LED company intends to Longwen KingSun education restructuring

Many HowNet December 16th news, recently, listed companies KingSun released "on the significant progress in asset restructuring suspension notice" said the company is working with the Guangzhou Longwen Education Technology Co. Ltd. (hereinafter referred to as the "Longwen education") related parties on major asset restructuring related matters.

At present, the company has signed a letter of intent with the major shareholders of Longwen on the company's major asset restructuring matters, due diligence, audit, evaluation and other work are in the process of steady progress.

This is not the first time to discuss the reorganization of Listed Companies in Longwen. In October this year, ST Hongsheng announcement that intends to purchase the assets to raise funds and support the acquisition of Longwen Education issued shares, the transaction object to the shareholders of Longwen education. At that time, the two sides have not yet formally signed the framework agreement. In November 24th, ST Hongsheng disclosure announcement, and Longwen education after repeated communication and consultation, failed to reach an agreement in terms of the underlying assets involved in the valuation and performance commitments, the framework of the restructuring plan, so the termination and Longwen education restructuring process.

Statistics show that Longwen education was founded in 1999, the main business of primary and secondary schools. By the end of 2011, Longwen and Shenzhen Oriental Education won ChinaEquity total investment of 450 million yuan. Longwen education will be referred to as the financing of the last round of financing before the listing, and revealed the hope that Longwen education can be listed in the domestic A shares.

KingSun for the main business of LED lighting, December 2011 in the Shenzhen SME board listed. 2015 semi annual report shows that KingSun 2015 a year on revenue of 442 million 500 thousand yuan, attributable to shareholders of listed companies net profit of 16 million 900 thousand yuan.

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