On June 29, Tianlong Optoelectronics (300029.SZ) hit a new low of 8.72 yuan since its listing. This price has fallen more than half of its issue price of 18.18 yuan, compared with its highest price of 38.49 yuan 15 months ago. Only a fraction of the remaining.
Behind the sharp decline in its stock price, not only the industry's business climate has declined, but Tianlong Optoelectronics' fundraising projects have repeatedly failed to achieve the expected benefits. The benefits promised by the IPO are now ruined, and the Dacheng Fund, which has accumulated heavy stocks, has suffered heavy losses.
The fundraising projects are not up to standard
According to the Tianlong Optoelectronics Prospectus, it plans to raise 277.163 million yuan for the investment of 144.044 million yuan of "annual production of 1,200 single crystal silicon growth furnace construction projects" (hereinafter referred to as monocrystalline silicon project), "985.10 million yuan" 150 polysilicon ingot furnace construction project (hereinafter referred to as polysilicon project) and 37.618 million yuan of "annual production of 1,200 single crystal silicon growth furnace body construction project" (hereinafter referred to as single crystal silicon furnace body project).
The reporter checked his prospectus and found that the three items reached the expected usable status date on December 31, 2010. Among them, the estimated annual profit after tax of the single crystal silicon project can reach 51.651 million yuan; the estimated annual after-tax profit of the polysilicon project is 43.059 million yuan; the estimated annual after-tax profit of the single crystal silicon furnace project is 14.491 million.
Unfortunately, "the ideal is very full, and the reality is very skinny."
After all three projects were put into use, according to Tianlong Optoelectronics' 2011 annual report, as of the end of last year, the progress of single crystal silicon project was 91.93%, and the profit after tax was 34.144 million yuan. The progress of polysilicon project was only 10.47%. The profit was -259.09 million yuan; the progress of the single crystal silicon furnace project was 100%, and the profit after tax was 15.3422 million yuan, which did not reach the expected benefits.
Tianlong Optoelectronics reported in the first quarter of 2012 that the monocrystalline silicon project and the single crystal silicon furnace project all suffered losses, namely -482.5 million yuan and -117.06 million yuan respectively, and the polysilicon project did not realize a penny benefit.
In response, Tian Jie, a representative of Tianlong Optoelectronics Securities Co., refused the reporter’s interview request on June 27th because of the absence of the secretary Liu Lusong. “You wait for the secretary to come back tomorrow and call again. Or, you can leave a contact, wait. He came back to contact you."
However, as of July 2, the reporter did not receive a reply from Lu Song. Calling Tianlong Optoelectronics again, the answer is still that Lu Song is not in the company and does not know when to go to work.
The explanation of the Tianlong Optoelectronics First Quarterly report that the project is not up to standard is that the “single crystal silicon project, polysilicon project and single crystal silicon furnace project failed to achieve the expected revenue, which was caused by the sluggish overall PV industry this year. ".
However, in the view of a fund manager in Shanghai, blindly expanding production capacity and misjudged the development prospects of the photovoltaic industry is the main reason why the Tianlong Optoelectronics fundraising project failed to meet the standards.
Super fundraising flow survey
Tianlong Optoelectronics listed funds to catch up with a good time.
Originally planned to raise 278.033 million yuan of Tianlong Optoelectronics, the total IPO fundraising reached 87,809,490 yuan, of which over-raised funds amounted to 60,103,190 yuan. So, where are these super-raised funds used by Tianlong Optoelectronics?
According to its first-quarter report this year, Tianlong Optoelectronics has reviewed and approved five super-raised funds projects, including the use of 151.6 million yuan to build a polycrystalline ingot experimental demonstration plant (hereinafter referred to as the polycrystalline demonstration plant); the acquisition of Shanghai James by $119 million 68% equity of Electronic Materials Technology Co., Ltd.; use 53.333 million yuan to establish a joint venture with Huasheng Optoelectronic Equipment (Hong Kong) Co., Ltd. to develop and produce LED MOCVD equipment; use 100 million yuan of super-raised funds to permanently replenish working capital; use 4460 million Yuan acquired part of the equity of Jintan Light Source Quartz Co., Ltd. (hereinafter referred to as Jintan Light Source) and increased its capital.
As of the end of 2012, the over-raised funds used by Tianlong Optoelectronics planned to be 4,465,333,000 yuan, and the remaining 134,498,600 yuan of super-raised funds have not yet been formulated.
In fact, in addition to the supplementary liquidity, the remaining four over-raised projects of Tianlong Optoelectronics all suffered losses in the first quarter of this year, with a total loss of 572.37 million yuan.
The full-line loss of IPO fundraising projects and over-raised projects also led to Tianlong Optoelectronics' net profit for the first quarter of this year was -14,178,100 yuan, down 142.55% from the same period in 2011.
Despite this, according to the Tianlong Optoelectronics quarterly report, Dacheng preferredly held 680.1987 million shares of the company, Dacheng Innovation Growth held 265.108 million shares, and the fund Jingfu (ie Dacheng closed-end fund) held 1,839,929 shares, and the Soochow aggressive strategy held 1,327,646 shares and the social security fund 113 combination held 1,199,878 shares.
Except for the fund Jingfu's reduction of 880,800 shares in the first quarter of this year, the remaining funds have no position changes.
The reporter noted that the Dacheng Fund's shareholding in Tianlong Optoelectronics can be traced back to the third quarter of 2010.
The average transaction price of Tianlong Optoelectronics in the third quarter of 2010 was 29.52 yuan, and the fourth quarter was 26.39 yuan. The average transaction price in the first quarter of 2011 was 33.18 yuan, 23.73 yuan in the second quarter, 25.16 yuan in the third quarter, and 16.51 yuan in the fourth quarter. The average price of Tianlong Optoelectronics in the first quarter of 2012 was 14.25 yuan.
According to the entry time of Dacheng Fund, Dacheng's preferred shareholding cost is at least 30 yuan, and Dacheng's innovative growth cost is about 23 yuan. The fund's Jingfu shareholding cost is higher than the other two funds, which is about 40 yuan, because it is built at a high position and reduced at a low level.
The above-mentioned fund manager admitted that even if Tianlong Optoelectronics made two cash dividends, the floating loss of Dacheng Fund was about 200 million yuan. "Because Tianlong Optoelectronics has only 109 million shares in circulation, it is very difficult for Dacheng Fund to reduce its holdings."
Behind the sharp decline in its stock price, not only the industry's business climate has declined, but Tianlong Optoelectronics' fundraising projects have repeatedly failed to achieve the expected benefits. The benefits promised by the IPO are now ruined, and the Dacheng Fund, which has accumulated heavy stocks, has suffered heavy losses.
The fundraising projects are not up to standard
According to the Tianlong Optoelectronics Prospectus, it plans to raise 277.163 million yuan for the investment of 144.044 million yuan of "annual production of 1,200 single crystal silicon growth furnace construction projects" (hereinafter referred to as monocrystalline silicon project), "985.10 million yuan" 150 polysilicon ingot furnace construction project (hereinafter referred to as polysilicon project) and 37.618 million yuan of "annual production of 1,200 single crystal silicon growth furnace body construction project" (hereinafter referred to as single crystal silicon furnace body project).
The reporter checked his prospectus and found that the three items reached the expected usable status date on December 31, 2010. Among them, the estimated annual profit after tax of the single crystal silicon project can reach 51.651 million yuan; the estimated annual after-tax profit of the polysilicon project is 43.059 million yuan; the estimated annual after-tax profit of the single crystal silicon furnace project is 14.491 million.
Unfortunately, "the ideal is very full, and the reality is very skinny."
After all three projects were put into use, according to Tianlong Optoelectronics' 2011 annual report, as of the end of last year, the progress of single crystal silicon project was 91.93%, and the profit after tax was 34.144 million yuan. The progress of polysilicon project was only 10.47%. The profit was -259.09 million yuan; the progress of the single crystal silicon furnace project was 100%, and the profit after tax was 15.3422 million yuan, which did not reach the expected benefits.
Tianlong Optoelectronics reported in the first quarter of 2012 that the monocrystalline silicon project and the single crystal silicon furnace project all suffered losses, namely -482.5 million yuan and -117.06 million yuan respectively, and the polysilicon project did not realize a penny benefit.
In response, Tian Jie, a representative of Tianlong Optoelectronics Securities Co., refused the reporter’s interview request on June 27th because of the absence of the secretary Liu Lusong. “You wait for the secretary to come back tomorrow and call again. Or, you can leave a contact, wait. He came back to contact you."
However, as of July 2, the reporter did not receive a reply from Lu Song. Calling Tianlong Optoelectronics again, the answer is still that Lu Song is not in the company and does not know when to go to work.
The explanation of the Tianlong Optoelectronics First Quarterly report that the project is not up to standard is that the “single crystal silicon project, polysilicon project and single crystal silicon furnace project failed to achieve the expected revenue, which was caused by the sluggish overall PV industry this year. ".
However, in the view of a fund manager in Shanghai, blindly expanding production capacity and misjudged the development prospects of the photovoltaic industry is the main reason why the Tianlong Optoelectronics fundraising project failed to meet the standards.
Super fundraising flow survey
Tianlong Optoelectronics listed funds to catch up with a good time.
Originally planned to raise 278.033 million yuan of Tianlong Optoelectronics, the total IPO fundraising reached 87,809,490 yuan, of which over-raised funds amounted to 60,103,190 yuan. So, where are these super-raised funds used by Tianlong Optoelectronics?
According to its first-quarter report this year, Tianlong Optoelectronics has reviewed and approved five super-raised funds projects, including the use of 151.6 million yuan to build a polycrystalline ingot experimental demonstration plant (hereinafter referred to as the polycrystalline demonstration plant); the acquisition of Shanghai James by $119 million 68% equity of Electronic Materials Technology Co., Ltd.; use 53.333 million yuan to establish a joint venture with Huasheng Optoelectronic Equipment (Hong Kong) Co., Ltd. to develop and produce LED MOCVD equipment; use 100 million yuan of super-raised funds to permanently replenish working capital; use 4460 million Yuan acquired part of the equity of Jintan Light Source Quartz Co., Ltd. (hereinafter referred to as Jintan Light Source) and increased its capital.
As of the end of 2012, the over-raised funds used by Tianlong Optoelectronics planned to be 4,465,333,000 yuan, and the remaining 134,498,600 yuan of super-raised funds have not yet been formulated.
In fact, in addition to the supplementary liquidity, the remaining four over-raised projects of Tianlong Optoelectronics all suffered losses in the first quarter of this year, with a total loss of 572.37 million yuan.
The full-line loss of IPO fundraising projects and over-raised projects also led to Tianlong Optoelectronics' net profit for the first quarter of this year was -14,178,100 yuan, down 142.55% from the same period in 2011.
Despite this, according to the Tianlong Optoelectronics quarterly report, Dacheng preferredly held 680.1987 million shares of the company, Dacheng Innovation Growth held 265.108 million shares, and the fund Jingfu (ie Dacheng closed-end fund) held 1,839,929 shares, and the Soochow aggressive strategy held 1,327,646 shares and the social security fund 113 combination held 1,199,878 shares.
Except for the fund Jingfu's reduction of 880,800 shares in the first quarter of this year, the remaining funds have no position changes.
The reporter noted that the Dacheng Fund's shareholding in Tianlong Optoelectronics can be traced back to the third quarter of 2010.
The average transaction price of Tianlong Optoelectronics in the third quarter of 2010 was 29.52 yuan, and the fourth quarter was 26.39 yuan. The average transaction price in the first quarter of 2011 was 33.18 yuan, 23.73 yuan in the second quarter, 25.16 yuan in the third quarter, and 16.51 yuan in the fourth quarter. The average price of Tianlong Optoelectronics in the first quarter of 2012 was 14.25 yuan.
According to the entry time of Dacheng Fund, Dacheng's preferred shareholding cost is at least 30 yuan, and Dacheng's innovative growth cost is about 23 yuan. The fund's Jingfu shareholding cost is higher than the other two funds, which is about 40 yuan, because it is built at a high position and reduced at a low level.
The above-mentioned fund manager admitted that even if Tianlong Optoelectronics made two cash dividends, the floating loss of Dacheng Fund was about 200 million yuan. "Because Tianlong Optoelectronics has only 109 million shares in circulation, it is very difficult for Dacheng Fund to reduce its holdings."
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