Recently, Foshan Guoxing Optoelectronics Co., Ltd. (stock abbreviation: Guoxing Optoelectronics, stock code: 002449) disclosed the prospectus (declaration draft) for issuing A shares to specific targets. The company plans to issue A shares to no more than 35 specific targets, including the controlling shareholder Foshan Electric Lighting Co., Ltd. (hereinafter referred to as "Foshan Lighting"). The total amount of funds is expected to be raised.No more than 981.3239 million yuan, focusing on technology upgrades and production capacity expansion in core areas such as ultra-high-definition displays, smart sensing, and vehicle-mounted devices, while replenishing working capital to optimize the financial structure.
The issuance plan is clear: the blessing of the controlling shareholder Pricing mechanism compliance
According to the prospectus, the core elements of this issuance have been clearly implemented. In terms of issuance targets, in addition to the controlling shareholder Foshan Lighting, it also covers securities investment fund management companies, securities companies, insurance institutional investors, qualified foreign institutional investors and other entities that comply with the regulations of the China Securities Regulatory Commission. All issuance targets are subscribed in cash. Among them, Foshan Lighting has committed to a subscription amount of 116 million yuan. It will not participate in market bidding but accept the bidding results. If the inquiry fails, it will subscribe at the lowest issuance price, demonstrating its confidence in the company's development.
In the pricing mechanism, the issue price shall not be less than 80% of the average trading price of the Company's A shares 20 trading days before the pricing benchmark date (that is, the "issue floor price"). If dividends, share delivery and other ex-dividend items occur during the period, they will be adjusted accordingly. The final price will be negotiated between the board of directors of the company and the sponsor (lead underwriter) based on the bidding results. In terms of the number of shares issued, not more than 30% of the total share capital before the issuance, that is, 185,543,150 shares. The specific number will be determined in combination with the total amount of funds raised and the final issue price.
According to the arrangement of the limited sale period, Foshan Lighting subscribedShares are non-transferable for a period of 18 months from the date of the end of the issue, and shares subscribed by other specified parties are restricted for a period of 6 months. According to the upper limit of the issuance and the subscription amount of Foshan Lighting, the shareholding ratio still does not exceed 30% after the completion of the issuance, which will not trigger the tender offer obligation. The controlling shareholder of the company is still Foshan Lighting, and the actual controller of Guangdong Guangsheng Holding Group Co., Ltd. The status remains stable.
Fundraising focus on the main business: six major directions to consolidate the "three-legged stand" business structure
After deducting issuance expenses, the funds raised this time will be fully invested in six major directions, which accurately fits the company's three-legged development strategy of "high-definition display, intelligent sensing, and display and control modules":
Ultra-high-definition display Mini/Micro led and display module product production and construction project: investment of 370,092,100 yuan. It is proposed to add new Mini/Micro led, top led and display module production capacity. The project construction period is 24 months. After reaching production, it will further seize the market share of ultra-high-definition display. Data show that in 2024, the sales of Mini/Micro LED display in mainland China reached 1.91 billion yuan, which is expected to increase to 2.17 billion yuan in 2025, and the industry has significant growth potential.
< p id =" 3VHKCMNU "style =' box-sizing: inherit; margin: 34px 0px; padding: 0px; text-align: justify; color: rgb (64, 64, 64); font-family: Arial,"Hiragino Sans GB", STHeiti, "Helvetica Neue", Helvetica, "Microsoft Yahei", "WenQuanYi Micro Hei", sans-serif; font-size: 18px; text-indent: 0px; '> photoelectric sensing and smart health device industrialization construction project: a total investment of 190.1137 million yuan, focusing on the expansion of products such as photocouplers and wearable LEDs, adapting to the downstream needs of smart home appliances, wearable devices and other devices. With the growth of the global wearable device market, China's optoelectronic device production will reach 596.700 billion in January-April 2025, and the project will fully benefit from market expansion after it is put into production.
Nationstar Optoelectronics R&D Laboratory Project: Investment 15,7599,100 yuan, to build a research and development platform in the fields of Mini/Micro led, automotive led applications, etc., it is planned to carry out research and development on 9 core topics. By the end of 2024, the company has granted a total of 842 patents, and its research and development strength will be further enhanced.
Supplementary working capital: Arrange 10,000.00 million yuan for daily operations, alleviate cash flow pressure, and optimize the asset and liability structure. Calculations show that the company's working capital gap in the next three years is about 104 million yuan, which will effectively fill the demand.
Industry opportunities combined with technological accumulation provide sufficient confidence for development
This fixed increase is a key layout for National Star Optoelectronics to seize industry opportunities. At the policy level, the Ministry of Industry and Information Technology and other departments have issued policies such as the 5G Scale Application "Sailing" Action Upgrade Plan and the Guangdong Province Action Plan for Cultivating and Developing Future Electronic Information Industry Clusters, which clearly support the development of Mini/Micro LEDs, intelligent sensing, on-board audio-visual and other fields, and provide a good policy environment for project implementation.
At the market level, China's led industry is steadily recovering. The overall market size is expected to reach 718.5 billion yuan in 2025, of which the packaging market size will increase to 90 billion yuan. The company has been deeply cultivating the led industry for more than 50 years, investing RMB 190.8516 million in R&D in 2024, accounting for 5.50% of revenue. It has 14 provincial-level and above R&D platforms such as the National and Local Joint Engineering Laboratory for Semiconductor Lighting Materials and Devices, and maintains in-depth cooperation with leading enterprises such as Chau Ming Technology and Hikvision. The advantages of technology and customers are significant.
ANNA