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Foshan Lighting Has Reached 151 Million Yuan Compensation Q3 Results Mengyin Ying---led Stadium Floodlight

Nov 28, 2016

  Foshan led street Lighting securities misrepresentation liability disputes no new progress. Foshan Lighting announcement that the day before yesterday, received 698 cases in which the judgment, the need to balance the loss of investment compensation to each plaintiff, commissions, stamp duty, interest totaling 50,182,400 yuan. Foshan Electrical and Lighting, said the loss of lawsuits involving the announcement will have a significant impact on its third-quarter profit. backpfrontp semi-annual disclosure of previously trapped in LED stadium light prices, provision for asset impairment and litigation for compensation and other factors, Foshan Lighting half operating income and net profit both fell, but the latest ruling will make it the third quarter performance overshadowed. However, state-owned White is expected to bring opportunities to the Foshan Lighting industry consolidation. backpfrontp backpfrontp amount of compensation has reached 151 million yuan, according to Foshan Daily reporter to statistics, a total of 2749 people with securities misrepresentation liability disputes on the grounds of Foshan Lighting filed a civil lawsuit the total amount of about 385 million yuan. As of yesterday, there have been 2,182 cases of sentencing, Foshan Lighting compensate investors losses totaling 151 million yuan, HK $ 2.2683 million yuan, and bear the cost of litigation 2.5486 million yuan. Foshan stadium Lights announcement, as of August 25 this year, the company has 1,162 plaintiffs payment of compensation. backpfrontp these claims directly affect the profits of Foshan lighting. From the end of last year to June this year, Foshan Lighting accrued estimated liabilities exceed 75 million yuan. backpfrontp Foshan Lighting in the first half net profit fell sharply, primarily because of the fierce competition in the market, high power LED flood light product prices continued to fall. In addition, idle equipment and provision for impairment of construction in progress assets Total 39,880,700 yuan, and provision for litigation liabilities 14,167,700 yuan, will also affect the results. compensation payments and legal costs accrued total not currently reached 79.441 million yuan. Currently, there are about 567 cases of the verdict was not released, pending a final judgment in the amount of the final payment to be confirmed.State-owned capital entered the country entered a turning point backpfrontp or a turning point for the FSL. September to Foshan Lighting disclosed that 13.47% of its shares Foshan 1000W LED flood Lighting former controlling shareholder OSRAM company intends its indirect holdings, all transferred to the Guangdong Provincial Electronics Information Industry Group Co., Ltd .. Electronics Group holds 100% owned by Guangdong Rising Assets Management Co., Ltd., Guangdong SASAC holds 100% stake in the latter. Earlier, Rising asset has spent 370 million yuan through its other subsidiaries, through information management plan and secondary market holdings of Foshan Lighting 3323.58 million shares, the total capital ratio was 2.613%. backpfrontp falls on top of SOE reform program introduced at the weekend, the state-owned White Foshan Lighting also caused by market concern. Currently, electronic Group has been holding a number of LED tunnel lighting-related industries and enterprises, including another Buddhist country star power had owned enterprises, Henan Rising Tech, Guangdong Guang Sheng Photoelectric, Shenzhen, South and communications. Electronics Group, said that, given the country star power and the formation of intra-industry competition, Foshan Lighting's business accounted for less through business integration will gradually reduce or eliminate competition in the industry over the next 24 months.Through this operation, the overall layout of Rising assets are expected on the LED bay lighting industry chain downstream. Electronics Group The book represents changes in equity report, due to optimistic about the future prospects for the development of LED arena light industry, hoping to acquire this stake in Foshan Lighting for the opportunity to develop LED tennis court lighting industry, and the platform for listed companies use when conditions are ripe for the integration of high-quality assets. backp