Three Elevation Sections were forced to “slim down†and the capital chain was tightly trapped.
[Text|High-tech LED reporter Luo Shenghua] The progress of life will not be a straight line. At the lowest point, either "Jesus is born again" or directly eliminated "out of the game", the same is true for enterprises.
In the golden age of LED display, with the perfect sales system, Shenzhen Sansheng Technology Co., Ltd. (hereinafter referred to as “Sanshengkeâ€) has defeated Zhouming Technology (300232.SZ) and Lianjian Optoelectronics (300269.SZ). The display screen was smashed and grabbed a series of representative projects such as the Water Cube and the Olympics. Unexpectedly, the three-risk branch that once had a glory has fallen into the predicament of survival in the torrent of the market.
Compared with Lianjian, Chau Ming and other display companies, Sangao has also maintained an optimistic attitude towards the industry. From display to lighting, Sangao hopes to impact the new round of market competition through the horizontal integration of the industrial chain.
However, in the LED industry, which is in the fierce competition of the LED industry, the IPO's unsuccessful three-rise branch has not been favored by the capital market like Lianjian and Zhouming, especially the failure of the transformation of LED lighting to make the “three-up†of “Xingxing†disappointed".
The three-elevation section, which has been doing subtraction, is also facing the pressure of the capital chain that is commonly encountered in the industry.
Enterprises are forced to "slim down" employees are "busy"
Recently, an employee of Sansheng Hunan Branch broke the news to the reporter of "High-tech LED". The three-liter operation of Hunan was not good. It was discontinued in the first half of this year. The boss defaulted on the salary of Hunan Sansheng employees for nearly half a year.
"Hunan Sansheng has been discontinued in the first half of this year. More than 90 workers have complained about the government, but they have not accepted it. We have about ten salesmen here. The company's wage arrears are about 156,000. The basic salary was not paid in July, and the reimbursement was dragged from October to the present. Although the chairman has already approved it, the reimbursement has not been issued yet." The employee complained.
“Now Hunan Sansheng has been sued by Hunan Changde Agricultural Bank, and the supplier has also applied for the three-litre account to be frozen.†The employee further described.
According to the introduction of Sansheng official website, Hunan Sansheng (full name “Hunan Sansheng Photoelectric Co., Ltd.â€) is a wholly-owned subsidiary of Sansheng Group with a registered capital of 40 million yuan and nearly 500 employees. The company's main research and development, production and sales of LED display and lighting products.
In response to the feedback from the employee, the reporter called the telephone number of the front desk of Hunan Sansheng, and the number was displayed as an empty number. At the same time, the reporter called Wang Qiaoli, the chairman of Sankeke. In the face of the reporter's question, Wang Qiaoli admitted that Hunan Sansheng had stopped production, but denied the arrears of employee wages.
"This is the employee's personal behavior. Our basic salary has been sent to him. There are only some expenses reimbursement problems. Because his personal business is unclear. The company has its own policies, which is only a personal reason." Wang Qiaoli It is emphasized that the problem of the so-called wages of Hunan employees does not exist at all.
In response to this answer, the reporter once again called several other employees of Hunan Sansheng. Several employees reconfirmed the behavior of Hunan Sansheng’s arrears of wages and told reporters that “Shenzhen Sangaoke’s headquarters is also reducing its office space due to its poor management. â€
According to the Shenzhen Municipal Market Supervision Administration, Sangao Branch was established on December 23, 1998. The residence is located on the 3rd floor of New Olin Building, Langshan 2nd Road, North District, Nanshan District, Shenzhen. It is understood that the current three-liter subsidiary includes four companies, namely: Shenzhen Sansheng Technology Co., Ltd., Hunan Sansheng Photoelectric Co., Ltd., Shenzhen Sansheng Green Lighting Co., Ltd., Shenzhen Hengming Software Co., Ltd.
Among them, Hunan Sansheng has been discontinued, Sansheng Branch is mainly engaged in display business, Sansheng Green is mainly engaged in lighting business, but the lighting business has not been opened, and Hengming Software is mainly to cooperate with the previous two companies, mainly to develop and transfer computer software and hardware technology. Sales and other business.
"Shenzhen company's operational difficulties are a real problem. We are now making a transformation. Now Shenzhen is mainly doing the processing and production of the foreign association." For the reporter's repeated inquiries, Wang Qiaoli said.
Capital chain tension is "tied" big brother <br> <br> behind the three subjects raised in transition, in fact, released three difficult subjects raised proud of the LED display business is the harsh reality.
"The problem facing Sankeeke is not that there is no order, but the capital chain has been completely broken, and it is completely powerless to produce." A senior management team member of the company raised the report to the "High-tech LED" reporter.
During the period from 2010 to 2012, there was a wave of IPO listings in the LED industry. During this period, several display companies from Zhouming Technology and Lianjian Optoelectronics successively succeeded in IPO listing, and Sangaike was also actively preparing for listing.
In order to rush to the performance, Sangao Branch began to make channels, and at the same time it also buried a huge risk of tight cash flow. In particular, in 2012, the China Securities Regulatory Commission (CSRC) suspended the IPO listing review policy, which brought a fatal blow to the three-rise branch that was preparing for IPO listing, and also affected the overall cash flow of Sangao.
“Before 2012, in order to prepare for the listing, all the products in the channel were cash in stock, which generated a lot of cash flow. Once the cash flow broke, the suppliers demanded that the money be returned.†The executive explained to the reporter. .
The short-term failure of IPO listing has brought a blow to Sanke’s capital chain, and the failure of terminal lighting channel construction has added to the company’s capital chain.
Throughout the current domestic LED lighting terminal channels, traditional lighting brands such as NVC, Opp and Philips already have relatively mature channel systems. Foreign brands want to intervene and need to be supported by strong financial resources. One billion yuan channel is a good example. At the same time as the capital investment, products with market explosions are also crucial.
“In my opinion, Sangao is a company with no special features.†The employee said: “In the process of channel development, the company has removed a large number of products without profit, but they did not consider it. This is actually behind the scenes. The problem of the entire procurement system."
In fact, from the current industry perspective, there are very few cases in which display companies have been successful in LED lighting. Taking Chau Ming Technology as an example, as a well-known listed company in the domestic display industry, although Zhou Ming Technology has a prominent position in the display industry, its lighting business after transformation has been difficult to make progress. Although there have been Hanyuan's acquisitions before, the development of the “Zhouming Hanyuan†brand has been difficult.
In response to the transformation of the display industry in the industry to do LED lighting, some industry veterans said, "At present, LED display industry transformation lighting, lack of due precipitation, it is easy to lead to triangular debt, in this case, if the company does not get bank financing, funds Once the chain breaks, it will be difficult to escape."
As the LED display of the company's main business, since the three upgrades mainly do engineering projects, the project collection problem has always been a common problem in the entire display industry. According to the above-mentioned sources, in the project, Sanyue Branch has a receivable of about 100 million yuan that has not been recovered.
The unfavorable listing, the failure of LED lighting channel development, and the delay in accounts receivable are the “three big mountains†of the three rising departments, which also hindered the normal operation of the company.
According to a person familiar with the matter, Evergrande intends to cooperate with Sangao Branch for a project of nearly 100 million yuan this year. However, due to the break of the capital chain of Sankeke, the existing cash flow cannot undertake such a large project, resulting in the project “abortionâ€.
In the golden age of LED display, with the perfect sales system, Shenzhen Sansheng Technology Co., Ltd. (hereinafter referred to as “Sanshengkeâ€) has defeated Zhouming Technology (300232.SZ) and Lianjian Optoelectronics (300269.SZ). The display screen was smashed and grabbed a series of representative projects such as the Water Cube and the Olympics. Unexpectedly, the three-risk branch that once had a glory has fallen into the predicament of survival in the torrent of the market.
Compared with Lianjian, Chau Ming and other display companies, Sangao has also maintained an optimistic attitude towards the industry. From display to lighting, Sangao hopes to impact the new round of market competition through the horizontal integration of the industrial chain.
However, in the LED industry, which is in the fierce competition of the LED industry, the IPO's unsuccessful three-rise branch has not been favored by the capital market like Lianjian and Zhouming, especially the failure of the transformation of LED lighting to make the “three-up†of “Xingxing†disappointed".
The three-elevation section, which has been doing subtraction, is also facing the pressure of the capital chain that is commonly encountered in the industry.
Enterprises are forced to "slim down" employees are "busy"
Recently, an employee of Sansheng Hunan Branch broke the news to the reporter of "High-tech LED". The three-liter operation of Hunan was not good. It was discontinued in the first half of this year. The boss defaulted on the salary of Hunan Sansheng employees for nearly half a year.
"Hunan Sansheng has been discontinued in the first half of this year. More than 90 workers have complained about the government, but they have not accepted it. We have about ten salesmen here. The company's wage arrears are about 156,000. The basic salary was not paid in July, and the reimbursement was dragged from October to the present. Although the chairman has already approved it, the reimbursement has not been issued yet." The employee complained.
“Now Hunan Sansheng has been sued by Hunan Changde Agricultural Bank, and the supplier has also applied for the three-litre account to be frozen.†The employee further described.
According to the introduction of Sansheng official website, Hunan Sansheng (full name “Hunan Sansheng Photoelectric Co., Ltd.â€) is a wholly-owned subsidiary of Sansheng Group with a registered capital of 40 million yuan and nearly 500 employees. The company's main research and development, production and sales of LED display and lighting products.
In response to the feedback from the employee, the reporter called the telephone number of the front desk of Hunan Sansheng, and the number was displayed as an empty number. At the same time, the reporter called Wang Qiaoli, the chairman of Sankeke. In the face of the reporter's question, Wang Qiaoli admitted that Hunan Sansheng had stopped production, but denied the arrears of employee wages.
"This is the employee's personal behavior. Our basic salary has been sent to him. There are only some expenses reimbursement problems. Because his personal business is unclear. The company has its own policies, which is only a personal reason." Wang Qiaoli It is emphasized that the problem of the so-called wages of Hunan employees does not exist at all.
In response to this answer, the reporter once again called several other employees of Hunan Sansheng. Several employees reconfirmed the behavior of Hunan Sansheng’s arrears of wages and told reporters that “Shenzhen Sangaoke’s headquarters is also reducing its office space due to its poor management. â€
According to the Shenzhen Municipal Market Supervision Administration, Sangao Branch was established on December 23, 1998. The residence is located on the 3rd floor of New Olin Building, Langshan 2nd Road, North District, Nanshan District, Shenzhen. It is understood that the current three-liter subsidiary includes four companies, namely: Shenzhen Sansheng Technology Co., Ltd., Hunan Sansheng Photoelectric Co., Ltd., Shenzhen Sansheng Green Lighting Co., Ltd., Shenzhen Hengming Software Co., Ltd.
Among them, Hunan Sansheng has been discontinued, Sansheng Branch is mainly engaged in display business, Sansheng Green is mainly engaged in lighting business, but the lighting business has not been opened, and Hengming Software is mainly to cooperate with the previous two companies, mainly to develop and transfer computer software and hardware technology. Sales and other business.
"Shenzhen company's operational difficulties are a real problem. We are now making a transformation. Now Shenzhen is mainly doing the processing and production of the foreign association." For the reporter's repeated inquiries, Wang Qiaoli said.
Capital chain tension is "tied" big brother <br> <br> behind the three subjects raised in transition, in fact, released three difficult subjects raised proud of the LED display business is the harsh reality.
"The problem facing Sankeeke is not that there is no order, but the capital chain has been completely broken, and it is completely powerless to produce." A senior management team member of the company raised the report to the "High-tech LED" reporter.
During the period from 2010 to 2012, there was a wave of IPO listings in the LED industry. During this period, several display companies from Zhouming Technology and Lianjian Optoelectronics successively succeeded in IPO listing, and Sangaike was also actively preparing for listing.
In order to rush to the performance, Sangao Branch began to make channels, and at the same time it also buried a huge risk of tight cash flow. In particular, in 2012, the China Securities Regulatory Commission (CSRC) suspended the IPO listing review policy, which brought a fatal blow to the three-rise branch that was preparing for IPO listing, and also affected the overall cash flow of Sangao.
“Before 2012, in order to prepare for the listing, all the products in the channel were cash in stock, which generated a lot of cash flow. Once the cash flow broke, the suppliers demanded that the money be returned.†The executive explained to the reporter. .
The short-term failure of IPO listing has brought a blow to Sanke’s capital chain, and the failure of terminal lighting channel construction has added to the company’s capital chain.
Throughout the current domestic LED lighting terminal channels, traditional lighting brands such as NVC, Opp and Philips already have relatively mature channel systems. Foreign brands want to intervene and need to be supported by strong financial resources. One billion yuan channel is a good example. At the same time as the capital investment, products with market explosions are also crucial.
“In my opinion, Sangao is a company with no special features.†The employee said: “In the process of channel development, the company has removed a large number of products without profit, but they did not consider it. This is actually behind the scenes. The problem of the entire procurement system."
In fact, from the current industry perspective, there are very few cases in which display companies have been successful in LED lighting. Taking Chau Ming Technology as an example, as a well-known listed company in the domestic display industry, although Zhou Ming Technology has a prominent position in the display industry, its lighting business after transformation has been difficult to make progress. Although there have been Hanyuan's acquisitions before, the development of the “Zhouming Hanyuan†brand has been difficult.
In response to the transformation of the display industry in the industry to do LED lighting, some industry veterans said, "At present, LED display industry transformation lighting, lack of due precipitation, it is easy to lead to triangular debt, in this case, if the company does not get bank financing, funds Once the chain breaks, it will be difficult to escape."
As the LED display of the company's main business, since the three upgrades mainly do engineering projects, the project collection problem has always been a common problem in the entire display industry. According to the above-mentioned sources, in the project, Sanyue Branch has a receivable of about 100 million yuan that has not been recovered.
The unfavorable listing, the failure of LED lighting channel development, and the delay in accounts receivable are the “three big mountains†of the three rising departments, which also hindered the normal operation of the company.
According to a person familiar with the matter, Evergrande intends to cooperate with Sangao Branch for a project of nearly 100 million yuan this year. However, due to the break of the capital chain of Sankeke, the existing cash flow cannot undertake such a large project, resulting in the project “abortionâ€.
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