TCL Group (000100.SZ, hereinafter referred to as "TCL"), Shenzhen Textile Group (000045.SZ, hereinafter referred to as "Deep Textile") announced on April 7 that TCL intends to acquire 26% equity of Shenzhen Textile, once the acquisition is successful TCL will become the largest shareholder of Shenzhen Textile. In this way, TCL will be involved in the polarizer, further extending the flat-panel industry chain, and at the same time does not rule out the possibility of TCL's Huaxing Optoelectronics spin-off of the deep-sewing textile.
The transaction was due to Shenzhen's accelerated reform of state-owned mixed ownership. Shenzhen Investment Holdings Co., Ltd. (hereinafter referred to as “Shenzhen Investment Controlâ€) transfers the shares held by Shenzhen Textile to not less than 26% and not more than 29% by publicly collecting the transferee. As of the deadline of April 4, only TCL submitted the letter of intent and related information, intends to participate in the subscription, and has paid a deposit of 110 million yuan.
TCL said that there is still uncertainty about whether it can reach an agreement on this transaction and Shenzhen Investment Holdings and finally sign the equity transfer agreement.
At present, Shenzhen Investment Holdings directly holds 46.21% of the shares of Shenzhen Textile, and also holds a 3.18% stake in Shenzhen Textile through its wholly-owned subsidiary Shenzhen Shenchao Technology Investment Co., Ltd. The actual controller of Shenzhen Textile is Shenzhen SASAC [microblogging]. As of December 31, 2013, the total assets of Shenzhen Textile were 2.85 billion yuan and the owner's equity was 2.298 billion yuan.
In 2013, Shenzhen Textile's operating income was 1.13 billion yuan, a year-on-year increase of 33.84%; net profit was 47.22 million yuan, an increase of 158.31%. Among them, the polarizer business revenue last year was nearly 600 million yuan. Last year, Shenzhen Textile began supplying polarizers to Huaxing Optoelectronics, Longteng Optoelectronics, and Shenchao Optoelectronics. The products are also ready to be imported into BOE and CLP Panda. At present, Shenzhen Textile is actively promoting the construction of the second phase of the polarizer.
According to the annual report of Shenzhen Textile, Huaxing Optoelectronics was the second largest customer of Shenzhen Textile and the largest customer of polarizer sales last year. The purchase amount last year was 220 million yuan, accounting for nearly 20% of the total annual sales of Shenzhen Textile.
TCL said in the announcement that Samsung, LG, Chi Mei, AUO and other major international panel suppliers have entered the polarizer industry. Through this transaction, TCL can further improve the vertical layout of the flat panel display industry chain and enhance the control of key materials and components of LCD panels.
According to industry analysis, Shenzhen Textile is an enterprise with a relatively long polarizer and a large production capacity. Compared with competitors in Japan and South Korea, the domestic polarizer industry is still in a weak position. At present, the main polarizers in China are still imported, so TCL's acquisition of Shenzhen Textile will not have much impact on the industry competition pattern, and it is more conducive to TCL's own vertical integration of the industry chain.
According to reports, polarizers are one of the core components of the panel. At present, LCD panels account for about 60% to 65% of the cost of flat-panel TVs. In the liquid crystal panel, the glass, liquid crystal, and backlight modules are three major components, and the largest component in the backlight module is a polarizer. Previously, LG Chem had cooperated in the production of some polarizers in the Huaxing Optoelectronics Shenzhen factory area, but the amount was small. TCL has a backlight module factory and a liquid crystal panel factory. If a polarizer is added, the industrial chain will be more perfect.
Huaxing Optoelectronics, a subsidiary of TCL, is one of the leading companies in domestic LCD panels. Last fall, Huaxing Optoelectronics started the second phase of construction in Shenzhen, and plans to add another 8.5 generation line. At that time, insiders of Huaxing Optoelectronics had revealed to the reporter that Huaxing Optoelectronics had plans to spin off the listing. In 2013, Huaxing Optoelectronics also plans to start the third phase of construction in Wuhan, and launch the 6-generation LTPS (low temperature polysilicon) LCD panel line to produce mobile phone panels.
The purchase of Shenzhen Textile may be a prelude to the listing of Huaxing Optoelectronics. For outside speculation, TCL Securities Affairs Representative Wang Jianxun said in a telephone interview with the reporter of the "First Financial Daily" last night that "the announcement has already been made clear."
TCL said in the announcement that through more than ten years of research and development and production, Shenzhen Textile has established and accumulated certain brand, technology and operation management experience in the domestic polarizer business. Through this transaction, “the further integration of the TCL LCD panel business and the target company's polarizer business can be further promotedâ€, which is conducive to realizing the advantages of vertical integration of the industry chain and exerting synergies between the two parties in research and development, manufacturing and marketing. Further enhance the competitiveness of enterprises.
As for the price of TCL's acquisition of Shenzhen Textile, Wang Jianxun said that TCL will disclose new progress in the follow-up announcement.
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