Recently, according to the reporter's exclusive information, due to the recent three consecutive years of performance far less than expected growth, lost the gambling agreement, Dongguan Qinshang Optoelectronics Co., Ltd. major shareholder refused cash compensation, had to reach shares with venture capital institutions Compensation agreement.
One side is the temptation of hundreds of billions of market cakes in the LED (light-emitting diode) lighting industry, while the EMC (contract energy management) model is highly invested and has a long payback period. In 2009, a large number of venture capital entered the LED lighting industry, but the development of many companies is not optimistic, and it has constantly warned the risks of this industry.
"The LED street lighting project has a one-time investment of more than 10 million yuan, and the return period is more than 5 years. As long as there is a poor project return, the whole company will be greatly affected. In the last two years, the growth rate has been frequently encountered. Poor situation." Mr. Li, investment manager of Dachen Venture Capital, said.
Diligently loses the gambling
The LED (Light Emitting Diode) street lighting industry has once spurred investors to stir up nerves because of the “Ten Cities and Ten Thousand Cities†plan of the Ministry of Science and Technology of China in 2009; now, more investment institutions are cautious about this industry.
"We have invested in an LED company, because in 2009 did not complete the performance requirements for the gambling agreement, was asked by a number of investment institutions to compensate." Shenzhen, a large venture capital investment director told reporters.
It is understood that the company is Qinshang Optoelectronics Co., Ltd., a green card enterprise supported by Dongguan City. In 2009, its main business income has reached 424 million yuan. As early as 2007, it introduced investment including Shenzhen Innovation Investment, Daqing Zhongke Huiyin and other institutions, and has attracted so far including Guoxin Hongling Venture Capital, Tianjin Dazhengyuan Investment Fund, Hangzhou Zhongzheng Avenue and Jiangsu Gaotou. More than a dozen institutions such as Growth Venture Capital, Shanghai Dingfeng Asset Management, and Xinjiang Honglian Venture Capital.
However, this company, which is highly sought after by venture capital institutions, was blamed by many institutions at the 2009 shareholders meeting earlier this year.
“The main reason is that the performance growth is not ideal,†said the investment director. According to the accounting statements of Qinshang Optoelectronics, the net profit from 2007 to 2009 was 58.75 million, 59.56 million and 65.15 million yuan respectively. The earnings per share were 0.59 yuan, 0.57 yuan and 0.58 yuan respectively. The growth rate of earnings per share did not meet some. The original gambling agreement of the investment institution. "So at the general meeting of shareholders, many institutions require cash compensation in accordance with the agreement, but the major shareholder of Qinshang Optoelectronics did not want to compensate for the 'giving the company a lot of help over the years. It is said that this caused A number of institutional objections.
In this regard, Li Chunyong, the secretary of the Board of Directors of Qinshang Optoelectronics, said that the issue of the gambling agreement has now reached an agreement with the investment institution to make share compensation instead of cash compensation. “Although our net profit and earnings per share growth rate is low in recent years, it is mainly due to the adjustment of product structure.†He said that the company will focus on LED street lights and tunnel light products. The operating income generated by this business has increased from more than 93 million in 2008 to 190 million in 2009.
The huge market cake set off a boom in the production line replacement of domestic LED companies. Venture capital companies have also entered this “new energy†industry.
From fanaticism to caution
However, after more than a year, the “Ten Cities and Ten Thousand Miles†program had encountered a lot of bottlenecks, and some venture capital companies also began to worry about the high investment and long payback period of the LED street lighting industry.
“There are still a lot of hot money flocking into this industry, but some large venture capitalists have begun to think coldly about the LED lighting industry, mainly the scale expansion speed and profit model of this industry.†A partner of Venture Capital, Hangzhou Zhongzheng Avenue said .
According to the observation of China Lighting Association, there are currently more than 300 companies producing LED road lamps, and they continue to expand. A single company has a high investment of several hundred million yuan, and a small number of tens of millions of yuan. Based on the road lighting growth data from 2005 to 2007, the annual growth rate is around 3 million baht, but traditional street lamps still dominate the market.
According to an industry insider, the current cost of LED street lamps is much higher than that of traditional lamps. For single lighting equipment, the traditional lamps are 2,000 yuan, while the LED street lamps are about 5,000 yuan. It takes 30 million to renovate 10,000 street lamps. cost. "And street lighting is a public utility, the electricity fee is charged at 0.483 yuan / kWh, if 10,000 ç› LED street lights save 1 million kWh a year, the value is 483,000 yuan. Compared with the high renovation costs, the relevant units are promoting negative."
Another bottleneck is that EMC (contracted energy management model) currently used in LED street lighting is still immature. LED companies pay a high investment in the first phase of streetlight renovation, while government departments pay the annual savings to LED companies by calculating the annual energy savings.
Although this model eliminates the concern of the client for investment, it generates a large amount of accounts receivable risk for LED companies.
China's large-scale LED lighting company Huaying Group encountered similar difficulties. In 2007, it has adopted the EMC model to cooperate with government departments to install the Shenzhen Hongmian Road LED replacement project, but has not received payment yet. In Shenzhen, Huaying participated in the renovation of LED streetlights with more than seven sample roads. Currently, there is no refund.
This is not a special case. According to an incomplete statistics, a total of 222,000 LED street lights were installed in 21 pilot cities of the “10-year-old†light plan last year; the LED street light production line has a loss rate of 70%.
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