The first refinancing since the listing of Furi Electronics (600203), the proposal of the LED large-screen leading company Mairui Optoelectronics, was not approved by the company's extraordinary shareholders meeting. Chairman of the company Qi Zhihang told reporters that although the proposal was rejected, the strategy of Fuli Electronics' LED layout will not change, and the established acquisition plan will still be realized through its own funds.

Furi Electronics Huaying Technology's fixed-income program was rejected

According to the announcement, Furi Electronics intends to issue 6.41 yuan/share, non-public offering of no more than 50 million shares, and plans to raise 278 million yuan, of which about 195 million yuan will be used to acquire 92.8% of Shenzhen Mairui Optoelectronics. Approximately 83 million yuan was used to repay the loan. The program launched the Fujian Information Industry Group, a major shareholder of the company with a 38.76% stake. Fujian Electronic Information Industry Group promised to subscribe for a fixed portion of the equity in the same proportion.

According to the rules of listed companies, major shareholders involved in related party transactions must abstain from voting. Therefore, in the voting process of the shareholders' meeting, the opinions of other shareholders are crucial. The results of the voting showed that among them, about 120 people voted in favor, 9.35 million shares were in favor, accounting for 35%; about 40 people voted against it, and 16.96 million shares voted about 63%. The fixed-income motion was rejected.

Analysis of the composition of up to 16.96 million shares, the reporter found that as of the end of June, in addition to the major shareholder Fujian Electronic Information Group, the company's second and third largest individual shareholders He Haichao and Liang Ruifang held the company's 115.02 million and 3,366,400 shares, respectively, The two are acting in concert, and the shareholdings are up to 15.16 million shares. In addition, the other ten of the top ten shareholders hold up to about 3 million shares and the parties are not connected. Therefore, it is highly probable that the above two people voted against the motion.

Still insisting on the acquisition of Mairui Optoelectronics

Although the plan is rejected, Furi Electronics said the company's strategy for deploying LEDs will not change.

"LED industry is a sunrise industry, which is in line with the national energy conservation and environmental protection strategy. At present, the LED market is growing at an annual rate of more than 30%. Regardless of sales revenue or profit, LED business will be the company's most important source in the future." Say.

According to the plan, the revenues of Mairui Optoelectronics last year and the first half of this year were 320 million yuan and 180 million yuan respectively. At the same time, the company promised net profit of not less than 30 million yuan, 35 million yuan and 39 million yuan respectively in the next three years. The annual net profit is not less than 120 million yuan. For Furi Electronics, which has only about 700 million electronic products last year, the contribution of Mairui Optoelectronics to the company's business and profits is undoubtedly important.

Zhai Zhihang said that although the fixed-income plan was not approved by the shareholders' meeting, the company's acquisition of Mai Rui will not change. The company will still realize the established acquisition plan through its own funds.

According to the semi-annual report of Furi Electronics, the company still holds 22.93 million shares of Huaying Technology's outstanding shares. In the future, it is a high probability event for the company to raise funds through disposal of assets.

What is the impact of the fixed-income plan proposed by the reporter on the company’s acquisition of Mai Rui? Zhai Zhihang said frankly that whether the increase will be put into pressure on the company's funds in the short term will also increase the company's financial expenses.

It is worth noting that among the 12 proposals voted, the companies not related to the fixed increase apply to the major shareholder Electronic Information Group for the amount of working capital borrowings and the company’s business needs to amend the regulations and increase the business scope. The number of blacks is highly consistent.

In this regard, some market participants analyzed that it is understandable that shareholders have different opinions on the company's private placement and acquisition of Mai Rui. However, it is unbelievable that the behavior of borrowing from large shareholders is so good. The person believes that among them, it is not excluded that investors who vote against it do not care about the development of the company's own business, but hope that through opposition to the motion, the company will be forced to engage in “backdoor” or major restructuring, thus achieving The purpose of profit in the market.

It is also understood that although this plan is rejected, Furi Electronics does not rule out the plan after further demonstration and improvement of the plan.

(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.)

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