[Source: "Engineering LED- lighting market," the November issue of reporter / He Xingling]
On November 2 this year, Foshan Lighting received the "Notice of Investigation of China Securities Regulatory Commission" (Yuezheng Investigation Tongzi No. 12081), which stated that "in accordance with the Securities Law of the People's Republic of China, due to suspected information disclosure violations." The relevant regulations, I will decide to investigate your company, please cooperate."
In this regard, the relevant person in charge of the company said that after several consecutive problems concerning corporate governance in the past two years, the company has conducted thorough self-examination and cooperated with the investigations of the regulatory authorities. There should be no new situations.
The insiders believe that although the notice did not indicate that it was specifically guilty of violations, Foshan Lighting had already had a serious case in the past.
On November 5th, Foshan Lighting, which was in a whirlpool, was suspended from the opening of the market. Just when people speculated, it announced a resumption announcement at noon. However, due to the investigation by the Securities and Futures Commission, its A-shares once hit the limit.
"This is a question of corporate integrity, just like a person's person, don't think about making money from the shareholders and losing yourself," Mr. Wu, the head of the East China Lighting Department, told the "Lighting Market" reporter. It is understood that Foshan Lighting has been praised as “cash cow†for many years of high dividends. However, because its continuous announcement involves violation of regulations, the company’s founders and senior executives involved insider trading, which led to frequent “investigations†and hit market confidence. .
Do you believe that the letter will not be changed?
According to the survey, in 2009, Foshan Lighting jointly established Qinghai Folu Lithium Energy Development Co., Ltd. with a related person Hong Kong Sky Rare Element Technology Development Co., Ltd. and other minority shareholders. In 2010, Foshan Lighting with 25.5 million yuan and The related person Qinghai Weili New Energy Materials Co., Ltd. jointly established Qinghai Foshao Lithium Electrode Material Co., Ltd. Both of these failed to perform the related party transaction review process.
In 2010, Foshan Lighting fell into a “trust crisis†due to the issue of the letter and related transactions. The Guangdong Provincial Securities Regulatory Bureau issued a rectification notice twice, ordering rectification of the related transaction management system and information disclosure incomplete, untimely and irregular procedures. At the same time, the Shenzhen Stock Exchange issued a "concern letter" to Foshan Lighting three times, and paid high attention to whether Foshan Lighting violated information disclosure, whether there were related transactions, and the lithium battery project invested 100 million yuan.
In July last year, Foshan Lighting announced that it had received a decision on the administrative supervision measures of the Guangdong Securities Regulatory Bureau, and ordered the company's then chairman, Zhong Xincai, to publicly explain the related party transactions. Affected by this news, Foshan Lighting was close to the limit.
In July this year, Foshan Lighting issued two announcements stating that the Securities and Futures Commission found that the company concealed related transactions for more than three years, and the 2009-2011 interim report and annual report were not disclosed with Foshan Schnoch and Slang. Related transactions of companies such as Bai, Hong Kong Skyline and Qinghai Buddha Lithium Energy. Subsequently, it was revealed that the two sons of the chairman of the company, Zhong Xincai, secretly set up two Foshan companies to conceal the related party transactions.
On September 23 this year, Foshan Lighting announced that it received the administrative penalty decision letter from the China Securities Regulatory Commission handed over by Deputy General Manager Zou Jianping. The penalty decision letter was given to Zou Jianping, his wife Zhang Minzhi, his son-in-law Zhou Xingfu and others in the company in 2009. During the planning of the promotion of investment in new energy projects, administrative punishment was imposed on the use of inside information for stock trading, with a total fine of 180,000 yuan. On the day after the announcement, Foshan Lighting announced that Zou Jianping, the 57-year-old deputy general manager, resigned.
Deep into the "investigation door" or aura no longer
In the past few years, Foshan Lighting has always had a good reputation in the A-share market, with the aura of “China Light King†and “Cash Cowâ€. However, in recent years, with the "leak door", "inside trading", "not fulfilling the related party transaction review procedures" and other inferior traces have been exposed, the company's beautiful image has collapsed, the past daylight into a bubble.
Affected by the investigation, Foshan Lighting failed to obtain financing through the capital market when faced with financial pressure, and only obtained funds through auction equity. Genfoshan Lighting announced on October 31 that the company commissioned Foshan Rongxin Auctioneer Co., Ltd. to auction 100% of Foshan Gaomingfuwan Shanshui Leisure Resort Co., Ltd. The transaction deducted the original cost, transaction stamp duty, income tax and other items. The net profit of the above equity transfer transaction was 157 million yuan, which brought the company a return of 0.16 yuan per share.
At the same time, Foshan Lighting began to clean up the main business of asset integration and has expanded into the energy and LED fields. Recently, it announced that it has won the bid for the “2012-2013 fiscal subsidy promotion project for semiconductor lighting products†and obtained financial subsidies for 400,000 LED lighting products during the promotion period. The third quarterly report showed that Foshan Lighting's main business income was 1.588 billion yuan, down 7.83% year-on-year, and net profit was 217 million yuan, down 0.69% year-on-year.
For Foshan Lighting's “repeated educationâ€, some investors said that they will not buy Foshan Lighting stock in the future. Some insiders believe that Foshan lighting will not be the scenery.
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