With the permission of Datang Telecom Group, Datang Telecom intends to acquire Lianxin Technology through a private placement to cut into the ascending TD-LTE (4G) industry chain. In the context of the current major industry's difficulty in explosive growth, Datang Telecom's advance layout in the 4G industry chain may reap huge returns in the next few years. Focusing on the integration of mobile Internet, Internet of Things, and triple play, Datang Telecom accelerated the overall solution transformation and focused on building a "big terminal + big service" industry cluster, but the "pain" during the transition period is inevitable. In fiscal 2011, the company achieved a total operating income of 4.52 billion yuan, a year-on-year increase of 12.19%, while net profit fell 62.49% to 24.77 million yuan. Judging from the information in the annual report, two major factors "swallowed" Datang Telecom's more profits. One is that the continuous increase in interest rates by the central bank has caused the company ’s financial expenses to increase by more than 50 million yuan over the previous year; An increase of more than 54 million yuan over the previous year. In the first quarter of this year, Datang Telecom suffered a loss of 48.72 million yuan. The company expects the situation to improve in the second quarter, but it will still lose money in the first half of the year. Earlier this year, TD-LTE proposed by Datang Telecom Group and led by the Chinese government officially became the 4G international standard. In the international market, more than 10 operators such as China Mobile, Japan's Softbank, and India's BharTI have decided to use the TD-LTE standard, and a larger market-scale 4G blue ocean profile is beginning to appear. At the same time, under the background of the major shareholders' commitment to eliminate competition in the industry, Datang Telecom's tentacles reached the terminal chip field of the TD-LTE industry chain. According to the latest transaction plan, Datang Telecom intends to add to the controlling shareholder Telecommunication Research Institute (ie Datang Telecom Group), Datang Holdings and other seven institutions at the price of 8.39 yuan / share to acquire the total amount of Lianxin held by it. Technology 99.36% equity; to the natural person Xiong Bihui, Gu Xinhui Dingzeng, acquired its holding 49% equity in Shanghai Yousi and 100% equity in Yousi Electronics. At the same time, the company will raise additional funds of about 630 million yuan from the Telecommunication Research Institute. Among them, the core target asset Lianxin Technology is mainly engaged in the development of core technology based on TD-SCDMA terminals, providing core sets including baseband, radio frequency, power management, and 2G / 3G / 4G multimode terminal solutions based on core sets , Its valuation exceeds 1.6 billion yuan. According to the profit forecast report, from 2012 to 2015, Lianxin Technology's net profit was 140 million yuan, 174 million yuan, 208 million yuan and 231 million yuan. To meet the 4G era, Lianxin Technology is actively promoting the development of TD-SCDMA to TD-LTE. In 2011, Lianxin Technology took the lead in launching the industry's only TD-LTE / TD-SCDMA single-chip solution in China and participated in the terminal test of China Mobile's LTE technology test network. In the future, Lianxin Technology will also plan new products for the Internet of Things and the triple play market and become a comprehensive chip supplier, which coincides with Datang Telecom's strategy. "The focus of China Mobile's scale-up test is the" multi-mode terminal "that integrates TD-SCDMA, TD-LTE and LTE FDD." Sun Yuwang, chairman and president of Lianxin Technology, told reporters before this newspaper, "The multi-mode terminal chip is very It has long been elevated to the company's strategic planning level. Our experience in the TD-SCDMA market and innovations in multi-mode LTE chip solutions make us more in line with this market demand. "This year, Lianxin Technology has launched TD-LTE / LTE FDD / TD-HSPA / GGE multimode chip LC1761 and TD-LTE / LTEFDD dual-mode baseband chip LC1761L. Another aspect is that Lianxin Technology and Datang Microelectronics, a subsidiary of Datang Telecom, have room for integration. In fact, whether Datang Telecom's plan to issue additional shares in early 2011 was rejected is due to the fact that Lianxin Technology and Datang Microelectronics have certain competition in the same industry, and the implementation of the fundraising project will bring more connected transactions. After Lianxin Technology is injected into Datang Telecom, the chip design capabilities and resources of Lianxin Technology and Datang Microelectronics will achieve deep collaboration and integration, and open up new chip and solution business areas. On the other hand, this move is also a liability Datang Telecom, which has a high rate, has removed a major obstacle to refinancing in the future. Relevant information shows that China Mobile will actively promote commercial TD-LTE in the next few years. If Datang Telecom regroups its assets this time, its value will become apparent within a few years. The market expects that after the terminal chip assets are injected into Datang Telecom, will the relevant TD business assets of Datang Telecom Group continue to be injected?
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