TCL Group (000100.SZ) has recently made a lot of moves in the panel field.
On the evening of September 26th, TCL Group announced that it had signed the “Settlement Agreement†with Taiwan AU Optronics Co., Ltd. on September 24, 2017, and stated that the dispute between the two parties on the display of technical intellectual property rights was comprehensive. Reconciliation, the dispute has been resolved in a manner agreed by both parties.
According to the announcement, since 2013, AUO and TCL and its Huaxing Optoelectronics have had many controversies due to intellectual property rights in the display technology field. According to the "China Times" reporter, with the rise of the mainland panel industry, the panel makers in Taiwan have been repeatedly hired by high salaries, and the loss of talents and technology has caused concern in the Taiwan panel industry. AUO has previously filed suit against TCL and other employees before the job change.
Some people believe that the reconciliation between the two sides is related to the current downturn in Taiwan's panel industry and the continued rise in the market share of LCD panel makers in mainland China. TCL said that the settlement of this settlement will promote cross-strait cooperation and lay a good foundation for the global operation of Huaxing Optoelectronics.
A few days before the reconciliation of AUO, TCL Group just announced that it will spend about 4,034 million yuan to acquire about 10% of the shares of Huaxing Optoelectronics.
On September 22nd, TCL Group announced that it intends to purchase a 10.04% stake in Huaxing Optoelectronics held by Changjiang Hanyi, Xingyu Limited, Lin Zhouxing, Lin Zhouxing, Lin Zhouxing and Lin Zhouxing. Upon completion of the transaction, TCL Group will directly hold 85.71% of the shares of Huaxing Optoelectronics, while the remaining shareholders of Huaxing Optoelectronics will also include the 11.00% equity held by China Development Fund and the 3.28% equity held by Guangdong Finance Trust.
The ultimate goal of the TCL Group is to hold 100% of Huaxing Optoelectronics. TCL Group also announced that, in accordance with its relevant agreements with China Development Fund and Yuecai Trust, TCL Group will repurchase the equity of Huaxing Optoelectronics held by Guokai Fund and Yuecai Trust in accordance with the terms of the agreement in the future.
Huaxing Optoelectronics becomes the main source of profit for TCL Group
TCL Group's 2017 semi-annual report showed that its operating income increased by 7.93% in the current period, reaching 52.2 billion. Earnings before interest, taxes, depreciation and amortization (EBITDA) were 5.92 billion yuan, up 72.4% year-on-year. Among them, Huaxing Optoelectronics' sales revenue of 13.54 billion yuan increased by 49.2% year-on-year, accounting for 26% of total revenue. Its EBITDA of 5.48 billion yuan increased by 149.7% year-on-year, accounting for 92.5% of the total.
It is worth noting that Huaxing Optoelectronics' separate listing plan has been abandoned by TCL Group. It is understood that Huaxing Optoelectronics is the largest business segment of TCL Group's internal financing needs. Huaxing Optoelectronics has twice tried to borrow the Shenzhen Textile in the A-share market but has not succeeded.
In fact, the TCL Group has mentioned in the 2017 semi-annual report that it is subject to the restrictions imposed by the domestic capital market regulatory rules, and the plan to spin off the listing of Huaxing in the A-share market is blocked. According to the existing regulatory rules of China and Hong Kong, TCL Group plans to use TCL Group as a financing platform for Huaxing to gradually integrate its terminal products business into a platform of listed companies in Hong Kong.
Li Dongsheng, chairman of TCL Group, also said at the IFA exhibition in September this year, "For the company, the biggest capital investment is Huaxing Optoelectronics. We have thought about splitting this business, but subject to domestic capital. The market does not allow business spin-offs, so we can only consider financing the Huaxing with the platform of TCL."
Huaxing Optoelectronics will be fully incorporated into the listing system: TCL Group acquired 10% equity and was approved by the CSRCOn the evening of November 6, TCL Group issued a notice stating that the company's issue of shares to purchase assets and related party transactions was approved by the CSRC. The ultimate goal of TCL Group is to achieve 100% control of Huaxing Optoelectronics.
The company intends to purchase 10.04% equity of Huaxing Optoelectronics held by Changjiang Hanyi, Xingyu Limited, Lin Zhouxing, Lin Zhouxing, Lin Zhouxing and Lin Zhouxing through the issuance of shares. The transaction price is 4.034 billion yuan, all of which are issued shares. Way to pay. After the completion of the transaction, the company will directly hold 85.71% equity of Huaxing Optoelectronics.
At one time, Huaxing Optoelectronics planned to be listed on the market or listed on the backdoor, but it was finally stranded. At this year's IFA exhibition, Li Dongsheng, founder and chairman of the board of directors of TCL Group, told the Economic Observer Online that it is subject to the current domestic capital market not allowing business spin-off, Huaxing Optoelectronics alone The idea of ​​spin-off listing ended up. Therefore, it is considered to include Huaxing Optoelectronics into the listed company + system of TCL Group.
In recent years, TCL Group has continuously adjusted its business structure and optimized its financing platform. It plans to use TCL Group as a financing platform for the semiconductor display business, and gradually integrate its terminal products business into a platform of listed companies in Hong Kong to more objectively and clearly reflect the market value of the Group and major industries. .
Prior to September 20, TCL Group issued shares to purchase the equity of Shenzhen Huaxing Optoelectronics to 85.71% of the matter was approved by the China Securities Regulatory Commission. On September 30, TCL Group transferred 49% of TCL Communication, introducing an industrial background and Strategic investor in business resources. The company is gradually divesting non-core businesses in accordance with the plan and focusing on leading industries.
Founded in November 2009, Huaxing Optoelectronics Co., Ltd. is mainly engaged in the R&D, production and sales of semiconductor display panels. It was jointly established by TCL Group and Shenzhen Shenchao Technology. The initial registered capital was 1 billion yuan. TCL and Shenchao Technology respectively subscribed 50. %. In the seven years after that, after nine capital increases and six equity transfers, Huaxing Optoelectronics registered capital of 18.342 billion yuan, and Shenchao Technology withdrew, and TCL's shareholding ratio reached 75.67%. Now TCL has invested another 4 billion yuan to increase its shareholding ratio to 85.71%.
Benefiting from the substantial growth in the profitability of LCD panel business of Huaxing Optoelectronics, the continuous improvement of multimedia business and the good performance of financial and investment business, TCL Group recently handed over the outstanding performance transcripts of the first three quarters of this year, showing that the company achieved during the reporting period. Operating income was 82.21 billion yuan, up 5.82% year-on-year; net profit was 3.03 billion yuan, up 48.6% year-on-year; the net profit attributable to shareholders of listed companies was 1.91 billion yuan, up 23.9% year-on-year.
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