Qinshang released restructuring plan, intends to set out the 1 billion 350 million semiconductor lighting business assets

Yesterday (25) evening, KingSun shares (hereinafter referred to as the "company" or "company") announced that the company intends to 1 billion 350 million yuan price determined to Mr. Huang Zhiyong to sell equity company two holding subsidiaries and eight shares of the company shares.

Shares of two holding subsidiaries: a subsidiary of new ground 90% shares, 100% stake in Qinshang semiconductor; equity eight shares of the company: Jiangxi Qinshang 30% stake in Anhui 30% stake, Raffles Qinshang photoelectric 30% stake, Anhui bobangda Qinshang photoelectric policy 25% stake in Fujian 20% stake in Jiangsu 13.33% stake, Shang Ming Hui as letter 4.67%, Zhongke semiconductor 3.75% equity stake.

As of the valuation date of April 30, 2017, the assets to be sold without the audited book value of 1 billion 288 million 632 thousand and 600 yuan, the estimated value of about 1 billion 350 million yuan, compared with the estimated value of not audited book value appreciation 61 million 367 thousand and 400 yuan, value-added rate of 4.76%.

According to the announcement, the sale of assets of the counterparty (Mr. Huang Zhiyong) Dongguan KingSun Au Optronics Co is a branch of the person in charge, Mr. Li Xuliang is the actual controller of the listed company's brother-in-law, the spouse of Ms. Li Shuxian holds 4.65% of the shares of listed companies. According to the relevant regulations, the transaction constitutes a connected transaction, but does not constitute a "reorganization measures" provisions of backdoor listing.

The original intention for this transaction, KingSun shares admitted that the impact of the macroeconomic and semiconductor lighting industry growth and other factors, the company of semiconductor lighting business operating income, operating margin, operating profit showed a declining trend. According to the new ground in recent years without a period of financial statements with simulation audit, year 2015, year 2016 and 2017 1-4 months, semiconductor lighting business operating profit was 94 thousand and 500 yuan, 8 million 46 thousand and 200 yuan, -1663.83 million yuan. KingSun shares that the company of semiconductor lighting business performance continued to decline, has seriously affected the company's profitability, but also restricts the space for the future development of listed companies.

In addition, KingSun shares said, this transaction is an important strategic measure to further deepen the adjustment of industrial structure, accelerate the transformation of the pace of business education. Through this transaction, the company will withdraw from the semiconductor lighting business, the main business will be changed greatly. The future, KingSun shares will further through the acquisition of education service industry related asset quality, increase the education business layout, to achieve business transformation, improve the profitability of listed companies, the competitiveness of the industry level and enterprise value.

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