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Company News >> 1.25 billion! Another LCD module listed company was appointed by the State-owned Assets Supervision and Administration Commission 4th,Jan,2018

In December, Maijie Technology announced that the company's controlling shareholder Xinjiang Dynamic Energy Oriental Equity Investment Co., Ltd. ("Motion Energy Oriental") on December 2 and Shenzhen Yuanzhi Fuhai Investment Management Co., Ltd. (referred to as "Yuanzhi Fuhai" ) Signed a share transfer framework agreement.

The agreement stipulates that kinetic energy will transfer all the shares of the listed company (about 184 million shares, accounting for 26.48% of the company's total share capital) to the transferee Yuanzhi Fuhai, the transfer price of 1.25 billion yuan, compared with the current The stock price premium is about 17%. The transfer price is not adjusted as the transaction price of the listed company's secondary market changes.

In fact, the transfer of controlling shareholder control rights of Maijie Technology also has the color of lifting the pledge risk of the controlling shareholder. According to Maijie Technology's announcement on November 15, Maijie Technology's controlling shareholder, kinetic energy, holds approximately 184 million shares of listed companies, accounting for 26.48% of the total share capital of listed companies, of which approximately 169 million shares are located. The pledge freeze state accounts for 24.30% of the total share capital of the listed company, and the pledge rate is relatively high.

Shenzhen SASAC Shenzhen has set up a special team since last month to arrange tens of billions of special funds, starting from the two aspects of creditor's rights and equity, to reduce the risk of stock pledge of Shenzhen A-share listed companies in a market-oriented and professional way. Among them, Yuanzhi Fuhai is a large-scale industrial M&A investment fund management company jointly established by Shenzhen SASAC's wholly-owned company Yuanzhi Investment and the central enterprise Xinda Jianxin and the well-known domestic venture capital institution Oriental Fuhai.

Since the establishment of Fuhai in more than five years, Yuanfu has managed more than 20 funds, and the current fund management scale has reached more than 10 billion yuan. In 2017, Yuanzhi Fuhai was awarded the top 10 M&A fund in China by China Investment Group. Yuanfu has become a well-known brand in the field of M&A funds in China.

Yuanzhi Fuhai Direct Holdings Maijie Technology is a state-owned enterprise with a subsidiary of Guoxian Technology, Changxin Technology and Helitai. After becoming a state-owned holding module enterprise, another LCM liquid crystal display module private listed company was acquired by state-owned enterprises. So far, in addition to the above listed LCM LCD module private listed companies, the remaining large number of private LCM LCD module companies in the previous LCD cycle, the remaining Yushun Electronics almost exited the display module business. Dijing Optoelectronics also reorganized into the Jiang powder magnetic material, and then reorganized with the collar puzzle, the actual controller of the enterprise has also changed.

That is to say, in addition to panel companies, small and medium-sized LCM liquid crystal display modules for mobile phone business, the four giants of private listed companies, Yushun Electronics, Helitai, Changxin Technology, Dijing Optoelectronics, and the medium and Large-size LCM liquid crystal display module two giants Guoxian Technology, Xingyuan Electronics, only Yushun Electronics and Dijing Optoelectronics have not yet fallen into the hands of the State-owned Assets Supervision and Administration Commission.

Maijie Technology said that the "Equity Transfer Framework Agreement" is only a preliminary intentional agreement of the parties to the cooperation. The transaction still needs further argumentation and communication and negotiation. The number of shares to be converted and the price of the conversion need to be agreed by the relevant parties on each specific arrangement. If the transaction is implemented, it may result in changes in the control of the listed company. The transferee will conduct a full due diligence investigation on the listed company. This share transfer also requires internal approval from the transferee and approval from the relevant regulatory authorities.

Maijie Technology was established in 2001 and listed on the Shenzhen Stock Exchange in 2012. In 2015, it acquired Xingyuan Electronics and a 51% stake in Changxing Electronics. In 2016, the non-public offering was put into the SAW filter and the MPIM small-sized inductor project. In 2017, it acquired a 67.5% stake in Jinzhichuan and in 2018 participated in Chongqing Shengpu Electronics (a subsidiary of Chongqing Shengguang Co., Ltd.).

The main business of Maijie Technology is to develop, produce and sell new electronic components such as chip power inductors and RF components and LCM display module devices, and provide technical support services and component solutions for downstream customers. Widely used in mobile communications, consumer electronics, military electronics, computers, Internet applications, LED lighting, automotive electronics, industrial equipment and other fields. According to the contents of its semi-annual report, the operating income of LCM liquid crystal display module is 413 million yuan, which exceeds the total of 396 million yuan of other electronic components business. LCM liquid crystal display module is still the core business of Maijie Technology. .