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The refinancing plan disclosed by BOE on the evening of July 24th shows that it plans to issue 9.5 billion to 22.4 billion shares through private placement, and the net proceeds raised will not exceed RMB 46 billion. This financing scale has achieved the maximum financing amount of A-shares during the year. "The status."
Improvement in operating capacity is still not paying dividends
According to the announcement, BOE will mainly invest in BOE 8.5 Oxide TFT production line, Ordos 5.5 generation AMOLED production line, Chongqing 8.5 generation new semiconductor display production line and other projects under construction, as well as the new touch screen production line in Hefei, the company aims to seize The new display strategy is the first opportunity to meet the huge market demand for global touch screens. The total investment of the above projects will reach 91.5 billion yuan.
The issue price of this issue is 2.1 yuan/share, and the number of issued shares ranges from 9.5 billion to 22.4 billion shares. In addition to the equity subscription of some shares, BOE expects that the cash will not exceed RMB 37.5 billion after deducting the issuance expenses, and the number of objects to be issued will not exceed 10.
Among them, the National Management Center promised to subscribe for BONGO's non-public offering of shares with its 48.92% stake in Beijing BOE. BOE showed a preliminary evaluation of 48.92 billion shares of 48.92 billion yuan; Hefei Jianxiang promised to use cash or its holdings BOE has a total of 6 billion yuan in debts related to this non-public offering of fund-raising investment projects, and subscribed for non-public offerings; Chongqing Capital promised to subscribe for non-publicly issued shares in cash of 6.3 billion yuan.
BOE believes that the two 8.5-generation lines invested and constructed will rapidly increase the company's overall panel production capacity, especially the production capacity of high-end oxide TFT panel products, which complements the production of products that have produced production lines. After the completion of the production line, BOE will have a total of six TFT-LCD production lines and one AMOLED production line, covering almost all panel applications.
Some well-known investors believe that BOE’s move is “too much to behaveâ€. Such financing is “without a reasonable examination of changes in its own industry, and it has not used its own operational capacity that has been qualitatively changed. In such a depressed stock price, it is increasing so high. Shares, incredible, can only be interpreted as 'infringement of the interests of the original shareholders, to the interests of new shareholders'".
The reason why BOE has been criticized in this way is that it cannot be separated from several large-scale financings in history. Plus this time, the total financing amount will exceed 70 billion yuan. However, according to statistics, BOE has been listed for more than 10 years, and all cash dividends amounted to less than 40 million yuan, which was referred to as “iron cock†by shareholders.
"Before 2012, China's panel industry was in its early childhood, it was difficult to make a profit, and the stock price was sluggish. Therefore, financing the stock market is more harmful. Before the first increase, BOE was only 10 before the company moved toward the 'LCD' strategy. Billion shares, and after the fourth increase, the share capital has exceeded 10 billion. The share capital has expanded more than 10 times. Up to now, whether it is the earliest employee stocks, the investors in the secondary market, or the individual organizations involved in the issuance, according to Now the stock price of 2.2 yuan should be all loss." Analyst Shu Yan believes that BOE has been in a very favorable competitive position until now. Under such a background, BOE can fully understand from a financial perspective. Shareholders consider the interests.
“Jingdong can take more financing channels. Since last year, after improving its operational capacity, it has to pay some dividends to shareholders.†An investor who has been tracking BOE for a long time told this reporter that such financing projects should Resisted by all investors. Even with the private placement financing method that has less impact on the market, BOE's share price fell 8.37% yesterday to close at 2.19 yuan.
Said that it will consider a wider range of financing methods
　 Zhang Yu, vice president of BOE, told this reporter that the market is in a downturn, and the opinions of small and medium-sized investors are relatively large. "It is normal and understandable to be in a bad mood," but Zhang Yu said that the panel industry needs a lot of money in the development process at home and abroad. Investment and government support, "Samsung, LG have experienced this stage, of course, each company's situation is different, the specific financing methods may be different."
He revealed that there will be no further financing in the short term, and with the improvement of BOE's operations, the previously restricted financing has gradually been lifted. "We will also consider adopting a wider channel to raise funds."
Market research firm NPD DisplaySearch pointed out to our reporter that the panel tariffs in mainland China are actively expanding capacity, and panel tariffs are an important reason. "China mainland has become the center of the 8th generation factory, which will definitely change the distribution of global LCD panel production capacity." NPD DisplaySearch predicts that in the fourth quarter of 2015, China's TFT LCD panel production capacity will account for 23% of the global market. %.
“Can the Chinese market digest so many lines? The next-generation display technology OLED will have a fatal impact on these production lines is an uncertain factor,†industry observers believe. However, executives including BOE and Huaxing Optoelectronics emphasized to the reporter that "overcapacity is a false proposition, and the growing market is sufficient to digest; OLED technology will not become mainstream technology in the short term."
The data predicts that the mainland China TV market will reach 52 million units this year.
( 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. )
Improvement in operating capacity is still not paying dividends
According to the announcement, BOE will mainly invest in BOE 8.5 Oxide TFT production line, Ordos 5.5 generation AMOLED production line, Chongqing 8.5 generation new semiconductor display production line and other projects under construction, as well as the new touch screen production line in Hefei, the company aims to seize The new display strategy is the first opportunity to meet the huge market demand for global touch screens. The total investment of the above projects will reach 91.5 billion yuan.
The issue price of this issue is 2.1 yuan/share, and the number of issued shares ranges from 9.5 billion to 22.4 billion shares. In addition to the equity subscription of some shares, BOE expects that the cash will not exceed RMB 37.5 billion after deducting the issuance expenses, and the number of objects to be issued will not exceed 10.
Among them, the National Management Center promised to subscribe for BONGO's non-public offering of shares with its 48.92% stake in Beijing BOE. BOE showed a preliminary evaluation of 48.92 billion shares of 48.92 billion yuan; Hefei Jianxiang promised to use cash or its holdings BOE has a total of 6 billion yuan in debts related to this non-public offering of fund-raising investment projects, and subscribed for non-public offerings; Chongqing Capital promised to subscribe for non-publicly issued shares in cash of 6.3 billion yuan.
BOE believes that the two 8.5-generation lines invested and constructed will rapidly increase the company's overall panel production capacity, especially the production capacity of high-end oxide TFT panel products, which complements the production of products that have produced production lines. After the completion of the production line, BOE will have a total of six TFT-LCD production lines and one AMOLED production line, covering almost all panel applications.
Some well-known investors believe that BOE’s move is “too much to behaveâ€. Such financing is “without a reasonable examination of changes in its own industry, and it has not used its own operational capacity that has been qualitatively changed. In such a depressed stock price, it is increasing so high. Shares, incredible, can only be interpreted as 'infringement of the interests of the original shareholders, to the interests of new shareholders'".
The reason why BOE has been criticized in this way is that it cannot be separated from several large-scale financings in history. Plus this time, the total financing amount will exceed 70 billion yuan. However, according to statistics, BOE has been listed for more than 10 years, and all cash dividends amounted to less than 40 million yuan, which was referred to as “iron cock†by shareholders.
"Before 2012, China's panel industry was in its early childhood, it was difficult to make a profit, and the stock price was sluggish. Therefore, financing the stock market is more harmful. Before the first increase, BOE was only 10 before the company moved toward the 'LCD' strategy. Billion shares, and after the fourth increase, the share capital has exceeded 10 billion. The share capital has expanded more than 10 times. Up to now, whether it is the earliest employee stocks, the investors in the secondary market, or the individual organizations involved in the issuance, according to Now the stock price of 2.2 yuan should be all loss." Analyst Shu Yan believes that BOE has been in a very favorable competitive position until now. Under such a background, BOE can fully understand from a financial perspective. Shareholders consider the interests.
“Jingdong can take more financing channels. Since last year, after improving its operational capacity, it has to pay some dividends to shareholders.†An investor who has been tracking BOE for a long time told this reporter that such financing projects should Resisted by all investors. Even with the private placement financing method that has less impact on the market, BOE's share price fell 8.37% yesterday to close at 2.19 yuan.
Said that it will consider a wider range of financing methods
　 Zhang Yu, vice president of BOE, told this reporter that the market is in a downturn, and the opinions of small and medium-sized investors are relatively large. "It is normal and understandable to be in a bad mood," but Zhang Yu said that the panel industry needs a lot of money in the development process at home and abroad. Investment and government support, "Samsung, LG have experienced this stage, of course, each company's situation is different, the specific financing methods may be different."
He revealed that there will be no further financing in the short term, and with the improvement of BOE's operations, the previously restricted financing has gradually been lifted. "We will also consider adopting a wider channel to raise funds."
Market research firm NPD DisplaySearch pointed out to our reporter that the panel tariffs in mainland China are actively expanding capacity, and panel tariffs are an important reason. "China mainland has become the center of the 8th generation factory, which will definitely change the distribution of global LCD panel production capacity." NPD DisplaySearch predicts that in the fourth quarter of 2015, China's TFT LCD panel production capacity will account for 23% of the global market. %.
“Can the Chinese market digest so many lines? The next-generation display technology OLED will have a fatal impact on these production lines is an uncertain factor,†industry observers believe. However, executives including BOE and Huaxing Optoelectronics emphasized to the reporter that "overcapacity is a false proposition, and the growing market is sufficient to digest; OLED technology will not become mainstream technology in the short term."
The data predicts that the mainland China TV market will reach 52 million units this year.
( 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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