Concealing capacity and market price Nanda Optoelectronics is suspected of fraudulent listing

Recently, the relevant media disclosed the news that the former Nanda Optoelectronics shareholder Xu Wei set up a new company and the old club "snapping Taiwan". Nanda Optoelectronics has not explained the matter, but another insider broke the news, saying that Nanda Optoelectronics has completed the listing financing. In the prospectus, the actual production capacity is concealed, and the prospects of the fundraising project are beautified. What is more, the market price of the fundraising products has already dropped tremendously, and the market prospect has turned a big turn, but neither of them is mentioned in the prospectus.

Nanda Optoelectronics disclosed in the prospectus that “this fund raised funds to invest in high-purity metal organic compounds (ie, MO source) industrialization projects. After the project was put into production, the new trimethylgallium production capacity was 22.5 tons, greatly alleviating the main product of the project, trimethyl. The situation of severely insufficient gallium capacity (5.5 tons per year)."

However, it is understood that the first and second phases of the Nanda Optoelectronics Investment Project have achieved an annual production capacity of 10 tons of trimethylgallium. According to the original plan of Nanda Optoelectronics, the third phase of the project can be put into operation in October 2011. However, due to the poor market sales situation, and because the project will be the main investment in the investment, it will deliberately slow down the progress of the project. According to the insider, the main synthetic workshop of the third phase of the project has been installed, and the purification workshop is also ready to operate after waiting for installation.

The first to third phases of the project will increase the annual production capacity by 25 to 30 tons, far exceeding the target of the 22.5 tons of fundraising projects proposed in the Nanda Optoelectronics Prospectus in 2014. It can be seen that even if the fundraising is not listed, Nanda Optoelectronics' own self-owned funds are basically sufficient, and its listing intention is worth pondering.

In addition, since the second half of 2011, the market sales of trimethylgallium is not good, and the sales price of the product has dropped from about 42 million yuan per ton to less than 25 million yuan, a drop of nearly 60%. The data given by Nanda Optoelectronics in the prospectus is the price in the first three quarters of 2011, and the real sales price is avoided.

Although it is difficult for laymen to understand the actual selling price of trimethylgallium, according to data from the High-tech LED Industry Research Institute (GLII), as of the end of November 2011, there were only 300 new MOCVDs in China, but less than three in actual operation. One of the points, the demand for upstream raw material MO source has been greatly inhibited.

Liu Gang, executive deputy general manager of Tongfang, also said to the media: "Because of the insufficient operating rate of MOCVD this year, the price of MO source will definitely drop slightly." Shen Guang, vice president of Yaweilang Optoelectronics, also said that the 2012 MO source is not There will be a shortage of supply, and the price will drop by at least 10%.

The insider described that the price of Nanda Optoelectronics to overseas agents is 2.5-2.8 US dollars per gram of trimethyl gallium, equivalent to a tax price of 1600-1800 million yuan per ton. Nanda Optoelectronics did not mention this in the prospectus. When the fundraising project was put into production, the market has turned to excess, how to digest huge production capacity, and the market price has been declining? Investors’ money will undoubtedly face the situation of “floating”.

Nanda Optoelectronics Co., Ltd. is located in Nanjing, Jiangsu Province. It plans to issue 12.57 million shares and the total share capital after the issuance is 50.27 million shares. It is planned to be listed on the GEM of the Shenzhen Stock Exchange. It is mainly engaged in the R&D, production and sales of MO source materials.

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