REFOND intends to transfer 250 million yuan a wholly owned subsidiary of 100% equity

Yesterday (6) evening, Shenzhen REFOND optoelectronics Limited by Share Ltd (hereinafter referred to as the "company" or "REFOND") announcement, the company's future development of automotive lighting layout planning and based on the company's overall business, the company intends to transfer a wholly owned subsidiary of Shanghai Rui Feng Light Electronics Co. Ltd. (hereinafter referred to as "Shanghai Ruifeng") 100% stake.

According to the announcement, the company intends to transfer 100% stake in Shanghai Ruifeng to the price of 250000000 yuan, of which Shenzhen Ruifeng transfer directly holds 62.5% stake in Shanghai Ruifeng, a wholly owned subsidiary of Ningbo realcan photoelectric Co. Ltd. (hereinafter referred to as "Ningbo realcan") to transfer its holdings of Shanghai Ruifeng 37.5% stake in the transferee for Mr. Sun Xiangdong.

On the basis of "assessment report" on assets, the valuation date is December 31, 2017, Shanghai Ruifeng book value of the net assets of 254 million 675 thousand and 900 yuan, to assess the value of 267 million 108 thousand and 500 yuan; to assess the value of 12 million 432 thousand and 600 yuan, value-added rate of 4.88%.

About the purpose of the transaction, REFOND said, the company is gradually the main production base in Yiwu, Zhejiang focus to Shenzhen, this time to sell Shanghai Ruifeng equity is to optimize the organizational structure, reasonable arrangements to accelerate the company's products and the integration of resources, matching the company long-term development planning.

In addition, REFOND said that after the completion of the equity transfer, Shanghai Ruifeng is no longer included in the consolidated financial statements of the company. The share transfer transaction does not adversely affect the company's normal production and operation and future financial condition and operating results, there is no damage to the company and the interests of all shareholders.

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