Huacan Optoelectronics (300323) held a general meeting of shareholders on the afternoon of the 28th, and passed the company's plan to increase acquisitions and supporting fundraising. According to the plan, the sapphire substrate manufacturer Lanjing Technology will become a wholly-owned subsidiary of the listed company, and the main business of Huacan Optoelectronics will also be extended to the sapphire industry upstream of LED chips. In addition, based on the judgment of the future market, the company also intends to extend its reach to the consumer electronics field.
According to the acquisition plan, Huacan Optoelectronics intends to acquire 100% equity of Lanjing Technology at a price of 1.08 billion yuan by way of issuing shares and paying cash. Among them, a total of 93.42 million shares (issued price of 9.91 yuan / share), and a total of 154 million yuan in cash paid. In addition, Huacan Optoelectronics also intends to issue a total of 67.26 million shares (additional price of 8.92 yuan / share) and raise funds of not more than 600 million yuan to pay for the book, such as Zhou Fuyun, Ye Aimin and Yang Zhongdong, executives of Tiger Platinum New Energy and the company. The cash consideration of the transaction and the construction of the Blue Crystal technology project, supplementing the working capital, etc.
According to the disclosure, Lanjing Technology's self-controlled å©åŸš drop technology has the ability to provide 2-4 inch sapphire substrates that meet the existing technical requirements, and successfully developed 6-inch crystal rods, and will soon be put into mass production. Among them, the company's main product 4 inch product yield rate of more than 85%.
At present, Huacan Optoelectronics is the second largest LED epitaxial wafer manufacturer in China. After the completion of the third phase of the project in Suzhou, the company added 656,000 pieces of 4-inch LED epitaxial wafers each year, which will effectively digest the production capacity of sapphire substrates of Blue Crystal Technology.
Hua Can Optoelectronics Director, Vice President and Secretary of the Board of Directors Ye Aimin said that after the completion of the transaction, Huacan Optoelectronics' main business will expand from LED chip manufacturing to upstream sapphire crystal growth and sapphire substrate production, etc. Synergistic effect.
In fact, after the acquisition of Blue Crystal Technology, in addition to the production capacity of sapphire substrates, Huacan Optoelectronics will also have the foundation and capabilities to expand into the application field of consumer electronics. The company said that if future demand breaks out, the company will be able to rapidly expand into new business areas and sources of profit.
From the perspective of this fundraising project, after the production, Blue Crystal Technology will realize the annual production capacity of 12 million sapphire substrates (2 inches) and 500,000 sapphire window materials. The former is mainly used to produce LED chips, while the latter is mainly used for Home keys and cameras of consumer electronics products; the two fittings use raised funds of 324 million yuan.
It is worth mentioning that Huacan Optoelectronics reported 5.99 yuan/share on the 25th, which is quite inconsistent with this fixed price increase. In this regard, Ye Aimin said that all parties to the transaction will strive to make this increase and acquisition proceed smoothly, and try to carry out within the scope of the original agreement, and may make appropriate adjustments if necessary.
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