On January 10th, Tianlong Optoelectronics (300029) released a reduction plan for actual controllers, becoming the second company to be reduced by major shareholders after Netac Technology (300042). However, after communicating with the relevant personnel of the company, the reporter learned that the actual controller of Tianlong Optoelectronics has another “hidden feelingâ€: it is the equity pledge trust triggering the closing condition, which requires a large amount of funds to fill the trust pledge hole.
Pledged stock market value shrank 63%
Tianlong Optoelectronics announced that the actual controller, Changzhou Noah Technology, plans to reduce its holdings of no more than 16 million shares in the next six months, which is no more than 8% of the company's total share capital. The purpose of the reduction is because of Changzhou Nuo. Asia Technology needs capital turnover. It is reported that this part of the proposed reduction of shares, just released on December 27, 2012.
In this regard, the reporter contacted the relevant person in charge of Tianlong Optoelectronics, the person in charge told reporters that the reason why the actual controller is reduced is actually because of the trust relationship, "almost all for this reason."
According to the tips of the above-mentioned person in charge, the reporter found that the actual controller Changzhou Noah Technology signed the “Luxin-Hengxin No. 3 Collective Capital Trust†as early as September 2011 with the Shandong Province International Trust Co., Ltd. Tianlong Optoelectronics Equity Pledge Contract, with its 12.5 million shares of restricted shares and its derivative interests, provides equity pledge performance guarantee for the smooth performance of the above-mentioned contracts signed with Shandong International Trust Co., Ltd. 12.5 million shares accounted for 20.43% of Tianlong Optoelectronics Co., Ltd. (600184) held by Changzhou Noah Technology.
According to the above public information of the trust products, the trust period is 18 months, and the issuance time is from October 18 to November 8, 2011. The expected rate of return is 9.5%, while the warning line and the stop loss line are pledged stocks respectively. The total market value fell to 1.5 times and 1.4 times the project investment amount. Once the warning line is reached, Changzhou Noah Technology must pay the credit guarantee or additional stock pledge, and once the stop loss line is reached, Changzhou Noah Technology must fulfill the equity repurchase obligation in advance, otherwise the trust company will exercise the pledge to realize the pledge stock. According to this calculation, the stock price corresponding to the warning line (1.5 times) and the stop loss line (1.4 times) are 12 yuan and 11.2 yuan respectively.
At the beginning of the pledge on October 18, 2011, Tianlong Optoelectronics' share price was still above 18 yuan, and the market value of 12.5 million shares reached 225 million yuan, which was 2.25 times of the total issue amount of 100 million yuan. Yesterday, Tianlong Optoelectronics' stock price was only 6.72 yuan, which has already fallen below the above-mentioned stop-loss line. The market value of 12.5 million shares is only 84 million yuan, shrinking by 63%.
It should be pointed out that Feng Jinsheng, chairman of Tianlong Optoelectronics, also pledged 15.2 million shares of the company in February 2012 and participated in the Shandong Trust-Hengxin No. 3 Phase 14 Collective Fund Trust Plan. The scale of this plan is 68.4 million to 83.6 million yuan, and the yield is also 9.5%. The conditions of the warning line and the stop loss line are the same as the aforementioned contract. The warning line is 6.75~8.25 yuan, and the stop loss line is 6.3~. 7.7 yuan. It is not difficult to see that Feng Jinsheng's pledge shares also have a large risk of additional pledges or even liquidation.
Tianlong Optoelectronics' third quarterly report showed that Feng Jinsheng's shares of 25.595 million shares were lifted on December 25, 2012. However, Feng subsequently voluntarily extended the lock-up period of the shares for half a year, that is, after June 25 this year, his shares will be lifted. Similar to the situation of the major shareholder Noah Technology, after the shares were lifted, if the share price of Tianlong Optoelectronics still did not improve, then Feng Jinsheng also had the possibility to reduce the shares held to fill the trust hole. Investors should be aware of the risks involved.
LED business is struggling
The stock price of Tianlong Optoelectronics plummeted, forcing Noah Technology to throw out a plan to reduce its holdings, and the main reason for the decline in the stock price of listed companies was attributed to the enormous difficulties faced by the company. Tianlong Optoelectronics reported in the third quarter of last year that due to the sluggish PV industry and the company’s large losses in the first three quarters of last year, the company’s 2012 net profit loss is expected to be 115 million yuan to 130 million yuan, down 280.71% to 308.80% year-on-year. .
Tianlong Optoelectronics entered the LED industry in 2011 to develop and produce LEDMOCVD equipment, but the LED industry is in a downturn. On February 21, 2011, Tianlong Optoelectronics announced that it has signed a contract with Huasheng Optoelectronic Equipment (Hong Kong) Co., Ltd. to jointly establish a Sino-foreign joint venture company with independent legal entities in Changzhou, mainly engaged in R&D, production and sales of MOCVD equipment and epitaxial processes. And after-sales service.
Tianlong Optoelectronics revealed in the latest progress on the LEDMOCVD project on September 13, 2012 that Jiangsu Zhonghao signed a device with a customer for the first time on September 11, 2012 through its wholly-owned subsidiary Zhonghao Optoelectronic Equipment (Shanghai) Co., Ltd. on September 11, 2012. Sales contract, the agreement will start equipment installation and testing on the client before November 30, 2012.
A brokerage researcher bluntly told reporters that although Tianlong Optoelectronics MOCVD has begun installation and testing, it is still a long way to be truly recognized by the market. According to data released by the High-tech LED Research Institute, the number of new MOCVDs in the first three quarters of 2012 was 93, with an average operating rate of 58.4% and a capacity utilization rate of only 30.1%.
Involved in the super-day sun (002506) financial crisis
Recently, the Super Sun was exposed to the capital chain crisis. The reporter checked the Tianlong Optoelectronics semi-annual report and found that the first amount of the accounts receivable announced was the Super Sun.
Tianlong Optoelectronics revealed in the semi-annual report that the accounts receivable for Chaori Sun reached 126 million yuan. In addition, Tianlong Optoelectronics announced on July 13, 2012 that the company intends to provide no more than bank loans for Shanghai Chaori Solar Technology Co., Ltd. A guarantee of 200 million yuan. In this regard, the reporter called the company as an investor on the issue of accounts receivable. The relevant person in charge of Tianlong Optoelectronics told reporters that the company is fully pursuing the funds. At present, it still recovers about 20 million yuan.
When the reporter asked if the company would continue to cooperate with Chaori Sun, the person in charge said that the company still hopes to continue to cooperate with the Sun, but the premise is that the other party needs to repay, and the company will continue to collect money to protect the company. interest.
(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.)
Pledged stock market value shrank 63%
Tianlong Optoelectronics announced that the actual controller, Changzhou Noah Technology, plans to reduce its holdings of no more than 16 million shares in the next six months, which is no more than 8% of the company's total share capital. The purpose of the reduction is because of Changzhou Nuo. Asia Technology needs capital turnover. It is reported that this part of the proposed reduction of shares, just released on December 27, 2012.
In this regard, the reporter contacted the relevant person in charge of Tianlong Optoelectronics, the person in charge told reporters that the reason why the actual controller is reduced is actually because of the trust relationship, "almost all for this reason."
According to the tips of the above-mentioned person in charge, the reporter found that the actual controller Changzhou Noah Technology signed the “Luxin-Hengxin No. 3 Collective Capital Trust†as early as September 2011 with the Shandong Province International Trust Co., Ltd. Tianlong Optoelectronics Equity Pledge Contract, with its 12.5 million shares of restricted shares and its derivative interests, provides equity pledge performance guarantee for the smooth performance of the above-mentioned contracts signed with Shandong International Trust Co., Ltd. 12.5 million shares accounted for 20.43% of Tianlong Optoelectronics Co., Ltd. (600184) held by Changzhou Noah Technology.
According to the above public information of the trust products, the trust period is 18 months, and the issuance time is from October 18 to November 8, 2011. The expected rate of return is 9.5%, while the warning line and the stop loss line are pledged stocks respectively. The total market value fell to 1.5 times and 1.4 times the project investment amount. Once the warning line is reached, Changzhou Noah Technology must pay the credit guarantee or additional stock pledge, and once the stop loss line is reached, Changzhou Noah Technology must fulfill the equity repurchase obligation in advance, otherwise the trust company will exercise the pledge to realize the pledge stock. According to this calculation, the stock price corresponding to the warning line (1.5 times) and the stop loss line (1.4 times) are 12 yuan and 11.2 yuan respectively.
At the beginning of the pledge on October 18, 2011, Tianlong Optoelectronics' share price was still above 18 yuan, and the market value of 12.5 million shares reached 225 million yuan, which was 2.25 times of the total issue amount of 100 million yuan. Yesterday, Tianlong Optoelectronics' stock price was only 6.72 yuan, which has already fallen below the above-mentioned stop-loss line. The market value of 12.5 million shares is only 84 million yuan, shrinking by 63%.
It should be pointed out that Feng Jinsheng, chairman of Tianlong Optoelectronics, also pledged 15.2 million shares of the company in February 2012 and participated in the Shandong Trust-Hengxin No. 3 Phase 14 Collective Fund Trust Plan. The scale of this plan is 68.4 million to 83.6 million yuan, and the yield is also 9.5%. The conditions of the warning line and the stop loss line are the same as the aforementioned contract. The warning line is 6.75~8.25 yuan, and the stop loss line is 6.3~. 7.7 yuan. It is not difficult to see that Feng Jinsheng's pledge shares also have a large risk of additional pledges or even liquidation.
Tianlong Optoelectronics' third quarterly report showed that Feng Jinsheng's shares of 25.595 million shares were lifted on December 25, 2012. However, Feng subsequently voluntarily extended the lock-up period of the shares for half a year, that is, after June 25 this year, his shares will be lifted. Similar to the situation of the major shareholder Noah Technology, after the shares were lifted, if the share price of Tianlong Optoelectronics still did not improve, then Feng Jinsheng also had the possibility to reduce the shares held to fill the trust hole. Investors should be aware of the risks involved.
LED business is struggling
The stock price of Tianlong Optoelectronics plummeted, forcing Noah Technology to throw out a plan to reduce its holdings, and the main reason for the decline in the stock price of listed companies was attributed to the enormous difficulties faced by the company. Tianlong Optoelectronics reported in the third quarter of last year that due to the sluggish PV industry and the company’s large losses in the first three quarters of last year, the company’s 2012 net profit loss is expected to be 115 million yuan to 130 million yuan, down 280.71% to 308.80% year-on-year. .
Tianlong Optoelectronics entered the LED industry in 2011 to develop and produce LEDMOCVD equipment, but the LED industry is in a downturn. On February 21, 2011, Tianlong Optoelectronics announced that it has signed a contract with Huasheng Optoelectronic Equipment (Hong Kong) Co., Ltd. to jointly establish a Sino-foreign joint venture company with independent legal entities in Changzhou, mainly engaged in R&D, production and sales of MOCVD equipment and epitaxial processes. And after-sales service.
Tianlong Optoelectronics revealed in the latest progress on the LEDMOCVD project on September 13, 2012 that Jiangsu Zhonghao signed a device with a customer for the first time on September 11, 2012 through its wholly-owned subsidiary Zhonghao Optoelectronic Equipment (Shanghai) Co., Ltd. on September 11, 2012. Sales contract, the agreement will start equipment installation and testing on the client before November 30, 2012.
A brokerage researcher bluntly told reporters that although Tianlong Optoelectronics MOCVD has begun installation and testing, it is still a long way to be truly recognized by the market. According to data released by the High-tech LED Research Institute, the number of new MOCVDs in the first three quarters of 2012 was 93, with an average operating rate of 58.4% and a capacity utilization rate of only 30.1%.
Involved in the super-day sun (002506) financial crisis
Recently, the Super Sun was exposed to the capital chain crisis. The reporter checked the Tianlong Optoelectronics semi-annual report and found that the first amount of the accounts receivable announced was the Super Sun.
Tianlong Optoelectronics revealed in the semi-annual report that the accounts receivable for Chaori Sun reached 126 million yuan. In addition, Tianlong Optoelectronics announced on July 13, 2012 that the company intends to provide no more than bank loans for Shanghai Chaori Solar Technology Co., Ltd. A guarantee of 200 million yuan. In this regard, the reporter called the company as an investor on the issue of accounts receivable. The relevant person in charge of Tianlong Optoelectronics told reporters that the company is fully pursuing the funds. At present, it still recovers about 20 million yuan.
When the reporter asked if the company would continue to cooperate with Chaori Sun, the person in charge said that the company still hopes to continue to cooperate with the Sun, but the premise is that the other party needs to repay, and the company will continue to collect money to protect the company. interest.
(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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