In May, LED companies' IPO news came one after another. Among them, Jingfeng Mingyuan pre-disclosed and updated, the proposed shares will not be issued more than 15.4 million shares; Dart Lighting decided to suspend the listing process due to the adjustment of the listing plan. On May 2, the official website of the China Securities Regulatory Commission disclosed Jingfeng Mingyuan Semiconductor Co., Ltd. (hereinafter referred to as “Jingfeng Mingyuanâ€). The company plans to issue no more than 15.4 million shares on the Shanghai Stock Exchange, and the total share capital after the issuance will not exceed 61.6 million shares. According to the disclosure, Jingfeng Mingyuan plans to raise 550.2 million yuan, of which 140 million yuan will be used to supplement working capital, and the rest will be invested in general LED lighting driver chip development and industrialization projects and intelligent LED lighting chip development and industrialization projects. Gaogong LED understands that the main customers of LED lighting driver chip products developed and produced by Jingfeng Mingyuan are LED lighting manufacturers. The main customers are Philips, Op Lighting, NVC Lighting, Debon Lighting and other domestic and international LED lighting products suppliers. The actual controllers of the company are Hu Liqiang and Liu Jiechi. Up to now, Hu Liqiang directly holds 35.85% of the company's shares, and indirectly holds a 4.0% stake in the company through Shanghai Jingzherui (including Ningbo Huronghang) and Suzhou Ao Yin. Liu Jiechi indirectly holds 12.63% of the company through Shanghai Jingzherui. The shares, which together hold 48.88% of the company's shares, directly and indirectly control the company's 64.69% of the voting rights. According to statistics, in 2016 China's domestic LED lighting products output is about 8 billion, Jingfeng Mingyuan 2016 LED drive lighting chip domestic sales of 2.304 billion. According to the calculation of one LED lighting driver chip for each LED product, the company's domestic LED lighting driver chip market share in 2016 is about 28.80%, and the market share is high. Recently, the IPO market is undergoing a major event. In the past three years, companies that have earned less than 100 million yuan have basically been sentenced to death. Driven by the high market share, Jingfeng Mingyuan realized operating income of RMB 35,712,400, RMB 5,708,100 and RMB 6,982,648,000 in 2015-2017, respectively. The net profit for the same period was RMB 19.2451 million and RMB 29,915,300, respectively. 6208.53 million yuan. If measured according to the three-year net profit standard of 100 million yuan, Jingfeng Mingyuan is undoubtedly in line with the IPO requirements. Of course, for enterprises, the road to IPO is not always smooth. Originally planned to publicly issue Dart Lighting, which does not exceed 34.414 million shares on the GEM of the Shenzhen Stock Exchange, it is decided to terminate the IPO due to its own adjustment. On May 3, Dart Lighting announced that due to the business strategy plan and the adjustment of the listing plan, the company decided to suspend the listing process and has applied to the CSRC to withdraw the listing application materials in the near future. Dart Lighting is a comprehensive lighting enterprise integrating urban lighting planning, lighting design, lighting and investment, lighting construction and maintenance, and creative lighting. Dart Lighting submitted the application documents for the initial public offering to the Securities and Futures Commission on June 15, 2017, and received the acceptance notice on June 28, 2017. According to public information, Dart Lighting is mainly engaged in the construction of urban landscape lighting projects and the design and maintenance of landscape lighting projects related to it, and the research and development and production of LED lighting products. In 2015-2017, Dart Lighting achieved operating income of 134 million yuan, 221 million yuan and 300 million yuan, and realized net profit of 8,13,750 yuan, 2,995,500 yuan and 6,590,300 yuan. According to Gaogong LED, in 2015-2017, Dart Lighting's comprehensive gross profit margin was 59.36%, 53.96% and 53.76% respectively. Dart Lighting said that with the increasing market competition and the main material cost and labor cost caused by inflation, if the company can not effectively pass on the rising cost pressure, there may be a risk of falling gross profit margin. In addition, affected by external environmental factors such as macro-control, if the government's fiscal budget is tightened, the unit price of the project will decline, which may also lead to the risk of the company's gross profit margin falling. However, if it is solely from the net profit standard, Dart Lighting is clearly in compliance with the IPO requirements. However, Dart Lighting suddenly terminated the IPO and suspended the listing plan. The real reason is still unknown. Two LED companies whose net profit is in line with IPO requirements, one continued to advance the IPO process, while the other quietly terminated. Among them, it not only reflects the strong temptation of the capital market for the development of enterprises, but also reflects the strictening of the policies of the CSRC, so that more enterprises are farther and farther away from the capital market.
Incremental encoders provide speed, direction and relative position feedback by generating a stream of binary pulses proportional to the rotation of a motor or driven shaft. Lander offers both optical and magnetic incremental encoders in 4 mounting options: shafted with coupling, hollow-shaft, hub-shaft or bearingless. Single channel incremental encoders can measure speed which dual channel or quadrature encoders (AB) can interpret direction based on the phase relationship between the 2 channels. Indexed quadrature encoders (ABZ) are also available for homing location are startup.
Incremental Encoder,6Mm Solid Shaft Encoder,Hollow Rotary Encoder,Elevator Door Encoder Jilin Lander Intelligent Technology Co., Ltd , https://www.jllandertech.com