Fund-raising 457 million! The micro cast LED related projects, two degrees sprint IPO

Shenzhen City Ming Electronics Limited by Share Ltd (hereinafter referred to as "Ming Electronics") recently in the SFC website disclosure of the prospectus, the company intends to gem public offering of not more than 15 million 493 thousand and 300 shares, the total issued share capital of not more than 61 million 973 thousand and 334 shares, is the sponsor of China Merchants securities.

Public data shows, Ming microelectronics is a high-tech enterprise specialized in R & D, integrated circuit design, testing and sales of products, including LED display, LED lighting and power supply, LED landscape lighting and other types of. 2014-2016, the company achieved operating income of 239 million yuan, 222 million yuan and 312 million yuan, an average annual compound growth rate of 14.24% over the same period; net profit of 28 million 49 thousand yuan, 18 million 175 thousand and 100 yuan and 38 million 848 thousand and 500 yuan, an average annual compound growth rate of 17.69%; the net cash flow from operating activities was -87.89 million yuan, 122 thousand and 900 yuan and 1 million 932 thousand and 700 yuan.

According to the prospectus disclosure, the Ming microelectronics IPO plans to raise 457 million yuan of funds will be invested in a new generation of LED display driver chip development and industrialization, development and industrialization of intelligent lighting processor and integrated circuit packaging project.

The use of funds raised by

Ming microelectronics also mentioned in the prospectus a series of risks such as inventory depreciation. Ming microelectronics said that the company's inventory mainly from raw materials, products, outsourcing processing materials, goods and goods issued inventory and so on. The net amounts at the end of the reporting period were $72 million 196 thousand and 900, $63 million 783 thousand and 200 and $68 million 757 thousand and 100, representing 30.64%, 28.37% and 26.66% of the total assets in each year. With the expansion of the scale of the company's business, inventory will also rise, may bring some adverse effects on the liquidity of the company's assets.

Reporters noted that, during the reporting period, microelectronics included in the current income of financial subsidies were 10 million 899 thousand and 400 yuan, 12 million 139 thousand and 300 yuan and 8 million 907 thousand and 900 yuan, the impact of the overall profitability of the issuer weakened. If the company does not receive government subsidies or receives a significant reduction in government subsidies, it may have a negative impact on the company's current net profit.

As of the date of signing the prospectus, the total share capital of microelectronics 46 million 480 thousand shares, the company's actual controller Mr. Wang Lekang direct and indirect control of voting rights, accounting for 67.1816% of the total share capital of the company before the issue.

It is understood that this is not the first spurt of microelectronics capital market. Statistics show that in January 12, 2011, Ming microelectronics formally accepted Guoxin Securities Listing guidance, the sponsor representative for Wei Qifang and long sensitive. On February 16, 2012, the SFC announced the termination of the microelectronics review, ending in February 13th. As for the reasons, Ming microelectronics secretaries when he told reporters in an interview, said: "2011 performance is not expected to be so good, coupled with the market is not optimistic, the company took the initiative to withdraw the listing application."."

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