Dongshan precision increased by the SFC rejected led technical advantages are questioned

This reporter Tanakana September 22 night, Dongshan Precision (002384.SZ) disclosure of its years ago, the plan was issued on September 18 by the SFC Commission. 23rd, the company's shares in the opening up all the way up, the end of the day to achieve 7.84% of the increase, 24th, slightly up 0.77%. It is noteworthy that September 17 Dongshan Precision Bulletin, said the actual control Yonggang in order to promote the company's development, since the expense of 139 million yuan to fill the company 3 years of loss, but this move failed to reverse the fate of the increase is not, this also let other is waiting for led projects to audit the company has a trace of concern. LED packaging technology leading? Dongshan Precision 2010 When the market, the main products are precision die-casting and precision sheet metal, follow-up in 2011 LED production lines, after the rapid expansion of production and sales, the first half of the 2013 led and module operating income reached 480 million yuan, accounting for the total operating income share is more than 40%. Dongshan Precision Listing in the year, to 133.69 million yuan over the fund to buy U.S. Solfocus issued 20 million U.S. dollar preferred shares, accounting for its 10.65% stake. Dongshan Precision said: "In the solar business, the company for Solfocus Precision sheet metal parts and assembly services, the only supplier, there is no competitor." "However, after the equity start, the United States solfocus into a long loss, and Dongshan precision related transaction purchase volume and sales are also less than 2% of the same transaction, so Dongshan Precision acquisition Solfocus shares repeatedly criticized by investors." Nevertheless, 2012 1-September, Dongshan precision Operating income and net profit still increased 39.82% and 10.14% year-on-year, so Dongshan Precision December launched the final version of the plan, plans to raise 1.08 billion yuan for the expansion of precision sheet metal projects, the expansion of precision metallic structural items, Expansion of precision electronic device projects, extension of LED devices and Precision module project. One of the LED components and Precision module project investment budget accounted for half of the proposed amount, the amount is 530 million yuan, can be seen in Dongshan precision business direction of heavy led components. and led investment, backlight and lighting field Dongshan precision is bullish, but the advantages of Dongshan precision is also more prominent, mainly in the LED industry chain downstream links, but Dongshan precision in the scheduled increase in the plan said, its independent research and development of LED packaging technology in the leading domestic and international advanced level. This statement drew many questions, of which the most talked about is that led and photovoltaic industry are overcapacity, Dongshan precision expansion or will face the dilemma of investment failure. Sure enough, clear 2012 1-September to achieve a net profit is 74.59 million yuan, the securities institutions to be more optimistic, however, the 2012 annual report shows that the annual loss of 110 million yuan, accounts receivable impairment loss and investment in LED enterprises has become the performance of the pain. One of the Suzhou Industrial Park, the company's investment losses as much as 56.56 million yuan, and the multi-Nepal photoelectric is Dongshan precision in June 2010 with theTaiwan's Shen-Yu concentrated joint venture, including Shen-Yu-rich 10 led packaging and other patents for 187 million yuan investment, accounting for 70% of the shares. For the loss of investment, Dongshan Precision Bulletin said, Shen Yu-rich patent technology has not been widely recognized as the key to the market, so the production of many guineas. Reporter access to the patent Office data to understand that Shen Yu-rich so-called patent funding, are the earlier patents, the application day gathered in 2004-2005, and Shen-Yu concentrated in 2006-2011 to apply for more patents, or transferred to the British Virgin Virgin of the Ivy Holdings Limited.　　Dongshan Precision of the 2004 LED technology as a treasure, to be a large investment, the result of the failure, then the project in the "independent research and development of LED packaging technology in the domestic leading, international advanced level" of the argument, the authenticity unavoidably greatly reduced. 5 Enterprises involved in LED set added hidden worries? After a long wait still not see the audit committee to give approval advice, until September 17, 2013, Dongshan Precision holding shareholder Yonggang suddenly sent the letter of commitment, promised to fully compensate for the investment in the United States Solfocus caused by the 2010-2012 annual loss of all investment and long-term asset impairment losses, A total of 133.69 million yuan. However, on September 18, the SFC Commission still rejected the company's plan to increase its plans. Whether because of LED project technical problems or market conditions caused by the increase is no, the reporter repeatedly call Dongshan precision public telephone, but always unanswered. It is noteworthy that this year's a-share-related LED projects have sprung up, First, the Rand micro-increase 880 million yuan overweight production led related products, then three photoelectric start 3.3 billion yuan fund-raising plan, and then the Australian foreign Shunchang launched a fixed increase of 900 million yuan expansion led chip plan, Kousin photoelectric and Xiamen Xinda almost at the same time to launch a plan, the sword refers to led chips and packaging. If the SFC issued a trial committee to veto Dongshan Precision project for the LED industry, the above is waiting for approval of the enterprise, will be more or less affected. Blue Micro Securities Representative Ma Liang, 24th, said in an interview, he does not think that led market overcapacity, 2013 ago, because the LED lighting market is not open, will lead to overcapacity in the LED market, but this year's policy issued, LED lighting market booming, overcapacity problem has been resolved, Therefore the LED factory will decide to increase the scale. Ma Liang also said that he felt for the Dongshan Precision project was vetoed, the relevant departments should be concerned about other issues, such as finance, the letter draped issues, rather than raising the investment led projects.