From Philips to Osram, the horn of Chinese companies' global acquisitions is blowing.
Recently, Sanan Optoelectronics reported the full acquisition of Osram, which once again triggered the attention of the whole industry. Despite the fact that Sanan Optoelectronics and OSRAM have not responded positively so far. But it was true that the Siemens Group had previously announced that several Chinese investors were approaching the acquisition of Osram shares in their hands.
The acquisition intention of Sanan Optoelectronics also comes from the changes in the industrial structure in recent years. In particular, China's largest packaging plant (Mulinsen) and the largest chip factory (Chengyuan Optoelectronics) are a big challenge for Sanan Optoelectronics, and some measures are needed to lay out the future.
On the other hand, the cost advantages and price wars of Chinese companies relying on manufacturing links in the past few years have forced many multinational companies to gradually adjust their strategies in the Chinese market. For Chinese companies, the overseas market is the next key target to be developed.
At present, China's LED companies have relatively few substantive invention patents. If they acquire patent rights through purchase, and China's manufacturing advantages, they will be familiar with the old LED giants (Curry, Philips, Nichia, etc.). It creates considerable pressure.
"Osram's patents are many. The acquisition of Chinese companies can break the long-standing patent blockade, which is a big pressure for traditional chip giants." Sun Shaofeng, director of marketing department of Mulinsen, said that the future direction of overseas acquisition must be new technology, patents, channels. .
In July this year, OSRAM officially agreed to sell LEDVANCE, a newly operated lighting business company, with a consortium of Mulinsen and IDG bidding more than 400 million euros (about 439 million US dollars).
The overseas acquisition of the LED industry also coincides with the current global market grabbing trend of Chinese companies.
With the global economy in trouble and low asset prices, the pace of â€œgoing outâ€ of Chinese companies has been accelerating. The strength of overseas mergers and acquisitions has shown a rapid growth trend both in terms of transaction volume and transaction volume.
Zhang Xiangchen, deputy representative of the International Trade Negotiation of the Ministry of Commerce, said recently that in the first eight months of this year, overseas mergers and acquisitions by Chinese companies continued the rapid growth momentum, with 486 M&A projects involving 16 major industries in 67 countries and regions. The actual transaction amount was USD 61.7 billion. The amount of the merger has exceeded the full year of 2015.
For the era of major changes in the LED industry, overseas acquisitions by Chinese companies have already been raging.
The High-tech Research Institute LED Research Institute (GGII) believes that the first is the transformation of China's LED industry to a certain stage, and the synchronization period from the introduction to the go-out has arrived.
Secondly, there is a special reason for Chinese companies to go global. The global economy is in a downturn. Foreign countries need to attract investment. They need to create an employment environment so that their economies can grow better.
Finally, the competitiveness of our company has risen. Our company has the strength and capital to expand the market. It is a process of getting along.
Entering 2016, the global LED industry is entering the development cycle dominated by â€œChinese companiesâ€. On the one hand, the pattern of China's local LED industry has basically taken shape, and the performance growth and capacity expansion of a number of leading enterprises in the middle and lower reaches have entered a new stage.
In particular, the strong strength of China's capital market has pushed China's LED companies to quickly squeeze out global market share by mergers and acquisitions, and to form a counterbalance with traditional multinational giants.
Wang Gaoyang, deputy general manager of Hongli Zhihui, believes that for the LED segment, several foreign giants have the intention to divest some of their businesses or the entire business. For China, LED has entered a period of rapid development, so there is also a great opportunity.
In the new situation, the domestic LED companies face the influence of the brand itself, on the other hand, the patent issue, and third, the relevant overseas channel needs to be supplemented.
Under the background of global integration, the LED industry has entered the stage of capital-driven growth, and the leading companies that adhere to the main business will achieve greater and stronger through more mergers and acquisitions at home and abroad.
Due to the decline in industrial profits, international LED giants such as GE, OSRAM and Samsung have withdrawn from the lighting market. China will become the main platform for the transfer of LED industry. It is expected to usher in more overseas and high-end market share and a new round of industrial M&A opportunities. .
In Sun Shaofeng's view, China's LED companies have been weak from the past technical strength to the current level of technology, the products we make are good enough, and the price is cheap enough. These multinational giants have gradually abandoned these labor-intensive products and transformed other products.
For a series of overseas acquisitions started last year, some insiders believe that the acquisition may promote the LED industry to intensify the reshuffle. Now the penetration rate of LED is sufficient, and the growth of the whole market is also stabilizing. Shuffle.
Shi Songgang, marketing director of Huacan Optoelectronics, said that the acquisition will change the industry, but the speed will not be so fast. If the acquisition is successful, the real impact will take some time to be reflected. The LED industry itself is experiencing a rapid reshuffle process, and there may be a slight change in the landscape.
For the future, whether Chinese companies will consider the acquisition of Japanese and Korean LED companies, Shi Songgang said: "I believe that Japanese and Korean companies will sell in the future. Whether Chinese companies participate in Japanese and Korean companies' acquisitions depends on the value of the acquired companies. In view of this, the possibility is not too big, and the acquisition is still considered from the aspects of technology, patents, channels, brands, etc."
At present, Japanese and Korean companies have begun to be acquired, such as Konka's acquisition of Panasonic Lighting. "Future Japanese and Korean companies are also the target of China's acquisition. As long as they are willing to sell, there will definitely be Chinese companies to buy." Sun Shaofeng said that overseas acquisitions will definitely intensify the industry's reshuffle, and the concentration of power is the industry's reshuffle. Once standing out, the original balance will be broken.
In the second half of the year, the LED industry is still facing greater opportunities, and of course risks coexist.
On the one hand, technological innovation is still evolving rapidly, and the maturity of new technologies such as CSP is accelerating. The new application market represented by infrared, ultraviolet and headlights is starting. On the other hand, there will be new trends in mergers and acquisitions around capital and integration.
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