On January 31, Han's Laser announced that the company's board of directors had agreed to terminate the spin-off of its subsidiary, Han's Closed Beta, to be listed on the Growth Enterprise Market (GEM) and withdraw the relevant listing application documents. At present, the company has received the "Decision on Terminating the Review of the Initial Public Offering of Shenzhen Han's Sealing and Testing Technology Co., Ltd. and Listing on the Growth Enterprise Market" issued by the Shenzhen Stock Exchange.
The market environment changed, and the IPO of Han's Closed Testing was "terminated".
Han's application for listing on the GEM of the Shenzhen Stock Exchange was accepted in September 2022. Prior to the "termination", it has entered the inquiry period.
It is reported that Han's Packaging & Testing is a manufacturer of LED and semiconductor packaging and testing equipment, mainly providing core equipment and solutions for LED and semiconductor packaging and testing processes, and has R&D and manufacturing capabilities for special equipment such as die bonding, wire bonding, sorting and splitting, taping and other special equipment in the field of LED and semiconductor packaging and testing.
At present, Han's Packaging & Testing has gradually focused its business on wire bonding equipment, which is mainly used for wire bonding processes in the field of LED packaging and semiconductor packaging and testing.
At present, Han's has accumulated a number of excellent partners. Among them, in the field of LED, the company's key customers include well-known packaging companies such as Guoxing Optoelectronics, Dongshan Precision, and Jingtai Optoelectronics, and continue to promote the batch sales of many well-known packaging companies such as MLS, MTC, and Lehman Optoelectronics.
Han's Closed Beta originally planned to raise 26,066 yuan100,000 yuan was invested in the expansion project of high-speed and high-precision wire bonding machine and the expansion project of R&D center. Among them, the "high-speed and high-precision wire bonding machine expansion project" plans to invest a total of 15,111100,000 yuan, the main products are high-speed and high-precision wire bonding machines in the field of LED packaging, IC, discrete devices, and optical communication devices (customized) packaging and testing, with production and sales of 3,100 units.
However, Han's closed beta will end on January 31, 2024. As for the reasons for the termination of the spin-off, Han's Laser explained in the announcement that due to the great changes in the current market environment, in order to make overall arrangements for the business development and capital operation planning of Han's Packaging and Testing, after full communication and prudent argumentation with relevant parties, the Company decided to terminate the listing of Han's Packaging and Testing on the Growth Enterprise Market of the Shenzhen ** Exchange and withdraw the relevant listing application documents.
It is reported that since 2021, the market economy has been recovering one after another, emerging applications have accelerated their development, and the LED market has booming in production and sales. In terms of LED lighting, the concepts of green, environmental protection, intelligence, and human factors are gradually gaining popularity; In terms of LED display, application scenarios such as conferences, home theaters, cinemas, virtual shooting, automobiles, stadiums, and event performances are constantly being developed. The LED industry continues to develop in the direction of high-end, and this trend has driven the market demand for equipment.
However, entering 2022, under the combined impact of global geopolitical conflicts and macroeconomic slowdown, the vitality of the terminal market has weakened. In 2023, the complex market environment will continue, and the development of the LED industry will encounter twists and turns.
Changes in the market environment are also reflected in the performance of Han's Closed Testing. It is reported that from 2020 to 2022 and the first half of 2023, Han's Sealing and Testing will achieve operating income of 15,039 respectively770,000 yuan, 34,189660,000 yuan, 43,343$920,000 and $18,898020,000 yuan, the corresponding net profit was -665030,000 yuan, 5,174530,000 yuan, 5,160160,000 yuan and 1,835110,000 yuan.
"A demolition A" is hot.
Han's Packaging & Testing is not the first subsidiary of Han's Laser to be spun off and listed. It is reported that in February 2022, Han's CNC, the first company spun off from Han's Laser, completed the listing on the GEM; The closed test of Han's will submit its IPO prospectus in September 2022; In addition, in November 2022, Han's Laser also announced that it plans to spin off its subsidiary, Shanghai Fuchuang, to be listed on the GEM, and the company is still in the counseling period.
Han's Laser is only one of the listed companies that spin-off subsidiaries are listed in the army. In this wave of upsurge, LED-related companies are very active.
Among them, Hisense Video announced in January 2023 that it plans to spin off its holding subsidiary Xinxin Micro to be listed on the domestic ** exchange. It is reported that Xinxin Micro is mainly engaged in the research and development, design and sales of display chips and AIoT intelligent control chips. According to the information on the official website of the Science and Technology Innovation Board, Xinxin Micro is in the inquiry period.
In June 2022, Hikvision announced a plan to spin off its subsidiary, Hikvision Machinery, to be listed on the Growth Enterprise Market of the Shenzhen Stock Exchange, and Hikvision Machinery is currently in the inquiry period. It is worth mentioning that Hikvision Machinery is Hikvision's second spin-off and listing project, and its holding subsidiary, EZVIZ Network, has successfully landed on the Science and Technology Innovation Board in December 2022.
AXT directly holds Beijing Tongmei 8551% of the shares, is the controlling shareholder of Beijing Tongmei. The IPO of Beijing Tongmei Science and Technology Innovation Board was submitted for registration in August 2022 and there is no result yet, but it updated the relevant financial information in December 2023, and the IPO process is still being promoted. It is reported that Beijing Tongmei is mainly engaged in the research and development, production and sales of indium phosphide substrates, gallium arsenide substrates, germanium substrates, PBN materials and other high-purity materials.
In addition, BYD Semiconductor is a subsidiary of BYD, which submitted a prospectus in June 2021 and terminated the IPO process in November 2022. However, in March 2023, Wang Chuanfu, chairman of BYD, said at BYD's performance conference, "BYD's semiconductor listing plan remains unchanged, but there are some adjustments in the process." ”
Coincidentally, MTC terminated its GEM IPO in March 2022. However, this is not the end, MTC has already stated that when the conditions are ripe, it will take the opportunity to restart the spin-off and listing of MTC.
Midea Group's plan to spin off Midea Optoelectronics for the second time was terminated in December 2023. This is the second time that Meizhi Optoelectronics has terminated its listing application, and it is still unknown whether it will sprint to IPO again.
The spin-off of a subsidiary is a strategic decision, which helps the listed company to release the independent value of different businesses, provide an independent fundraising platform for the subsidiary, and better stimulate the development potential of the subsidiary. However, the spin-off of the subsidiary may also weaken the existing business synergies between the parent company and the subsidiary, and between the subsidiary and the subsidiary.
Therefore, it is necessary to carefully consider the impact of "A on the value and long-term development of the company". However, it is undeniable that the capital market is becoming more and more standardized, and more listed companies will choose to spin off and list in the future in order to seek greater development. (Text: ledinside lynn).