Starlight intends to sell Xinye star 100% stake, trading price to be determined

In the morning, Guoxing photoelectric announced that the seventeenth meeting of the Fourth Board of directors held in September 3, 2018 and the sixteenth meeting of the four supervisory committee considered and approved the item on the proposal to sell 100% equity of wholly owned subsidiary, and agreed to sell the wholly owned subsidiary Xinye Guoxing Semiconductor Lighting Co., Ltd. (hereinafter referred to as "Xinye star") 100% stake.

According to the announcement, Xinye star's business scope includes production and sales of LED devices, display panels, LED traffic lights, semiconductor lighting, semiconductor integrated circuits, photoelectric modules, electronic tuners, electronic components and components; photoelectric products processing; and undertaking LED display, lighting and lighting engineering.

Main financial data of Xinye star (unit: 10000 yuan) (source: National Star announcement)

The company sold the wholly owned subsidiary of Xinye Guoxing to be carried out through public listing, and it does not constitute related transactions. The success of the transaction is uncertain. Up to now, the transfer of shares is still in progress. The company will invite relevant intermediaries to audit and assess the assets of Xinye star, and transfer shares based on the valuation price through public listing.

Guo Xing photoelectric said that the sale of Xinye star stake matters conducive to the company to optimize the strategic layout of the region, integrate the advantages of resources to develop the main industry, promote enterprise transformation and upgrading, and enhance the company's continued profitability. After the completion of the sale of shares, Xinye star will no longer be included in the company's consolidated statements.

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