[Source: Gaogong LED 's " LED Research Review" magazine January issue reporter / Tang Guirong ]
After eight months of production disruption, Xu Rui Opto's reorganization case finally surfaced.
On January 18, 2013, Guoxing Optoelectronics announced that it would increase its investment in Xurui Optoelectronics in cash and subscribe for 50 million shares of Xurui Optoelectronics. After the subscription is completed, Guoxing Optoelectronics holds the shares of Xurui Optoelectronics from the original to 60.55%, becoming the largest shareholder.
Guoxing Optoelectronics only spent 50 million yuan to realize the control of Xurui Optoelectronics, which is a successful low-cost expansion. However, when the LED chip was overcapacity, the subscription of Guoxing Optoelectronics was also interpreted by the insiders as an adventure.
However, from a market perspective, mergers and acquisitions in overcapacity industries are inevitable. Although many companies are underemployed because of lack of orders, they are a good opportunity for companies and investors who hold cash.
Good dream
On February 27, 2010, the Xuerui Optoelectronics LED epitaxial chip project with a total investment of 350 million US dollars was launched in Nanhai, Foshan. National Chinese shareholders such as Guoxing Optoelectronics, Xuming Optoelectronics, Zhejiang Shenghui, Beijing Langboer, Beijing Aieridi Investment Co., Ltd. and Nanhai District High-tech Industry Investment Co., Ltd. hold a 51% stake in Xurui Optoelectronics, Xuming Optoelectronics Co., Ltd. It holds 49% of the shares.
“Xurui Optoelectronics Project is a typical 'government Lalang match'.†A person familiar with the matter said that in 2010, under the leadership of relevant government departments, the above seven companies jointly established Xurui Optoelectronics. The original idea was that Xurui Optoelectronics was the upstream of the LED chip, Guoxing Optoelectronics as the mid-stream of the device package, and Zhejiang Shenghui and Beijing Langboer as the downstream LED lighting application layout, together to create a vertically integrated industrial chain.
“Overseas LED chip manufacturers invest in China, generally focusing on the LED chip packaging industry, and the Xurui Optoelectronics project is the first overseas LED chip manufacturer to settle in China.†At the time, the director of the Institute of Semiconductors of the Chinese Academy of Sciences, Li Jinxi, launched the ceremony at the Xurui Optoelectronics Project. The reporter repeatedly stressed.
In addition, Xu Ming Optoelectronics, one of the shareholders, has a patent for LED chip manufacturing with a vertical structure of a metal substrate, which has also become a highlight of this project.
"We already have more than 100 lumens / watt of luminous efficiency product technology, the future product's luminous efficiency can also exceed 150 lumens / watt." Xu Rui photoelectric executives revealed to reporters that the total investment of 350 million US dollars will be completed by the end of 2013 And fully put into production, the expected production capacity will reach 100 units. "We hope to make the South China Sea into a valley, similar to the Silicon Valley in the United States." The members of the core technical team of the Sedi Optoelectronics Department reminisced about the scene at the time, but still remember it.
“That was before and after the Spring Festival in 2010, when everyone just left SMIC, and Marco (who was the general manager of Xurui Optoelectronics) invited us to discuss the Xurui Optoelectronics project. Everyone did not hesitate about the prospects of Xurui Optoelectronics. There is no bargaining for wages. There is only the excitement of re-cooperation, and the enthusiasm for new projects."
The above-mentioned resignation team representative admitted that although Xu Rui Optoelectronics was only a remote landless place at the time, it seemed that the future could be the most advanced LED chip factory in China, and everything looked so good. “The nearly 50 employees led by Marco have worked together and around the clock. In March 2011, Xurui Optoelectronics officially went into production, and the time for the establishment of the company’s core team was less than one year.â€
Since then, in the case of sharp declines in chip prices in 2011 and 2012, Xurui Optoelectronics has also been seriously affected. Then, the shareholders of Xurui Optoelectronics also lost patience. Minority shareholders began to express dissatisfaction with Xu Rui Opto's 2011 losses, which eventually led most shareholders to ask the core management team of Marco and other companies to be responsible for this.
In the following months, Mark did not give up all possible efforts, and still tried to lead Xurui Optoelectronics to fight for profitable goals. On April 24, 2012, under strong pressure from shareholders, Ma chose to leave.
At this point, the beautiful dream of Xurui Optoelectronics began to encounter reality and cruelty.
Xu Rui's loss emerges
In fact, Xu Rui Optoelectronics has been in a state of sustained losses since its production in early 2011, and its net assets have fallen sharply.
According to public data, in 2001, Xurui Optoelectronics realized an operating income of 39.41 million yuan and a net profit of -656.73 million yuan. From January to August 2012, the company realized operating income of 1,603,200 yuan and net profit of -6,308,490 yuan. It is estimated that the annual loss will be around 8,000-90 million yuan.
“The loss of Xurui Optoelectronics is caused by many aspects. The chairman and technical backbone of the company have been in Taiwan for a long time and have insufficient understanding of the domestic market. Due to long-term mismanagement, the product defects that have been formed for a long time have not been resolved. In the case of a sharp decline in the market in 2011 and the year, Xurui Optoelectronics was also seriously affected.†Party Jianzhong once said to the media.
The reporter learned that there are still many employees in the company, but since December 1, 2012, Xu Rui Optoelectronics has announced a long vacation, which lasted until April 2013, which caused a lot of employee dissatisfaction.
An in-service employee revealed to reporters that the company's equipment has been in maintenance since the company's production was suspended in April. Due to poor management and long-term losses, the company’s 14-month salary system promised to employees is also dragged.
"The 14-month salary system means that employees who have been employed for more than half a year will be paid one month's salary every six months. Since 2012, the additional wages have been dragged and not sent."
In fact, since April 2012, the daily operation of Xu Rui Optoelectronics is the processing order from Xuming Optoelectronics. Xu Rui Optoelectronics is responsible for the cutting and testing of the back-end materials, but the reporter knows that these orders are very small.
As a result of continued losses, Xurui Optoelectronics has been in a state of paralysis, waiting for restructuring. The company's shareholders have repeatedly stressed to employees that as a key investment target of the Foshan Municipal Government, shareholders will not let the company go through the process of liquidation and bankruptcy, they will definitely find a way to restructure the company.
However, under the background of the stormy LED chip industry, the restructuring process has not proceeded smoothly.
After eight months of production disruption, Xu Rui Opto's reorganization case finally surfaced.
On January 18, 2013, Guoxing Optoelectronics announced that it would increase its investment in Xurui Optoelectronics in cash and subscribe for 50 million shares of Xurui Optoelectronics. After the subscription is completed, Guoxing Optoelectronics holds the shares of Xurui Optoelectronics from the original to 60.55%, becoming the largest shareholder.
Guoxing Optoelectronics only spent 50 million yuan to realize the control of Xurui Optoelectronics, which is a successful low-cost expansion. However, when the LED chip was overcapacity, the subscription of Guoxing Optoelectronics was also interpreted by the insiders as an adventure.
However, from a market perspective, mergers and acquisitions in overcapacity industries are inevitable. Although many companies are underemployed because of lack of orders, they are a good opportunity for companies and investors who hold cash.
Good dream
On February 27, 2010, the Xuerui Optoelectronics LED epitaxial chip project with a total investment of 350 million US dollars was launched in Nanhai, Foshan. National Chinese shareholders such as Guoxing Optoelectronics, Xuming Optoelectronics, Zhejiang Shenghui, Beijing Langboer, Beijing Aieridi Investment Co., Ltd. and Nanhai District High-tech Industry Investment Co., Ltd. hold a 51% stake in Xurui Optoelectronics, Xuming Optoelectronics Co., Ltd. It holds 49% of the shares.
“Xurui Optoelectronics Project is a typical 'government Lalang match'.†A person familiar with the matter said that in 2010, under the leadership of relevant government departments, the above seven companies jointly established Xurui Optoelectronics. The original idea was that Xurui Optoelectronics was the upstream of the LED chip, Guoxing Optoelectronics as the mid-stream of the device package, and Zhejiang Shenghui and Beijing Langboer as the downstream LED lighting application layout, together to create a vertically integrated industrial chain.
“Overseas LED chip manufacturers invest in China, generally focusing on the LED chip packaging industry, and the Xurui Optoelectronics project is the first overseas LED chip manufacturer to settle in China.†At the time, the director of the Institute of Semiconductors of the Chinese Academy of Sciences, Li Jinxi, launched the ceremony at the Xurui Optoelectronics Project. The reporter repeatedly stressed.
In addition, Xu Ming Optoelectronics, one of the shareholders, has a patent for LED chip manufacturing with a vertical structure of a metal substrate, which has also become a highlight of this project.
"We already have more than 100 lumens / watt of luminous efficiency product technology, the future product's luminous efficiency can also exceed 150 lumens / watt." Xu Rui photoelectric executives revealed to reporters that the total investment of 350 million US dollars will be completed by the end of 2013 And fully put into production, the expected production capacity will reach 100 units. "We hope to make the South China Sea into a valley, similar to the Silicon Valley in the United States." The members of the core technical team of the Sedi Optoelectronics Department reminisced about the scene at the time, but still remember it.
“That was before and after the Spring Festival in 2010, when everyone just left SMIC, and Marco (who was the general manager of Xurui Optoelectronics) invited us to discuss the Xurui Optoelectronics project. Everyone did not hesitate about the prospects of Xurui Optoelectronics. There is no bargaining for wages. There is only the excitement of re-cooperation, and the enthusiasm for new projects."
The above-mentioned resignation team representative admitted that although Xu Rui Optoelectronics was only a remote landless place at the time, it seemed that the future could be the most advanced LED chip factory in China, and everything looked so good. “The nearly 50 employees led by Marco have worked together and around the clock. In March 2011, Xurui Optoelectronics officially went into production, and the time for the establishment of the company’s core team was less than one year.â€
Since then, in the case of sharp declines in chip prices in 2011 and 2012, Xurui Optoelectronics has also been seriously affected. Then, the shareholders of Xurui Optoelectronics also lost patience. Minority shareholders began to express dissatisfaction with Xu Rui Opto's 2011 losses, which eventually led most shareholders to ask the core management team of Marco and other companies to be responsible for this.
In the following months, Mark did not give up all possible efforts, and still tried to lead Xurui Optoelectronics to fight for profitable goals. On April 24, 2012, under strong pressure from shareholders, Ma chose to leave.
At this point, the beautiful dream of Xurui Optoelectronics began to encounter reality and cruelty.
Xu Rui's loss emerges
In fact, Xu Rui Optoelectronics has been in a state of sustained losses since its production in early 2011, and its net assets have fallen sharply.
According to public data, in 2001, Xurui Optoelectronics realized an operating income of 39.41 million yuan and a net profit of -656.73 million yuan. From January to August 2012, the company realized operating income of 1,603,200 yuan and net profit of -6,308,490 yuan. It is estimated that the annual loss will be around 8,000-90 million yuan.
“The loss of Xurui Optoelectronics is caused by many aspects. The chairman and technical backbone of the company have been in Taiwan for a long time and have insufficient understanding of the domestic market. Due to long-term mismanagement, the product defects that have been formed for a long time have not been resolved. In the case of a sharp decline in the market in 2011 and the year, Xurui Optoelectronics was also seriously affected.†Party Jianzhong once said to the media.
The reporter learned that there are still many employees in the company, but since December 1, 2012, Xu Rui Optoelectronics has announced a long vacation, which lasted until April 2013, which caused a lot of employee dissatisfaction.
An in-service employee revealed to reporters that the company's equipment has been in maintenance since the company's production was suspended in April. Due to poor management and long-term losses, the company’s 14-month salary system promised to employees is also dragged.
"The 14-month salary system means that employees who have been employed for more than half a year will be paid one month's salary every six months. Since 2012, the additional wages have been dragged and not sent."
In fact, since April 2012, the daily operation of Xu Rui Optoelectronics is the processing order from Xuming Optoelectronics. Xu Rui Optoelectronics is responsible for the cutting and testing of the back-end materials, but the reporter knows that these orders are very small.
As a result of continued losses, Xurui Optoelectronics has been in a state of paralysis, waiting for restructuring. The company's shareholders have repeatedly stressed to employees that as a key investment target of the Foshan Municipal Government, shareholders will not let the company go through the process of liquidation and bankruptcy, they will definitely find a way to restructure the company.
However, under the background of the stormy LED chip industry, the restructuring process has not proceeded smoothly.
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