Mulinsen (002745, SZ) participated in the acquisition of the general lighting business of OSRAM in Germany. Since the news came out, it has received much attention from the LED industry. Although the initial delay, the progress has been smoother than expected.
A spokesperson for OSRAM said on the 11th that the US Foreign Investment Committee (CFIUS) has approved OSRAM to sell its lighting business to a Chinese consortium.
In January of this year, the German Ministry of Economic Affairs has already given a green light to this. This acquisition is currently only completed by the final approval of the Chinese regulatory authorities, which means that it began in July last year and involved more than 400 million euros. Ledvance's Chinese acquisition of “long-distance running†entered Dazhi Road and is expected to be completed in the 2017 financial year.
On February 12, Mulinsen executive general manager Lin Jiliang confirmed the above news to the media. The acquisition will follow the normal review process and be reviewed by the SAFE. It is expected that this overseas acquisition will be completed in 2017, and Mulin will be more focused on the brand role of Osram in the future.
As one of the largest LED manufacturers in the world, Mulinsen is a state-owned capital operation center approved by the Yiwu Municipal People's Government of Zhejiang Province, which authorizes the management and operation of state-owned assets. IDG Capital began investing in China in 1992 and was the first foreign investment fund to enter China.
Lin Jiliang responded that from the acquisition of the company itself, Mulinsen participated in the acquisition of Osram's general lighting business, and did not involve national security, high-tech and other issues. The acquisition of the project is relatively simple.
On February 13 (today), Mulinsen issued the latest announcement that the main body of the acquisition was Harmony Mingxin (Yiwu) Optoelectronics Technology Co., Ltd. (hereinafter referred to as Mingxin), a subsidiary of Harmony Mingxin Limited Partner (hereinafter referred to as LP). photoelectric). Among them, LP consists of IDG Capital, Mulinsen and Yiwu State-owned Assets Operation Center. Mulinsen has subscribed for a clear core of 1.25 billion yuan, accounting for 35.7142%.
Up to now, Mingxin Optoelectronics has obtained the approval letter from the National Development and Reform Commission, the approval of the Zhejiang Provincial Department of Commerce and the approval of the Ministry of Commerce of the People's Republic of China. It is still necessary to obtain approval from the SAFE for the exit of funds. The relevant approval procedures for the transaction are in progress.
According to Lin Jiliang, the amount of the acquisition is not large. Although the central bank’s foreign exchange policy has some adjustments last year, according to the normal procedures, the SAFE is one of the approval procedures for this acquisition. The SAFE can be acquired after it is approved. It is expected to be completed in 2017. Acquisition of Landwells.
Supply chain restructuring
Recently, Mulinsen (002745) issued an announcement to change the previous LED application lighting product investment project and switch to the LED lighting accessory component project.
The fundraising project to be changed this time is “Shinyu LED Application Lighting Phase I Construction Projectâ€. The project plans to build a new LED lamp, candle lamp, ceiling lamp and downlight production base in the high-tech zone of Xinyu City, Jiangxi Province. The project design capacity is 148.47 million pieces per year, with a total investment of 904.243 million yuan.
According to the announcement, the company is currently planning to acquire LEDVANCE for the general lighting business set up by Osram. Therefore, the company's strategic planning has been adjusted. In the future, the business of Mulinsen's parent company and existing subsidiaries will focus on LED packaging and LED application lighting components. The field, while the LED application lighting business will be concentrated in LEDVANCE or through outsourcing production.
The biggest growth opportunity in the future
1. The growth of LED packaging. This is due to Mulinsen's continued investment in LED packaging capacity expansion in recent years.
2. Continuous investment in the lighting industry. In addition to the development of the Mulinsen lighting brand, the development of Crystal last year, the acquisition of the United States' Puri Optoelectronics, also to some extent solved the future patent problem of white LED in the world.
Last year, Mulinsen also acquired the largest LED light source enterprise super-time light source. The filament lamp market has grown too fast in the past two years. If it is from pure filament to complete light, it may take some time.
Considering that the super-era light source has a layout on the filament lamp patent, the acquisition of the ultra-era light source, the entire industrial chain layout from the package to the application and upstream chips.
In the upstream chip field, at the end of last year, Mulinsen also announced the participation in the Australian Ocean Shunchang, including the development of the former share of the crystal, and the strategic cooperation agreement with Huacan Optoelectronics.
From lighting to light
In the future, Mulinsen hopes to be one of the global leaders in the LED industry, hoping to build a well-known brand, hoping to become a force to promote market penetration, and hope to use innovative technology to lead the industry into the next wave of lighting.
Mulinsen said that now we are pragmatic, we only know how to make lights. We hope to help the earth to be more energy-efficient and environmentally friendly by changing one LED light. We hope to make the lights and make good lights that everyone can afford. We also hope that through our channel construction and brand building, we can make people buy it.
Mulinsen has two paths in the future: one is the platform for manufacturing, and the other is the platform for the brand. Manufacturing, you have to kill yourself; brand, you need to have more stories.
This is two different business forms. We will have two different and different directions in the future.
The idea of ​​"humanity lighting" conveyed by Mu Linsen, we hope not only to do the light, but also to convey the value of light and create better conditions of light.
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