When NVC Lighting founder Wu Changjiang, investor and shareholder Schneider’s “Three Kingdoms Kill†was unclear, recently, Foshan Lighting, which is a listed company, was exposed by the media to conceal the related transactions and the high-level resignation. . Industry veterans said that the high-level changes caused by the poor capital operation in the lighting industry have actually reflected the lack of self-digestive capacity of home enterprises in absorbing capital and pursuing expansion. The role of capital in “double-edged sword†is worthy of home business. alert.
Lighting companies blast high-rise earthquakes
At the end of May 2012, NVC Lighting announced that Wu Changjiang had resigned as chairman, executive director and CEO of the company for personal reasons, and resigned as all committee members of the company's board of directors. The successor was the company's non-executive director, Saifu. The founding partner of the Asia Fund.
After the announcement, the speculations from all sides were overwhelming. The initial and amiable Wu Changjiang, Yan and the shareholder Schneider Electric finally tore the face in a few months of fighting. After the commercial rule that shareholders decided the company's fate, Wu Changjiang's fate also caused widespread discussion in the industry. The passive situation in which the founder lost control of the company after introducing capital was embarrassing. So far, it is still unclear whether Wu Changjiang will return to NVC.
At the beginning of July, when the internal battle of NVC Lighting had not stopped, Foshan Lighting also experienced high-level changes. The Guangdong Securities Regulatory Bureau issued the "Decision on Administrative Supervision Measures" to Foshan Lighting and Chairman Zhong Xincai, stating that Foshan Lighting's 2009 Annual Report, 2010 Interim Report and Annual Report, 2011 Interim Report and Annual Report were not disclosed with Foshan Schnoqi California Electric Limited Company, Foshan City, Slangbo Enterprise Co., Ltd. and other companies related relations, related transactions.
Immediately, company director Joerg Thaele and independent director Zhang Haixia successively resigned as directors and independent directors on the grounds of personal work. Some media reports said that there has always been a contradiction between Foshan Lighting's largest shareholder and management. Therefore, for Foshan Lighting's behavior of concealing related party transactions, there is speculation that it is reported by the major shareholder, and the result of the incident is only responsible for the chairman of the company, Zhong Xincai. However, there are still doubts in the outside world that the independent directors of the company also need to bear corresponding responsibilities.
Is capital intervention good or bad?
In just a few months, the two major lighting listed companies have experienced high-level turmoil and even shocked the regulatory authorities. Is it coincidence or industry specificity? In this regard, Chen Yansheng, chairman of the China Lighting Association, said that the two major incidents in the lighting industry are only an accidental phenomenon, which does not have universal significance, and other industries have the same problem. Su Hongmei, general manager of Hemeijia Lighting Plaza, also believes that similar problems have arisen in other industries. The reason why it occurs in large enterprises in the lighting industry is, in the final analysis, the level of capital operation of home enterprises.
The fast-growing home industry has ushered in a wave of listings in the past two years. First-line brands such as Sophia Wardrobe, Nature Flooring, and Del Home have successfully landed in the stock market. In the future, many companies will be able to flex their muscles. On May 8, Dongyi Risheng successfully passed the audit of the China Securities Regulatory Commission, and the date of listing was close at hand. Che Jianxin, chairman of Red Star Macalline, also said that companies are actively planning to go public. However, all kinds of reality show that household enterprises are also responsible for the high risks brought by capital while expanding and growing rapidly after financing.
Liu Chen, secretary-general of the Beijing Branch of the Beijing Market Association, said that the negative news from listed companies in the home furnishing industry will also remind the companies that are listed on the financing, that is, enterprises must carefully and comprehensively consider their own capital regeneration and management capabilities. Whether the ability to innovate is sufficient to cope with the pressure of capital.
â– "Capital" analysis
Capital weakens founder authority
After the listing, all investment accounts, operations, and profit and loss must be made public. This cannot help the company to fight, but it is still not critical. The investment community pointed out that although the home furnishing industry has experienced many years of triumph in the real estate market, it still lacks experience in the professionalism of capital absorption and digestion.
Although the operation after the listing will be more standardized, with the independent directors, the risk of making mistakes in the company is also reduced, but from the "one person has the final say" before the listing to every major decision after the listing must go through the process of the board of directors, This leads to a decline in decision-making flexibility; the rules for investors and major shareholders to determine the company's development strategy are also unbearable for many founders who are accustomed to dictatorial power.
Financing is easy to bury hidden dangers
Post-IPO companies tend to be “not bad money,†but it’s how it’s spent, sometimes it’s a tricky issue. After the company “get rich overnightâ€, we don’t know how to effectively allocate the funds at hand, especially in the A-share listing, the funds are inflated very much. In the process of issuing bonds, loans, and expanding the scale of assets, many companies have followed suit.
When a company that was originally a "small play" became a public company, it needs to guarantee the scale of expansion and profits. Therefore, it is difficult to avoid excessive expansion or forced expansion, which will lay a hidden danger for enterprises. In addition, some of the harsh conditions of capital intervention are also hidden dangers for home enterprises to be vigilant. "Capital" is often based on grasping interests, but when enterprises face some difficulties, capital may make a fundamental move to damage the company in order to ensure the interests.
â– Industry sound
Listed home businesses need to regulate actions
â— Chen Yansheng, Chairman of China Lighting Association
High-level shocks caused by poor capital operation, there is no high-incidence problem in the lighting industry, and the same problems exist in other industries. I think it happened to be an accidental phenomenon in the two companies, NVC and Foshan Lighting. There is no universal significance.
As a home-listed company, it needs to be standardized. From the current point of view, the events of these two companies have some influence on their respective stock prices, and what will happen in the long run depends on the final development. In the lighting industry, there are dozens of listed companies, and other companies operate normally.
Enterprise decision-making should be adjusted in time
â—Yin Yuxin, deputy general manager of Oriental Home Garden Plaza
The problem with NVC and Foshan Lighting is that the founder did not consider the deep-seated problems in the early stage of operation. After the financing, there is a secondary operation of capital, which may cause friction with the management team and cause various problems.
The founder is not the same as the investor's operation, and it is difficult to achieve the balance between the two sides. Therefore, the original investor should do a good job of distributing the benefits of capital digestion and make long-term plans for the future of the company. After the capitalization operation, enterprise decision-making should not be maintained at the initial stage of the venture, but should be adjusted in time to avoid various contradictions.
Lighting companies blast high-rise earthquakes
At the end of May 2012, NVC Lighting announced that Wu Changjiang had resigned as chairman, executive director and CEO of the company for personal reasons, and resigned as all committee members of the company's board of directors. The successor was the company's non-executive director, Saifu. The founding partner of the Asia Fund.
After the announcement, the speculations from all sides were overwhelming. The initial and amiable Wu Changjiang, Yan and the shareholder Schneider Electric finally tore the face in a few months of fighting. After the commercial rule that shareholders decided the company's fate, Wu Changjiang's fate also caused widespread discussion in the industry. The passive situation in which the founder lost control of the company after introducing capital was embarrassing. So far, it is still unclear whether Wu Changjiang will return to NVC.
At the beginning of July, when the internal battle of NVC Lighting had not stopped, Foshan Lighting also experienced high-level changes. The Guangdong Securities Regulatory Bureau issued the "Decision on Administrative Supervision Measures" to Foshan Lighting and Chairman Zhong Xincai, stating that Foshan Lighting's 2009 Annual Report, 2010 Interim Report and Annual Report, 2011 Interim Report and Annual Report were not disclosed with Foshan Schnoqi California Electric Limited Company, Foshan City, Slangbo Enterprise Co., Ltd. and other companies related relations, related transactions.
Immediately, company director Joerg Thaele and independent director Zhang Haixia successively resigned as directors and independent directors on the grounds of personal work. Some media reports said that there has always been a contradiction between Foshan Lighting's largest shareholder and management. Therefore, for Foshan Lighting's behavior of concealing related party transactions, there is speculation that it is reported by the major shareholder, and the result of the incident is only responsible for the chairman of the company, Zhong Xincai. However, there are still doubts in the outside world that the independent directors of the company also need to bear corresponding responsibilities.
Is capital intervention good or bad?
In just a few months, the two major lighting listed companies have experienced high-level turmoil and even shocked the regulatory authorities. Is it coincidence or industry specificity? In this regard, Chen Yansheng, chairman of the China Lighting Association, said that the two major incidents in the lighting industry are only an accidental phenomenon, which does not have universal significance, and other industries have the same problem. Su Hongmei, general manager of Hemeijia Lighting Plaza, also believes that similar problems have arisen in other industries. The reason why it occurs in large enterprises in the lighting industry is, in the final analysis, the level of capital operation of home enterprises.
The fast-growing home industry has ushered in a wave of listings in the past two years. First-line brands such as Sophia Wardrobe, Nature Flooring, and Del Home have successfully landed in the stock market. In the future, many companies will be able to flex their muscles. On May 8, Dongyi Risheng successfully passed the audit of the China Securities Regulatory Commission, and the date of listing was close at hand. Che Jianxin, chairman of Red Star Macalline, also said that companies are actively planning to go public. However, all kinds of reality show that household enterprises are also responsible for the high risks brought by capital while expanding and growing rapidly after financing.
Liu Chen, secretary-general of the Beijing Branch of the Beijing Market Association, said that the negative news from listed companies in the home furnishing industry will also remind the companies that are listed on the financing, that is, enterprises must carefully and comprehensively consider their own capital regeneration and management capabilities. Whether the ability to innovate is sufficient to cope with the pressure of capital.
â– "Capital" analysis
Capital weakens founder authority
After the listing, all investment accounts, operations, and profit and loss must be made public. This cannot help the company to fight, but it is still not critical. The investment community pointed out that although the home furnishing industry has experienced many years of triumph in the real estate market, it still lacks experience in the professionalism of capital absorption and digestion.
Although the operation after the listing will be more standardized, with the independent directors, the risk of making mistakes in the company is also reduced, but from the "one person has the final say" before the listing to every major decision after the listing must go through the process of the board of directors, This leads to a decline in decision-making flexibility; the rules for investors and major shareholders to determine the company's development strategy are also unbearable for many founders who are accustomed to dictatorial power.
Financing is easy to bury hidden dangers
Post-IPO companies tend to be “not bad money,†but it’s how it’s spent, sometimes it’s a tricky issue. After the company “get rich overnightâ€, we don’t know how to effectively allocate the funds at hand, especially in the A-share listing, the funds are inflated very much. In the process of issuing bonds, loans, and expanding the scale of assets, many companies have followed suit.
When a company that was originally a "small play" became a public company, it needs to guarantee the scale of expansion and profits. Therefore, it is difficult to avoid excessive expansion or forced expansion, which will lay a hidden danger for enterprises. In addition, some of the harsh conditions of capital intervention are also hidden dangers for home enterprises to be vigilant. "Capital" is often based on grasping interests, but when enterprises face some difficulties, capital may make a fundamental move to damage the company in order to ensure the interests.
â– Industry sound
Listed home businesses need to regulate actions
â— Chen Yansheng, Chairman of China Lighting Association
High-level shocks caused by poor capital operation, there is no high-incidence problem in the lighting industry, and the same problems exist in other industries. I think it happened to be an accidental phenomenon in the two companies, NVC and Foshan Lighting. There is no universal significance.
As a home-listed company, it needs to be standardized. From the current point of view, the events of these two companies have some influence on their respective stock prices, and what will happen in the long run depends on the final development. In the lighting industry, there are dozens of listed companies, and other companies operate normally.
Enterprise decision-making should be adjusted in time
â—Yin Yuxin, deputy general manager of Oriental Home Garden Plaza
The problem with NVC and Foshan Lighting is that the founder did not consider the deep-seated problems in the early stage of operation. After the financing, there is a secondary operation of capital, which may cause friction with the management team and cause various problems.
The founder is not the same as the investor's operation, and it is difficult to achieve the balance between the two sides. Therefore, the original investor should do a good job of distributing the benefits of capital digestion and make long-term plans for the future of the company. After the capitalization operation, enterprise decision-making should not be maintained at the initial stage of the venture, but should be adjusted in time to avoid various contradictions.
Via In Pad PCB
What is Via In Pad? In shortly,via in pad is the via holes are at the SMD pad.The vias are very small,usually under 0.3mm.Why and how? First is there is no enough space to layout,you have to put the vias and holes closer even together.Second it helps thermal management and for high frequency boards,it may help improve signals.
Because the SMD pads are for SMD components loading,so the solder can not flow to inner layer or the other side when assemble.That is the most important for via in pad board.
How PCB manufacturers like us to do via in pad board? We will fill all vias with non-conductive epoxy and plate copper over it ,so the vias are flat same as others. Many PCB factories are unable to do such capability.
The key technology is how we fill vias and guarantee there is no any solder (surface finishing) in the holes.
Filled via in pad is a way to achieve intermediate density with an intermediate cost compared to using blind/buried vias. Some of the key advantages associated with using the via in pad technology are:
.Fan out fine pitch (less than .75mm) BGAs
.Meets closely packed placement requirements
.Better thermal management
.Overcomes high speed design issues and constraints i.e. low inductance
.No via plugging is required at component locations
.Provides a flat, coplanar surface for component attachment
Via in big pads are not a big problem.but for BGA,that is technology.As BGA pads are very small,10mil or 12mil,and there is no enough space.Manufacturing is not easy as other boards.
Via In Pad PCB
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Storm Circuit Technology Ltd , http://www.stormpcb.com