The unbearable past in the six-year-old quality black list did not stop the IPO road of Op Lighting. On August 9th, the domestic lighting giant Op Lighting Co., Ltd. (hereinafter referred to as “Oupu Lighting”), which has twice been discounted by IPO, officially issued shares. According to the prospectus, nearly 40% of the funds raised by Op Lighting will be invested in the emerging LED market. This makes people wonder that the traditional industry that has been cultivating for more than 20 years has frequently exposed the quality scandal. In the emerging market where LED is in a period of intense reshuffle, after the capital assistance, the Op Lighting, can you really make a satisfactory answer? ?

The IPO has been repaired into a positive result.

On August 9, Op Lighting officially issued shares. According to the "Oppu Lighting Initial Public Offering A Share Prospectus" (hereinafter referred to as the "Prospectus") released on August 8, the total amount of funds raised by Op Lighting is 866.52 million yuan, and the net proceeds raised are 81.067 million yuan.

In the past three years, Op Lighting has stood on the threshold of the IPO three times and twice. In July 2014, Op Lighting was explicitly suspended by the China Securities Regulatory Commission due to insufficient reporting materials. Three months later, in October 2014, Op Lighting sprinted the IPO twice, but it suffered a market downturn and the IPO ran aground again. After the re-opening of the SFC, Ou Pu Lighting submitted the application for the third time and finally delivered a good report on March 9, 2016.

Op Lighting is a well-known brand of lamps in the home furnishing industry. Op's official website shows that Op Lighting started in 1996. It is a comprehensive lighting enterprise integrating R&D, production, sales and service. The number of patent applications has exceeded 700. More than 40,000 channels of various types of channel sales outlets. According to the "Prospectus", Ou Pu Lighting's operating income in 2013-2015 was 3,394,043,700 yuan, 3,384,354,400 yuan, and 4,468,885,400 yuan, and the net profit was 4,788.115 million yuan, 30,084,800 yuan and 44,389,800 yuan respectively.

"Some LED companies that do not have the listing conditions are listed, and Opus has more reasons and qualifications to go public." After the success of Opte IPO, Wang Yancheng, president of Hongyan Electric, delivered a congratulatory message. As Wang Micheng said, the battlefield of the LED giant has shifted to the capital market. In the "Prospectus", Opp lists its main competitors in the lighting market, such as Philips, NVC, Foshan Lighting, and Osram. The power of capital. “As a lighting industry, in terms of products, Op Lighting produces lamps and lanterns for green energy, but it is still a traditional industry. Therefore, in the case of fierce competition in the industry, if it can be successfully listed, it can be opened and competitive. The distance between the opponents, as well as more funds, can increase the investment in technology research and development." An industry insider expressed the reason why Op Lighting is keen on IPO.

Six-year seven-year blacklist control is worrying

Despite the success of the capital market, Op Lighting is not as reliable as people think, but has repeatedly become the protagonist of the quality black list. According to the incomplete statistics of the Beijing Business Daily reporter, since 2010, Op Lighting has been on the blacklist of quality inspections of major quality supervision bureaus and industrial and commercial bureaus seven times in six years.

On May 25, 2010, in the results of Shanghai Municipal Bureau of Quality and Technical Supervision released the quality supervision and inspection results of Shanghai fluorescent lamps, the 2D lamps of Op Lighting were judged as unqualified products due to the unqualified energy efficiency limit; March 3, 2011 Wenzhou City Administration for Industry and Commerce announced in the fourth quarter of 2010 wire and cable lighting spot checklist, a downlight due to signs, grounding, wiring three failed to become a quality black list guest; September 7, 2011, a The movable luminaires were blacklisted in the quality supervision and spot check of Shanghai movable luminaire products in 2011; on July 16, 2012, the Shanghai Municipal Administration for Industry and Commerce issued the quality of luminaires in the circulation field in the second quarter of 2012. In the case of unqualified monitoring, a portable luminaire was unqualified due to heat resistance, fire resistance and resistance to scratch (heat resistance); in May 2015, the nominal production unit was “Oupu Lighting Appliance (Zhongshan) Co., Ltd.” A single-switch four-position converter with the trademark "OPPLE" was notified by the Guangzhou Administration for Industry and Commerce for failing to pass the "heat-resistant" project; in November 2015, an Opal classic series 2U energy-saving lamp, due to the logo Unqualified On the black list of the State Administration for Industry and Commerce; in March 2016, the results of the comparison test of the LED bulbs issued by the Nanjing Consumers Association again showed that the Op Lighting products were not up to standard.

The quality of the black list in seven years, to some extent, suggests that Op Lighting is not ideal in terms of quality control. In this regard, Op Lighting explained in the “Prospectus” that “the lighting industry has a long industrial chain and complicated production processes. If there is a problem in one link, it will affect the quality of the final product. At the same time, the company has a wide range of products and some products. By OEM production, individual products may have quality problems due to product process design, electronic component compatibility, product transportation, installation and use environment, improper use of consumers, etc.

Betting LED market faces new challenges

In the traditional lighting market with more than 20 years of experience, the performance of Op Lighting has been unsatisfactory, and with the success of this IPO, Op Lighting will increase its investment in the emerging LED field, in this market Lighting has only three years of experience and is still in the exploration period. Whether it is possible to control the quality of the LED industry will be a more severe test for Op.

“The lighting market has been converted from fluorescent lamps to LEDs. The efficient lighting projects supporting fluorescent lamps in the future may be terminated. In 2015, the National Development and Reform Commission did not conduct new bidding for this project.” In the “Prospectus”, Op Lighting will be the National Development and Reform Commission. The change in funding policy is one of the basis for increasing investment in the LED field.

According to the "Prospectus", nearly 40% of the funds raised publicly will be placed in the LED field. The investment in the construction and decoration of LED production line is 42.929 million yuan, accounting for 7.59% of the total investment. The investment in LED production line is 183.177 million yuan, accounting for 32.33% of the total investment. According to Op Lighting, the project will reach the design capacity in the fourth year. The workshop will realize an annual production capacity of 22.74 million LED lighting products.

At the same time as the IPO after the IPO, it is the deep reshuffle of this emerging industry. Just in the past July, Mu Linsen and other consortiums acquired OSRAM LED lighting business for 400 million euros, strengthening the alliance and increasing the right to speak in the LED industry; Pinyi Lighting, Zhongzhou Optoelectronics, Ruigu Technology (Shenzhen) A number of LED SMEs such as Co., Ltd., Delip Optoelectronics and Zhongshan Tongji Technology Lighting have successively closed down and went bankrupt. In the interview with the media, Ding Long, vice president of Op Lighting, publicly stated that the competition in this emerging industry is cruel. "The whole LED industry is in a rising period, and the remaining 80 companies in 8000 companies are terrific."

"Products with quality problems will bring end users the inconvenience of use and even endanger the negative impact of life and property, so that the company will bear the corresponding compensation costs while seriously damaging the corporate brand and market image. If the company does not control in time, To solve the quality problems of the products, the company's related products may face the risk of overall production suspension and suspension of sales, and even cause a sharp decline in the overall performance of the company.” In the “Prospectus”, Op Lighting lists the negative impact that quality problems will have on the company. .


5G Outdoor CPE

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