Domestic LED companies are facing an unprecedented wave of capitalization, and the protagonist of storytelling is behind the surging capital army. The capital operation is surrounded by various industries, such as the extension of the industrial chain and cross-border integration, which continue to stir up the unsettled LED industry and complete a case of mergers and acquisitions that people are relished. In 2015, according to incomplete statistics, the number of mergers and acquisitions involving or led by domestic enterprises has reached about 40, and the term M&A is enough to become a key topic in the LED industry in 2015. Looking back at the development track of the lighting industry in this year, we use this wave of capital wave to screen the most representative M&A cases to readers to show the phenomenal level of the lighting industry in the process of transformation and upgrading. NO.1 Liard's expansion and re-entry into the two major LED culture companies on January 5, Liard issued an announcement, the company plans to acquire Guangzhou Lifeng Culture Technology Co., Ltd. (hereinafter referred to as Lifeng Culture) and Beijing Jin Lixiang Art Color Technology Co., Ltd. (hereinafter referred to as Jin Lixiang) 100% shares, and raised matching funds. The two companies that Liard intends to acquire will have a total price of 890 million yuan, and the listed company will purchase it by issuing shares and paying cash. In order to realize the transaction, Liard intends to increase the number of shares of the company to 40.499 million shares at the issue price of 17.65 yuan / share, which is used to pay part of the purchase price. Although there is money and willfulness, the merger has not been recognized by the stockholders. The stock price of Liard’s resumption of trading on the day fell, and it also caused great controversy in the industry. However, the Liard side believes that this is not a merger, but a strong marriage. It is another important progress in the expansion of the business field and channels of Liard. It is not wrong, but also depends on whether the synergies expected next will be apparent. NO.2 Jingdian shot 160 million yuan to acquire 94% equity of Taiwan Semiconductor Solid State Lighting On January 9, LED chip maker Jingyuan Optoelectronics announced that it will pay NT$825 million (equivalent to RMB 160 million) to TSMC Subsidiary TSMC can purchase all the shares of TSMC Solid State Lighting held by it. After the transaction, Jingdian will hold a 94% stake in TSMC Solid State Lighting. Li Bingjie, chairman of Jingdian, said that although TSMC's production capacity is far less than that of Jingdian, it can cooperate with TSMC to introduce different thinking across industries. Different talents and systems can stimulate new ideas and then crystallize The future operation of electricity will produce a comprehensive synergy. After Taiwan Semiconductor Solid State Lighting Co., Ltd. joins Jingdian, it will acquire more talents and foundry management systems to accelerate the innovation of Jingdian. The M&A cooperation shows that the crystal electric trip LED business model and the improvement of semiconductor manufacturing management management ideas, through cross-border cooperation, I believe will spark more sparks. NO.3 NXP Completes Merger with Freescale On March 2nd, NXP Semiconductors announced that it will acquire Freescale Semiconductor for approximately $11.8 billion in cash and stock. In a statement issued jointly with Freescale, NXP said that Freescale shareholders will receive $6.25 in cash per share and 0.3521 shares in NXP. The statement said that the total price of the transaction, including Freescale’s debt, would be approximately $16.7 billion. The combination of multimedia entertainment and car consumption, and the combined company will be the seventh largest semiconductor supplier in the world. Obviously, the Internet of Things will be the next step in development. NO.4 1 2

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