The incandescent lamp bans FSL "soft" arrival

Since July 5th, the Guangdong Securities Regulatory Bureau issued on FSL ordered rectification decision, the company's share price fell by this drag appeared, the largest decline of up to 16.24%. Nearly four days the stock price rebounded slightly yesterday to close at $7.16. The company's share price falling in yesterday's announcement, Zhongxin discloses the association and related transactions, the Guangdong securities regulatory bureau finds that no objection; and sincerely accept Guangdong. FSL's stock price recently rebounded "width=500height=639>" cash cow "publicly explain FSL transactions price recently rebounded A stock market because of the long-term high school is now highly respected FSL investors yesterday by the Shenzhen Stock Exchange website 10 bursts of announcement, the Guangdong securities regulatory bureau pointed out earlier between FSL and a number of enterprises have not disclosed the relationship and the related transactions to respond.

Announcement, FSL acknowledged the existence of related transactions with a number of enterprises and disclose the specific amount.

Since July 5th, the Guangdong Securities Regulatory Bureau issued on FSL ordered rectification decision, the company's share price fell by this drag appeared, the largest decline of up to 16.24%.

Nearly four days the stock price rebounded slightly yesterday to close at $7.16.

The company's share price falling in yesterday's announcement, Zhongxin discloses the association and related transactions, the Guangdong securities regulatory bureau finds that no objection; and sincerely accept the Guangdong securities regulatory bureau to take measures to publicly ordered decision, and not the Guangdong securities regulatory bureau put forward any complaint handling.

Zhong Xincai said, I understand is the error of the relevant laws and the relevant provisions of the rules, lack of timeliness, timely explanation and understanding of the consequences of the functions of the board of directors, which eventually fails to indicate to the board, resulting in illegal.

In this regard, Zhongxin to "the board of directors and shareholders apologize", also said that the board of directors of the company has hired intermediaries in accordance with the requirements of regulatory authorities to develop corrective measures to prevent similar incidents from happening again.

From the release of FSL will liquidate LED joint venture announcement began, its share price has dropped from 8.51 yuan / share in June 29th opening to close at the end of the year of $7.26 / share, the 7 trading day fell by 17.22%.

From the opening price of 9.61 yuan / share count in June 19th, as of July 9th, FSL's stock price has fallen by more than 32.37%.

K line shows that in the first quarter of, the lowest reported 8.53 yuan, but the overall low in the first quarter, the new year in March 14th a new high of $11.

But the stock subsequently decline, June 20th before the stock price has been in 9.5 yuan to 10 yuan range within a narrow range.

June 21st, FSL continued to go down, the cumulative decline of 21.3%.

The 18 annual cash dividend 2 billion 646 million yuan listed since 1993 18 years, FSL has accumulated to shareholders a cash dividend of 2 billion 646 million yuan, while the total number of listed companies have raised funds but also 1 billion 286 million yuan, the total dividend company is raised two times more total funds, investors are known as "cash cow".

Not long ago, FSL has just announced in 2011, 10 shares to send cash of $2.50 (including tax), the dividend program, the cow is still producing milk is now.

But generous dividends do not offset the market's concerns about FSL's future.

Today's FSL performance is deteriorating is an indisputable fact, after April 25th, the company released a quarterly in 2012 showed that during the year, FSL net profit of only 56 million 930 thousand yuan, down by 15.84%.

In addition, in November 1, 2011 China has issued a "gradual ban on the import and sale of ordinary incandescent lighting notice", from October 1, 2012, according to the size of the power gradually ban the import and sale of incandescent lamps for general lighting.

The annual output of incandescent lamps more than 500 million FSL is a "soft spot", at the same time, the company to develop the status quo in lithium batteries and LED on the new business does not give enough confidence, especially after the dissolution of the once high hopes "LED joint venture", the liquidation, many firms have been lowered to FSL rating.

Link: origin did not disclose the relationship before, FSL announced that the company received the Guangdong securities regulatory bureau "the administrative regulatory measures decision", the Guangdong securities regulatory bureau said FSL's 2009 annual report, 2010 report and annual report, 2011 report and the annual report did not disclose the association and related transactions with Foshan shinuo Qi California Electric Appliance Co. Ltd., Foshan City, long Bai Enterprise Co. ltd..

At the same time, the company also did not disclose the relationship between Qinghai and (Hongkong) sky rare element technology development Co. Ltd, and jointly funded the establishment of Qinghai fozhao transactions lithium energy development Co. ltd..

In addition, the Guangdong securities regulatory bureau also issued a "on FSL to publicly ordered to take measures of the decision" on Zhong Xincai, Zhong Xincai criticized, and the description of the related transactions to conceal a thing.

After being exposed to the facts, FSL has remained silent attitude does not make any response. But the company's share price has therefore become a victim, FSL shares fell by 32.37%.

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