Foshan Lighting recently announced the “Announcement on Providing Financial Assistance to Shareholding Companiesâ€. The company provided financial support for its shareholding company Qinghai Folu Lithium Energy Development Co., Ltd. (hereinafter referred to as “Fo Zhao Li Energyâ€) totaling RMB 43.32 million. In order to help solve the short-term capital turnover problem of the Buddha Lithium Energy, it will ultimately enable it to realize the investment income as soon as possible, in line with the company's overall interests.
Is the fact really necessary to realize the investment income at an early date? Or is it to provide financing facilities for the related party shareholder, Foshan Lighting Chairman Ergongzi?
"Light King" new energy shell
In recent years, China's "light king" Foshan Lighting has repeatedly been investigated and dealt with by the securities regulatory authorities because it deliberately concealed related party transactions. These related transactions hurt not only the brand of Foshan Lighting, but also the performance of listed companies. Last year, the company's main business income increased only year-on-year. 15%, far lower than 24% of NVC lighting, which is also the leader in the lighting industry. Behind the performance change face is the transfer of interests of major shareholders to friends and relatives. In 2009, the company established a joint venture with Huaou Technology Consulting and Planning Development Co., Ltd. (33%), Lithium Energy Holdings Co., Ltd. (15%) and Qinghai Origin Trading Co., Ltd. (15%) to establish Qinghai Folu Lithium Energy Development Co., Ltd. To extract lithium carbonate, of which Foshan Lighting invested 29.23 million yuan, accounting for 38% of the total share capital. Huaou Company is funded by patent technology, accounting for 33% of the total share capital (valued at 25.38 million yuan).
In July 2010, Folu Lithium Energy and Qinghai Salt Lake Technology Development Co., Ltd. signed an equity agreement to acquire a 15% stake in Salt Lake Fossil Lanke Lithium Industry Co., Ltd. (hereinafter referred to as “Lanke Lithium Industryâ€) for a total price of 27.75 million. At the same time, Fozhao Lithium Energy has a patent shareholding, accounting for 15% of the shares, accounting for 30% of the shares of Lanke Lithium. However, it has been more than three years since the company signed the agreement to establish the company. The lithium battery project has undergone several twists and turns and is still in the trial production stage. The staff of Foshan Lighting's Dongshou Office said that the current Lanke Lithium Industry, which is currently participating in the Lishui Energy, is still in trial operation. As for the progress of the project, they are also listening to the news of Lanke Lithium.
An insider close to the top of Foshan Lighting revealed: "At present, Lanke Lithium Industry is in a state of suspension, and it is impossible to complete the original target in a short time. This year, Lanke Lithium completed the capacity of 5 tons of lithium carbonate per day, but the distance from the beginning There is still a big gap in the target of 10,000 tons of lithium sulfate per year. With the upgrade of technology, the old equipment can not ensure the normal operation of the production, and the project is unlikely to have any progress in a short time." The staff of the Salt Lake Branch’s secretarial office said, “At present, Lanke Lithium Industry is indeed in the process of upgrading equipment. As for the production time, the staff member said that he should pay attention to the company’s announcementâ€.
The person familiar with the matter said, "In the beginning of the new energy field, the company caused a lot of disputes within it. The major shareholder Osram did not approve of the establishment of Lizhao Lithium Energy, but later saw the government attach importance and determination to the new energy. I agree to participate. The lithium battery project has not contributed much to the performance of Foshan Lighting, and the initiative is not in its own hands. Foshan Lighting wants to recover the original investment is not easy. The company just wants to put on the new energy coat, change In other words, Lizhao Lithium Energy is only a shell company for listed companies in search of new breakthroughs, and the relationship between Lizhao Lithium Energy shareholders is also very subtle. You can see the 2010 Lizhao Lithium Energy Capital Increase."
Unclear related party transactions
On July 15, 2010, the company announced that Qinghai Buddha Photo requires investors to increase capital by RMB 23.077 million and increase registered capital to RMB 100 million. The capital increase method is “the original cash funder increases capital in the same proportion, and the original technology funder holds shares. The ratio remains unchanged. In the context of capital increase, Huaou Company, which was granted a patented technology (later transferred to Hong Kong Sky), enjoyed preferential treatment, and the original 33% equity remained unchanged. At the same time, the value of Huaou's patents increased to 33 million yuan, which is quite different from the 25.38 million yuan when Huaao Company invested in Lizhao Lithium Energy, and the 27.75 million yuan worth of the 15% equity of Folu Lithium Energy Replacement Lanke. far. Moreover, the capital increase of the Buddha Lithium Energy and the shareholding of Lanke Lithium Industry are one day. This has resulted in the fact that the same patent has two different intangible assets valuation data on the same day, and the two valuation differences are more than 5 million. It’s really puzzling. The director of Hong Kong Sky and the second son of Foshan Lighting, Zhong Yonghui, have an inseparable relationship.
Finally, in July this year, the company received a notice of rectification from the Guangdong Securities Regulatory Bureau, saying that it did not truthfully disclose the joint venture with the Hong Kong Skyline to establish Qinghai Foshan Lithium Energy Development Co., Ltd. Foshan Lighting explained that the shareholder of Fozhao Lithium Energy is Huaou Company. At that time, the patent technology transfer of Huaou Company to Hong Kong Sky has not been completed, so Hong Kong Skyline is not qualified to use technology sponsors as shareholders of Fuji Photo Lithium Energy. . Later, Huaou Company transferred the patented technology to the Hong Kong skyline. It is worth noting that the actual controller of Huaou Company and Hong Kong Sky is Huang Sangui, and the second son of Foshan Lighting, Zhong Yonghui, holds a directorship in Hong Kong Sky.
At this point, it is doubtful that the financial support provided by Foshan Lighting for Fossil Lithium Energy is for what purpose. I am afraid that it will not be related to related transactions.
(This article is reproduced on the Internet. The texts and opinions expressed in this article have not been confirmed by this site, nor do they represent the position of Gaogong LED. Readers need to verify the relevant content by themselves.)
Is the fact really necessary to realize the investment income at an early date? Or is it to provide financing facilities for the related party shareholder, Foshan Lighting Chairman Ergongzi?
"Light King" new energy shell
In recent years, China's "light king" Foshan Lighting has repeatedly been investigated and dealt with by the securities regulatory authorities because it deliberately concealed related party transactions. These related transactions hurt not only the brand of Foshan Lighting, but also the performance of listed companies. Last year, the company's main business income increased only year-on-year. 15%, far lower than 24% of NVC lighting, which is also the leader in the lighting industry. Behind the performance change face is the transfer of interests of major shareholders to friends and relatives. In 2009, the company established a joint venture with Huaou Technology Consulting and Planning Development Co., Ltd. (33%), Lithium Energy Holdings Co., Ltd. (15%) and Qinghai Origin Trading Co., Ltd. (15%) to establish Qinghai Folu Lithium Energy Development Co., Ltd. To extract lithium carbonate, of which Foshan Lighting invested 29.23 million yuan, accounting for 38% of the total share capital. Huaou Company is funded by patent technology, accounting for 33% of the total share capital (valued at 25.38 million yuan).
In July 2010, Folu Lithium Energy and Qinghai Salt Lake Technology Development Co., Ltd. signed an equity agreement to acquire a 15% stake in Salt Lake Fossil Lanke Lithium Industry Co., Ltd. (hereinafter referred to as “Lanke Lithium Industryâ€) for a total price of 27.75 million. At the same time, Fozhao Lithium Energy has a patent shareholding, accounting for 15% of the shares, accounting for 30% of the shares of Lanke Lithium. However, it has been more than three years since the company signed the agreement to establish the company. The lithium battery project has undergone several twists and turns and is still in the trial production stage. The staff of Foshan Lighting's Dongshou Office said that the current Lanke Lithium Industry, which is currently participating in the Lishui Energy, is still in trial operation. As for the progress of the project, they are also listening to the news of Lanke Lithium.
An insider close to the top of Foshan Lighting revealed: "At present, Lanke Lithium Industry is in a state of suspension, and it is impossible to complete the original target in a short time. This year, Lanke Lithium completed the capacity of 5 tons of lithium carbonate per day, but the distance from the beginning There is still a big gap in the target of 10,000 tons of lithium sulfate per year. With the upgrade of technology, the old equipment can not ensure the normal operation of the production, and the project is unlikely to have any progress in a short time." The staff of the Salt Lake Branch’s secretarial office said, “At present, Lanke Lithium Industry is indeed in the process of upgrading equipment. As for the production time, the staff member said that he should pay attention to the company’s announcementâ€.
The person familiar with the matter said, "In the beginning of the new energy field, the company caused a lot of disputes within it. The major shareholder Osram did not approve of the establishment of Lizhao Lithium Energy, but later saw the government attach importance and determination to the new energy. I agree to participate. The lithium battery project has not contributed much to the performance of Foshan Lighting, and the initiative is not in its own hands. Foshan Lighting wants to recover the original investment is not easy. The company just wants to put on the new energy coat, change In other words, Lizhao Lithium Energy is only a shell company for listed companies in search of new breakthroughs, and the relationship between Lizhao Lithium Energy shareholders is also very subtle. You can see the 2010 Lizhao Lithium Energy Capital Increase."
Unclear related party transactions
On July 15, 2010, the company announced that Qinghai Buddha Photo requires investors to increase capital by RMB 23.077 million and increase registered capital to RMB 100 million. The capital increase method is “the original cash funder increases capital in the same proportion, and the original technology funder holds shares. The ratio remains unchanged. In the context of capital increase, Huaou Company, which was granted a patented technology (later transferred to Hong Kong Sky), enjoyed preferential treatment, and the original 33% equity remained unchanged. At the same time, the value of Huaou's patents increased to 33 million yuan, which is quite different from the 25.38 million yuan when Huaao Company invested in Lizhao Lithium Energy, and the 27.75 million yuan worth of the 15% equity of Folu Lithium Energy Replacement Lanke. far. Moreover, the capital increase of the Buddha Lithium Energy and the shareholding of Lanke Lithium Industry are one day. This has resulted in the fact that the same patent has two different intangible assets valuation data on the same day, and the two valuation differences are more than 5 million. It’s really puzzling. The director of Hong Kong Sky and the second son of Foshan Lighting, Zhong Yonghui, have an inseparable relationship.
Finally, in July this year, the company received a notice of rectification from the Guangdong Securities Regulatory Bureau, saying that it did not truthfully disclose the joint venture with the Hong Kong Skyline to establish Qinghai Foshan Lithium Energy Development Co., Ltd. Foshan Lighting explained that the shareholder of Fozhao Lithium Energy is Huaou Company. At that time, the patent technology transfer of Huaou Company to Hong Kong Sky has not been completed, so Hong Kong Skyline is not qualified to use technology sponsors as shareholders of Fuji Photo Lithium Energy. . Later, Huaou Company transferred the patented technology to the Hong Kong skyline. It is worth noting that the actual controller of Huaou Company and Hong Kong Sky is Huang Sangui, and the second son of Foshan Lighting, Zhong Yonghui, holds a directorship in Hong Kong Sky.
At this point, it is doubtful that the financial support provided by Foshan Lighting for Fossil Lithium Energy is for what purpose. I am afraid that it will not be related to related transactions.
(This article is reproduced on the Internet. The texts and opinions expressed in this article have not been confirmed by this site, nor do they represent the position of Gaogong LED. Readers need to verify the relevant content by themselves.)
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