Landun Optoelectronics' 180 million yuan cross-border financing plan has not yet been determined, and major shareholders have frequently cashed out and withdrawn in the past six months

China Net Finance, January 10 (Reporter Shan Shengqun Ye Qian) A few days ago, a high-tech military enterprise Landun Optoelectronics (300862.SZ) invested 180 million yuan in a high-premium cross-border baseband chip track, which attracted regulatory attention. On January 8, Landun Optoelectronics replied to the letter of concern of the Shenzhen Stock Exchange and replied to the relevant issues concerned by the regulatory authorities.

Previously, in the secondary market, the share price of Landun Optoelectronics continued to rise from the second half of November 2023 to the end of the year, and finally walked out of the recent high on the first day of the market opening in 2024. According to the data, from November 20 to December 29, 2023, the share price of Landun Optoelectronics has risen by 56.85%, from 26.93 yuan / share to 42.24 yuan / share, and the highest touched 42.99 yuan / share during this period. It is worth mentioning that the rise in the stock price coincided with the period when many major shareholders of the company reduced their holdings.

Cross-industry, high-premium investments are being asked

According to the data, Landun Optoelectronics is mainly engaged in the development of high-end analysis and measurement instruments, software development, system integration, data operation and maintenance services and the production of military radar components, and its products and services are mainly used in environmental monitoring, traffic management, meteorological observation and military radar and other fields.

On December 29, 2023, Landun Optoelectronics announced that it is optimistic about the development opportunities and market prospects of the baseband chip industry, recognizes the preliminary investment and technical reserves of Shanghai Xingsi Semiconductor Co., Ltd. (hereinafter referred to as "Xingsi Semiconductor") in the field of baseband chips, and intends to participate in the financing of Xingsi Semiconductor to potential investors through the issuance of new registered capital as one of the investors. The company will invest RMB 180 million in this round of financing, and after the completion of this round of financing, it is expected to directly hold about 5% of the equity of Xingsi Semiconductor.

Subsequently, the cross-border investment quickly attracted regulatory attention. On January 2, 2024, the Shenzhen Stock Exchange issued a letter of concern, and the reasons and reasonableness of investing in the target company and the target company's continuous large losses across industries and at a higher premium have become the focus of the Shenzhen Stock Exchange.

In the reply letter, Landun Optoelectronics explained the specific reasons and reasonableness of investing in the target company across industries and at a higher premium, and said that the target company has a certain synergy with the existing business of the listed company.

Landun Optoelectronics said that in June 2022, when Xingsi Semiconductor completed the latest round of financing, the pre-investment valuation was 4.882 billion yuan. Landun Optoelectronics plans to invest in Xingsi Semiconductor this time, with a pre-investment valuation of 3 billion yuan. The company explained that due to factors such as changes in the primary market and fluctuations in the semiconductor market demand, the financing environment for chip companies has generally deteriorated recently. Based on the financing environment and its own capital needs, Xingsi Semiconductor decided to quickly complete this round of financing, so it retreated its pre-investment valuation to 3 billion yuan.

In addition, Landun Optoelectronics said that the company's main business is approaching saturation and maturity, and hopes to drive new business entry points through financial investment to achieve the company's transformation and development to become bigger and stronger.

According to the financial data in recent years, the pressure on the company's performance is increasing. In August 2020, Landun Optoelectronics landed on the GEM, and its performance declined in the first year of listing. The revenue for the current period decreased by 8.18% year-on-year, and the net profit after deducting non-profits decreased by 20.08% year-on-year. In 2021, the company's performance recovered rapidly, and the decline in performance in 2022 expanded again. According to the latest data, in the first three quarters of 2023, Landun Optoelectronics achieved operating income of 424 million yuan, a year-on-year decrease of 10.06%, and net profit and non-net profit were 19.213 million yuan and 3.8174 million yuan, respectively, a year-on-year decrease of 45.01% and 70.94%.

In order to express investment intentions, promote investment negotiations and comply with the principle of fair information disclosure, the company quickly convened the board of directors to review the investment, but this round of financing plan has not yet been determined, nor has it been submitted to the shareholders' meeting of the target company for consideration, and there is uncertainty about whether it will be completed in the end.

Major shareholders frequently reduce their holdings

However, when the company's layout cut into new business points, major shareholders announced that they would reduce their holdings. On the evening of January 8, Landun Optoelectronics issued a pre-disclosure announcement on the shareholding reduction plan, saying that Anhui High-tech Jintong Anyi Phase II Venture Capital Fund (Limited Partnership) (hereinafter referred to as "Jintong Anyi Phase II"), the controlling shareholder and actual controller of the listed company, plans to reduce the total number of shares by centralized bidding and block trading not exceeding 3,956,100 shares (accounting for 3% of the company's total share capital). Yuan Yonggang, the controlling shareholder and actual controller of Landun Optoelectronics, and his spouse Wang Wenjuan are the actual controllers of Jintong Anyi Phase II.

Not only that, in the past six months, many shareholders of Landun Optoelectronics have retreated intensively.

On January 5, Landun Optoelectronics just announced the expiration of the shareholding reduction period of major shareholders, and the shareholder "Ningbo Luxi Investment" has withdrawn from the ranks of "major shareholders holding more than 5% of shares".

According to the announcement, from January 4, 2022 to January 5, 2024, shareholders Luxi Investment and its concerted actor October Asset Management reduced their holdings of 3.0311 million shares of the company through centralized bidding transactions and block transactions, and after this change in equity, Luxi Investment and its concerted actors October Asset Management held a total of 6.59 million shares of the company, accounting for 4.999953% of the company's total share capital, and no longer held 5% of the company's shares As of now, the period of the above-mentioned shareholding reduction plan of Luxi Investment and its concerted actors has expired. Based on the average price of the reduction, the above-mentioned shareholders reduced their holdings by about 93.2963 million yuan.

On December 21 last year, Landun Optoelectronics announced that the controlling shareholder and actual controller, Jintong Anyi Phase II, and Lin Zhiqiang, a shareholder holding more than 5% of the shares, signed the "Equity Transfer Agreement" with Liu Pu, intending to transfer 4,615,500 shares and 1,978,100 tradable shares of the company to Liu Pu respectively, accounting for 5% of the company's total share capital, and the transfer price was 33.55 yuan per share, and the transfer price was about 155 million yuan and 66.3653 million yuan respectively.

On December 11, Landun Optoelectronics disclosed the announcement of the expiration of the shareholding reduction period of its major shareholder Hainan Baiyi Technology Center (Limited Partnership) (hereinafter referred to as "Baiyi Technology"). Baiyi Technology plans to reduce its holdings by no more than 6.148 million shares, and finally actually reduces its holdings by 5.3229 million shares. Based on the average price of the reduction, Baiyi Technology reduced its holdings by about 135 million yuan.

(Editor in charge: Wang Qingyu)