On October 17, the chairman and vice chairman of Ganzhao Optoelectronics also left the exhibition at the same time. As of October 19, in just one month, the company had five executives left. Some analysts have speculated that the executives have collectively left, for two reasons. One is that the company's internal operations may have problems; the second is to pave the way for "and the monarchy".

Recently, the author wrote to Ganzhao Optoelectronics to try to further understand the motives of executives leaving the company, but did not receive a reply.

It is worth noting that Wang Weiyong, one of the founders of a listed company, plans to reduce his holdings while resigning as chairman. In this case, the company's largest shareholder will face the situation of change of ownership, the current two shareholders "and the monarch" (and Jun Zhengde and its concerted action Suzhou and equity investment) may be in the upper position.

Five executives collectively resigned

The five executives that Ganzhao Optoelectronics currently announced to be resigned are Chairman Wang Weiyong, Vice Chairman Zeng Yujie, Director Cai Haifang, Director Lin Xiaohui and Vice President Zhang Yong. When talking about the reasons for the above-mentioned heavyweight executives leaving their posts, Gan Zhao Optoelectronics claims to be "personal reasons." The relevant personnel of the Ganzhao Optoelectronics Securities Department said to the author: "The specific reasons for the resignation of executives are mainly based on the company's announcement."

On the 19th, the company issued a risk warning announcement, saying that due to the resignation of some directors and senior executives of the company, there is certain uncertainty about the company's influence.

Dry Photoelectric is one of the largest manufacturers of domestic red and yellow LED epitaxial wafers and chips. At this time, the outflow of executives broke out, which coincided with the disclosure of the results of the third quarter report of the dry photo. In the first three quarters of this year, the company's net profit attributable to shareholders of listed companies still fell 16.46% year-on-year.

In the six years since the listing of Ganzhao Optoelectronics, the company's revenue growth has been slow. In 2015, the company's annual revenue was 614 million yuan, an increase of more than 300 million yuan compared with the first year of 2010. On the other hand, Sanan Optoelectronics in the same industry has actively sought expansion in recent years. Its operating income in 2015 reached 4.858 billion yuan, eight times that of Ganzhao Optoelectronics.

Like the Sanan Optoelectronics, Ganzhao Optoelectronics also makes epitaxial wafers, but there are differences between them. The products of Ganzhao Optoelectronics are mainly red light and yellow light. Other chip companies such as Sanan Optoelectronics are mainly blue-green light. In recent years, the market for blue-green optical epitaxial chips has developed well, which is related to the popularity of white light applications in the lighting market. White light is the so-called blue-green light. The application market of red and yellow light is not as wide as blue-green light, which is why the development of dry photo photoelectric business is lower than expected. I suspect that the collective resignation of executives may be related to the company's unsatisfactory business.

"The red and yellow light chip market has little room for growth, so the company's revenue scale has not increased much in recent years. Due to the differences in the founder's business philosophy, the company's investment direction has not been clear, until 2015. Great investment in blue-green products, but just involved in the blue-green industry, the depreciation costs of related equipment last year, coupled with the sluggish blue-green market, led to the company's net profit loss last year. Optoelectronics analysts who do not want to be named said this.

"and the monarch" or upper

Among the above-mentioned retired executives, Chairman Wang Weiyong has a special status, and his other identity is one of the founders of listed companies.

Gan Zhao Opto was originally founded by a three-person partnership. In addition to Wang Weiyong, the other two are Deng Dianming and Wang Xiangwu. On the eve of the listing of the company in August 2010, the three formed a concerted action by way of alliance and held a listed company. However, the company did not have a good time after the listing, and the three men parted ways. In November 2013, the three announced the agreement to lift the concerted action. Since then, there is no actual controller for dry photo.

Interestingly, there is a relationship between Ganzhao Optoelectronics and Sanan Optoelectronics. Deng Zhaoming and Wang Xiangwu, the founders of Ganzhao Optoelectronics, had worked in Sanan Optoelectronics before establishing the company.

Wang Weiyong’s departure this time was resolute and decisive. With the resignation, Wang Weiyong wants to make a reduction in cash. He plans to reduce his holding of Sunshine Optoelectronics shares by no more than 25 million shares in the next six months from October 18, 2016, that is, no more than the current company. 3.55% of the share capital, the reason for the reduction is "individual own funding needs."

If Wang Weiyong's above-mentioned reduction plan is fully implemented, it will lead to the replacement of its first largest shareholder position by the second shareholder.

At present, the current shares of the second shareholder of Ganzhao Optoelectronics, "He Jun", were handed over from Deng Jianming and Wang Xiangwu this year. At that time, after the transfer, the monarch had expressed his position and did not rule out the possibility of continuing to increase the shares of the listed company in the next 12 months.

Will "He Jun" be able to take over the shares that Wang Weiyong intends to reduce? Or, the high-level turmoil of listed companies is intended to pave the way for “and the monarchy”?

The author has not yet received a positive response from the listed company.

"The reason for the collective resignation of senior executives is related to the entry of 'and the monarchy'. It is still not conclusive. But the company should be affirmative in the future." The analysts who did not want to be named further expressed .

In the capital rivers and lakes, in recent years, the "He and the monarchy" appeared to be extremely active. In the A-share market, whether it has the possibility of further entering the main photo-electricity, remains to be seen.

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