Mulinsen has been focusing on the LED field for 20 years and listed on the Shenzhen Stock Exchange in 2015. The Mulinsen consortium acquired the German Osram's Landvewans to complete the delivery date coincides with the company's 20th anniversary. Mulinsen’s “Billions†goal has fulfilled the dream of Chinese companies in the traditional lighting era. From the consortium way to bid for Osram's general lighting business, LEDVANCE, to 100% acquisition, Mulinsen will officially take over the resurrection of Vance. At the same time, with the advancement of the wholly-owned acquisition, the output value of Mulinsen exceeded 20 billion yuan, which will squeeze it into the top three LED lighting factories in the world. Mu Linsen (002745) released the restructuring plan yesterday. The company plans to purchase a 100% stake in Mingxin Optoelectronics at a price of 4 billion yuan, and plans to raise funds to no more than 1.255 billion yuan. The company's acquisition target is the overseas lighting solution provider Recitation Vance, which specializes in traditional light sources and LED light sources. The company will adopt a global layout of this transaction to expand overseas markets. Mulinsen predicted that the total operating income in 2016 was 5.52 billion yuan, an increase of 42.22% over the previous year. In 2016, when the competition in the LED market was fierce and the lighting industry was very grim, Mulinsen achieved a growth of over 40% against the trend. On March 29, Mulinsen issued a performance forecast. The company expects the net profit attributable to shareholders of listed companies from January to March 2017 to be 110 million to 138 million, a year-on-year change of 117.98% to 173.46%. The restructuring plan is to issue 96,246,600 shares at 28.53 yuan/share, the share price is 2.746 billion yuan, and the cash consideration portion is not more than 1.254 billion yuan. At the same time, the company intends to raise no more than 1.255 billion yuan for non-public offering of shares to no more than ten specific investors. The fundraising will be used for Yiwu LED lighting application products and to pay for the restructuring. Mingxin Optoelectronics was established in July 2016. Among them, Harmony Mingxin subscribed for a capital contribution of 399,600 yuan, which is the controlling shareholder, with a shareholding ratio of 99.99%; Zhuo Rui Investment subscribed for a capital contribution of 4 million yuan, with a shareholding ratio of 0.1%. As of the disclosure date of this plan, Mingxin Optoelectronics has not yet had actual business operations, its assets totaled approximately 153.5 million yuan, and the owner's equity totaled 152.7 million yuan. The main asset of Mingxin Optoelectronics is 100 yuan indirectly holding the target company Recitation Vance % equity. Therefore, the actual acquisition target of the company is the overseas company recitation. Recitation is the mainstay of the OSRAM luminaire business and is positioned as a general lighting solution provider. The main products include traditional light sources and LED light sources. According to the announcement, in order to acquire the recital Vance, Mingxin Optoelectronics deliberately set up an SPV (Special Purpose Platform) structure in Luxembourg and established an intermediary company. According to the "Overseas Share Purchase Agreement", Mingxin Optoelectronics shall transfer a freely available fund of 510 million Euros to the bank account under the name of the above-mentioned intermediary company to pay the transaction settlement and related expenses. The diplomatic cuts were completed on March 3rd in central Europe, and the initial price of 100% of the shares was calculated to be 485.7 million euros (about 3.594 billion yuan). For the difference between the above price and the price of this 4 billion yuan transaction, the company said that due to different valuation entities, the proposed asset is 100% equity of Mingxin Optoelectronics. After the completion of overseas equity delivery, LEDVANCE will become Mingxin Optoelectronics Co., Ltd. In addition to holding a 100% stake in the recital Vance, Mingxin Optoelectronics may have other assets such as monetary funds, so there is a difference in valuation between the two. The data shows that in the 2014 fiscal year, the fiscal year 2015, the end of October 2015 to the end of June 2016, and the end of July 2016 to the end of December 2016, the revenue of the main business was 2.162 billion euros and 2.174 billion euros. 16.19 billion euros, 1.025 billion euros. Affected by industry technology trends, the income structure of the recitation of Vance is gradually changing. Among them, the income from traditional light source business fell from 1.684 billion euros in FY2014 to 1.598 billion euros in 2015; LED light source business grew rapidly, with revenue of 436 million euros in fiscal year 2015, an increase of 38.65%. Recitation Vance expects its LED business to maintain rapid growth. Mulinsen said that since the company and the company's main business involve lighting equipment and solutions, after the completion of the transaction, the two sides will form complementary advantages in sales channels, operating costs, technology research and development and management experience, and will play a role. The synergy effect of the high-end brand of Osram and the manufacturing cost advantage of “Mulinsenâ€. At the same time, this transaction will become an important measure for the company to achieve a global layout. For the acquisition, Lin Jiliang, executive general manager of Mulinsen, believes that it is not only conducive to the promotion of the Mulinsen brand, but also a good international "seaport" of Mulinsen. At present, China has become the world's largest lighting industry base, but there is still a long way to go in the process of globalization of the entire industry. Prior to this, Recitation Vance has launched a talent recruitment plan in China, and officially launched the official Chinese WeChat public account. Its R&D center in Shenzhen is hiring R&D engineers (three directions: electronic hardware, electronic software, structural design). Sun Qinghuan, chairman of Mulinsen, relied on R&D and innovation to seize the high ground of the industry and lead the company to climb the peak. It has become the Chinese giant who stands today in the global LED industry. 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