Qin shares terminate major asset restructuring, and semiconductor lighting business is still implemented by subsidiaries.

Yesterday (4) evening, Qin Shang shares issued a notice, the company held in September 4, 2018 the fourth session of the twenty-eighth meeting of the board of directors deliberated and adopted the "termination of major asset restructuring bill." On the same day, the company signed an agreement on termination of assets transfer agreement with Mr. Huang Zhiyong.

According to the announcement, the company originally intended to designate Mr. Huang Zhiyong for Mr. Wen Qi to sell 90% shares in the Au Optronics Co, 100% stake in Guangdong zhinton semiconductor lighting technology Engineering Co., Ltd., 30% stake in Jiangxi zhintopx Co., Ltd., 30% stake in Anhui sun Technology Co., Ltd. Shi Optical Technology Co., Ltd. has a 30% stake, 25% stake in Anhui Bong Da Shang Photoelectric Technology Co., Ltd., 20% stake in Fujian state policy Photoelectric Technology Development Co., Ltd., 13.33% equity in Jiangsu Shang Ming photoelectric Co., Ltd., Guangdong Hui Yu and Cci Capital Ltd 4.67% equity, Guangdong Zhongke macro micro semiconductor equipment Co., Ltd. 3.75%, Mr. Huang Zhiyong paid the transaction consideration in cash (hereinafter referred to as the "major asset reorganization").

At the same time, in October 25, 2017, November 8, 2017 and April 3, 2018, the two sides signed the agreement on asset transfer, supplementary agreement on asset transfer agreement and supplementary agreement two of assets transfer agreement (hereinafter referred to as the "asset transfer agreement"). The two sides, through friendly negotiation, have agreed to terminate the asset transfer agreement and reach the cost termination agreement.

Qin shares said that in view of the recent changes in the domestic market environment, economic environment, financing environment and other objective situations, and in combination with the following factors, in order to protect the interests of listed companies and all shareholders, the two sides decided to terminate the major asset reorganization through friendly consultation. 1, the company's shares held by Mr. Yang Yong, one of the performing parties to the transaction, have been frozen by law and waiting for a freeze in the near future. 2, the relevant shares of the listed company directly or indirectly held by the Li Xuliang and Mrs. Wen Qi of the counterparty performance guarantee company still have the risk of liquidated; 3, the target company has the right to the public. The company should pay the bill, and there is no effective solution for the two parties concerned.

The major asset reorganization has not yet formed the final plan. The relevant asset transfer agreement signed by the two parties of the transaction has not been submitted for consideration by the shareholders' meeting of the company. It has not yet entered into force, and the termination of this major asset reorganization system has been decided by the two parties after friendly consultation. The company is in good condition, and the termination of this major asset reorganization will not cause any significant adverse effects on the production and operation of the company, and there will be no damage to the interests of the company and shareholders.

In addition, the company's main business includes education and training and semiconductor lighting. Semiconductor lighting business will be mainly implemented by Au Optronics Co, a subsidiary of the company.

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