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Li Dongsheng's early performance commitment means that the Shenzhen Municipal Government, which emerged as the main investor at the beginning of Huaxing Optoelectronics, will completely withdraw. The proportion of Huaxing Optoelectronics held by Li Dongsheng will reach 85% in December this year. The repurchase of shares in Huaxing Optoelectronics is only a small step in the Li Dongsheng panel plan.
Only one buyer's bid
After two months, TCL Group finally announced the successful delisting of 30% Huaxing Optoelectronics Co., Ltd. for Shenchao.
The announcement shows that TCL Group has signed the “Enterprise State-owned Property Rights Transfer Contract†with Shenchao Investment and became the transferee of the equity bid. TCL Group will repurchase 30% of Huaxing Optoelectronics held by Shenchao Investment in two phases at a price of more than 3.18 billion yuan.
According to the contract, TCL Group shall pay 50% of the transfer price before June 30, 2013, and the remaining half of the transfer will be paid before December 15, 2013. Within 3 working days after paying the entire equity transfer payment, the two parties will handle the transfer of 30% equity of Huaxing Optoelectronics.
In order to express the sincerity of the repurchase, TCL Group announced that it will mortgage TCL Building to Shenchao Investment as the guarantee for the first transfer payment within 10 working days after the signing of the contract, and handle the relevant mortgage procedures. It is also agreed that the above parties will cancel the above mortgage within 10 working days after the payment of the first payment. According to the reporter, the TCL Building is owned by Shenzhen TCL Industrial Research Institute Co., Ltd., a subsidiary of TCL Corporation.
In fact, this bid is bound to be only one buyer of TCL. Li Dongsheng once said that the repurchase of Shenchao Investment's shareholding in Huaxing Optoelectronics was TCL's original promise.
According to the reporter's understanding, Huaxing Optoelectronics was jointly established by TCL Group and Shenchao Investment at the end of 2009 with a registered capital of 10 billion yuan and a total investment of 24.5 billion yuan. The two parties initially held 50% of the shares, and together with Shenchao Investment, 5% and 15% of Huaxing Optoelectronics' equity were transferred to TCL Group and Samsung Electronics respectively. At present, TCL Group, Shenzhen Chaotou and Samsung Electronics hold 55%, 30% and 15% of Huaxing Optoelectronics respectively.
At the beginning of the establishment of Huaxing Optoelectronics, Shenchao Investment, which appeared as a government funder, agreed with Huaxing Optoelectronics on the time and price of the exit. According to the reporter's understanding, the two parties agreed to repurchase by TCL within five years after the project was put into production. The purchase price is calculated according to the actual amount of funds held by Shenchao Investment and the annual return of 2%.
According to industry insiders familiar with Huaxing Optoelectronics, the Shenzhen Municipal Government used Shenchao to participate in Huaxing Optoelectronics as a support for the panel industry represented by Huaxing Optoelectronics. Now that Huaxing Optoelectronics operates well, the purpose of maintaining and increasing the value of state-owned assets has been achieved, and withdrawal is inevitable.
According to public information, Shenchaoyuan was originally directly managed by Shenzhen State-owned Assets Supervision Bureau. After February 2011, it was transferred to Shenzhen Investment Holdings Co., Ltd., a wholly-owned enterprise. Its main responsibility is to support the development of integrated circuits and new flat panel display devices on behalf of the Shenzhen Municipal Government.
Fulfilling commitments in advance
Obviously, Li Dongsheng believes that now is the best time to fulfill the original promise.
Li Dongsheng explained the repurchase of Huaxing Optoelectronics shares at the "IT Leaders Summit" on March 31. He said that at the beginning of the Huaxing Optoelectronics project, the two parties agreed to repurchase within five years. "Only, Huaxing Optoelectronics is doing well. We fulfill our commitments in advance."
Li Dongsheng said that the management is good, and he has underestimated the achievements of Huaxing Optoelectronics.
On April 25th, TCL Group's newly released quarterly report showed that TCL Group achieved operating income of 18.467 billion yuan in the quarter, up 27.31% year-on-year; net profit reached 304 million yuan, a substantial increase of 691.65%.
TCL attributed the net profit growth by nearly 700% to the growth of Huaxing Optoelectronics. According to the announcement, Huaxing Optoelectronics sold a total of 4.932 million LCD panels and module products in the quarter, achieving sales revenue of 3.363 billion yuan and net profit of 408 million yuan, of which operating profit was 352 million yuan.
The good results achieved by Huaxing Optoelectronics in the first quarter led to a significant increase in its business share in the TCL Group to 18.21%. In the 2012 financial report, this figure is only 10.55%.
The above-mentioned industry insiders analyzed that the current domestic market demand for 32-inch panels is relatively strong, and TCL insists on the strategy of selling 32-inch panels, which gives them an advantage in both yield and cost.
In fact, in addition to its own performance growth, Huaxing Optoelectronics has brought more synergies to the TCL Group's vertical integration of the entire industry chain.
Li Dongsheng once said that the synergy effect brought by the vertical integration of the whole industry chain is mainly reflected in two aspects: one is to stabilize the supply of LCD panels for TCL color TV sets; the other is to improve the new product technology by integrating driver chips directly on next-generation panels. The efficiency of development.
At present, it seems that the most direct synergy brought about by the vertical integration of this industry is to drive the growth of multimedia services. In fact, this synergy has been reflected to some extent in the past year.
According to the reporter, 50% of Huaxing Optoelectronics' capacity last year was digested by TCL Group. In 2012, TCL's LCD TV sales reached 15.53 million units, a year-on-year increase of 43%. TCL Multimedia set a sales target of 18 million units this year.
Go to the big size panel
With a huge target of 18 million units, it is obviously impossible to rely solely on Huaxing Optoelectronics. The repurchase of Huaxing Optoelectronics Sancheng shares is only a small step in the Li Dongsheng panel plan.
The above-mentioned insiders analyzed the reporter's analysis that after Li Dongsheng took back 30% of the shares, it is very likely that he will raise funds through the issuance of bonds, but it does not rule out the possibility of additional issuance. “After the repurchase, TCL Group’s shareholding in Huaxing Optoelectronics will increase to 85%, which will help to improve the performance of TCL. However, the market expects that the panel industry will oversupply in 2014, and the risk of TCL will increase in the long run. Is the best way."
Li Dongsheng also said that in the future, Huaxing Optoelectronics will expand the LCD panel production line of Huaxing Optoelectronics while reducing the shareholding ratio of TCL Group.
Obviously, in Li Dongsheng's panel plan, Huaxing Optoelectronics does not only have one 8.5 generation line. He once said that the existing 8.5-generation production line is not enough to cover all product sizes of color TVs and LCD screens, and will consider establishing a more complete product line and expanding production capacity in the future.
According to the reporter, although Huaxing Optoelectronics maintains a cost advantage in the mature 32-inch panel market, the fierce competition in the 32-inch panel of BOE, LGD, Panda and other companies in the domestic market has caused panel prices to continue to decline. Huaxing Optoelectronics of the inch panel will face an unprofitable situation.
In fact, Li Dongsheng, who is aware that Huaxing Optoelectronics is too dependent on 32-inch panels, has turned his attention to large-size panels with higher profit margins and higher prices. TCL's announcement in the first quarter showed that Huaxing Optoelectronics will increase the sales of 46-inch, 48-inch and 55-inch products in the future to achieve sales of 18 million LCD TVs this year.
According to industry analysts, the current proportion of TCL's 32-inch panels has dropped from 90% in 2012 to about 70% today, while 46-inch, 48-inch and 55-inch TV panels have also been mass-produced.
But obviously, in the large-size panel field that big companies such as Samsung and Sharp are entrenched, how much market share TCL can grab from these powerful competitors is still unknown.
(This article is reproduced on the Internet. The texts and opinions expressed in this article have not been confirmed by this site, nor do they represent the position of Gaogong LED. Readers need to verify the relevant content by themselves.) 
TCL Chairman Li Dongsheng's panel share repurchase program has made substantial progress. On May 2nd, TCL Group (SZ.000100) announced the delisting announcement, and announced that it had signed an equity transfer contract with Shenchao Technology Investment Co., Ltd. (hereinafter referred to as “Shenchao Investmentâ€) for the 30% Huaxing Optoelectronics held by its company.