[High-tech LED reporter report] On the evening of July 27, the China Securities Regulatory Commission issued a notice saying that the IPO initial application of Zhongshan Mulinsen Co., Ltd. (hereinafter referred to as "Mulinsen") has been approved.

However, four months later, Mulinsen has not received the relevant approval from the China Securities Regulatory Commission. Compared with the successful IPO companies in the same period, Mulinsen’s listing date is as deep as the sea, and there is no news.

Mulinsen’s “going over” has left the industry with many questions. Some analysts in the industry believe that it may be that the listed company believes that the current market is not optimistic, and it is difficult for the listing to obtain a higher P/E ratio, so it is not willing to go public.

However, more people familiar with the matter told Gao Gong LED reporter that Mulinsen is likely to be stuck in the “After the Major Events Review”. Although they have already obtained the approval documents before, they have not received the approval documents. In serious cases, they may need to "two meetings."

According to the reporter's understanding, as of the end of July 2011, a total of 16 companies successfully passed the audit of the CSRC's audit committee, but it has not been issued for more than three months, and the long-term is 7 years. Since the beginning of this year, there have been five companies that have not been issued successfully after more than three months.

"This obviously can't keep up with the pace of new stock issuance. The current rhythm of the issuance is from the past to the release is about 1 month, the pace of small and medium-sized board issuance is less than one month, and the pace of GEM issuance is one month. It has not been issued for 3 months, and the industry knows that there must be problems in it,” said a general manager of the investment market capital market in Shenzhen.

“In fact, 30% to 50% of the companies and sponsors in these companies are solving the problems disclosed by the media.” A senior investment bank in Shenzhen revealed.

According to the High-tech LED Industry Research Institute (GLII), the recent media's various questions about Mulinsen were analyzed, including Ping An Caizhi sponsor and direct investment, and 58 million yuan of capital increase, in order to eliminate peer competition and mergers and acquisitions of a number of loss-related companies, Unclear debts of huge amounts of money, concealing capital and so on have always been the focus of discussion.

However, according to the reporter's understanding, from the time the listed company has passed the audit to the audit and issuance, this period of time is actually a high-pressure period to test the performance of listed companies.

Last year, the LED industry was in full swing. Since the middle of this year, the market has gradually slowed down. At the same time, the surge in the number of upstream equipment in the market has also brought about the continuous expansion of the entire industry's production capacity. As a result, the market is weak in the second half of the year. .

The fast-growing LED industry has entered a trough in the second half of this year. In addition to the continuous decline in the prices of industrial chain products caused by fierce competition in the market, rising costs and compressing gross profit margins, the continued weakness of downstream demand has also directly impacted various manufacturers in the industrial chain.

In October, "钧多立事件" seems to have become the fuse of the domestic LED industry crisis. At present, the domestic LED industry is rumbling: the running of the road, the group holding the group, the overcapacity is expected to become stronger. Various tangible and intangible market pressures have come to the fore, and industry insiders generally believe that the domestic LED industry will undergo an integration period from the end of this year to early next year.

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