LCD panel torn down on SVA or merged into Yidian Group

LCD panel torn down on SVA or merged into Yidian Group

At the beginning of December, Shanghai Broadcasting and Television NEC, located in the Xinzhuang Industrial Zone in Minhang, Shanghai, had not had time to replace the door sign. Just over 10 days ago, China Aviation Technology Shenzhen Co., Ltd. just announced that it will take over the fifth-generation TFT-LCD production line of Shanghai Radio & TV NEC Liquid Crystal Display Co., Ltd. for 2.5 billion yuan.

For the headquarters of Shanghai Broadcast and Television (Group) Co., Ltd. (hereinafter referred to as Shanghai Broadcasting and Television), also located in the Xinzhuang Industrial Zone, disposing of the "hot potato" of the fifth-generation line does not mean the end of trouble-Shanghai Broadcasting and Television, which has stripped the LCD panel industry It will also face new changes.

A few days ago, a reporter from "Daily Economic News" learned exclusively from an insider of Shanghai Yidian Holding (Group) Company (hereinafter referred to as Yidian Group) that Shanghai Radio and Television may be drawn from Shanghai's management enterprises and merged into the instrument. Power Group. Prior to this, Shanghai Radio and Television had been managed and reorganized by Yidian Group.

The LCD panel dragged down the radio and television

Shanghai Radio and Television was once one of the largest state-owned enterprises in Shanghai. Prior to this, it had been focusing on the development of the LCD panel industry, and had high expectations from the Shanghai government. Such a large company was dragged down by China's earliest fifth-generation LCD panel production line, Radio and Television NEC. In January 2009, Shanghai Radio and Television reported a huge loss. According to the announcement of large pre-losses in 2008 issued by two listed companies, Radio and Television Electronics (600602, SH) and Radio and Television Information (600637, SH), the former is expected to lose 900 million to 1 billion yuan, and the latter to 900 million to 1.1 billion. yuan.

"In fact, they have been supporting it for a long time. It has suffered huge losses in 2007, and actually suffered more losses in 2008. The two listed companies have a loss of 900 million yuan and a loss of 1 billion yuan. They both hold equity in TFT." Wu Shuwei, general manager of the strategic planning department of Yidian Group, told the reporter of "Daily Economic News".

As the head of the strategic planning department of Yidian Group, Wu Shuwei participated in the reorganization of Yidian Group and was also a member of the trusteeship team of Shanghai Radio and Television. "Shanghai Radio and Television was actually dragged down by NEC's TFT and generated huge losses. The group was very bad when we took over, and the capital chain was facing a break. Radio and Television Group, including the following listed companies, including Radio and Television NEC and some large Enterprises, funds have been exhausted, basically can not be turned up. "Wu Shuwei said.

The Shanghai Radio and TV Fifth Generation Line is the earliest built Fifth Generation Line in China. As a key support project of Shanghai during the "Eleventh Five-Year Plan" period, Shanghai Radio and Television and Japan NEC jointly established Radio and Television NEC in 2003 and invested in China's first fifth-generation TFT-LCD construction. Owns 25% of the shares. According to the plan of Shanghai Radio and Television in that year, the total investment of the fifth-generation line project will reach 29 billion yuan, and it is planned to be implemented in three phases in 6 years and construct three TFT-LCD production lines, thereby building the largest new flat-panel display manufacturing and research base. In Shanghai Radio and Television's overall strategy, Radio and Television NEC has always been the core of its display industry. Shanghai Radio and Television's layout of other upstream components and downstream consumer terminal businesses is centered on Radio and Television NEC.

However, the transformation of SVA's liquid crystal industry has not progressed smoothly. According to a person close to SVA, NEC has suffered consecutive losses since its launch, with a net loss of 216 million yuan in 2006, a net loss of 750 million in 2007, and 2008 The huge loss of the year was a fatal blow to Shanghai Radio and Television.

In fact, it is not just Shanghai Broadcasting Corporation, another giant in the “Beijing Oriental South Shanghai Broadcasting Corporation” pattern of the Chinese LCD panel industry, BOE (000725, SZ), also failed to deliver decent results. In the five years since entering the LCD panel manufacturing industry, BOE only achieved a profit of more than 900 million yuan in 2007 when the global industry was at its best. The rest of the year was a loss, and the cumulative loss has reached more than 4 billion yuan.

Yidian trusteeship untied the shareholding structure

"Just when we were not finished with the reorganization of Yidian, the city let us trust Shanghai Radio and Television. Probably in March and April 2009, the relevant departments decided that Yidian and Shanghai Radio and Television jointly established a trusteeship team. , Participated in the reorganization of the entire radio and television. "Recalling the period of trusteeship, Wu Shuwei seemed a little tired.

One reason for choosing Yidian is because of its historical origins. Twelve years ago, Shanghai Broadcasting and Yidian Group were originally a "family". In 1997, in order to revitalize the home appliance manufacturing industry, the Shanghai Municipal Government stripped Shanghai Broadcasting Corporation from Yidian Group. Former Yidian President Xu Weixun served as chairman of Shanghai Broadcasting Corporation. The Yidian Group is positioned as a state-owned asset management platform in Shanghai and has more experience in handling asset restructuring. Another reason is that although SAIC Group, the majority shareholder of Shanghai Radio and Television, has a controlling stake, it has not been involved in management and is reluctant to take over the "follow-up" of the radio and television.

Wu Shuwei told reporters: "After the trusteeship team took over, it took more than a month to come up with a reorganization plan. The entire radio and television group, radio and television NEC, including two listed companies, made a big reorganization."

According to the reorganization plan put forward by the trusteeship group, Shanghai Yidian Group will acquire the 30.07% equity of Guangdian Electronics and 42.24% equity of Guangdian Information held by Shanghai Broadcasting and Television Group at a price of 1.111 billion yuan and 1.075 billion yuan, respectively. As a prerequisite for the equity transfer, SVA Electronics and SVA Information transferred 18.75% of their respective shares in the SVA Group to the SVA Group, thereby completely stripping the fifth-generation line. In addition, the business of the two listed companies has also been adjusted: both will divest the real estate business; Radio and Television Electronics sells some LCD related businesses of Shanghai Radio and Television Fuji and Shanghai Suoguang Imaging, and Radio and Television Information is transferred to Shanghai Sharp Electric, Shanghai Science and Technology Network Communications and Shanghai Suoguang Image and other related assets.

"This plan is very complicated. It should be said that it has basically been solved so far. Radio and television NEC was taken over by AVIC Group at a price of 2.5 billion. We also sorted out the shareholding structure of radio and television electronics and radio and television information. Sharp and Sony The Panasonic joint venture company, including many investment companies under the Radio and Television Group, including some real estate, etc., the entire "knot" has been basically untied. "Wu Shuwei said.

As for the fate of the Radio and Television Group, another Yidian insider who did not wish to be named revealed to the "Daily Economic News" reporter: "The city may incorporate Radio and Television into the Yidian Group and cancel it from the city management enterprise as an instrument. An enterprise under the Electric Power Group. Some of the subsidiaries under it will also be merged under the Yidian Group. Some cadres of the radio and television have already come over. "

Yidian may inject capital into two listed companies

"The reorganization of the two listed companies has been approved by the China Securities Regulatory Commission, and the equity transfer procedures have been completed." Wu Shuwei said.

After the completion of the reorganization, Radio and Television Information was transferred to Shanghai Sharp Electric, Shanghai Suoguang Image and other related assets; and Radio and TV Electronics sold some LCD related businesses of Shanghai Radio and TV Fuji and Shanghai Suoguang Image, which basically became a "clean shell". Many market analysts interviewed by the reporter believe that after the acquisition of Yidian Group, it will definitely consider injecting assets into the two listed companies, otherwise the existing assets cannot support the performance of the listed company.

Regarding the positioning of the two listed companies of radio and television electronics and radio and television information, Wu Shuwei said: "The first step is to solve the operational problems or survival problems of these two listed companies. It turned out that because of losses may face the danger of ST, this issue we in 2009 The year has basically been resolved. This year two listed companies are estimated to be profitable, and many non-performing assets have been divested, and the rest are profitable assets, including some joint ventures and self-invested enterprises. Next, we are considering re-investment The issue of strategic positioning. "

However, Wu Shuwei also admitted: "At present, whether it is radio and television electronics or radio and television information, the main business is not enough to support listed companies. In this regard, Yidian Group has now positioned five major industries, and some industries can still be considered for inclusion. I I believe that next year will probably be clear. "

Before the reporter's deadline, the asset clean-up of SVA has begun. At the end of November, SVA announced that the company plans to liquidate its holding subsidiary Shanghai Xu Electronic Glass Co., Ltd. in 2010, and its 140,000 square meters of state-owned land use rights will be recovered by the Shanghai Minhang District Planning and Land Administration. The amount of compensation will be no less than 650 million yuan.

Ministry of Industry and Information Technology issued a document to curb flat glass production capacity

The lesson on the fifth generation line of SVA is close at hand, and the domestic LCD panel industry has another battle for the eighth generation line.

On November 16, TCL Group and Shenzhen Shenchao Technology Investment Company announced the joint construction of the 8.5-generation LCD panel production line. The total investment of the project is up to 24.5 billion yuan. Prior to this, BOE's 8th generation TFT-LCD production line project was broken in Yizhuang, Beijing in September, and it is preparing to issue additional RMB 10 billion for the construction of the 8th generation line.

At the same time, Sharp, LGDisplay, Samsung and other foreign giants have also announced the deployment of 8-generation LCD panel production lines in mainland China. In addition, Taiwan AUO and Chi Mei also have considerations for the layout of LCD panel production lines on the mainland of the motherland. A new round of 8-generation panel line investment boom is about to emerge, and this phenomenon is very similar to that of the 5th generation line.

But in fact, the performance of existing domestic LCD panel companies is not satisfactory. Everbright Securities analyst Zhao Lei told the "Daily Economic News" reporter: "Many domestic LCD panel companies are losing money." Many analysts interviewed also said that the current domestic LCD production line mass production is insufficient, basically Shanghai is still in a loss stage.

On December 3, the Ministry of Industry and Information Technology officially issued the "Opinions on Restraining Overcapacity and Repeated Construction to Guide the Healthy Development of the Flat Glass Industry", strict market access, and halted construction and expansion projects. Analysts believe that this opinion is to step on the emergency brake for the LCD panel project that is constantly being launched.

Data show that in recent years, China's flat glass industry has developed rapidly. In 2008, the total production capacity reached 650 million heavy boxes, and the total output of flat glass was 574 million heavy boxes, accounting for about 50% of the world's total glass output. However, due to the impact of the international financial crisis, the flat glass industry, which had already had a serious excess capacity, was on the verge of loss in 2008. In the first half of this year, the industry lost more than 400 million yuan. Although the first three quarters have turned losses into profits, the situation is still very grim.

The Ministry of Industry and Information Technology said that the most prominent problem in the current development of the flat glass industry is repeated construction and the overcapacity situation is still intensifying. There are more than 30 production lines under construction and planned. In addition, there are problems such as irrational industrial structure, low concentration, slow progress in eliminating backward production capacity, and shrinking market demand.

The Ministry of Industry and Information Technology has clearly pointed out that all illegal and illegal projects that do not meet the "access conditions for the flat glass industry" will stop construction. The Ministry of Industry and Information Technology will announce the first batch of enterprises that meet the entry requirements as soon as possible. At the same time, the Ministry of Industry and Information Technology requires all localities to promptly conduct a comprehensive clean-up of existing projects under construction and unopened projects; resolutely stop the construction of illegal and illegal projects, and no new capacity expansion projects can be approved (recorded) during the clean-up period.

In addition, the Ministry of Industry and Information Technology will encourage large enterprises to carry out mergers and acquisitions, and support advantageous enterprises in project approval, land approval, credit grant, tax relief, etc., encourage enterprises to build new lines less, mergers and acquisitions, and strive for the top 10 in the next 3 years. The industrial concentration of large flat glass manufacturers has reached over 70%.

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