The same friend intends to 250 million sell three Affiliated Companies, shares the same side at the flange

The same friend announced the sale of 3 Affiliated Companies, including Yang Zhou Tongfang, Cui Shanghai and Tianjin zhenminglee to the controlling shareholder of Tongfang group, the equity transfer price was 230 million yuan (RMB, same below), 15 million 720 thousand yuan and 3 million 350 thousand yuan, or a total of nearly 250 million yuan.

The company said, 3 subsidiaries of their holdings of some idle assets, the sale can streamline its manufacturing resources, and realize the value of the investment to obtain cash assets at fair value, net income from the sale of the company will get the money will be used to improve matters in operating cash.

After the completion of the equity transfer agreement, the company expects to record the transfer of equity income of about 100 million yuan, and net assets increased by about $100 million.

According to the announcement, the main business of Yangzhou Tongfang for wafer, LED lights, LED lighting products, LED professional lighting products and lighting engineering, as of May 31, 2016 the net asset value of 185363200 yuan. Shanghai's main business is investment holdings, as of May 31, 2016 net liabilities of 16752000 yuan. The main business of the Tianjin Industrial Investment Holdings, as net debt amounted to 15311100 yuan in May 31, 2016.

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