In January 1999, the Shenzhen Stock Exchange began preparations for the GEM, and submitted to the China Securities Regulatory Commission the "Shenzhen Stock Exchange's project report on the research of the growth board market". By October 30, 2009, 28 GEM companies landed collectively. Shenzhen Stock Exchange, China's GEM "10 years of grinding a sword" finally launched. The first batch of 28 GEM listed companies are mainly concentrated in the technology and service industries, and there are some unique industries that have not appeared in the main board market. The launch of the GEM marks a new stage in the development of our national capital market. For the country, the GEM is the need to promote national economic development and build an innovative country. For innovative companies, it provides a good and effective financing platform. For investors, there is an investment channel that increases property income.
After nearly 10 years of rapid development, China's LED industry has become the most important and fastest-growing LED market in the world. China is both a major manufacturing country for LEDs and a major application country for LEDs. According to the statistics released by the National Semiconductor Lighting Engineering R&D and Industry Alliance, in 2009, China's chip output value increased by 25% compared with 2008, reaching 2.3 billion yuan; LED package production value was 20.4 billion yuan; semiconductor lighting applications are getting rid of the financial crisis After that, it increased by more than 30% against the trend, reaching 60 billion yuan. In 2009, the total scale of China's LED industry totaled 82.7 billion yuan. So how can LED companies use the capital market to accelerate their own development?
Can LED companies be listed? On March 19, 2010, the China Securities Regulatory Commission issued the "Guidelines for Further Recommendations on the Growth Enterprise Board", clarifying that the positioning of the GEM is "to promote the development of independent innovation enterprises and other growth-oriented enterprises." Market function, support and promote the development of national strategic emerging industries, and support enterprises that guide the development direction of national strategic emerging industries, especially new energy, new materials, information, biology and new medicine, energy conservation and environmental protection, aerospace, ocean Enterprises in the fields of advanced manufacturing, high-tech services, and other companies with independent innovation and growth in other fields." At the same time, the GEM's goal is to “achieve a national innovation strategy and promote industrial upgrading, and the GEM provides a financing platform for innovative high-growth companiesâ€.
Due to the relatively long industrial chain, the LED industry has great differences in technical characteristics and capital characteristics in each field. From upstream to midstream to downstream, the industry entry threshold is gradually reduced. Upstream epitaxial materials and chip manufacturing have typical "double high" (high technology, high capital) characteristics, midstream packaging technology and capital investment are in the middle, and downstream display and application are lower in terms of technical content and capital investment.
From the perspective of industrial economics analysis and Taiwan's LED industry development experience, supporting and guiding the development of LED midstream and downstream industries will drive the rapid development of the LED industry as a whole. The LED industry in Taiwan is a typical downstream cut-in mode, which is gradually extended to the upstream epitaxial materials and chip manufacturing fields through more than 20 years of experience in the middle and downstream packaging and application fields.
The LED industry is a high-tech industry. It is an industry that encourages the development of environmental protection, energy conservation and emission reduction policies. It is undoubtedly a key industry supported and guided by the GEM. At the same time, China's LED packaging and application industry is developing rapidly, and the scale of enterprises is mostly small. It has a very good combination with the positioning of the GEM, but there is currently no LED packaging and application company listed on the GEM. Therefore, LED packaging and application companies should seize the opportunity of this capital market, improve the mechanism, integrate the enterprise, expand the scale, and actively use the GEM to develop.
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