On March 9, Tianlong Optoelectronics (300029.SZ) announced that it intends to terminate the guarantee proposal for the bank loan of Shanghai Chaori Solar Technology Co., Ltd. to be no more than 200 million yuan in order to terminate the external guarantee. The bane of joint responsibility.
"Although eager to clear the relationship, but in the short term, the prospects of the photovoltaic industry is still unclear, so Tianlong Optoelectronics will still face heavy pressure." Some insiders pointed out.
Tianlong Optoelectronics has been listed for three years, from the original scenery to the current risk. The market value has shrunk by nearly 80% from the highest value. In 2012, the huge loss was nearly 500 million. In addition to this, it also faced the loss list of the GEM. In addition, it also faced the controlling shareholder reduction, bank loan guarantee and the joint liability risk.
Excluding the influence of industry factors, Tianlong Optoelectronics' experience is not only a case, but also a microcosm of the performance of some GEM companies.
The market value has shrunk by 80%
Tianlong Optoelectronics, at the time of its listing, is as popular as its name. On December 25, 2009, the Tianlong Optoelectronics listing transaction ranked 29, the listing closing price of 26.99 yuan, opened a group of investors to the future of the GEM future; on December 4, 2012, three years later, Tianlong Optoelectronics The lowest price in the session was 5.61 yuan (after reinstatement), and a group of investors suffered heavy losses.
When Tianlong Optoelectronics was listed, it was one of the most complete types of products in the field of solar cell production and processing equipment for domestic solar cells. It was once popular in the capital market and successfully raised 909 million yuan at a price of 18.18 yuan. yuan.
After the listing, the company's share price has risen all the way, reaching the peak of 38.49 yuan on February 23, 2011. It’s not a long time, but it’s a nightmare for investors.
Also in 2011, Tianlong Optoelectronics' performance began to decline, with operating income of 842 million yuan, an increase of 86.10% year-on-year; however, net profit was only 0.62 billion yuan, down 27.08%.
In 2012, the photovoltaic industry was generally affected by shrinking demand and overcapacity, and increased friction among PV companies. The performance of Tianlong Optoelectronics entered the bottom. The 2012 annual performance report released by Tianlong Optoelectronics on February 28, 2013 showed that all of the company's operating indicators were defeated. The main income for the year was 177 million yuan, a year-on-year decrease of 78.98%; and the operating profit and the net profit attributable to the shareholders of the parent company were both huge losses, which were respectively a loss of 519 million yuan and a loss of 470 million yuan, a reduction of 605.29 respectively. % and 854.66%.
Tianlong Optoelectronics' loss of nearly 500 million yuan ranked first in the loss of the GEM. Calculated by market value, the highest market value reached nearly 7.7 billion yuan, the latest market value is only 1.3 billion yuan, and the market value has shrunk by more than 80%.
Not only that, but the company has also been involved in the debt crisis of the Sun. Tianlong Optoelectronics last year's semi-annual report showed that the company's accounts receivable for the Super Sun were 126 million yuan. Tianlong Optoelectronics announced on July 13, 2012 that the company intends to provide a guarantee of no more than RMB 200 million for the bank loan of Shanghai Chaori Solar Technology Co., Ltd.
Tianlong Optoelectronics announced on March 9 that the company has considered the PV industry to continue its downturn in the past six months. In order to control the financial risks, it has decided to terminate the Shanghai Chaori Solar Technology Co., Ltd. The bank loan of the company provides a guarantee of not more than 200 million yuan. The guarantee has not been implemented and no relevant agreement has been signed with the bank.
Behind the huge losses are the industry downturn?
Behind Tianlong Optoelectronics reported a huge loss of 470 million in the whole year, the company has revised its performance forecast twice. Previously, Tianlong Optoelectronics disclosed in the third quarterly report of the company on October 25 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 to 130 million. Yuan, down 287.41%~308.80%. However, on January 31 this year, the company issued a revised announcement, and the loss quickly expanded to 380 million yuan to 460 million yuan.
The cause of the huge loss, the industry downturn is on the one hand. The problem at the operational level is the issue that investors focus on: In addition to the normal operating losses, the company's 2012 annual results are more important, the asset impairment losses are serious. In addition to the operating loss of 150 million yuan due to normal operations, in accordance with the principle of prudence of relevant accounting standards, the company also provided sufficient bad debt provision, inventory depreciation reserve and assets for collections, inventories, fixed assets, intangible assets and goodwill. Impairment preparation. The above-mentioned impairment amount amounts to approximately 230 million to 310 million yuan.
Judging from the progress of the fundraising project, as of the end of June 2012, the annual production of 1,200 single crystal silicon growth furnaces, which was originally scheduled to be completed by the end of 2010, was 92.28%; the year was scheduled to reach the scheduled use at the end of March 2011. The progress of the 150-poly polycrystalline silicon casting ingot furnace project is only 11.53%.
In terms of raising funds, in addition to applying for investment projects and acquisitions, Tianlong Optoelectronics has used over-raised funds of 150 million yuan to supplement working capital.
In addition, Tianlong Optoelectronics' investment projects have not been able to contribute to the performance, further deteriorating the company's operating conditions. In 2011, Tianlong Optoelectronics entered the MOCVD equipment industry. Soon, Tianlong Optoelectronics invested over 53.333 million yuan with super-raised funds to form a special company and officially entered the industry. At that time, Tianlong Optoelectronics said with confidence: "The LED industry has developed into one of the most promising industries. If the technical indicators of the project meet expectations, it will bring very significant economic and social benefits to the company." At that time, brokerage analysts warned that the project was difficult and the industry was facing excessive investment in the short term. Since then, the LED industry has also cooled rapidly from the heat, making the company following the trend.
Controlling shareholder sells cash
For investors of Tianlong Optoelectronics, in addition to the pressure of huge losses in performance, it is also necessary to face the cash pressure of the controlling shareholder.
On January 10 this year, Tianlong Optoelectronics announced that the company's controlling shareholder Changzhou Noah Technology Co., Ltd. (hereinafter referred to as "Noah Technology") held 6119.24 million shares has been released from December 27, 2012. Noah Technology plans to reduce its holding of no more than 16 million shares of the company within six months from January 15 to July 15 this year, not exceeding 8% of the company's total shares.
Noah Technology began to reduce its holdings when the reduction plan was just announced less than a month later.
On February 7, Tianlong Optoelectronics announced that the tradable shares held by Noah Technology were released from pledge on February 5, 2013. On the next day, Noah Technology immediately cashed out 22.88 million yuan through the block trading platform at a price of 5.72 yuan. .
Analysts pointed out that the controlling shareholder is eager to reduce the cash or pressure from the funds. According to the data, as early as September 2011, Noah Technology and Shandong Guoxin signed the “Equity Pledge Contract of Tianlong Optoelectronics of Luxin-Hengxin No. 3 Collective Capital Trustâ€, with 12.5 million shares of the restricted shares held by the company. And its derivative rights, providing equity pledge performance guarantee for the smooth performance of the above-mentioned contract signed with Shandong Guoxin.
“The cost and financial expenses incurred by trust financing are also very heavy. If the stock price falls, it faces the risk of being forced to liquidate. In order to avoid being forced to liquidate, it is necessary to increase the amount of cash or pledge shares,†said a trust industry insider.
From the perspective of the stock price trend of Tianlong Optoelectronics, it is indeed facing this danger. At the time of the equity pledge, Tianlong Optoelectronics' stock price is still above 18 yuan, the market value of 12.5 million shares reached 225 million yuan; and Tianlong Optoelectronics' latest closing price is 6.50 yuan, the market value of this part of the equity pledge has shrunk to 81.25 million yuan. .
Among the shares held by Noah Technology, in addition to the 4 million shares that have been decommissioned above, 57.1 million shares remain in the pledge stage. In addition, the company's chairman Feng Jinsheng still has 25.2 million shares in pledge, which means that Feng Jinsheng also has the need to reduce the holdings of shares to fill the trust hole.
Tianlong Optoelectronics announced that Feng Jinsheng's 25.519 million shares of the company were lifted on December 25, 2012. Feng then voluntarily extended the lock-up period of the shares for half a year, that is, on June 25, 2013, his shares will be lifted, and Tianlong Optoelectronics will face greater cash pressure.
(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.)
"Although eager to clear the relationship, but in the short term, the prospects of the photovoltaic industry is still unclear, so Tianlong Optoelectronics will still face heavy pressure." Some insiders pointed out.
Tianlong Optoelectronics has been listed for three years, from the original scenery to the current risk. The market value has shrunk by nearly 80% from the highest value. In 2012, the huge loss was nearly 500 million. In addition to this, it also faced the loss list of the GEM. In addition, it also faced the controlling shareholder reduction, bank loan guarantee and the joint liability risk.
Excluding the influence of industry factors, Tianlong Optoelectronics' experience is not only a case, but also a microcosm of the performance of some GEM companies.
The market value has shrunk by 80%
Tianlong Optoelectronics, at the time of its listing, is as popular as its name. On December 25, 2009, the Tianlong Optoelectronics listing transaction ranked 29, the listing closing price of 26.99 yuan, opened a group of investors to the future of the GEM future; on December 4, 2012, three years later, Tianlong Optoelectronics The lowest price in the session was 5.61 yuan (after reinstatement), and a group of investors suffered heavy losses.
When Tianlong Optoelectronics was listed, it was one of the most complete types of products in the field of solar cell production and processing equipment for domestic solar cells. It was once popular in the capital market and successfully raised 909 million yuan at a price of 18.18 yuan. yuan.
After the listing, the company's share price has risen all the way, reaching the peak of 38.49 yuan on February 23, 2011. It’s not a long time, but it’s a nightmare for investors.
Also in 2011, Tianlong Optoelectronics' performance began to decline, with operating income of 842 million yuan, an increase of 86.10% year-on-year; however, net profit was only 0.62 billion yuan, down 27.08%.
In 2012, the photovoltaic industry was generally affected by shrinking demand and overcapacity, and increased friction among PV companies. The performance of Tianlong Optoelectronics entered the bottom. The 2012 annual performance report released by Tianlong Optoelectronics on February 28, 2013 showed that all of the company's operating indicators were defeated. The main income for the year was 177 million yuan, a year-on-year decrease of 78.98%; and the operating profit and the net profit attributable to the shareholders of the parent company were both huge losses, which were respectively a loss of 519 million yuan and a loss of 470 million yuan, a reduction of 605.29 respectively. % and 854.66%.
Tianlong Optoelectronics' loss of nearly 500 million yuan ranked first in the loss of the GEM. Calculated by market value, the highest market value reached nearly 7.7 billion yuan, the latest market value is only 1.3 billion yuan, and the market value has shrunk by more than 80%.
Not only that, but the company has also been involved in the debt crisis of the Sun. Tianlong Optoelectronics last year's semi-annual report showed that the company's accounts receivable for the Super Sun were 126 million yuan. Tianlong Optoelectronics announced on July 13, 2012 that the company intends to provide a guarantee of no more than RMB 200 million for the bank loan of Shanghai Chaori Solar Technology Co., Ltd.
Tianlong Optoelectronics announced on March 9 that the company has considered the PV industry to continue its downturn in the past six months. In order to control the financial risks, it has decided to terminate the Shanghai Chaori Solar Technology Co., Ltd. The bank loan of the company provides a guarantee of not more than 200 million yuan. The guarantee has not been implemented and no relevant agreement has been signed with the bank.
Behind the huge losses are the industry downturn?
Behind Tianlong Optoelectronics reported a huge loss of 470 million in the whole year, the company has revised its performance forecast twice. Previously, Tianlong Optoelectronics disclosed in the third quarterly report of the company on October 25 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 to 130 million. Yuan, down 287.41%~308.80%. However, on January 31 this year, the company issued a revised announcement, and the loss quickly expanded to 380 million yuan to 460 million yuan.
The cause of the huge loss, the industry downturn is on the one hand. The problem at the operational level is the issue that investors focus on: In addition to the normal operating losses, the company's 2012 annual results are more important, the asset impairment losses are serious. In addition to the operating loss of 150 million yuan due to normal operations, in accordance with the principle of prudence of relevant accounting standards, the company also provided sufficient bad debt provision, inventory depreciation reserve and assets for collections, inventories, fixed assets, intangible assets and goodwill. Impairment preparation. The above-mentioned impairment amount amounts to approximately 230 million to 310 million yuan.
Judging from the progress of the fundraising project, as of the end of June 2012, the annual production of 1,200 single crystal silicon growth furnaces, which was originally scheduled to be completed by the end of 2010, was 92.28%; the year was scheduled to reach the scheduled use at the end of March 2011. The progress of the 150-poly polycrystalline silicon casting ingot furnace project is only 11.53%.
In terms of raising funds, in addition to applying for investment projects and acquisitions, Tianlong Optoelectronics has used over-raised funds of 150 million yuan to supplement working capital.
In addition, Tianlong Optoelectronics' investment projects have not been able to contribute to the performance, further deteriorating the company's operating conditions. In 2011, Tianlong Optoelectronics entered the MOCVD equipment industry. Soon, Tianlong Optoelectronics invested over 53.333 million yuan with super-raised funds to form a special company and officially entered the industry. At that time, Tianlong Optoelectronics said with confidence: "The LED industry has developed into one of the most promising industries. If the technical indicators of the project meet expectations, it will bring very significant economic and social benefits to the company." At that time, brokerage analysts warned that the project was difficult and the industry was facing excessive investment in the short term. Since then, the LED industry has also cooled rapidly from the heat, making the company following the trend.
Controlling shareholder sells cash
For investors of Tianlong Optoelectronics, in addition to the pressure of huge losses in performance, it is also necessary to face the cash pressure of the controlling shareholder.
On January 10 this year, Tianlong Optoelectronics announced that the company's controlling shareholder Changzhou Noah Technology Co., Ltd. (hereinafter referred to as "Noah Technology") held 6119.24 million shares has been released from December 27, 2012. Noah Technology plans to reduce its holding of no more than 16 million shares of the company within six months from January 15 to July 15 this year, not exceeding 8% of the company's total shares.
Noah Technology began to reduce its holdings when the reduction plan was just announced less than a month later.
On February 7, Tianlong Optoelectronics announced that the tradable shares held by Noah Technology were released from pledge on February 5, 2013. On the next day, Noah Technology immediately cashed out 22.88 million yuan through the block trading platform at a price of 5.72 yuan. .
Analysts pointed out that the controlling shareholder is eager to reduce the cash or pressure from the funds. According to the data, as early as September 2011, Noah Technology and Shandong Guoxin signed the “Equity Pledge Contract of Tianlong Optoelectronics of Luxin-Hengxin No. 3 Collective Capital Trustâ€, with 12.5 million shares of the restricted shares held by the company. And its derivative rights, providing equity pledge performance guarantee for the smooth performance of the above-mentioned contract signed with Shandong Guoxin.
“The cost and financial expenses incurred by trust financing are also very heavy. If the stock price falls, it faces the risk of being forced to liquidate. In order to avoid being forced to liquidate, it is necessary to increase the amount of cash or pledge shares,†said a trust industry insider.
From the perspective of the stock price trend of Tianlong Optoelectronics, it is indeed facing this danger. At the time of the equity pledge, Tianlong Optoelectronics' stock price is still above 18 yuan, the market value of 12.5 million shares reached 225 million yuan; and Tianlong Optoelectronics' latest closing price is 6.50 yuan, the market value of this part of the equity pledge has shrunk to 81.25 million yuan. .
Among the shares held by Noah Technology, in addition to the 4 million shares that have been decommissioned above, 57.1 million shares remain in the pledge stage. In addition, the company's chairman Feng Jinsheng still has 25.2 million shares in pledge, which means that Feng Jinsheng also has the need to reduce the holdings of shares to fill the trust hole.
Tianlong Optoelectronics announced that Feng Jinsheng's 25.519 million shares of the company were lifted on December 25, 2012. Feng then voluntarily extended the lock-up period of the shares for half a year, that is, on June 25, 2013, his shares will be lifted, and Tianlong Optoelectronics will face greater cash pressure.
(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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