For the first time, the participants will be invited by Dongjing Electronics to push another 300 million financing plan.
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The stock price trend of Dongjing Electronics on the same day was like that of the company's 2011 fundraising project, which made investors feel disappointed after the excitement. Now, Dongjing Electronics once again recruited two PEs to inject capital into the company. Will it repeat the mistakes of the last fundraising?
First-time participant quilt
Recently, Dongjing Electronics announced a non-public offering plan. The company plans to issue 54,054,054 shares in a non-public offering, and the issued stock price is 5.55 yuan/share. The company has locked in the target of fixed-income, with Beijing Qianshi Chuangfu Capital Management Co., Ltd. subscribed for 36,036,036 shares, and Huasheng Future Fund Management Co., Ltd. subscribed for 18,018,018 shares, with a lock-up period of three years. The funds are 300 million yuan, all of which are used to supplement working capital.
At present, the price of Dongjing Electronics is 6.5 yuan/share, which is higher than the issue price of 5.5 yuan/share. For Qianshi Chuangfu and Huasheng in the future, it is temporarily cheap, but the lock-up period is three years, which means that two PEs Think of this investment as a value investment and be optimistic about the future performance of Dongjing Electronics.
In fact, in 2011, Dongjing Electronics has implemented its first non-public offering. At that time, Dongjing Electronics ranked 80th among the top 100 electronic components companies in China, and ranked among the top 3 domestic piezoelectric quartz crystal electronic components companies. In order to become bigger and stronger, Dongjing Electronics plans to increase 305 million yuan at the time to build a "small SMD piezoelectric crystal frequency component technology transformation project with an annual output of 120 million 3G communication equipment" and "an annual output of 160 million miniatures." Precision SMD quartz crystal resonator production line construction project". In the meantime, some analysts believe that the increase will bring a new period of performance to Dongjing Electronics.
On January 5, 2011, Dongjing Electronics issued 21,478,873 RMB ordinary shares to 10 specific investors in the form of non-public offering of shares. The purchase prices of these 10 investors ranged from 13.30 yuan to 17.00 yuan. The total amount of funds raised was RMB 304,999,997. After deducting the issuance expenses of RMB 15,857,526.97, the net proceeds raised were RMB 289,142,470.03.
However, one year after the lock-up period, that is, when the lock-up was released on January 18, 2012, the share price of Dongjing Electronics has slipped to around RMB 10, which shows that the decline has reached 38% during this period. The above-mentioned top 10 investors have at least lost 10 %the above. This is only the beginning. Since then, the stock price of Dongjing Electronics has fallen all the way. By the beginning of December 2012, the lowest price was 4.89 yuan/share.
Increased pressure on environmental change
Since its inception in 2011, Dongjing Electronics has gradually declined from the 80th to the latest 93rd in the list of the top 100 electronic components companies produced by the National Electronic Component Industry Association.
At the same time, the two projects of a€?Micro-SMD Piezoelectric Crystal Frequency Component Technical Transformation Project with Annual Output of 120 Million 3G Communication Equipmenta€? and a€?160 Million Micro-High Precision SMD Quartz Crystal Resonator Production Line Construction Projecta€? failed to achieve the original project. Expected effect.
The annual production of 160 million micro-precision SMD quartz crystal resonator production line construction project has been reduced by the scale of production capacity. The remaining planned funds are used to implement the annual production of 2.75 million mm LED sapphire crystal rod construction project. a€?The technical transformation project of miniature SMD piezoelectric crystal frequency components with an annual output of 120 million 3G communication equipmenta€? can be achieved after the completion of production, and the sales income will be 150 million yuan and the net profit will be 25.92 million yuan. However, the output and sales in 2012 will be achieved. Both scale and net profit have not been achieved.
The two projects of Dongjing Electronics have caused a slight decline in their performance in the past two years. The annual net profit margin is less than 5%, which is extremely disproportionate to the booming development of the electronic components industry in the past two years.
This year's economic slowdown and foreign quantitative easing policy, Dongjing Electronics is affected by factors such as the decline in export prices, rising raw materials and labor costs, and exchange rate changes. According to the latest performance report of Dongjing Electronics, the company's total operating income in the first half of this year was 137,932,300 yuan, an increase of 5.73% over the same period of the previous year. At the same time, the wholly-owned subsidiary LED sapphire substrate project is in the trial period. The merger affected the company's net profit. In the first half of the year, the company achieved a consolidated net profit of 2,701,400 yuan, a decrease of 15.86% over the same period of the previous year.
In 2012, the crystal sapphire substrate project of the same industry is still in good condition. Dongjing Electronics naturally expects the sapphire substrate project to achieve the goal of performance reduction, but some analysts pointed out that the main buyers of sapphire-related products are Japanese companies. The sharp depreciation of the yuan will adversely affect the profitability of the sapphire project, and the sapphire substrate is also facing overcapacity problems, and the external environment faced by enterprises is relatively more complicated.
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