At the end of last month, Silan Micro (600460) invited the shareholders' meeting to adjust the fixed-income reserve price of non-public offerings, and hope to promote the financing process as soon as possible. However, in a few days, the company also proposed to invite shareholders to agree to use no more than 300 million idle funds for investment and financial management. "Financial management, financial management, and money can manage wealth." An investor believes that there are contradictions between the two issues, and the company is not bad? Is it difficult to have money to manage money and no money to do projects?
Fixed adjustment has just been "finalized"
In June 2012, the Silan Micro Board of Directors reviewed and approved the “Proposal on the Company's Non-public Issuance of Stocks to Specific Targetsâ€. At that time, the company's proposed issue price was not less than 9.59 yuan per share.
As a result of the mid-2012, the company implemented a dividend plan of 10 yuan for every 10 shares. To this end, on February 27, 2013, the company approved the shareholders' meeting, adjusted the fixed price to 4.19 yuan / share, and changed the validity period of the resolution to 12 months from the date of the shareholders' meeting. The number of the company's issuance is still no more than 170 million shares, and no less than 60 million shares, the total amount of fundraising does not exceed 880 million yuan, of which 700 million yuan is invested in the first phase project of Chengdu Silan Semiconductor Manufacturing Co., Ltd. The investment is about 1 billion yuan, and another 180 million yuan is used to supplement the working capital of the company.
According to the company, refinancing is mainly used to expand the company's existing high-tech product production scale and future high-growth areas, consolidate and enhance the market share and popularity of the company's products, and further enhance the company's overall competitiveness and sustainable development capabilities. However, it should be mentioned that the controlling shareholder and actual controller of the company are not involved in the subscription.
"Calculate money" while "financing"
Since Silan Micro adjusted the fixed-income program a week ago, this move clarified the positive side of the company's promotion of refinancing. However, not long after the time interval, the company announced the purchase of wealth management products on March 5th: “In the first 12 months, the company repeatedly used the funds to use the funds to purchase wealth management products, and the amount of rolling accumulated was about 860 million yuan. The current actual income is about 8.97 million yuan."
Silan Micro said that the company intends to invite the board of directors and the shareholders meeting to agree that the company can use its own temporary idle funds (principal) of up to 300 million yuan to invest in low-risk short-term wealth management products.
Is the company short of money? Ma Liang, a securities affairs representative, explained, “There will be some surplus funds in the company’s production and operation. There will be differences between the financial response and the receivables. In this gap, the company uses financial tools to increase profits. But the company’s funds for this part of the fund. Use cannot be used for long-term investment."
However, a trust veteran pointed out that “the listed company’s idle money to purchase wealth management products indicates that the real economic yield is not satisfactory.â€
Intensified competition is still a big investment
On March 5, Silan Micro disclosed its 2012 annual report. The company's total operating income was 1.349 billion yuan, down 12.74% year-on-year; net profit was 18.27 million yuan, down 88.07% year-on-year. In this performance, the company explained that the decline in operating income was affected by the intensified competition in the industry. The price of LED products was significantly lower than that of the same period of the previous year, resulting in a significant decrease in operating income. Affected by the external economic downturn, the sales revenue of the company's integrated circuits and discrete device chips also decreased to a certain extent compared with the previous year.
However, the company’s planned project, the first phase of Chengdu Silan Semiconductor Manufacturing Co., Ltd., is still carried out around the company’s main business. The company hangs on the competition in the industry and is used for performance decline. The rhetoric, while still vigorously raising funds to continue to invest in the industry, there are many contradictions. "We have a large industry and many opportunities. The company plans to invest in projects that are currently being invested in China. After the project is completed, the number of companies doing this project will increase, but the company is already a pioneer." Say.
According to the data, in 2010, Silan Micro raised a total of 600 million yuan to invest in the "high-brightness LED chip production line expansion project", but the project has not yet fully reached production. According to the company's 2012 annual report, the fundraising project did not meet the progress of the investment plan.
Fixed adjustment has just been "finalized"
In June 2012, the Silan Micro Board of Directors reviewed and approved the “Proposal on the Company's Non-public Issuance of Stocks to Specific Targetsâ€. At that time, the company's proposed issue price was not less than 9.59 yuan per share.
As a result of the mid-2012, the company implemented a dividend plan of 10 yuan for every 10 shares. To this end, on February 27, 2013, the company approved the shareholders' meeting, adjusted the fixed price to 4.19 yuan / share, and changed the validity period of the resolution to 12 months from the date of the shareholders' meeting. The number of the company's issuance is still no more than 170 million shares, and no less than 60 million shares, the total amount of fundraising does not exceed 880 million yuan, of which 700 million yuan is invested in the first phase project of Chengdu Silan Semiconductor Manufacturing Co., Ltd. The investment is about 1 billion yuan, and another 180 million yuan is used to supplement the working capital of the company.
According to the company, refinancing is mainly used to expand the company's existing high-tech product production scale and future high-growth areas, consolidate and enhance the market share and popularity of the company's products, and further enhance the company's overall competitiveness and sustainable development capabilities. However, it should be mentioned that the controlling shareholder and actual controller of the company are not involved in the subscription.
"Calculate money" while "financing"
Since Silan Micro adjusted the fixed-income program a week ago, this move clarified the positive side of the company's promotion of refinancing. However, not long after the time interval, the company announced the purchase of wealth management products on March 5th: “In the first 12 months, the company repeatedly used the funds to use the funds to purchase wealth management products, and the amount of rolling accumulated was about 860 million yuan. The current actual income is about 8.97 million yuan."
Silan Micro said that the company intends to invite the board of directors and the shareholders meeting to agree that the company can use its own temporary idle funds (principal) of up to 300 million yuan to invest in low-risk short-term wealth management products.
Is the company short of money? Ma Liang, a securities affairs representative, explained, “There will be some surplus funds in the company’s production and operation. There will be differences between the financial response and the receivables. In this gap, the company uses financial tools to increase profits. But the company’s funds for this part of the fund. Use cannot be used for long-term investment."
However, a trust veteran pointed out that “the listed company’s idle money to purchase wealth management products indicates that the real economic yield is not satisfactory.â€
Intensified competition is still a big investment
On March 5, Silan Micro disclosed its 2012 annual report. The company's total operating income was 1.349 billion yuan, down 12.74% year-on-year; net profit was 18.27 million yuan, down 88.07% year-on-year. In this performance, the company explained that the decline in operating income was affected by the intensified competition in the industry. The price of LED products was significantly lower than that of the same period of the previous year, resulting in a significant decrease in operating income. Affected by the external economic downturn, the sales revenue of the company's integrated circuits and discrete device chips also decreased to a certain extent compared with the previous year.
However, the company’s planned project, the first phase of Chengdu Silan Semiconductor Manufacturing Co., Ltd., is still carried out around the company’s main business. The company hangs on the competition in the industry and is used for performance decline. The rhetoric, while still vigorously raising funds to continue to invest in the industry, there are many contradictions. "We have a large industry and many opportunities. The company plans to invest in projects that are currently being invested in China. After the project is completed, the number of companies doing this project will increase, but the company is already a pioneer." Say.
According to the data, in 2010, Silan Micro raised a total of 600 million yuan to invest in the "high-brightness LED chip production line expansion project", but the project has not yet fully reached production. According to the company's 2012 annual report, the fundraising project did not meet the progress of the investment plan.
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