Who is the winner of the bid for OSRAM lighting?

In April 2015, the general lighting business of OSRAM plans to the divestment of its lower profits, attracted 5 LED lighting manufacturers to bid for the China, respectively, Elec-Tech Linsen, Tongfang, audio and FSL.

These 5 companies are listed companies, but also have a financing platform. But for OSRAM, the choice of the future of the counterparty, the price is only one factor, the latter also need to focus on the synergies of both sides. LED net to take inventory of these 5 manufacturers, which is the more likely to have a chance.

First, the background of the five major manufacturers

1 M.L.S.

M.L.S. was founded in 1997 and early 2015 listed on the Shenzhen stock exchange. Early production of LAMP LED packaging devices, applied to landscape lighting market, with the product of high cost performance, market share continues to improve, becoming China's leading supplier of landscape lighting LED packaging.

2011, with the rapid development of the lighting market, while consolidating the landscape lighting applications market, cut into the lighting market, increasing SMD LED packaging production line. Up to now, has become China Linsen packaging manufacturers with the largest scale, in 2014 revenue 3 billion 200 million yuan LED package, LED package of nationstar revenue and ranked second only 1 billion 300 million yuan.

In addition, Linsen industrial chain extension into the LED lighting products market, promote their own brands in the international market, China and wide spread channels. M.L.S. has become a LED packaging industry, vigorously develop the LED lighting business.

2 Elec-Tech

Elec-Tech formerly established in May 1996 Zhuhai Huarun Electric Appliance Co., in 2001 changed to the Guangdong Elec-Tech electrical Limited by Share Ltd.

Elec-Tech early the main business for the small household electrical appliances, including bread machine, electric oven, fryer and other kitchen, the main sales area for the United States, Europe, the sales target for the brands of small appliances, large retailers.

2008 began involvement LED package through the acquisition of jianlongda, followed by the acquisition of Shenzhen steps into the field of LED display. 2009 and 2011, the two fund-raising LED epitaxial chip project, the introduction of a total of 92 MOCVD. In 2013, NVC to develop LED lighting.

At present, de Ho Runda has been formed in the field of LED above the LED chip industry based on the positive vertical development of vertical integration of LED packaging applications.

3 party shares

Tongfang shares involving Internet services and terminals, energy saving and environmental protection business, in 2014 revenues of about 26 billion yuan. In the field of LED, with the two components of the chip and lighting, LED chip for the same side of the Nantong Semiconductor Co., Ltd., LED lighting for the main side lighting industry group Co., ltd..

Nantong Tongfang main production LED lighting chip, currently has a total of 59 MOCVD; the same side lighting in 2014 with the acquisition of industrial development, overseas LED lighting market.

4 Audio

1990 A shares listed on the audio, Shanghai is one of the "old stereotype". 2002 acquisition of 100% equity interest in Shanghai light bulb factory Co., Ltd., into the field of lighting. Shanghai was founded in 1923, is China's early major tungsten lamp bulb manufacturers.

The 2010 sale of Shanghai audio sales company limited 66.2% equity. 2011 2-5 months, the sale of Shanghai Pujiang Smart Card Co., Ltd. 100% stake. December 2014 acquisition of Beijing Shen An Investment Group Co., Ltd. 100% stake in the acquisition of overseas companies in 2015 Havells, the development of LED lighting.

At present, Feile audio gradually abandon the IC business, forming a sound business, lighting manufacturers Ya Ming in Shanghai and Beijing Shenan group as the main body.

5 FSL

FSL was founded in 1958, A shares listed in 1993, is one of China's major lighting companies.

In 2006, Foshan SASAC will hold a stake in FSL for sale, after the completion of the transaction, Oji Royuma holdings and Youchang lighting equipment respectively, FSL held 13.47% and 10.54% of the shares, becoming the controlling shareholder of FSL.

September 2015, OSRAM shares held by the Guangdong SASAC's Guangdong Province electronic information industry group to buy, the foreign capital committee and then through other channels, holding FSL shares. As of December 2015, SASAC's Guangdong Guangsheng group holds 18.4% stake in FSL, becoming the largest shareholder.

FSL is a traditional lighting manufacturers, in recent years, the active transformation of LED lighting. 2014 total operating income of 3 billion 70 million yuan, of which LED lighting accounted for about $30%.

Two, the company's revenue scale contrast

From the comparison, revenue size by the end of 2014, the total size of the revenue was 4 billion 150 million yuan, the scale of the first, Elec-Tech in recent years through a series of mergers and acquisitions, LED revenue growth rapidly, 2014 revenues of more than the kitchen appliance for the first time, accounting for 51%. However, if only to see LED and lighting business, in 2014 the scale of 4 billion yuan the size of the first MLS.

The rapid development in recent years through the wood Linsen, expanding production scale, gradually increase the price competitiveness, increasing revenue, 2009-2014 compound annual growth rate of 54%.

In 2014, LED lighting and audio related business revenue of 1 billion 930 million yuan, FSL 2014 revenue of 3 billion 70 million yuan, Tongfang Tongfang Tongfang semiconductor and its lighting 2014 revenue will be about 1 billion 400 million rmb.

The next few years, M.L.S. will continue the massive expansion, the scale of the enterprise will be faster