Since its listing in February 2015, Sun Qinghuan has been conducting capital operations and has acquired a number of assets in a row. According to the global LED lighting packaging factory ranking released by the global LED research institute, Mulinsen has become the fifth largest packaging factory in the world in 2015.
On May 23, LED giant Mulinsen, headquartered in Xiaolan Town, Zhongshan, Guangdong, opened at a price of 32.19 yuan per share, opening up a new day's capital market process.
This LED company, which is accelerating the globalization of its layout, has been engaged in continuous mergers and acquisitions since its launch in February 2015. It has expanded its LED business. The helm behind it is the actual controller of the company, Sun Qinghuan (as of March 31, holding 80.01) %).
Sun Qinghuan, 43 years old, is the chairman and general manager of Mulinsen. Some insiders told the author that Sun Qinghuan was quite low-key and pragmatic, and had little contact with the outside world, giving people a sense of mystery. The management of the Mulinsen packaging industry, which was founded by one hand, was mostly handed over to Executive General Manager Lin Jiliang.
Mulinsen tried to enter the world's third largest LED lighting industry sequence three years later. One of the must-have layouts may be the bid for Osram's lighting assets.
Recently, the author learned from a person close to Mulinsen that he has cooperated with IDG, an internationally renowned investment fund, to form a bidding consortium to participate in the bidding for Osram's lighting business assets.
“IDG has a better interaction with us and is more willing to support us to participate in OSRAM's bidding project.†Lin Jili, executive general manager of Mulinsen, said in an interview with the author.
The domestic LED giant is accelerating the bid for Osram, who is most likely to succeed? Zhang Xiaofei, an industry insider, is more optimistic about Mulinsen.
Cooperate with IDG for bidding
On May 16th, on the 5th floor of Mulinsen Headquarters, Mulinsen Avenue, Xiaolan Town, Zhongshan City, the busy Sun Qinghuan and the other six directors held a board meeting, and reviewed and approved the agreement on the company's participation in the bidding consortium to OSRAM Licht AG. Hereinafter referred to as "Osram") The proposal to submit a legally binding tender.
Mulinsen said that in order to promote its internationalization process and improve its strategic layout in the LED industry, it has decided to form a bidding consortium with partners to participate in the bidding for the acquisition of some of Osram's lighting business assets.
The author learned from a person close to Mulinsen that the partner who formed the bidding consortium with Mulinsen is the internationally renowned investment fund IDG, “a lot of planning has been done involving the regulations of the CSRCâ€.
“IDG is leading the organization of more investors, but (they) are all financial investments, and Mulinsen is the main strategic investor, and they all have a portion of the funds,†said the person familiar with the matter.
"Understanding Mlinsen's strategic layout of global international brands, IDG Capital agrees that they also want to participate together and jointly win the Osram acquisition project." The above-mentioned insiders told Time Weekly.
According to public information, IDG entered the Chinese LED industry very early. As early as 2010, it joined forces with the Jinshajiang Venture Capital Fund, and joined forces to invest in Yimeixinguang (Beijing) Technology Co., Ltd. to jointly create the flagship of high-brightness light-emitting diode (HB LED). Another well-watched action of IDG is to invest in domestic chip supplier giant Huacan Optoelectronics.
The author noticed that Mulinsen, who is mainly engaged in Lamp LED, SMD LED, Display and LED applications, is eager for upstream chip supply.
On April 11, Mulinsen and Huacan Optoelectronics signed a cooperation agreement. The former will purchase LED chips from the latter in the next three years, and the value of the products will be no less than 1.5 billion yuan.
"IDG has a better interaction with us because of its relationship with Huacan Optoelectronics, and is more willing to support us to participate in Osram's bidding project." Lin Jili, executive general manager of Mulinsen, said in an interview with the author that the bid price has been determined ( I sent it to Osram. The bid has the amount of the purchase.
Mulinsen wants to acquire Osram lighting assets, which was spread as early as last year. However, it has not been seen since then to disclose more information on the acquisition of Osram. This time, it is obviously speeding up the acquisition.
Mulinsen paid considerable attention to the acquisition, and Sun Qinghuan personally took the lead. “The board authorized Sun Qinghuan to negotiate the acquisition and sign the relevant documents on behalf of the company.â€
Mulinsen or stable wins
According to public information, OSRAM, one of the world's three major lighting companies, consists of five major components: CLB (traditional lighting and ballast), LLS (LED lights and systems), L&S (lamps and solutions), SL ( Special lighting, mainly for automotive lights) and OS (optoelectronic semiconductors, mainly LED chips and devices), with world-renowned brands OSRAM (Osram) and Sylvania (Xi Wannian), and covering a huge sales channel in about 150 countries .
As early as April 2015, OSRAM announced its plan to spin off its channel business and expected to complete the business spin-off within 12 months. It is now in the sprint phase. Some people close to the bidding told the Times Weekly reporter, "According to the relevant process of OSRAM, it is probably the provision of the final tender (phase), which should be the moment to make a decision."
For the bidding for Osram, Mulinsen is ambitious. Lin Jiliang told the author: "We have a very high will and a certain degree of confidence. Who will be more suitable, I believe that OSRAM will make a reasonable judgment."
For when the final decision is made, "I think that time should not be too long, maybe within a month, the other party (will have) has a certain response." A domestic LED industry insider told the author.
In fact, OSRAM has an asset of about 5 billion euros. It cuts out the general lighting and traditional lighting assets, which are about 2 billion euros, and hope to find a suitable investor.
"We can reduce costs for OSRAM, which is a very important advantage for us." Lin Jiliang told the author that if the two sides come together, there will be good complementarity, and both sides will be 1+1>2.
At present, the bid for Osram's divestiture assets is fierce. A person familiar with the matter told the author that in addition to Mulinsen, Dehao Runda participated in the bidding. However, Dehao Runda’s tone was quite tight and did not reveal a little bit of wind.
For the person who is most likely to bid for success, Zhang Xiaofei, the chairman of Gaogong LED, who has long studied the development of the LED industry, told the author, "Mu Linsen, on strength and company strategy."
M&A madman's layout
Since its listing in February 2015, Sun Qinghuan has been conducting capital operations and has acquired a number of assets in a row. According to the global LED lighting packaging factory ranking released by the global LED research institute, Mulinsen has become the fifth largest packaging factory in the world in 2015.
In order to achieve the goal of being promoted to the top three global manufacturers in 10 years, Sun Qinghuan not only actively expanded its production in recent years, but also continuously acquired some niche lighting manufacturers, such as the acquisition of Hong Kong LED filament lamp manufacturer Chaoshi Light Source on March 25, 2016. ) Co., Ltd. (hereinafter referred to as "Super Time Light Source").
In Lin Jiliang's view, Mulinsen decided to acquire the ultra-era light source, mainly optimistic about the booming potential of the LED filament lamp market in 2016, and the unique positioning that the ultra-era light source has created in the market. The combined synergy can help Mulinsen expand more. Market and access.
The author finds that one of the reasons that Mulinsen is interested in this asset is that it has an Osram background.
The main assets of Chaoshi Light Source are the land use rights, the ownership of the above-ground buildings and their production equipment of Sun Company Xinhe (Shaoxing) Green Lighting Co., Ltd. (hereinafter referred to as “Xinhe (Shaoxing)â€.
Xinhe (Shaoxing) was established by Yan Jianguo in October 2007. It was indirectly controlled by Osram from October 2008 to April 2013. In April 2013, Super Time Light was transferred from Osram to hold the new ( Shaoxing) 100% interest.
In fact, OSRAM is also one of the major customers of Super Time. Xinhe (Shaoxing) was once the largest energy-saving lamp (CFL) and LED bulb manufacturing base in OSRAM. Although Osram is no longer investing in Shaoxing factory, it has established a deep OEM relationship with Chaoshi Light Source.
Lin Jiliang told the author that after the completion of the merger, the company will retain the original production line, technology and quality control system of the original OSRAM construction. These valuable assets and experience will bring many advantages to Mu Linsen.
In addition to the ultra-era light source, Sun Qinghuan's other layouts are mostly centered around the main industry LED field. In September 2014, Mulinsen and Jiangxi Xinyu High-tech Zone Management Committee signed the “LED Product Production Project Investment Contract†with a total investment of 2 billion yuan. In April 2016, Mulinsen signed a strategic agreement with Huacan Optoelectronics.
Speaking of Mulinsen's investment and M&A logic, “the upstream and downstream are simultaneously carried out to solve the problems of both the supply side and the demand side.†Lin Jiliang told the author to make the product supply chain stronger and to make the ecosystem more complete.
If Sun Qinghuan can successfully acquire Osram, the series of the world's third largest LED lighting company will be just around the corner. Lin Jiliang also admitted that "if we grasp the opportunity of Osram, it seems to be a very good direction."
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