National Star Photoelectricity Investment LED Epitaxial Chip

The 2012 National Star Photonics can be described as fleeting.

Under the sluggish industrial environment, LED packaging leading enterprise Guoxing Optoelectronics (002449.SZ) is the main business withered and 67 million yuan is invested in the long-term equity of Foshan Xurui Optoelectronics Co., Ltd. (hereinafter referred to as “Xurui Ruiguang”). The investment was tragically affected by Waterloo. The operation of the vanadium project was also akin to a whirlwind. From the beginning of the year to December 28th, the country's share price of the optoelectronics fell by 17%, significantly underperforming the broader market, and it made investors criticize it.

However, what is strange is that China Star Optoelectronic Co., Ltd. and Nanyang Xicheng Technology Co., Ltd. jointly established Baoli Vanadium Industry to originally engage in vanadium pentoxide refining, and after completion, it will achieve an annual production capacity of 3,000 tons. However, the website of the Henan Provincial Development and Reform Commission showed that after the establishment of the Baoli Vanadium Industry, the government immediately filed with the government the project of “clean extraction and comprehensive recycling of the scarce elements in associated tailings and industrial waste residue”, and the investment quota was as high as 450 million, and the project was in Xicheng. Technology has not been registered before it has obtained patents for vanadium pentoxide cleaner production technology.

Radical Investment LED Epitaxial Chip

Delay in the holding of the holding company by the participating company

National Star Optoelectronics is mainly engaged in the R&D and production of LED devices and components. The main products are SMDLED and lighting application products. Due to the sluggish LED industry, the company's main business was dragged down. The revenue of National Star Optoelectronics in the first three quarters of this year was 682 million yuan. , a year-on-year decrease of 16.69%. After deducting non-recurring gains and losses, the net profit attributable to the parent company decreased by 38.15%.

In January 2010, 6 Chinese companies represented by National Star Optoelectronics invested 51%, and United States Xuming Optoelectronics invested 49% to jointly establish Xu Rui Optoelectronics, with a total investment of US$350 million, to be launched in Foshan. LED epitaxial chip R & D and manufacturing. A year later, Xu Rui photoelectric construction period was completed, in May 2011 into the film production stage.

With the release of National Star Optoelectronics 2011 annual report, Xu Rui photoelectric's operating conditions surfaced. The financial report shows that as of the end of December 2011, Xu Ruiguang’s unaudited total assets were RMB 583.35 million, liabilities were RMB 348.89 million, and net assets were RMB 237.46 million. In 2011, the company was the trial production period. The operating income was 3.94 million yuan and the net profit was -65.22 million yuan.

According to the recent announcement of National Star Optoelectronics, Xu Ruiguang, which has not actually started construction for less than two years, has used the US foreign investment company Xuming Optoelectronics to make bad debts for this strategic investment. On the evening of the 26th, one of China’s shareholder countries, China Star Optronics, also counted accordingly. A provision of 37 million to 41 million yuan in bad debts was reported, resulting in a significant year-on-year drop in 2012 year-on-year performance.

From December 26 to December 28, China Capital [3.41 0.29%] Securities Network called Xurui Optoelectronics, and the switchboard always remained unanswered. The staff of the National Star Photoelectric Dongxiang Office also stated that the Xu Rui Optoelectronics executive team announced the dissolution and the factory also In the discontinued state.

The investment amount will be 450 million yuan

Vanadium ore refining into a clean project

In Henan, Nanyang Baoli Vanadium Industry Co., Ltd. (hereinafter referred to as “Boli Vanadium Industry”) established by Guoxing Optoelectronics and Henan Longyu Vanadium Industry Co., Ltd. (hereinafter referred to as “Longyu Vanadium Industry”) are silent. The funds have been invested for one year, but the company has not been settled yet, and the amount of project filings is more than 4.5 times the original investment.

In 2011, the National Star Optoelectronics had enough money and funds on the account, so the financial cost was -195.20 million yuan, which played a role in the net profit for the year. However, in 2012, China Star Optoelectronics invested heavily in the development of vanadium ore, and the financial expenses in the third quarter reportedly “turned positive”. In addition, the main business income has shrunk under the depressing environmental conditions. However, the development of vanadium ore remains murky and its progress is confusing.

In 2011, National Star Optoelectronics Co., Ltd. and Xicheng Science and Technology Co., Ltd. set up the Baoli vanadium industry to be engaged in the refining of vanadium pentoxide. After completion, it will achieve an annual production capacity of 3,000 tons.

However, vanadium pentoxide extraction requires mineral resources, so Baoli vanadium industry's acquisition target to Longyu vanadium industry to acquire Longyu vanadium industry to obtain the mining rights of Jiuchong town to polish vanadium ore, and finally the acquisition was completed in September this year. carry out.

In fact, Baoli Vanadium, a subsidiary of China Star Optoelectronics Holdings, may not be investing in cleaner production of vanadium pentoxide. The website of the Henan Provincial Development and Reform Commission showed that after the establishment of the Baoli Vanadium Industry, the government immediately filed with the government the “clean extraction and comprehensive recycling of scarce elements in associated tailings and industrial waste residues” project, with a total investment of 450 million yuan, of which 45 were self-financing. RMB 10 million, the planned construction period will be from December 2011 to October 2013. The name of the project is the same as that of Nanyang Xicheng Technology Co., Ltd., one of the investors of Baoli Vanadium Industry, in 2009. At the time, Xicheng Technology had not yet obtained the patented technology for the clean extraction of vanadium pentoxide.

The project shows that 300,000 tons of associated tailings and industrial waste will be handled annually. Process technology for the wet grinding and efficient leaching of tailings and waste residue, dissolution of valuable elements, using "3R" technology, through the reaction / separation coupled crystal precipitation, clean extraction and high-value finishing; Leaching slag for cement The mixed material, the mother liquor returns to recycle, thus realizes the resource-multifunctional material's high value clean production.

Since the Baoli vanadium industry is for refining vanadium pentoxide, after the establishment of the vanadium industry, it reported the preparation of associated tailings and industrial waste residue. Why is it not a clean production project for vanadium pentoxide? Instead, it is the local Yudian vanadium in Suichuan County. Industry Co., Ltd. has applied for the record of vanadium pentoxide refining project in Jiuchong Town this year?

According to the information of the Suichuan County government network, from the beginning of this year, many meetings in the county stressed the need to grasp 12 projects with investment exceeding 100 million yuan in the Baoli vanadium industry. However, China Capital Securities Net has not yet checked the report of the Baoli vanadium industry to the government. Vanadium pentoxide refining project.

The Suichuan County meeting on November 7 this year mentioned that in order to resolve the problem of the entry of Baoli vanadium industry, it is clear that the arrival of the Baoli vanadium industry may still not be resolved or may have just been resolved.

China Capital Securities Net has also queried that the current paid-in capital of the Baoli Vanadium Industry is still RMB 25 million. Apart from purchasing RMB 16.5 million paid by Longyu Vanadium, it is difficult to provoke the burden of investing RMB 450 million in projects. The monetary funds have also been hovering around 150 million yuan. Where will the remaining funds from the Baoli vanadium industry come from?

Regarding the development status of Baoli Vanadium and Longyu Vanadium Industry, China Capital Securities Network, on the 28th, called National Star Optoelectronics Executive Secretary Qiao Jianzhong. He said that he was inconvenient to respond.