Overview of Recent IPO Progress for LED-Related Companies

Recently, many LED-related companies have updated their IPO progress. Some have pressed the "pause button" on going public, while others are accelerating the process.

Suijing Optoelectronics terminates ChiNext IPO

On the evening of December 6, according to the official website of the Shenzhen Stock Exchange, the ChiNext IPO of Shenzhen Suijing Optoelectronics Co., Ltd. (hereinafter referred to as "Suijing Optoelectronics") has changed to a terminated status. According to the information disclosed by the Shenzhen Stock Exchange, Suijing Optoelectronics voluntarily withdrew its IPO.

On November 27, 2021, Shenzhen Suijing Optoelectronics Co., Ltd. submitted to the Shenzhen Stock Exchange the "Application of Shenzhen Suijing Optoelectronics Co., Ltd. for Withdrawal of Application Documents for Initial Public Offering and Listing on the ChiNext Board," and the sponsor submitted to the Shenzhen Stock Exchange the "Application of Minsheng Securities Co., Ltd. for Withdrawal of Application Documents for Initial Public Offering and Listing on the ChiNext Board of Shenzhen Suijing Optoelectronics Co., Ltd." In accordance with the relevant provisions of Article 67 of the "Shenzhen Stock Exchange ChiNext Stock Issuance and Listing Review Rules," the Shenzhen Stock Exchange decided to terminate the review of the company's initial public offering and listing on the ChiNext Board.

Suijing Optoelectronics' main business is LED packaging. It is a high-tech enterprise specializing in the R&D, production, and sales of LED devices and backlight strip modules. The company's products mainly include LED devices (including LED backlight devices, automotive LEDs, LED flashlights, LED indicator devices, etc.) and backlight strip modules, which are widely used in display, lighting, indication, and flash applications for various smartphones, computers, LCD TVs, automobiles, industrial control monitors, and more.

Suijing Optoelectronics previously planned to issue no more than 24.86 million shares in its public offering, accounting for no less than 25.01% of the share capital after issuance. The company originally intended to raise RMB 230 million, to be used respectively for the LED backlight device capacity expansion project, the LED flash and automotive LED capacity expansion project, and the technology R&D center construction project.

Lan Jian Electronics IPO Application Accepted

On December 1, Foshan Blue Arrow Electronics Co., Ltd. (hereinafter referred to as "Blue Arrow Electronics") had its IPO on the ChiNext board accepted by the Shenzhen Stock Exchange.

According to the prospectus (draft filing), Lanjian Electronics is mainly engaged in semiconductor packaging and testing business, providing discrete devices and integrated circuit products for the semiconductor industry and downstream fields. The company's main products include discrete devices such as transistors, diodes, and field-effect transistors, as well as integrated circuit products such as AC-DC, DC-DC, lithium battery protection ICs, and LED driver ICs.

In this push for listing on the ChiNext Board, Lanjian Electronics plans to publicly issue no more than 50 million RMB-denominated ordinary shares to the general public, accounting for no less than 25% of the total share capital after issuance. The net proceeds from this issuance, after deducting issuance expenses, will be entirely used for the semiconductor packaging and testing expansion project and the R&D center construction project.

BYD supplier Baikon Optics advances IPO

Recently, Zhejiang Baikang Optical Co., Ltd. (hereinafter referred to as "Baikang Optical") has had its IPO review status on the ChiNext Board updated to "Under Inquiry".

Baikang Optics' products center on optical lenses, primarily designed for use with LED light sources. Their application areas have expanded from general lighting to security surveillance and automotive lighting, further extending into the downstream automotive ambient lighting sector. Baikang Optics' main products include optical lenses and matching precision injection molds, as well as automotive ambient lights and their components. Among these, precision injection molds are specialized production tools for optical lenses, while automotive ambient lights are downstream application products of optical lenses.

In recent years, Baikon Optics' revenue from the automotive lighting sector has continued to grow, currently accounting for over 60% of total revenue. Its main customers are major headlamp manufacturers, and it has established partnerships with OEMs such as BYD, JAC Motors, and Great Wall Motors.

Regarding changes in the revenue structure, Baikon Optics stated that the automotive lighting market is continuously expanding, with high unit product value and significant total value. The company will concentrate its limited resources on R&D and market development for products in the automotive lighting sector.

Jingdao Microelectronics resubmits registration

On November 26, Jingdao Microelectronics Co., Ltd. had its IPO review resumed by the Shenzhen Stock Exchange (SZSE) and resubmitted for registration, as the issuer completed the update of financial materials, in accordance with Article 66 of the SZSE ChiNext Stock Issuance and Listing Review Rules.

Jingdao Microelectronics Co., Ltd. is primarily engaged in the R&D, manufacturing, and sales of semiconductor discrete devices such as diodes and bridge rectifiers, as well as integrated circuit System-in-Package (SiP) products. It offers discrete device products and SiP products with nearly 50 packaging specifications, widely used in LED lighting, consumer electronics, automotive electronics, smart grids, photovoltaics, power drivers, communications, and other fields.

For this ChiNext IPO application, Jingdao Microelectronics plans to raise RMB 525.81 million for Phase II of the "Industrialization Construction Project for System-Level Packaging and Testing of Integrated Circuits".

LED driver chip manufacturer DiAoWei aims for IPO on the STAR Market

On November 24, the Shanghai Stock Exchange accepted the application for IPO on the STAR Market from Jiangsu Dioo Microelectronics Co., Ltd. (hereinafter referred to as "Dioo Micro").

It is reported that Dioway is an integrated circuit design enterprise focused on the R&D, design, and sales of high-performance analog chips. Its products are mainly divided into two series: signal chain analog chips and power management analog chips, which are primarily applied in fields such as consumer electronics, smart LED lighting, communication equipment, industrial control and security, and medical devices.

In the field of power management analog chips, the company's products include high and low voltage DC-DC converters, IR LED drivers, a full range of linear charging and switching charging solutions, AC/DC controllers, overvoltage protection load switches, and battery protection chips, providing system-level charging solutions from wall to battery.

It is reported that Dioo's AC/DC products are mainly applied in the field of LED smart lighting, including deep dimming flicker-free driver chips and intelligent dimming constant current constant voltage driver chips. The sales revenue of AC/DC products has increased year by year.

Dioo Microelectronics pointed out that with the continuous development of the commercial lighting market, emerging demands for product personalization have triggered a trend toward intelligent lighting. From 2018 to 2020 and in January–June 2021, the company's AC/DC converter revenue was RMB 15.454 million, RMB 24.4645 million, RMB 35.4382 million, and RMB 32.0765 million, respectively, with a compound annual growth rate (CAGR) of 51.43% from 2018 to 2020, mainly driven by the steady increase in demand in the smart LED lighting market.

Foshan Qingsong handles filing registration

On November 5, the Guangdong Securities Regulatory Bureau disclosed the public notice of acceptance of tutoring filing registration for Foshan Qingsong Technology Co., Ltd. (hereinafter referred to as "Foshan Qingsong"). The information shows that Foshan Qingsong completed the tutoring filing registration with the Guangdong Securities Regulatory Bureau on November 4, 2021, with China Securities as the tutoring institution.

据悉，佛山青松成立于2000年，于2015年挂牌新三板，是全球领先的LED智能交通，智能显示及智能照明系统解决方案服务商。其LED显示屏、LED交通和LED照明灯系列产品畅销全球一百多个国家和地区。

In the field of LED traffic products, Foshan青松 has successfully built a smart city traffic solution for Zhongshan City, Guangdong Province, installed over 1,000 sets of self-developed and manufactured LED traffic products for the Hong Kong section of the Hong Kong-Zhuhai-Macao Bridge, and installed more than 2,000 sets of LED traffic signal products for Norway's Ryfast highway.

In the field of LED display products, Foshan青松 centers on outdoor LED advertising business and builds a new "smart + energy saving" display mode. In May this year, it launched the Hongguang series of LED outdoor commercial displays. Additionally, Foshan青松 created a 3D naked-eye corner-structure display for the Huahui Building in Chancheng, Foshan.

LED lighting products: Foshan Qingsong employs intelligent commercial lighting management to establish a large-scale healthy marketing system. Its product portfolio includes high-bay lights, street lights, flood lamps, LED advertising lights, parking lot lights, tunnel lights, LED gas station lights, and LED court lights.