LED concept stocks face change and face the Securities and Futures Commission issued a new year "first penalty"
In 2012, there was a rare “listing boom†in the LED industry, but it was even more rare that the LED stocks in the A-share market in 2012 were also getting together. Following the 2012 Securities Regulatory Commission's notification of the LED concept share, Weiwei, the CSRC issued the “first penalty†in 2013, which imposed penalties on Nanda Optoelectronics, its sponsor Pacific Securities and sponsor representatives. Coincidentally, the CSRC also punishes Keheng, its sponsor Guoxin Securities and Baodai. So far, the CSRC has punished four performance-changing companies, four sponsors and eight Baodai in just over three months.
The global economic downturn has caused a decline in performance
Following Yu Wei and Blum Oriental, on January 3, the CSRC notified the company that it had punished the performance of “changing the face†Keheng and Nanda Optoelectronics. This is the first penalty for the CSRC in 2013.
Keheng shares and Nanda Optoelectronics explained the decline in the company's performance. They all believe that it is affected by the global economic slippage, imbalance between supply and demand, and volume and price.
Keheng shares explained in the third quarterly report that “as the global economic situation continues to be sluggish, the demand for downstream customers' total operating revenues has decreased, the number of products sold by the company has decreased correspondingly, and the volume and price of products have fallen, resulting in a decrease of 52.49% in revenue of the company compared with the same period of last year. ".
Nanda Optoelectronics also explained in the third quarterly report that due to the impact of the European debt crisis and the slowdown of the domestic economic growth rate, LED industry development is not as expected, MO source demand slowed, product supply increased, market supply and demand relationship changed, causing price correction to decline .
The raw material prices of Keheng have declined. The price of rare earth oxides in raw materials mentioned in the third quarterly report has dropped significantly compared with that in 2011, and the prices of the company's products have also been adjusted downwards. This shows that if the price of raw materials has not decreased, the degree of performance of Keheng shares may become more serious. The company is also difficult to reverse in the fourth quarter. From the past years, the proportion of its fourth-quarter operating profit to the whole year has been shrinking year by year. According to the financial report, in 2010 and 2011, the total annual operating profit of Keheng shares in the fourth quarter was 28% and 15% respectively. At that time, market participants had inferred that Keheng shares could become the second share of Weiwei, and did not expect to be a slogan.
Nanda Optoelectronics is the only company in China that has independent intellectual property rights (alloy method) and realizes industrial production of MO source. It is also one of the four major manufacturers in the world. With these bright halos, the IPO was issued at 66.0 yuan per share, setting a maximum issue price in 2012. As of January 4, 2013, 58 trading days have been below the issue price.
Penalties are due to information disclosure
The supervision of the IPO is becoming more and more strict. From the Wei Wei shares that were punished on September 26 last year, the Blum Oriental in October, to the current Keheng shares and Nanda Optoelectronics, they were punished in just over three months. Four performance-changing companies, four sponsors and eight insurance companies.
The four listed companies that were punished as mentioned above, except for the similarly punctured date, were also given the same reasons, because they did not disclose information before the sudden decline in performance, and they were suspected of “reportingâ€.
The CSRC believes that in the case of a large decline in the performance of the mid-year report, Keheng and Nanda Optoelectronics did not truthfully explain in the major event commitment letter after the meeting, nor did they make corresponding supplementary disclosures in a timely manner during the IPO process.
Among the four sponsored institutions that have been punished, in addition to Pacific Securities, the other three are CITIC Securities, Guosen Securities, and Guotai Junan, both of which are large domestic brokers.
Among the 8 Baodai people who were punished, except for the tension of Guotai Junan, which was only a "new person" of a project, other insurance generations were senior insurance representatives who had done many projects: such as Zhang Ning, Baodai, Baolong Oriental Ningda Optoelectronics's insurance representatives Cheng Zhengmao and Tang Weihua have done five projects, four of which are IPO projects; and Yang Jian also sponsored six projects, including five IPO projects. Chen Dahan also sponsored five IPO projects.
Although the eight-guarantee was punished in more than three months, market participants still commented that "the punishment is still not enough." Some Weibo users commented: The IPO of the new shares has been suspended for three months, and it will not accept the documents issued within three months. It seems that there is no penalty.
(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.)
The global economic downturn has caused a decline in performance
Following Yu Wei and Blum Oriental, on January 3, the CSRC notified the company that it had punished the performance of “changing the face†Keheng and Nanda Optoelectronics. This is the first penalty for the CSRC in 2013.
Keheng shares and Nanda Optoelectronics explained the decline in the company's performance. They all believe that it is affected by the global economic slippage, imbalance between supply and demand, and volume and price.
Keheng shares explained in the third quarterly report that “as the global economic situation continues to be sluggish, the demand for downstream customers' total operating revenues has decreased, the number of products sold by the company has decreased correspondingly, and the volume and price of products have fallen, resulting in a decrease of 52.49% in revenue of the company compared with the same period of last year. ".
Nanda Optoelectronics also explained in the third quarterly report that due to the impact of the European debt crisis and the slowdown of the domestic economic growth rate, LED industry development is not as expected, MO source demand slowed, product supply increased, market supply and demand relationship changed, causing price correction to decline .
The raw material prices of Keheng have declined. The price of rare earth oxides in raw materials mentioned in the third quarterly report has dropped significantly compared with that in 2011, and the prices of the company's products have also been adjusted downwards. This shows that if the price of raw materials has not decreased, the degree of performance of Keheng shares may become more serious. The company is also difficult to reverse in the fourth quarter. From the past years, the proportion of its fourth-quarter operating profit to the whole year has been shrinking year by year. According to the financial report, in 2010 and 2011, the total annual operating profit of Keheng shares in the fourth quarter was 28% and 15% respectively. At that time, market participants had inferred that Keheng shares could become the second share of Weiwei, and did not expect to be a slogan.
Nanda Optoelectronics is the only company in China that has independent intellectual property rights (alloy method) and realizes industrial production of MO source. It is also one of the four major manufacturers in the world. With these bright halos, the IPO was issued at 66.0 yuan per share, setting a maximum issue price in 2012. As of January 4, 2013, 58 trading days have been below the issue price.
Penalties are due to information disclosure
The supervision of the IPO is becoming more and more strict. From the Wei Wei shares that were punished on September 26 last year, the Blum Oriental in October, to the current Keheng shares and Nanda Optoelectronics, they were punished in just over three months. Four performance-changing companies, four sponsors and eight insurance companies.
The four listed companies that were punished as mentioned above, except for the similarly punctured date, were also given the same reasons, because they did not disclose information before the sudden decline in performance, and they were suspected of “reportingâ€.
The CSRC believes that in the case of a large decline in the performance of the mid-year report, Keheng and Nanda Optoelectronics did not truthfully explain in the major event commitment letter after the meeting, nor did they make corresponding supplementary disclosures in a timely manner during the IPO process.
Among the four sponsored institutions that have been punished, in addition to Pacific Securities, the other three are CITIC Securities, Guosen Securities, and Guotai Junan, both of which are large domestic brokers.
Among the 8 Baodai people who were punished, except for the tension of Guotai Junan, which was only a "new person" of a project, other insurance generations were senior insurance representatives who had done many projects: such as Zhang Ning, Baodai, Baolong Oriental Ningda Optoelectronics's insurance representatives Cheng Zhengmao and Tang Weihua have done five projects, four of which are IPO projects; and Yang Jian also sponsored six projects, including five IPO projects. Chen Dahan also sponsored five IPO projects.
Although the eight-guarantee was punished in more than three months, market participants still commented that "the punishment is still not enough." Some Weibo users commented: The IPO of the new shares has been suspended for three months, and it will not accept the documents issued within three months. It seems that there is no penalty.
(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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