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JDI 走上重组之路,官宣:已取得中国嘉实支援

CINNO ·2019-06-28 15:42·与非网
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针对正处于经营重组中的大型液晶面板厂家——Japan Display( JDI ),美国Apple决定出资约1亿美元(约人民币6.9亿元)。 苹果 公司是占据JDI最新销售额60%的大客户。陆台联合的金融框架正在逐步走向崩溃,JDI正在寻求大客户的支援,以踏上重组之路。

苹果供应商日本显示器 (JDI) 近期惊传增资破局,宸鸿光电与富邦蔡家都宣布退出参加私募增资,但 JDI 资金纾困有解,6月28日JDI (6740-JP) 证实,将从「最大客户」与中国 嘉实 基金管理有限公司 (Harvest Fund Management) 获得 522 亿日圆 (约 150 亿台币) 的救急资金。

6月28日JDI 正式宣布取得中国嘉实支援,获得从原本 400 亿日圆(约人民币25.5亿元)增资到 522 亿日圆(约人民币33亿元) 的救急资金。JDI 发布的声明中提到,522 亿日圆(约人民币33亿元)当中,最大客户 (外界普遍预测是苹果) 将透过嘉实基金支付 107 亿日圆(约人民币6.8亿元)。

以下为JDI最新公告原文:

(Update and Progress of a Disclosure Matter) Concerning the Disclosure as of April 12, 2019

The press release announced on June 17, 2019 titled "(Update and Progress of a Disclosure Matter) Concerning the Disclosure as of April 12, 2019" includes a statement that Japan Display Inc. ("JDI") was informed by Harvest Tech Investment Management Co., Ltd. ("Harvest Tech"), which is an expected investor of Suwa Investment Holdings, LLC (the "Expected Allottee"), and Oasis Management Company Ltd. ("Oasis"), which is a candidate for a new expected investor of the Expected Allottee, that they will consult with their respective relevant internal bodies by June 27, 2019 in order to make the internal resolutions required to be implemented for their investments. JDI hereby announces as follows regarding the above-mentioned matter.

As of Jun27, 2019, JDI has been informed by Harvest Tech that (i) Harvest Tech has changed its expected investment amount of common stocks and the 2nd series of convertible bonds with stock acquisition rights to be issued by JDI (the total amount to be paid of which is JPY 60 billion) to be provided by a fund formed by Harvest Tech (the "Harvest Tech Overseas Fund") from USD 200 million (approximately JPY 21.5 billion) to USD 300 million (approximately JPY 32.2 billion), and (ii) Harvest Tech has made the internal resolutions required to be implemented for the investment. With above, JDI has received a commitment letter from Harvest Tech stating Harvest Tech's firm commitment to implement such investment (USD 300 million (approximately JPY 32.2 billion)). JDI has also been informed by Harvest Tech that USD 100 million (approximately JPY 10.7 billion) out of the expected investment amount (USD 300 million (approximately JPY 32.2 billion)) to be provided by the Harvest Tech Overseas Fund will be secured by receiving relevant support from JDI's customer (the "Customer"). In  addition, JDI has been  informed by Harvest Tech that regarding the expected investment amount (JPY 20 billion) of the 3rd series of convertible bonds with stock acquisition rights to be issued by JDI to be provided by the Harvest Tech Overseas Fund, it has also made the internal resolutions required to be implemented for the investment, and JDI has received a commitment letter from Harvest Tech stating Harvest Tech's firm commitment to implement such investment (JPY 20 billion). To implement such investment, Harvest Tech will raise the necessary funds from investors and newly establish the Harvest Tech Overseas Fund. However, as of June 27, 2019, the Harvest Tech Overseas Fund has not obtained any firm commitment from investors, including the Customer, that they will make the investments, and the Expected Allottee may be unable to secure the funds under the commitment letters (USD 300 million (approximately JPY 32.2 billion) and JPY 20 billion). Both commitment letters received from Harvest Tech state that the commitments are subject to the absence of Chinese relevant government authorities’ intervention. Lastly, because the registration designation of the Harvest Tech Overseas Fund has not been decided, certain permissions or approvals might be required for the implementation of the investment.

On the other hand, JDI, as of the issuance of this announcement, has not received from Oasis any notices regarding

the results of its internal resolutions required to be implemented for the investment of USD 150 million (approximately JPY 16.1 billion) which is planned to be injected from the fund that it operates or advises, and JDI cannot confirm whether the internal resolutions have been made. Also, JDI, as of the issuance of this announcement, has not received from Oasis any commitment letters stating Oasis's firm commitment to implement such investment. If JDI receives from Oasis a notice stating that it has decided on the investment, JDI will promptly disclose that fact after receipt of such notice. If the content of such notice requires further discussions with the relevant parties, JDI will promptly hold such discussions, and disclose the result of such discussions, once it has been decided.

As stated above, even if the investment amount (USD 150 million (approximately JPY 16.1 billion)) to be provided by the fund that Oasis operates or advises is included, the funds secured by the Expected Allottee are short by approximately JPY 11.7 billion, compared to the amount planned as of April 12, 2019, as the expected investment amount of common stocks and the 2nd series of convertible bonds with stock acquisition rights to be issued by JDI (JPY 60 billion). Regarding the shortfall, JDI has not received any firm commitment from the expected investor,  the candidate for a new expected investor, or other parties, but JDI is currently discussing it earnestly. JDI will promptly disclose the expected investor to recover such shortfall, once it has been decided.

The total amount of the funds to be procured by JDI accompanied with the investment from the Expected Allottee will be JPY 80 billion at most, and as announced in the press release dated April 12, 2019 titled "Notice Concerning Conclusion of the Capital and Business Alliance Agreement, the Business Alliance Basic Agreement, and the Business Alliance MOU, Issuance of New Shares and Bonds with Stock Acquisition Rights through Third-party Allotment, a Change in the Parent Company and the Largest Major Shareholder and Amendment of the Articles of Incorporation", JDI is proceeding with the procedures in order to realize the closing as soon as possible before December 30, 2019.

As announced in the press release dated May 30, 2019 titled "(Update and Progress of a Disclosure Matter) Concerning the Disclosure as of April 12 and 18, 2019", JDI agreed with the Customer that they will defer 50% of the amount of their recoupment (JDI's accounts receivable to be offset by JDI's obligation to repay the prepayment made by the Customer to JDI), which is provided under the conventional terms and conditions, for a period of two years, in order to cooperate in JDI's financial reinforcement in the short term. However, JDI continued to hold discussions with the relevant parties and consequently, JDI has newly agreed with the Customer to increase the deferred amount to 75% of the amount of their recoupment, which is provided under the conventional terms and conditions, for a period of two years.

(Note) Conversion of USD into JPY is calculated based on the exchange rate (a simple average of the telegraphic transfer middle rate of telegraphic transfer selling spot rate and telegraphic transfer buying spot rate of MUFG Bank, Ltd. as of June 26, 2019), which is USD 1 = JPY 107.34.

###

The information contained in the press release is as of the date of the announcement and is subject to change without prior notice. Of the information contained in this press release, our forecasts, plans and other forward-looking statements are based on our analysis and judgments subject to the information available to us as of the date of announcement, and actual results may differ materially from those expressed or implied by such forward-looking statements.

此外,香港基金公司 Oasis 管理公司原先预期将透过基金投资 1.5 亿美元(约人民币10亿元)。由于 Oasis 文书工作时间比预期的要长,JDI 表示,目前尚未收到 Oasis 通知,也未确认是否会给予金援。

尽管嘉实提交了承诺书,但这笔纾困金仍取决于一些条件,包括中国政府当局不从中干涉,而且 JDI 原本预计取得 800 亿日圆(约人民币51亿元)资金仍有缺口,正持续与其他可以提供额外支持的公司持续洽谈。

鸿海 (2317-TW) 转投资的夏普 (6753-JP) 在周二 (25 日) 董事长兼公司社长的戴正吴曾表态,如果日本政府与社会,和我们有相同意识的话,就会想要进行援助。

5月,JDI与苹果达成一致意见:关于从苹果借来的1,000亿日元(约人民币63.8亿元),JDI通过每季度还款原计划的50%,来延长还款期限。苹果公司为支援JDI这一重要的合作伙伴,开始了对JDI更进一步的支援。

在周四 6月27日,美国苹果 (AAPL-US),将提高在日本经营重建中的中小型面板厂,JDI(6740-JP) 方面的面板订单。而另一方面,苹果也将减少向中国面板供应商的下单量。

由于美中贸易战的升温,目前多家美国科技大厂,都在避免自家产品于中国生产。苹果的这项动作,一方面回避了这个问题,而另一方面也对合作伙伴的 JDI 伸出了援手。

苹果计划到 2020 年左右,逐渐减少在中小尺寸LCD面板上使用中国生产的面板,并将面板订单转向JDI。而目前苹果的主要面板供应商则有 JDI、韩国 LG 显示 (LG Display),以及夏普 。

目前各家面板厂的前期制程,虽都在日本或韩国进行,但是在模块化等较花费人力的后期制程,则多在中国当地进行。

由于 JDI 在菲律宾拥有后期制程工厂,因此推测 JDI 会将中国的部分制程,移往菲律宾。

WSJ 在 2019 年 6 月 18 日的报导中提到,苹果正考虑出手拯救 JDI 的财务黑洞,指出 JDI 在当周与苹果谈判再融资与债务豁免计划,包括债务豁免、保证订单,以及投资约 1.85 亿美元(约人民币12亿元)。


JDI 资料图 (图片来源:互联网)

据多位相关人士透露,最初苹果曾“秘密地”希望通过TPK(与JDI进行过出资谈判的台湾大型电子零部件厂商)对JDI进行出资。由于TPK放弃了对JDI 的支援,目前趋势是处于谈判中的中国大型投资公司Harvest Group对JDI出资。

Harvest和Oasis正在考虑对JDI出资582亿日元(约人民币34.92亿元),在6月27日前办理投资手续。令人关注的是,苹果加入了“出资队伍”,这能否促进推动Harvest和Oasis尽快做出出资决定。

新的支援框架如果可以确定并代替之前的由1家中国大陆公司、2家中国台湾公司组成的最大800亿日元(约人民币51亿元)的金融框架的话,JDI将会收到约700亿日元(约人民币42亿元)的支援。另外,再加上大股东INCJ(原产业革新机构)的融资支援,JDI暂时可以避免资金周转困难的窘况。

JDI计划在9月末之前将会进行重组经营,如把用于智能手机的液晶面板业务分离出来,组成新的子公司,以减轻风险,专注于可以确保盈利的车载面板业务。但是,与韩国、中国的液晶面板厂家之间的竞争日渐激烈,未来还是难以预测。

然而从 2018 年度的 JDI 业绩来看,有超过 6 成依赖苹果,在未来则可能更加的仰赖来自于苹果的订单。

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