Dahua Approves $760 Million USD Debt

Author: John Honovich, Published on Jun 23, 2016

Hikvision has secured nearly $4 billion USD in debt this year ($3.1 billion here and $760 million here).

Now, Hikvision's arch rival and #2 Dahua has authorized 3/4 of a billion of its own.

In this note, we examine what Dahua has done, how it will impact their competitive positioning and what this means for the global market.

********* *** ******* ****** $* ******* *** ** **** **** year ($*.* ******* *******$*** ******* ****).

***, *********'* **** ***** *** #* ***** *** ********** */* of * ******* ** *** ***.

** **** ****, ** ******* **** ***** *** ****, *** it **** ****** ***** *********** *********** *** **** **** ***** for *** ****** ******.

[***************]

Dahua *****

***** *** ************ ** * ******* *** (~$*** ******* ***) ** ********** bonds. ***** **** ** ***** **** ***** **** * ******* individual ******** ** *** **** (~* ******).

* ******* ******** ****** *********:

**** ***** ** ** * ***** ******** **** ****** **** to *****, ** **********, ** ** ** *** ** ***** term ***** **** *** ** *********** ****** **** *** ** reissued. **** *** *** ********* ** ***** *** **** ** and *** ***** **** ** ********* ******* ** ********* *****. However, ****** ** ****** ********** **** *******.

*****'* **** ******* *** ~$*.* ******* *** ******* ****** **** of **** **** *************.

Benefits ** ***** **** ****

***** **** **** ** ***** *** ******** ** ******** ** equity ***** ** *** **** *********. ******** * ******* **** maximal ***** **** **** ******** ******* ********* ******** ** *** smaller ****** ** ****** ****.

Downsides ** ***** **** ****

* *** ******** ** **** ****** ** ***. ** ***** is * *********, ***********, *********** *******, ***., ***** **** **** can ********* ******* * ******* ** * *** ********. **** is *** ** ** ****** ****.

China ***** ***** **** ****

*********** ********* ** ***** **** **** ** * ***** ***** across *****. *** *******, *********'* ****** "***** ***. ***** ***** *** *****-**** **** *********". ***** ** * ***** **** ** **** *******. ** the ***** ****, ***** ** ****** ** ******* ****** ***** than *** ***** ******* ********* ****** ***** ********. *** ***** China's **** ****** ******** **********, ***** **** **** ************* ******.

******* - **************

****** ***** ***** **** ****** ********, ** *** ***** ****, this ** ****** ******* *** *****'* *********. ***** ***** ******* them ******* *********** ** ******* ******, ********* *** ********** ********.

**** ** ******* **** **** *** ******* ****** ********* **** continue *** ***** **** **** ** **** ********* *** ***** have **** **** ** ******* ***** ******* ********** *********.

Comments (8)

Undisclosed 1

| 06/23/16 07:26pm

*****-**** **** ** ***** *** ******** ** ******** ** ****** which ** *** **** *********. ******** * ******* **** ******* short **** **** ******** ******* ********* ******** ** *** ******* amount ** ****** ****.

**** ********* ** **** ***? ** *** **** *** **** of ********* ** ****** ******** ** ******* *****?

John Honovich

IPVM Admin | In reply to Undisclosed 1 | 06/23/16 07:41pm

* ** *** ****** ******** ******** ****, **** ** ******* corporate ******* ***.

*** '****' ** *** ****** *********** / ***********.

*** '****' ** ****** *** **** *** ******** ***** ** spend ** *** **** ** *********. **** ****, **'* * fixed ********** (********** ***) **** ****** *** **** *** **** it. **** ******, ** * ******** ** *** ******* *** generate *******.

**** ** ****** **** **** **** *** **** ** * relatively ******* **** ** ******* **** ******?

*** ****** *** ** ** **** **** ********* **** ****

Undisclosed 1

In reply to John Honovich | 06/23/16 08:03pm

****, **** *** ** ******* ** *** ******** ************, *** it's *** ******* ** ***** (*** *******) ** * ***** concern...

*** * ** **** ********* **** *** ***** *******'* ****-*****, not **** *** **** *** ***-***** ************ ***** ** ****.

*** ********, ***** (*** *******), *** * *** ****** ******* sheet *** ********* ******* ** **** *** ** ***** * billion *** ******, **. ***** (*** *******) ********* * ******* (which **** ** ******).

** ******* ** *** ********, *******, *** ****** ******* ***** would ** **** *********** **** *** **** ***** ***.

****** *** ***** *****, *** ** ***** **** *'* *** saying **** *** ******** ******** **** ****, *** **'* * subtlety **** **** ***** **** *********.

John Honovich

IPVM Admin | In reply to Undisclosed 1 | 06/23/16 08:13pm

*** ********, ***** (*** *******), *** * *** ****** ******* sheet *** ********* ******* ** **** *** ** ***** * billion *** ******, **. ***** (*** *******) ********* * ******* (which **** ** ******).

* ***** **** *** *** ******* ** ** **** **** is ******* **** ****** *** ***********.

*** * *****, **** ** ** ***** ***** ** *** post. **** ******, **** $*** ******* ** *****, ********** ** what ******* ** *** ******* ** ********. **** ***** **** debt, **** $*** ******* *** ** ****** ***, ** **** happens, *** ******** ** ***********.

Undisclosed 1

In reply to John Honovich | 06/24/16 09:09pm

* ***** **** *** *** ******* ** ** **** **** is ******* **** ****** *** **** *******.

***, *** ***** **** **'* *** ***** ***** *** **** you *****, *** *** ********* *****.

*** ***** *** *** ******* ****** ***!

Undisclosed 2 Manufacturer

| 06/24/16 12:51am

*** ******** **** *** ** *** **** *** ***** ** issue *****, ***** ***** ** ** * **** ****. ** they *** **** **** ****, *** ******** **** **** ** much ******.

***** *** *** ********* **** ******** **** ** *** ****, but ******* ******* ******** (*****.**) ****** *** **** *** **** for * ******* *** * **** ***, *** **** ** 2.77%. ***** ***.

******* **** **** **** **** ** ******* *** *** ********* with **** ****** ** ***** *%.

***** *****, ***** *** ** ******* *** **** **** *** 5 ******* *** *** *** *% ** ****** *** **** 3.23% ******** ** ****** ( ****** **** ****).

** **** **** **** ***** ***** **** ***** ***** **** bubble *******.

Undisclosed 3 Manufacturer

In reply to Undisclosed 2 Manufacturer | 06/27/16 08:14pm

*** ******** **** *** *** "***** *****-**** ****" ** ********** by *** ****** ****** ** *** ********. ******** *** * credit ****** ** "***".

**** **** ***** ****?

*** ** ***** ** **** ****, **** ***** ** **** loan *** *** ********* **?

********* **** ** ******? *****-***** *******? ******* ****? **** *** have ********* *****.

Undisclosed 3 Manufacturer

| 06/27/16 07:34pm

** ***** *******, **** **** ****** ** ****** *** "***** bank *****-**** ****". ** ** *** *** *** ******, *** can **** ** ********* ** *****, ********* ********* *** ************ that *** ********* ** ***** ** *** ***** **** ****** in *****.

*********, *** ******** **** ***** **** ****** **** *** **** from *** **** ****. *** **** ** ********* ***** ** SHIBOR *** *** ****** ****** ** **** *******.

***** **** *** **** * ****** ****** **** * *** party ****** ****** ****** ******. ** **** **** **** ** do ** *** **** ****. ***** ** *****'* **********, ** is ****** ** *** ********* ***** "**". **** ***** *** interest **** *** *** ***** **** *****-**** **** ***** ** at ***** *** ***** ****** ***** **** *** **** **** rate *** *** **** ********. ******** ******* *** *****. ** average, ** ** *** ***** ****** ***** **** *** **** loan ****.

** ***** ** **** ** **** ** **** **** ** debt *********, **** *********, ** ** * **** ** ****** debt ********* ** *** ******** ******, ***** ** ***** ******** the ***-**** *******, **** ** *** ********* ********* *** *** pension ***** **** *** ********. *** ***, ** *******, ** is ******* **** *** **** ****. **** ******** *** *********** of ***** *** ***** ********.

********* ** *** **** ** ****** *********, **** ******* **** into ****. ***********, ** *** ********* *** **** ** ****** (calculated **** *** **** ***** ** *** ******** *****) *** the *****-*** **** ** **** (******** ******* ** * ******** debt; ** ** ***** ***, ***** ******** ******* ********* ***-*** income).

** ***'* ****** **** *** **** ** ****** *** *****. So, ***'* **** *** ********** ***** ******* **** **** ** a ******* **** **** ****** ********. *** ** ** **** that *** ***** *** *** *********** ***** ********* ******** **** bond.

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