Foshan Lighting Securities’ false claims liability disputes have made new progress. Foshan Lighting announced on the previous day that it received a judgment of 698 cases, and it was necessary to compensate the plaintiff for the loss of investment balance, commission, stamp duty and interest totaling 501.824 million yuan. Foshan Lighting said that the losses involved in the litigation case will have a significant impact on its third-quarter profit.
The semi-annual report disclosed earlier showed that due to factors such as falling LED prices, provision for asset impairment and litigation compensation, Foshan Lighting's operating income and net profit both fell in the first half of the year, and the latest judgment resulted in its third-quarter results. Overcast. However, the entry of state capital is expected to bring opportunities for industrial integration to Foshan Lighting.
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The amount of compensation has reached 151 million yuan
According to the statistics of Foshan Daily reporters, a total of 2,749 people filed a civil lawsuit against Foshan Lighting on the grounds of “securities misrepresentation disputesâ€, with a total amount of approximately RMB 385 million. As of yesterday, 2,821 cases have been pronounced, Foshan Lighting has to compensate investors for RMB 151 million, HK$2,268,300, and legal expenses of RMB 2,458,600. Foshan Lighting announced that as of August 25 this year, the company has paid compensation to 1,162 plaintiffs.
These claims directly affect the profit of Foshan Lighting. From the end of last year to June this year, Foshan Lighting's estimated liabilities exceeded 75 million yuan.
Foshan Lighting's net profit dropped sharply in the first half of the year, first because of fierce market competition and the continued decline in LED product prices. In addition, provision for asset impairment for idle equipment and construction in progress amounted to a total of 3,980,700 yuan, and liabilities for litigation cases amounted to 14.1677 million yuan, which also affected the performance.
The total amount of compensation and litigation fees that have not been accrued currently has reached 79.44 million yuan. At present, there are still about 567 cases in which the judgment result has not been released, and the final amount of the payment is pending confirmation.
State-owned capital brings a turn
State capital or bring a turn for Foshan lighting.
Foshan Lighting disclosed in September that its original controlling shareholder, Osram, intends to transfer its indirectly held 13.47% stake in Foshan Lighting to Guangdong Electronic Information Industry Group Co., Ltd.
The Electronics Group is 100% owned by Guangdong Guangsheng Assets Management Co., Ltd., while the Guangdong State-owned Assets Supervision and Administration Commission holds 100% of the latter. Previously, Hirose Assets had invested 370 million yuan through its other subsidiary, and increased its holdings of Foshan Lighting by 33,340,800 shares through the asset management plan and the secondary market, accounting for 2.613% of the total share capital.
The top-level plan for the reform of state-owned enterprises was introduced at the weekend, and the state-owned Foshan Lighting also attracted market attention. At present, the electronics group has been controlled by a number of LED lighting related industries, including the former holding company of other national enterprises such as Guoxing Optoelectronics, Henan Guangsheng Hi-Tech, Guangdong Guangsheng Optoelectronics, Shenzhen Nanhe Communications. According to the Electronics Group, in view of the relatively small number of businesses that form a horizontal competition with Guoxing Optoelectronics and Foshan Lighting, it will gradually reduce or eliminate competition in the industry through business integration in the next 24 months.
Through this operation, Hirose Assets is expected to fully deploy the upstream and downstream of the LED lighting industry chain. In its report on changes in equity, the Electronics Group stated that it is optimistic about the future development prospects of the LED industry and hopes to take advantage of the acquisition of Foshan Lighting's equity as an opportunity to vigorously develop the LED lighting industry and use the listed company platform to integrate high-quality assets when conditions are ripe.
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