Vision photoelectric closure ends LED barbaric growth mode
Six months after the collapse of Shenzhen Duo Duoli and Bolunte, another Shenzhen LED display manufacturer with an income of over 100 million yuan was forced to close.
On June 29th, Vision Optoelectronics announced bankruptcy. The company's boss, Xing Yi, did not know what to do. He only told the partners who had business contacts through SMS: the company had no money to break the capital chain and could not repay the supplier's 9 million yuan in arrears. And bank loans, as well as wage arrears, can only go bankrupt.
"I didn't do asset transfer. I have nothing. I have left Shenzhen and are going out for a while. I hope everyone will not harass my family." Xing Yi said in a text message.
"Vision photoelectric closure is a matter of time, but it is a bit sudden." A senior LED display manufacturer told the "new industry" that the profits of the LED display industry have become increasingly thin in the past two years, the market competition is almost incandescent, and Some LED display orders began to be concentrated in large factories. Small and medium-sized LED display manufacturers either transformed LED lighting, or only the fate of being eliminated. "The LED display barbaric growth era has become a history."
According to data from the High-tech LED Industry Research Institute, the output value of China's LED display screens reached 21.9 billion yuan in 2011, an increase of only 18% year-on-year. The market growth rate has slowed significantly compared with the 54% growth rate in 2010. On the contrary, there are more than 1,200 domestic LED display manufacturers.
High debt
On July 6, the reporter of "New Industry" saw in the Vision Optoelectronic Industrial Park of Qinghu Road, Longhua District, Shenzhen that the 5-storey production building doors and windows were closed, and all kinds of domestic garbage scattered on the ground were in ruins.
A notice of rent reminder issued by Shenzhen Guohong Property Management Co., Ltd. at the door of the closed factory: Vision Optoelectronics has been in arrears for three months of factory rent, of which rent is 8.3 million yuan and late payment is 137,300 yuan. And the water and electricity fee is 120,300 yuan, totaling more than 1 million yuan.
The notice date is June 30, and the time for renting the industrial park from Vision Optoelectronics on August 8, 2011 is less than one year.
The "New Industry" reporter also encountered arrears suppliers at the scene. The supplier revealed that Shenzhen Corent is one of the shareholders of Vision Optoelectronics and one of its suppliers, and has been in arrears of more than 1 million yuan. Based on this complex relationship, the wages of workers who are owed by Vision Optoelectronics are also paid by Corrent.
"Vision photovoltaic factory equipment has been removed by Guohong Property, we can only sue through the courts, take the law and order procedures." The above suppliers said.
On July 9, Xing Yi’s father made a public appearance and begged the forgiveness of the creditors. At the same time, he said that Xing Yi had been looking for external financial assistance until the night before the bankruptcy was announced. Xing Yi was still negotiating with an investor. The capital increase of 10,000 yuan was only the unsuccessful negotiation and declared bankruptcy in desperation.
According to informed sources, Duan Ducai, the chairman of Colende, is the second largest shareholder of Vision Optoelectronics. Because of disagreement with Xing Yi, he did not continue to invest funds. In addition to the arrears mentioned above, Vision Optoelectronics also owed a loan of about 10 million yuan to Hangzhou Bank.
To this end, the "new industry" reporter called the chairman of the Colende Duan Caicai, Duan Sicai did not want to talk about this matter, only said that the incident has made himself very painful.
According to informed sources, in addition to the bleak performance and other reasons, the direct lead of the Vision Optoelectronics capital chain break is internal shareholder disputes.
It is reported that Xing Yi, the major shareholder, has a dictatorial personality and often disagrees with other shareholders. The reason why several shareholders including Duan Sicai did not continue to invest in Vision Optoelectronics was because Xing Yi and Vision Optoelectronics invested in the mold industry across industries.
(unfinished)
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