Detecting the equity of seven couples in the LED industry

Every good part of the road is always blood and sweat. Since the establishment of Op Lighting in 1996, it was only a small workshop of 8 workers. By the time the company landed in the stock market, the company’s assets were 3.4 billion yuan, and the husband and wife’s net worth exceeded 11 billion yuan. From the ancient town of Zhongshan, to the international metropolis of Shanghai, Wang Yaohai Couples with Ma Xiuhui, 20 years of fame and fortune, three thousand miles of blood and sweat, the beautiful part of the road, always blood and sweat. Since the establishment of Op Lighting in 1996, it was only a small workshop of 8 workers. By the time the company landed in the stock market, the company’s assets were 3.4 billion yuan, and the husband and wife’s net worth exceeded 11 billion yuan. From the ancient town of Zhongshan, to the international metropolis of Shanghai, Wang Yaohai Couples with Ma Xiuhui, 20 years of fame and fortune, three thousand miles of blood and sweat, the Ou Pu lighting into a LED industry husband and wife giant ship. In the LED industry, couplers such as Op Lighting are everywhere. Entrepreneurship has been difficult and many battles. In the early years, the couples worked together and worked together to form a shareholding structure in which some LED companies have husband and wife characteristics. I. Samples The following seven companies were selected as listed companies in the listed LED companies. Five companies, such as Op Lighting, are typical husband and wife companies. Mulinsen is an atypical husband and wife company, and Sunshine Lighting is a typical family business. 1. Op Lighting: A typical husband and wife business. Wang Yaohai and Ma Xiuhui, Wang Ren, chairman of the company, and Ma Ren, general manager. 2. Mulinsen: Atypical husband and wife business. Sun Qinghuan and Luo Ping, Sun Ren, chairman of the company, Luo is not on the list of senior executives. 3. Meida Digital (formerly known as Beneficial): a typical husband and wife business. Qiao Wei and Chen Yamei, Joe is the general manager of the company and chairman Chen. 4. Sunlight lighting: a typical family business. Chen Senjie and Pan Xiaochong, Chen Ren, director of the company, Pan is not on the list of executives, Chen Senjie’s son Chen Wei is the chairman. 5. Wanrun Technology: a typical husband and wife business. Li Zhijiang and Luo Xiaoyan and Li, the chairman of the company, Luo is not on the list of senior executives. 6. Qinshang Optoelectronics: a typical husband and wife business. Li Xuliang and Wen Qi and his wife are not on the list of company executives. 7. Lianjian Optoelectronics: a typical husband and wife business. Liu Hujun and Xiong Yuyu, Liu Ren, chairman and general manager of the company, Xiong is not on the list of senior executives. Second, a brief analysis of the shareholding structure is a complex system, including the type of shareholders, the proportion of shares held by various types of shareholders, the concentration or dispersion of stocks, the stability of shareholders, the shareholding ratio of senior managers, and so on. There are also a few votes when the board of directors votes. Here, only the form and proportion of the shareholding of the seven sample LED companies are discussed in the general case, as shown in the following table. 1. Op Lighting: The controlling shareholder is Zhongshan Oup Investment Co., Ltd., holding 51.365% shares. Wang Yaohai and Ma Xiuhui hold 98.4% of the shares of Zhongshan Op. The couple directly held 40.972% of the shares of Op Lighting, and Ma also indirectly held 0.0035% of the shares of Op Lighting. The couple held a total of approximately 92.34% of the shares of Op Lighting. 2. Mulinsen: Sun Qinghuan directly holds 67.318% of Mulinsen. Zhongshan LMC has a 1.386% stake in Mulinsen, while Sun holds a 28% stake in Zhongshan Rim. Sun Heji holds more than 67.6% of Mulinsen's shares. Sun’s spouse, Luo Ping, did not enter the top ten shareholders of Mulinsen. The shareholding details are unknown, but it is confirmed that the shareholding ratio of Mielsen’s tenth largest shareholder is 0.672%. In view of Luo's shareholding, Mulinsen is not a typical husband and wife business. 3. Meida Digital (formerly known as Shida): Chaucer and Chen Yamei are the actual controllers of the Meida number. Chen is the controlling shareholder of Meida Digital and holds 38.1% of the shares. Joe holds 12.97% of the shares. The couple held a total of 51.07% shares. 4. Sunlight lighting: a typical family business. The Chen Senjie family holdings are a bit complicated, as shown below. Sunshine Lighting's controlling shareholder is Century Sunshine Group, which holds 32.14% of the shares. Chen Senjie and Pan Xiaochong and his daughter Chen Ying jointly hold 100% of the shares of Century Sunshine Group. The legal representative of Century Sunshine Group is son Chen Wei. Chen Senjie directly holds 7.95% of Sunshine Lighting.桢利信息公司 holds 2.12% of Sunshine Lighting, Chen Senjie's spouse Pan Xiaochong holds 90% of the company, and his daughter Chen Ying holds 10% of the company. The Chen Senjie family holds a total of 42.21% of Sunshine Lighting. Chen Senjie and Pan Xiaochong and his daughter Chen Ying are the actual controllers of Sunshine Lighting. His son Chen Wei is the chairman of Sunshine Lighting. 5. Wanrun Technology: Li Zhijiang directly holds 17.25% of Wanrun Technology. Jiangming Investment Co., Ltd. holds 1.6% of Wanrun Technology, while Li holds 60.2% of Jiangming Investment Company. Li’s spouse Luo Xiaoyan directly holds 11.21% of Wanrun Technology. The couple held a total of approximately 29.42% of the shares in Wanrun Technology. 6. Qinshang Optoelectronics: The controlling shareholder is Dongguan Qinshang Group, which holds 27.22% of the shares. According to reports, Li Xuliang holds 90% of the shares of Dongguan Qinshang Group, and Li’s spouse Wen Qi holds 10% of the shares of Dongguan Qinshang Group. Li does not directly hold the shares of Qinshang Optoelectronics, and Wen directly holds 1.11% of the shares of Qinshang Optoelectronics. The couple held a total of 28.33% shares of Qinshang Optoelectronics. 7. Lianjian Optoelectronics: Liu Hujun and Xiong Yuyu are the controlling shareholders and actual controllers of Lianjian Optoelectronics. Liu directly holds 18.8% of the shares, and Xiong directly holds 4.84% of the shares, and the two together hold 23.64% of the shares. III. Summary 1. Op Lighting is the first couple store in the LED industry, and the Wang Ma couple almost completely control the Op Lighting. Among the seven sample LED companies, the Opal Lighting Wangma couples used the shareholding ratio of 92.34% to force the other six couples. Even compared with Sun Qinghuan, the controlling shareholder of Mulinsen, which was officially listed last year, the shareholding ratio of the Opal Lighting Wangma couple is also very high. Last year, Sun held about 80% of Mu Linsen's shares, and Sun's spouse Luo Ping held less than 0.25%. Prior to the 2010 IPO meeting, Mu Linsen rushed to acquire five companies jointly established by Sun and his spouse Luo Ping and a third party. Otherwise, Sun holds more than 80% of Mu Linsen's shares. It can be seen that the Opal Lighting Wangma couple holds more than 92% of the shares, which is unusually high. According to the 2015 Forbes data, Wang Ma and his wife are worth more than 11 billion yuan. It is expected that after the official listing of Op Lighting, the wealth of the Wangma couple will rise. 2. NVC Lighting, Foshan Lighting, Op Lighting, and the three major lighting brands on the sidelines, the former two have been fighting on the shareholding structure, and the reform of the shareholding structure of Op Lighting is not difficult. NVC Lighting Wu Changjiang lost its controlling interest and was swept away. Foshan Lighting was subject to Osram for many years because it did not have a controlling stake. Different from the former two, the current shareholding structure problem of Op Lighting is that the controlling rights of the Wangma couple are too great. It is undeniable that Op Lighting is the creation of the Wangma couple. It is the crystallization of the two people's efforts. They have this wealth. However, after the listing of Op Lighting, it should not be seen as a husband and wife shop, but as a social enterprise. Opto Lighting's husband and wife store is too strong, which is not conducive to the social expansion of the company. As the actual controller of Op Lighting, the Wangma couple not only directly holds 41% of Op Lighting, but also 51% of Op Lighting Holdings through the corporate legal person (Zhongshan Op). The Wangma couple has more than 98% of the holdings of Zhongshan Oup, while the other major sponsors of Zhongshan Oupu and the Wangma couple are fellow villagers. Opto Lighting's shareholding structure reform is not difficult, but if there is a certain capital force that is large enough to break through this shareholding structure, I am afraid that it will make Op Lighting a reality. The controlling rights of Wangma couples are too large, which may be detrimental to the company's scientific management and democratic management. Op Lighting has mentioned in the prospectus that the Wangma couple are in an absolute controlling position. Therefore, there are actual controllers who use their control status to the company, and exercise their voting rights or use other direct or indirect methods to make business decisions, investment directions, and important Personnel arrangements and other improper control, which may bring losses to the company's production operations and other shareholders' interests. 3. Among the seven sample LED companies, from the known situation, the shareholding of the husband and wife of Qinshang Optoelectronics may be the safest and most reasonable, and can be attacked and retreated. Judging from the shareholding ratio, Li Xuliang and Wen Qi and his wife together hold 28.33% of Qinshang Optoelectronics. This ratio is moderate, and it can be controlled and flexible, which is conducive to positive business decisions. From the form of shareholding, Li does not directly hold Qinshang Optoelectronics shares, but is hidden in the unlisted Dongguan Qinshang Group. In some cases, foreign capital has a certain buffering effect; at the same time, Li’s spouse Wen Qi is directly Holding some shares of Qinshang Optoelectronics, ranking eighth largest shareholder. The family equity of Sunlight Lighting also seems to be safe, but the family equity involves many people and needs to agree with each other, so it is not simple. 4. LED enterprises should adopt a moderately decentralized shareholding structure. There are various types of shareholders, such as individuals, enterprises, financial institutions, state-owned capital, and foreign capital. The husband and wife equity has a relative controlling right over the enterprise rather than an absolute controlling right. . The proportion of highly concentrated ownership structure is above 50%; the excessively dispersed shareholding structure has no major shareholder, the shareholding ratio of individual shareholders is below 10%; the proportion of moderately dispersed shareholding structure is between 10% and 50%. If the shareholding ratio is less than 10%, there is a risk of losing control. Under the premise of holding, it is best that the spouse holds about 20% of the shares, the other party holds about 10%, and the couple holds about 30% of the shares. And flexible. Different ownership structures will bring different monitoring efficiencies, which will affect the governance efficiency of the entire company. As shown in the table below. 5. LED companies do not need to optimize the shareholding structure when they are big or listed, but should establish a scientific equity structure at the beginning of their business. The scientific shareholding structure is conducive to the rapid expansion of enterprises, and the root cause of the unscientific shareholding structure will sooner or later. LED entrepreneurs should master basic financial knowledge and financial thinking, and establish a reasonable shareholding structure according to their own business. You can't over-reliance on financial people. Maybe the equity structure designed by others may not be in line with the situation of your own company. There are hidden dangers, and you may even be subsidized by others to help others count the money.

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