3.5 billion of shares to be cast rainbow building's first glass substrate production line – Rainbow Displays, Rainbow shares – HC Network Appliance Industry-hc360
Published on December 14, 2009, held the second extraordinary general meeting documents, documents show, Rainbow shares intends to specific objects and fund-raising non-public offering of A shares building China's first glass substrate production line, number of shares outstanding is less than 5.4 million shares (including 540,000,000 shares), deducting the cost of issue to raise funds after the net is not expected to more than 3.5 billion yuan.
Announcement shows that the rainbow of shares of stock of this issue for the domestic listed A shares (A shares), nominal value of 1.00 yuan per share, number of shares outstanding is less than 5.4 million shares (including 540,000,000 shares), the issue price is not low 20 trading days before the pricing benchmark stock average price of 90%, that is 6.60 yuan / share. The net of issuance costs of non-public offering to raise funds after the net is not expected to more than 3.5 billion yuan, to be used for all
Electronic
Glass company capital increase.
Replenishment projects including e-generation TFT-high glass company
LCD
Glass substrate and two industrial R & D projects, Rainbow (Hefei) High-LCD Glass Co., Ltd. Hefei Construction generation TFT-LCD glass substrate production line, Rainbow (Zhangjiagang) Flat Panel Display Co., Ltd. Zhangjiagang building high-generation TFT-LCD glass substrate production line and additional electronic glass company liquidity.
Need for project construction
1, can improve the TFT-LCD industrial chain, promoting China and healthy development of TFT-LCD industry
TFT-LCD industrial chain in China is not complete, relatively speaking, more advanced machine. Middle panel industry has been gradually scale though, but our
TV
, The computer first producing countries do not match the status, 2008 TFT-LCD panel shipments accounted for only 5.2% of global shipments. The rapid development of China's panel industry is difficult to be an important reason is the poor profitability, resulting in lower panel industry profitability important because of its dependence on imported raw materials, most of them did not form a local matching, which directly constrains the panel manufacturers in China cost competitiveness. TFT-LCD glass panel substrate is upstream of the most important raw material industries, is one of the highest transport costs of raw materials, the development of the cause of China's glass substrate panel makers in China can reduce material costs and improve the profitability of panel makers to speed up our panel development of the industry, then to my TV, the computer industry out of simple assembly, to achieve more value creation to provide support to China's TFT-LCD industrial chain of the upper, middle and lower reaches of both developed and healthy.
2, to break down foreign firms
Monopoly
Situation and achieve import substitution
Present, in addition to e-glass company, the world's only Corning (Corning), AGC (AsahiGlassCompany, Asahi Glass), NEG (NipponElectricGlass,
Electric
Glass) and Avanstrate four companies have glass substrate production technology, which occupies about 60% of Corning's market share. A high degree of monopoly, the lack of effective competition in the glass industry, so foreign firms can earn monopoly status by virtue of high monopoly profits, Corning
Sell
Net profit margin of the last two years or even 50%, while China's panel makers can only import high glass substrate. Development of the glass substrate cause can break the monopoly of foreign manufacturers in order to achieve import substitution.
3, the promotion of E glass and specialty glass industries
Glass substrate as a high-performance glass, it will definitely promote the industrialization process of China's e-glass and specialty glass industries, such as glass substrate production side preparation of functional materials technology, construction and operation of large-scale furnace process Dynamic monitoring technology, glass design of computer simulation technology, ultra-thin glass of fine processing (grinding, cutting, etc.) technology and so will my e-glass and special glass industry to provide reference and support.
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