Feile increased 58 million shares into the automotive LED

In the market for the acquisition of Feile Audio [10.32 -3.01%] (600651, the previous closing price of 10.64 yuan) is still guessing, today (March 9) its non-public issuance plan gives the answer. The company plans to issue a total of 58 million shares to the major shareholder Yidian Group at a price of 8.60 yuan per share. The net proceeds to be raised will not exceed 486 million yuan, which will be used to acquire 70% of Shengyi Industrial and part of the company's Yaming Bulb Factory. Project transformation.
The industry believes that the expansion of the company's LED business while strengthening the company's controlling stake in the company, its shareholding ratio increased from 9.75% to 17.52%, and the Yidian Group took out real money subscription, also see An attitude towards the project.
Acquisition of asset appreciation rate of nearly 300%
The main acquisition target of Feile Audio is 70% equity of Shengyi Industrial. The main products of Shengyi Industrial are automotive LED lighting, which is a supporting component of automobile manufacturing plant. It has been carried out with many automakers at home and abroad for many years. Good cooperation has formed a considerable number of automotive LED lighting products and a stable customer base.
Shengyi Industrial's 2009 financial information (unaudited) shows that in 2009 the company achieved operating income of 146 million yuan and net profit of 15.31 million yuan. Its original shareholders, Cao Rong, Li Zilin, Yan Xiaohong, Chen Zhiwei, Hu Rongqing, and Shanghai Shengyu Investment Management Co., Ltd., etc., sold 70% of their shares. According to the evaluation results, the equity transfer price of the target equity shall be negotiated and determined, and the price shall not exceed 157 million yuan.
According to its owner's equity of 56,818,800 yuan, the asset appreciation rate is close to 300%. At the same time, the transferee will provide its profit commitment to Shengyi Industrial for the next 5 years (ie 2010 to 2014). The net profit after non-recurring gains and losses was 2,199.3 million yuan, 27,524,300 yuan, 3,425,600 yuan, 41,681,900 yuan and 51,516,400 yuan respectively.
And further promised to the transferee that the transferor can enable Shengsheng Industrial to achieve the three-year profit commitment from 2010 to 2012. If the promised profit is not met, it will be compensated or adjusted by cash supplement or legally recognized.
The major shareholder's shares in the cash subscription of the additional shares will be fully subscribed by the major shareholder Yidian Group in cash. Yidian Group originally held 600.696 million shares of Feile Audio, accounting for 9.75% of the total share capital of Feile Audio. After the completion of the issuance, it will hold 11,806,600 shares of Feile Audio, accounting for 17.52% of the total share capital of Feile Audio. The controlling interest in the company was further strengthened.
The additional 329 million yuan raised will be used for part of the project transformation project of the company's wholly-owned subsidiary Shanghai Yaming Bulb Factory, in which it plans to invest 100 million yuan for the technical center construction project and 70 million yuan HID lamp expansion technical transformation project. , 138 million yuan energy-saving fluorescent lamp expansion technology transformation project, 20 million yuan to introduce zinc amalgam production equipment project.
Feile sound believes that with the development of China's energy-saving and emission reduction actions and the popularization of green lighting, green lighting products will occupy most of the lighting products market, and LEDs and HIDs in China in the next 5 years.

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