Dry photo photoelectric landing Gem Sequoia Capital return is over 22 times times

Xiamen Dry Photo Photoelectric Co., Ltd. (hereinafter referred to as "dry photo photoelectric") yesterday to enter the gem, the stock code 300102, the issue price of 45 yuan/shares, 70.31 times times the corresponding P/E.　　The company issued the number of 29.5 million shares, the total share capital after the issuance of 118 million shares. Dry Photo Photoelectric Company was founded in 2006, is currently the domestic four Yuan red, yellow led chip production and sales of one of the largest enterprises, but also the domestic production of three gallium arsenide solar cell epitaxial film one of the largest enterprises.　　The establishment of four years to become the domestic capital market listed companies, making the dry photo photoelectric may be the domestic capital market, the youngest company. March 2008, the dry photo photoelectric access to Sequoia China II fund 10.22 million U.S. dollars investment (about 71.6729 million yuan), before the listing held its 20.56% stake in the listing after the Chinese Sequoia Capital holding shares were diluted to 15.42%.　　This is the first Chinese Sequoia Investment Enterprises in the gem listed enterprises.　　According to today's opening price of 90 yuan, the photoelectric market value of more than 10.6 billion yuan, according to the Sequoia holdings of 15.42% calculation, Sequoia Capital Holding shares of the value of 1.637 billion yuan, the return on the book investment of more than 22.5 times times. Industry insiders said that in China's venture capital sector, there are not many cases of such high returns, the amount of investment and the internal rate of return are very good and rare.　　Sequoia China's exclusive investment in the photo photoelectric once again proved its team ability and investment vision, especially in China's rapid growth of solar energy, new materials and other high-tech areas to accurately grasp the opportunity. A lot of securities companies on the future growth of dry photo photoelectric optimistic, northeast securities that the company's products are in the upstream of the industrial chain, and compared with similar production enterprises, good product rate is higher, therefore, the company's product profitability is strong, of which in 2008 and 2009 the company two major categories of products gross margin of more than 50%, More than 10 percentage points higher than similar enterprises.　　The future with the company's products in the high brightness and power LED chip accounted for the promotion, the company's higher gross margin is expected to continue to maintain. Sequoia Capital Partner Kui that the dry photo photoelectric in the LED market, especially the red, yellow chip field leading position will make it very competitive, efficient solar cell breakthroughs will open a broader space for development.　　He is optimistic about the future of the company. "All said that China can not go out of world-class technology companies, we see the photoelectric in LED chips and high-performance batteries in the field of technical and technological level, already has a world-class competitiveness."　　Kui told Tencent Finance. It is understood that the photo-electricity of the main investment in the collection of three major projects: (1) High brightness four yuan led wafer and Chip project, (2) High efficiency three gallium arsenide solar cell epitaxial film Project, (3) Enterprise Research and Development Center construction project. After the project is reached, the company will add 18.9 billion tablets a year, four Yuan red, yellow led small chip, 500 million power type four yuan red LED chip and 18,000 pieces of three knotsProduction capacity of GaAs solar cell epitaxial tablets. Sequoia Capital was established in Silicon Valley in 1972, and has invested in Apple computers, Cisco-T, Oracle, Yahoo, Google, etc. The Sequoia Capital China team currently manages about $2 billion trillion of offshore funds and nearly 1 billion renminbi domestic funds, used to invest in China's high-growth companies, its investment in innovative, gold software, Technocon bio-listed in the U.S. capital market, while the movement, people and business holdings listed in Hong Kong, the company also invested in Sina,　　Help its management team to complete MBO. Kui said Sequoia China insists on investing in China's innovative and high-growth enterprises, including TMT, new energy, health and environmental protection, consumer goods and modern service companies. Sequoia has invested nearly 70 innovative and high-growth enterprises in China in the past 5 years, and the companies we meet are increasingly facing the local capital market, which is the first step of Sequoia in China's gem.