Hua Can Optoelectronics has taken a major step in the diversified business layout.
Huacan Optoelectronics (300323) announced this week that the company plans to issue 237 million shares for a price of 1.65 billion yuan to acquire 100% equity of Harmony Optoelectronics held by NSL and Harmony Corelight. At the same time, the company will be the chairman of Harmony Corelight. Zhou Fuyun issued a non-public offering of 28.777 million shares and raised matching funds of no more than 200 million yuan.
Through this transaction, Huacan Optoelectronics will enter the field of sensors and strengthen its layout in the fields of consumer electronics and automotive electronics.
According to the announcement, Harmony Optoelectronics itself has no actual business operations, and its main asset is 100% equity of MEMSIC, a target company held by its Hong Kong subsidiary. Based on June 30, 2016 as the benchmark date, the pre-assessment value of the underlying asset Harmony Optoelectronics was 1.66 billion yuan. After negotiation by the parties to the transaction, the amount of the transaction was 1.65 billion yuan.
According to public information, MEMSIC is mainly engaged in the research and development, manufacturing and sales of micro-electro-mechanical systems (MEMS) products. Its main products are accelerometers and magnetic sensors. The products are widely used in many fields such as smart phones.
Listed on NASDAQ in 2007, it is the world's first microelectronics technology (MEMS) listed company. Later, after comprehensive consideration, MEMSIC was reorganized, and the original sensor business segment and system integration business segment were split. The MEMSIC after reorganization completed only the sensor business.
Historical business data shows that after the divestiture of some businesses, the revenue of MEMSIC in 2015 and the first half of 2016 was 319 million yuan and 181 million yuan respectively, and the net profit was 44.896 million yuan and 27.2041 million yuan respectively.
It is reported that the counterparty of Harmony and NSL promises that the net profit of the target company in 2017, 2018 and 2019 will be no less than 13.78 million US dollars (about 91.377 million yuan), 16.62 million US dollars (about 110 million yuan) and 1986.40 million US dollars (about 132 million yuan).
In addition, the funds raised in this transaction will be used for the fundraising projects of the target company.
Among them, the high-precision single-chip gyroscope project is expected to have a total investment of 85.96 million yuan, mainly used for development, material costs, equipment purchase and software purchase. The average annual after-tax profit of the project during the calculation period is expected to reach 66.27 million yuan. The yield rate can reach 77.09%; the total investment of uncooled infrared imaging sensor project is 115 million yuan, and the average annual after-tax profit is expected to be 75.81 million yuan, and the investment return rate can reach 66.41%.
Huacan Optoelectronics said that after the completion of the transaction, the company will be able to enter the field of MEMS sensors. As a sub-sector in the semiconductor industry chain, this field has application prospects in many industries such as aviation, aerospace and automotive.
Huacan Optoelectronics will further expand the IC industry-related business by arranging the consumer electronics market and industrial application fields to achieve diversified and extended development.
On the same day, Huacan Optoelectronics released its third-quarter results forecast. The company expects net profit attributable to shareholders of listed companies from January to September 2016 to be RMB 120 million to RMB 148 million, a year-on-year increase of 1241.00% to 1557.00%. The company's net profit for the quarter was higher than the previous quarter. It fell by 0.66% to an increase of 41.38%.
According to the company, in the first three quarters of 2016, market demand grew steadily every quarter, and the main business maintained steady growth. Compared with the same period of last year, there was a certain increase in sales scale and sales revenue.
In addition, from the beginning of May, the wholly-owned subsidiary Yunnan Lanjing Technology Co., Ltd. was included in the scope of the company's consolidated statements. At the same time, the government subsidies included in the current profit and loss during the reporting period increased significantly compared with last year.
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