In recent years, with the tide of LEDs sweeping the lighting industry, a large amount of capital has poured in, and the door of the capital game of the lighting industry has opened up. In just a few years, a large number of LED lighting concept stocks have emerged. Among them, in addition to the traditional boards such as the main board, small and medium-sized board, and the GEM, the new three board is rapidly emerging, which greatly promotes the penetration of capital into the industry. In the traditional lighting industry, few companies can go public. There are only a few companies such as Foshan Lighting, Sunlight Lighting, Snowlight, Feile Audio, NVC Lighting, etc., but in the lighting industry, it is almost blank, and the listing is almost for them. Out of reach. In recent years, with the tide of LEDs sweeping the lighting industry, a large amount of capital has poured in, and the door of the capital game of the lighting industry has opened up. In just a few years, a large number of LED lighting concept stocks have emerged. Among them, in addition to the traditional boards such as the main board, small and medium-sized board, and the GEM, the new three board is rapidly emerging, which greatly promotes the penetration of capital into the industry. As is known to all, the mainland's Shenzhen Stock Exchange and the Shanghai Stock Exchange's high barriers have left many SMEs deterred, while the New Third Board has broken the pattern, making up for the shortcomings and shortcomings in the development of China's capital market, so that SMEs are no longer suffering from the coldness of the capital market. The entry threshold is low, and the enterprise only needs to meet the three basic conditions of establishing according to law and continuing for two years, legal compliance operation, continuous operation and explaining the company's sustainable operation ability with the stock transfer company, and can be listed on the platform, plus Can enjoy the government subsidy support and many other preferential support policies, attracting the influx of many small and medium enterprises. According to statistics, in 2013, LED companies listed only two new boards, and in 2014 they reached 19. At present, there are 26 LED companies listed on the New Third Board. In the beginning of this year alone, six LED lighting companies including Zhuo Naipu, Ou Mige and Leite Technology have successively landed on the New Third Board. In addition, in the low-key lighting industry, Dongguan Jinda Lighting opened the first place and successfully listed the new three boards. Recently, the NVC Jiangsu Operation Center created a good lighting listing new three board, which also unveiled the competition pattern of dealers participating in the listing. In 2015, the New Third Board seems to have become a dark horse in the capital market overnight. It is reported that the total market value of the listed companies in the New Third Board has reached trillions. Among them, the average revenue of the new three-board enterprises in the first half of 2014 was about 58 million yuan, and the average gross profit margin was about 24%. Since 2015, 10% of enterprises have announced financing plans, and the average rate of return has reached 220%. Low financing costs, flexible methods, policy support, and low barriers to entry have made the listing of the new three boards a life-saving straw for many small and medium-sized enterprises to overcome the current predicament. However, everything has its advantages and disadvantages, as does the New Third Board. Under the pressure of survival and development, some LED lighting companies have decided to list the new three boards. However, when the listing is successful, the company does not know what to do next. In addition to paying various taxes and fees, financial transparency and public supervision, increased costs under management standardization, and the payment of more than 2 million yuan in handling fees, there is not much policy support that can be obtained from the government. Listed companies do not make good use of capital leverage to consolidate resources, such as mergers and acquisitions of high-quality companies to expand the scale, integration of quality distributors, or the acquisition of some outstanding lighting design agencies. The new three-board capital tool became a plaque and a slogan, and was forgotten to be placed in a corner. In fact, the New Third Board is not a panacea, and companies must look at it rationally. First, companies consider their own growth as a prerequisite. At present, LEDs tend to be homogenized. If the growth of the company is not good, the listing is useless. There is basically no transaction when the card is hanged, and even the people are hurting the money, which increases the burden on the enterprise. Second, we must be good at using capital tools to integrate resources. LED is a game of technology and capital. Enterprises should use capital leverage to integrate resources, such as acquiring similar high-quality companies, integrating downstream dealer resources, and acquiring outstanding design institutions. In addition, we must rationally look at government encouragement and support. The government's LED subsidy dividends are gradually decreasing, and the policy support is gradually becoming smaller. Encouraging support is more icing on the cake. It is difficult to have a gift in the snow. Enterprises should focus on their own operations. Greed is the essence of capital, while industry needs a solid and steady mentality. The irrational blindly listed the new three boards, and finally hurts the enterprises and industries. I hope that in this new three-board boom, enterprises should not list for listing, but they are doing At the same time of self-management, we use capital tools to integrate operations. The listing of the New Third Board is only the first step of the Long March, and then the step-by-step financing and capital operation is its fundamental goal.

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