The long-sleeved group that has been floating on the road of transformation has finally stabilized, or will become the beneficiary of the technological advantages of the new controlling shareholder.
The equity transfer of Changfang Group was completed in just three months. At present, the controlling shareholder has been changed to Nanchang Guanggu Group Co., Ltd. (hereinafter referred to as “Nanchang Optics Valleyâ€), and the actual controller has been changed to Wang Min, the new board of directors. Hire is also on the agenda. This style of enthusiasm continues, and the Changfang Group has recently completed its holdings of Kang Mingsheng, and the route to enlarge and strengthen off-grid lighting remains unchanged. The new real-time controller Wang Min also disclosed to the reporter that the company has already looked at some of the acquisition targets of the silicon substrate application, and is looking for a breakthrough point for the high-end LED segment in the future. The future will also give priority to Nanchang Optical Valley. Resources are injected into listed companies.
A long-term private equity fund chairman of the Changfang Group told the Securities Daily that the Changfang Group won the “blessing†of Nanchang Optical Valley technology, and its core competitiveness will be greatly improved, or a promising transformation path.
New real controller is in place
The new board is on the road
Since May 24, the transfer registration procedure for the equity transfer has been completed. The original controlling shareholder of the Changfang Group, the actual controllers Deng Zichang, Deng Ziquan, Deng Zihua, and Deng Zixian (hereinafter referred to as “Deng Brothersâ€) have held 9.9326% and 7.50% of their shares. The equity was officially transferred to Nanchang Optics Valley and Nanchang Xinwang. Since then, Deng Brothers and Nanchang Xinwang have delegated part and all of their voting rights to Nanchang Optics Valley. Nanchang Optics Valley has 29.99% of voting rights in listed companies. It has become the controlling shareholder of listed companies and the actual control of Nanchang Optical Valley. Wang Min immediately became the actual controller of the listed company.
It is followed that the Changfang Group will be fully updated.
On June 11, 2018, the Changfang Group held the first board meeting after the change of the actual controller. The first motion at the meeting was to nominate new board candidates. The information shows that the former chairman Deng Zichang, the vice chairman Deng Ziquan, the director Hu Jirong and the independent directors Li Zhizhong, Huang Zhanhui and Fang Shaowei all resigned as directors, and the six directors of the Changfang Group were vacant. To this end, after deliberation by the board of directors of the company, they agreed to nominate Wang Min, Jiang Rulian and Nie Wei as non-independent directors of the company's board of directors, nominating Wang Shouqun, Wu Ling and Fang Zhigang as independent directors of the company's board of directors, and submitting the shareholders of the company held on June 28. The meeting deliberated.
From the new board structure, it is not difficult to see the new power structure of the Changfang Group.
Wang Min is the new actual controller of the Changfang Group and the co-founder and CEO of Jingneng Optoelectronics, a leading LED company in China. A staff member who has worked in Jingneng Optoelectronics for more than ten years told the "Securities Daily" reporter that Wang Min is the planner and leader of the development of the silicon substrate LED industry.
Another nominated director, Jiang Rulian, is the chief financial officer of Jinshajiang United Capital. He was the financial manager of Adsivos Trading (Shanghai) Co., Ltd. and the senior auditor of PricewaterhouseCoopers Zhongtian Certified Public Accountants. Jinshajiang United Capital is One of the important investors of Jingneng Optoelectronics is also the manager of Nanchang Xinwang, the new shareholder of Changfang Group.
The two new shareholders have one seat in the nomination of the board of directors, and Kang Mingsheng, the core asset of the Changfang Group, also won a board seat. Nie Wei, the nominated director, is the general manager of Shenzhen Kangmingsheng Technology Industrial Co., Ltd., and he is acting in concert with Kang Mingsheng, founder and shareholder of Li Mingchu.
In particular, Wu Ling appeared in the independent directors. It is understood that Wu Ling is the Secretary-General of the National Semiconductor Lighting Engineering R&D and Industry Alliance and the first president of the International Semiconductor Lighting Alliance. According to industry insiders, Wu Ling is the godfather of the Chinese LED industry and an important promoter of China's silicon substrate LED technology and industry development.
It is not difficult to see from the structure of the board of directors that the future development of the Changfang Group will be dominated by the holding subsidiary Kang Mingsheng and its controlling shareholder Nanchang Optics Valley. According to Wang Min, the company is going to continue to be bigger and stronger, and the second is to use the excellent equipment of the Changfang Group to combine Nanchang Optical Valley technology and talent accumulation to seek more breakthroughs in high-end LED segmentation.
Create a silicon substrate LED
Technology middle and lower platform
On June 11, the new real-time controller Wang Min was interviewed by the media for the first time after taking office. He clarified the relationship between various companies and silicon substrate technology.
Jingneng Optoelectronics (Jiangxi) Co., Ltd., a leading company in domestic silicon substrate LED technology, is an important achievement of Wang Min’s early years of entrepreneurship. According to Wang Min, Jingneng Optoelectronics has strong R&D capabilities. Its self-developed silicon substrate LED technology has applied for or has more than 340 patents worldwide, and is the global leader in silicon substrate LED technology. Previously, Jingneng Optoelectronics has been jointly invested by well-known investors such as Jinshajiang Venture Capital, Mayfield, Temasek, IFC, Asia Pacific Resources, and Shunfeng International, but it has no shareholding relationship with Nanchang Optical Valley.
After the breakthrough of core technology, Wang Min began to promote the application of silicon substrate LED technology. Nanchang Optics Valley Group is the holding platform of many silicon substrate LED application companies, which was led by Wang Min and merged by LED middle and lower reaches. At present, it has successfully inhabited and settled in Nanchang, including China Energy Saving Crystal and Lighting, Greenfield Automotive Lighting and other application lighting companies, ranking first in their respective market segments.
“Crystal Optoelectronics is the upstream enterprise of silicon substrate LED technology, Nanchang Optics Valley is committed to the downstream industrialization of silicon substrate technology, incubating application-oriented enterprises.†According to Wang Min, the current application of silicon substrate technology is the most The four directions are car headlights, mobile phone flash, mobile lighting and UV light for industrial curing. It is worth noting that Wang Min said that in the future, Nanchang Optical Valley's quality resources will be preferentially injected into listed companies. In addition, Wang Min is also looking for high-quality LED companies at home and abroad, hoping to be incorporated into listed companies through acquisitions.
In other words, the Changfang Group will become a downstream platform for silicon substrate LED technology and an application product for outputting silicon substrate LEDs.
A chairman of a private equity firm that has long been concerned about the Changfang Group told the Securities Daily that in recent years the Changfang Group has indeed taken some detours, but now it has found a good direction. “The original Changfang Group has advantages in LED packaging equipment, production capacity and scale, but overall the research and development capability is relatively weak. Now Nanchang Optical Valley has joined in, which is equivalent to giving the company technical support. The company’s core competitiveness will come up. It is."
In an interview, Wang Min also stressed that "the advantages of packaging equipment and channels of the Changfang Group, coupled with the technological advantages of Nanchang Optical Valley, will certainly produce a chemical effect of 1+1 greater than 2."
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