Dalian Luming has always wanted to change the direction of technology.
It is understood that LED phosphors only account for 1% to 2% of the cost of white LED devices. In recent years, LED chips and packaging technologies are constantly improving, and the performance of phosphors is required to continue to improve and improve.
"The management of the company has always had problems. The loss of core technical personnel has been a big blow to the company. This may be the main reason for the company's withdrawal." The above-mentioned venture capital institution close to Dalian Luming told reporters.
Zhou Ming Technology once fell back to the cost price
"The price war has caused the LED industry's gross profit margin to continue to decline, and the general decline in performance of 30% is also expected."
Dalian Luming withdrew the materials and bid farewell to the capital market. Tongchuang Weiye lost the opportunity to withdraw from the IPO. On the other hand, the situation of the listed LED projects invested by Tongchuang Weiye is also quite unclear. The two projects that have achieved IPO but have not reduced their holdings are Chaon Ming Technology and Moso Power (002660).
Earlier, Ding Baoyu, a partner of Tongchuang Weiye, said in an interview with the media that the LED investment of Tongchuang Weiye had caught up with the good times. However, catching up with the good opportunity of the LED investment project, Zhou Ming Technology and Mao Shuo Power, the performance in the secondary market is not ideal, Zhou Ming Technology has even once fell back to the cost price.
"The price war has caused the LED industry's gross profit margin to continue to decline, and the general decline in performance is also expected." A Shenzhen brokerage analyst told reporters, "In addition to the performance factors, more important is the market's expectations for the LED industry prospects. It has become pessimistic. At present, the entire industry is overcapacity. It takes about three years to digest the existing production capacity."
"Of course, we don't know when the inflection point of the industry will appear. It may not take 3 years, maybe it will take longer." The analyst added.
In March 2010, Chau Ming Technology carried out the last round of financing before listing, which attracted the joining of Tongchuang Weiye and Innovation Investment. Among them, the innovation voted to pay 5.55 million shares, the capital increase price was 30 million yuan, the capital increase price was 5.4 yuan / share; and Tongchuang Weiye's Nanhai Growth Science and Technology Investment Partnership (Limited Partnership) subscribed 2.16 million shares, the capital increase price is 15 million yuan, the capital increase price is 6.93 yuan / share.
On June 22, 2011, Chau Ming Technology successfully listed, the issue price was 18.57 yuan / share. On the day of listing, the opening price was 17.72 yuan, which is lower than the issue price. The highest price for the whole day was 17.97 yuan, and the first day closing price was 17.20 yuan.
Subsequently, a paper "On the establishment of the joint venture subsidiary Shenzhen (Xiangming) Energy Technology Co., Ltd." announcement made Chau Ming Technology a high of 23.74 yuan / share. However, with the announcement of the 2011 annual report, coupled with the market's decline, the stock price of Chau Ming Technology also lacks support.
According to the 2011 annual report, the operating income of Zhouming Technology only increased by 6% year-on-year, while the net profit fell by 18%. In the first quarter of 2012, its operating income fell by 16% for the first time, and its net profit fell by 80% for the capital market. I was shocked by a cold sweat.
Since then, Zhouming Technology's share price has become extremely weak. On December 4, 2012, the lowest price once dropped to 7.26 yuan/share, which is only one step away from the price of Tongchuang Weiye's initial shareholding of 6.93 yuan/share. According to the prospectus, the price-earnings ratio of Tongchuang Weiye's shareholding in Zhouming Technology's 6.93 yuan/share is 12 times.
The other LED project of Tongchuang Weiye, although its performance on the first day of the listing was eye-catching, the issue price was 18.5 yuan/share. The opening price on the first day was as high as 31.45 yuan/share, while the first-day closing price was 24.50 yuan/share.
However, its first semi-annual report showed that operating income fell 16.95% year-on-year, and net profit growth was only 7%. Then it followed the broader market and fell to a minimum of 12.8 yuan per share on December 4 last year.
According to the data, the price of the fund of Nanchuang, a subsidiary of Tongchuang Weiye, is 6.5 yuan/share, and it holds 3.5 million shares of Maoshuo Power.
Rainbow strategy LED exit blocked
Tongchuang Weiye’s LED investment is not unrelated to its early rainbow strategy.
Compared with other PE institutions without a project exit, Tongchuang Weiye has now realized the exit of two LED project IPOs.
However, the reporter found that in the past few years of investment, Tongchuang Weiye invested in eight LED-related industries, and the other six projects withdrew.
In addition to Dalian Luming, there are Shenzhen DXY Dingxin Infinity, Shanghai Weir Semiconductor, Shenzhen Haotian Optoelectronics, Yatong Optoelectronics and Sanli Spectrum.
Among them, Dingxin Unlimited is the project invested on March 1 last year, with an investment of 24 million yuan. Its product line includes LED driver and other applications.
Shanghai Weir Semiconductor invested in the project on May 1, 2011. The investment amount was not disclosed. The investor was Ding Baoyu, a partner.
Shenzhen Haotian Optoelectronics investment project on December 1, 2010, the investment amount is 15 million yuan, and the investor is vice president Tong Ziping.
The first round of investment of Yatong Optoelectronics was June 1, 2008, with an investment amount of 27.4 million yuan. The investor was Zheng Weihe, the chairman of the board, and the second round was May 25, 2010. The investment amount was not disclosed.
Shenzhen Sanli Spectrum Optoelectronics Co., Ltd. is an investment project on November 1, 2009, with an amount of 15 million yuan. The investor is Zhang Yiwei.
The reporter learned that the LED investment of Tongchuang Weiye is not unrelated to the rainbow strategy set in the early years.
Previously, the country proposed seven emerging industries such as energy conservation and environmental protection, new generation information technology, biology, high-end equipment manufacturing, new energy, and new energy vehicles. Tongchuang Weiye listed the seven emerging industries as its main investment direction and formulated “ The Rainbow Strategy" plan.
Therefore, in the LED-related industry, Tongchuang Weiye has also made a major focus on investing in at least eight of these projects in the past few years, from chips to displays to power supplies.
"At present, it seems that LED companies can be listed, and overcapacity has led to a sharp decline in the profitability of the LED industry." A partner of a PE organization in Shenzhen told reporters that "the best period to invest in the LED industry is probably over." ."
The partner's PE organization has also invested in multiple LED projects in the past and is currently seeking other ways to exit.
"The fund is about to expire, we can't do anything, and we want to talk to LP and postpone it again." The partner of the above-mentioned PE organization said, "There are demand for cash, and we can only seek other ways to withdraw."
"In the future, the listing of LED companies will be very difficult. First, Volkswagen has no trust in the LED industry, especially its profitability. Second, the CSRC will review the LED more stringently. Overcapacity will become the key consideration of the CSRC. In particular, attention to key indicators such as gross profit margin will be the focus," said the partner.
"Unless the LED company has a very prominent technical advantage and is less affected by the overall fluctuations of the industry, it is difficult to justify it at the trial meeting."
According to the data, as of the end of the third quarter of 2012, there were 23 listed companies with LED as their main business, including 5 enterprises covering the whole industry chain, 3 supporting equipment companies, and 5 packaging companies. 5 homes.
In the field of LED applications, there are 4 listed companies whose main business is LED display, and the company that focuses on LED lighting is Qinshang Optoelectronics Co., Ltd. (002638, stock bar).
The above-mentioned more than 10 listed companies with declining performances have unreasonably attributed the reasons to the macroeconomic downturn in 2012 and the intensification of competition in the LED industry.
8 projects pressed in the meeting, turned to early
Zheng Weihe, chairman of Tongchuang Weiye, once said that Tongchuang Weiye will turn to early projects in the future.
In addition to Dalian Luming, Tongchuang Weiye's project in the meeting, Jiaozuo Brake Co., Ltd. also changed from the initial review status to the end of review on May 7 last year.
The status of Liaoning Tianhe Technology Co., Ltd., Shenzhen Haiyuntian Technology Co., Ltd., Qingdao Guoen Technology Co., Ltd., Guangdong Zhongankang Logistics Group Co., Ltd. and Shenzhen Wenke Garden Co., Ltd. are all “implementation feedbackâ€.
The review status of Jiangyin Dadi Equipment Co., Ltd. is for the registration of the registration and registration, while Huayang Lianzhong Digital Technology Co., Ltd. and Guangxi Southwest City Department Store Co., Ltd. are in the preliminary review.
Last year, Tongchuang Weiye invested 29 projects in the whole year, with a total investment of 670 million yuan. Compared with 27 projects in 2011, the number has increased. However, the amount has decreased. In 2011, the total investment was 900 million yuan.
In the whole year of 2010, Tongchuang Weiye invested a total of 35 projects with an investment amount of 900 million yuan. Last year, Zheng Weihe, the chairman of Tongchuang Weiye, said that Tongchuang Weiye will turn to early projects in the future. In 2011, there were only two or three early projects of Tongchuang Weiye Investment, and the number of early projects in 2012 reached 14,15.
In terms of M&A exit, Tongchuang Weiye also made some gains. DeNing Ningxia and Jieshijie all withdrew from the merger on October 12 last year.
(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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