On May 27, one of the two big international giant philips lighting industry, split the philips lighting in Amsterdam in the Netherlands, securities exchanges. At the same time, another giant osram, foreign forecast its subsidiary company's general lighting will spin off on July, 1st, involving revenue reached 14.7 billion yuan.
Several LED domestic enterprises are rubbing their hands. The world's top ten wooden Tomlinson co., LTD. (hereinafter referred to as the "wood" Tomlinson) also in it.
Ten days ago, about agreed to participate in bidding consortium to OSRAMLichtAG (hereinafter referred to as the "osram") submission of legally binding bid bill in wood Tomlinson's board of directors for review and passed. Wood Tomlinson on the same day, another notice announced that the number and harmony will invest 500 million yuan hao investment management (Beijing) co., LTD. (hereinafter referred to as the "number" harmonious hao) of the partnership. Wood Tomlinson Lin Jiliang executive general manager, told reporters that this cooperation aims to, through a fund capital works, such as high-quality assets acquisition LED industry, is not confined to a project.
Wood Tomlinson acquisition of osram lighting business partner is in China last year to 132 times the number one cause of the international capital investment IDG. To spread the news, the industry Lin Jiliang confirmed to the reporter, and the above mentioned number is harmonious hao IDG capital owned by the company.
Interact with the international well-known fund IDG frequently, and actively acquire revenue of nearly $15 billion of assets, a leader in international wood Tomlinson is why?
"Southern daily reporter QinSuLing
Is not a "snake swallow like"
On the evening of May 16, in xiaolan town wood Tomlinson road no. 1 building, wood Tomlinson Sun Qing haun and six other director, chairman to vote in the fifth floor conference room.
In fact, as early as in last year November 7, wood Tomlinson is announced to bid osram lighting business assets. But since then, a period of time the wooden Tomlinson did not bid to disclose more information. This time, is obviously to speed up the acquisition.
The announcement immediately announced on May 17th. To promote the internationalization process, and improve the LED (light emitting diode) the strategic layout of the industry, wood Tomlinson complexes bidding decision and partner, to participate in bidding acquisition part osram lighting business assets, submit to the osram legally binding in the book of tender, and I agree to authorize the chairman Sun Qing haun signed the book of tender and other legal documents related to this transaction.
Public information, osram, as one of the two largest lighting companies headquartered in Munich, Germany, along with philips, all is a world giant in the field of the light source. Compared with osram, wood Tomlinson currently ranked lower in the LED lighting industry, industrial advantage is focused on industrial middle packaging market.
This bid, hard to avoid lets the case of a reverse takeover international giant enterprise in China. , for example, when Beijing first machine tool plant acquisition coburg Germany, finally, the Chinese enterprises to obtain the relevant technology, German companies have reaped sales channels and marketing in China market.
And, for the bid for osram stripping assets is very fierce. Besides wood Tomlinson, and bdo, and other large enterprises to participate in bidding.
Why is it so confident when wood Tomlinson?
"I believe that complete the bid, influence on wood Tomlinson and osram will definitely 1 + 1 >
2. "Lin Jiliang for bidding purpose is very clear, he says, osram as the world's second largest lighting company has very good industrial advantage, brand image and marketing channel, wood Lin Senze is the world's largest provider of low and medium power white LED market, combining the two will play a significant synergies.
The reporter learns public information, osram business mainly consists of five parts: CLB (traditional lighting and ballast), LLS (leds and system), L&S (lamps and lanterns and solutions), SL (special lighting, mainly light) and OS (optoelectronic semiconductors, mainly LED chips and devices). As the traditional LED lighting market shrinking, the tradition of osram lighting business a significant downward trend. In June 2015, osram approved its spin-off channel business plan of the board of supervisors, spin-off mainly consists of CLB, LLS two parts.
Surface looks like a bit of a "snake swallow like" reverse takeover. Actually not so much.
Wood Tomlinson annual report last year, 80% of main business from LampLED (LED) into type and SMDLED (table type LED), the company gross margin is more than 20%. According to the results, according to data in nearly four years wood Tomlinson SMDLED product revenue of 600 million yuan, 1.298 billion yuan and 2.079 billion yuan respectively, 2.234 billion yuan, the LED application products income 168 million yuan, 279 million yuan and 591 million yuan respectively, 576 million yuan.
"SMD is the mainstream of the global general lighting products that we are the world's largest, white light SMDLED in China we also occupy about 50% market share, this is part of our very strong. So the advantages, the future in this field, bid for complete will have a very big support on osram." Lin Jiliang thinks, complete the bid, osram will actually so reinforcing promotion in the LED business and technology, better profit space. And has the world famous brands and osram covering 150 countries, sales channels, is in rapid scale expansion of wood Tomlinson provides a good "sea".
The industry layout behind 14.7 billion yuan
Than the "snake swallow like" more intense discussion, also lies in the amount of revenue the acquisition project - nearly 150 yuan RMB.
For the value of the bid, wood Tomlinson executives say is commercial secrets.
Reporter from public data query to osram, in July, the split of general lighting subsidiary Ledvance, reach nearly $2014 in fiscal year 2014 to 2015 euros (14.7 billion yuan) of the amount of revenue.
It, in other words, the subject matter of the revenue reached nearly RMB 15 billion, wood Tomlinson will suffer great financial pressure?
Statistics show that in 2015 the global LED output (including visible and invisible light LED) reached $14.325 billion, in a recession by 3%; Among them, the LED chip market size of $2.02 billion, annual decline 7%, negative growth for the first time; LED packaging market size of $8.8 billion, the year only 2% growth. With Chinese manufacturers to grow 7%, while the international manufacturers fell 10%.
Belong to the growth of wood Tomlinson, advantage is concentrated in the LED packaging market.
Experienced the "down" for two consecutive years the global market price decline, in wood Tomlinson high-level view, in the first quarter of this year the company both in gross margin and revenue to achieve the "significant rebound," enterprise cash flow is more health, financial pressure acquisition does not exist.
Another example comes from cash flow, on May 26, wood Tomlinson disclosure of a separate announcement.
Wood Tomlinson, issued the non-public situation report and listed format, content, the total amount raised more than $2.3 billion. According to the announcement, wood Tomlinson all raise funds will be used for the enterprise's own advantage industry layout of 3 LED technological upgrading projects. The xiaolan SMDLED encapsulation technological upgrading projects to raise funds to be used 616 million yuan, gian SMDLED encapsulate a phase of the construction project will allocate 943 million yuan, another 757 million yuan to raise funds at the LED application lighting issue of construction project.
If it is only a large-scale investment in technological upgrading, based on their own industry that since they were launched in February last year, gradually entering mature wood Tomlinson, its industry development basic is running around the capital m&a. Thanks to the capital acquisition, wooden Tomlinson's industry layout also gradually clear.
Last September, wood Tomlinson 180 million yuan investment with self-owned capital participation and development of lighting (xiamen) co., LTD. (hereinafter referred to as the "development"), through increase endowment spread access to development a 10.91% stake. Thanks to it, wooden Tomlinson and development of high power LED advantage, will be in the high-end LED device introduced, improve the product line from the supply side.
In march, wood Tomlinson and YanJianGuo sign a super time light source (group) co., LTD. (hereinafter referred to as the "super light source") of the letter of intent. Wood YanJianGuo Tomlinson intends to cash holdings of super era light 80% stake. Market price determined primarily by the parties, value of 300 million yuan to 350 million yuan. This time, over time the light source as the nation's largest LED filament lamp manufacturers, not only to apply wood Tomlinson industrial chain extending to the downstream products, improve the supply chain, is also using the ultra time light European supermarket channel.
In LED industry, wood Tomlinson of osram lighting business competition, mainly based on the industrial layout of large-scale mergers and acquisitions. With the transnational giants channel business and the advantages of the brand image, once the successful m&a, wood Tomlinson will take this to expand its overseas lighting business, will further extend to the downstream industry chain, and terminal marketing especially European and American markets will also be perfected.
Interaction has been the surge of international capital
Throughout 2015, in domestic has public investment projects, investment in 132 ranked the first, who threw tencent, baidu and millet IDG capital, witness the ultra hundred listings or mergers and acquisitions, quietly came to zhongshan recently.
This IDG to join the association of "bid", wood Tomlinson was regarded as is the strength of the buyers bid for osram lighting business.
Public information, IDG have long LED industry layout. In 2010, he teamed up with GSR ventures such as investment is the core of light (Beijing) technology co., LTD., jointly produce high brightness leds (HBLED) flagship enterprise. Another popular concern about the movements, IDG is investment giant HuaCan photoelectric chip suppliers in China.
HuaCan photoelectric, IDG and another intersection of wood Tomlinson.
On the evening of April 10, wood Tomlinson and HuaCan photoelectric signed a strategic cooperation agreement. Agreement, according to wood Tomlinson will, under the same condition prior purchasing HuaCan photoelectric products, over the next three years wood Tomlinson will buy from HuaCan photoelectric LED chip product value amount not less than 1.5 billion yuan. Collaborations, HuaCan photoelectric will give priority to guarantee the supply of wood Tomlinson, at the same time considering the wood Tomlinson single product purchasing large scale factor, HuaCan photoelectric committed to the most preferential price protection will give wood Tomlinson, HuaCan photoelectric conditions will do everything possible to guarantee the supply of wood Tomlinson number reach the goal.
This time, the layout of the wood Tomlinson extends to the upstream of the LED industry, is the chip area. HuaCan photoelectric has promised a wooden Tomlinson will receive priority yiwu new factory put into production after the release of new capacity allocation, guarantee wood Tomlinson future demand for expanding the LED chip. IDG as a shareholder of HuaCan photoelectric, and wooden Lin Senzao before bidding, has been frequently.
"You (LP) money, I (GP)." Is venture capital investment in the parable of the image. LP (LPS) after a series of procedures, their own money to the GP (general partner) to do, and the GP will LP money to investment projects, obtain profits, the two sides of the profit into again.
Tomlinson and IDG recently began to explore the capital cooperation. On May 16, wood Tomlinson and IDG's harmonious hao number signed the letter of intent for limited partnership, the partnership agreement, plans to use its own funds 500 million yuan and harmonious hao or its associated companies and other investors to set up a limited partnership. Wood Tomlinson as LP to participate in business investment, that is, by participating in capital increase, equity transfer is of high quality LED industry enterprises, high-quality assets acquisition LED industry.
"Wood Lin Senyou very clear planning, and in this process, needs the cooperation of the capital market, our cooperation is not limited to IDG, at present a lot of foreign buy-out funds in cooperate with us." Lin Jiliang believe that Chinese enterprises overseas mergers and acquisitions frequently LED industry areas, mainly based on the need of industry consolidation, "China's lighting industry output value accounted for 70% of world output, but because of the imperfection of the scale and industrial chain, there has been no has the voice of the brand in the world. And only in the upstream and downstream industry chain really master link, to the terminal has the decision."
From the LED production country to LED technology power, wood Lin Senzheng speed up to solve the supply side and demand side two problems. With all kinds of high quality and capital strength, make ecosystem of the finished product and the supply chain, improve the company LED industry chain layout, strengthen the core competitiveness.
At this point, wooden Tomlinson's industry layout gradually clear.
