As an early pioneer of the LED industry, Fangda's LED layout is typical of the early morning, catching up with the late set. At present, Fangda Group’s LED “Second Palace†has basically failed.
According to the 2016 annual report released by Fangda Group, the difference between the initial investment cost of RMB 48 million and the fair value of the identifiable net assets of the investee was formed by the company in August 2014. yuan.
Due to the fact that Fangda Suzheng Company is seriously insolvent and has ceased to operate in substance, the Company conducted impairment test on the goodwill formed by the investment based on the present value of expected future cash flow and fully withdrawn the impairment provision of 1982.67 million. yuan.
On July 18, 2014, Fangda New Energy Co., a subsidiary of Fangda Group, signed an Investment Agreement with Luo Huichi. According to the investment agreement, on July 29, 2014, Fangda New Energy Company and Shenzhen Jinmao Yingke Electronics Co., Ltd. signed the “Equity Transfer Agreementâ€.
The agreement stipulates the fixed assets and intangibles of the three companies of Zhongshan Zhengzheng Optoelectronic Lighting Co., Ltd., Zhongshan Henglan Lighting Factory (three affiliated stores) and Shenzhen Jinma Yingke Electronics Co., Ltd. Based on assets, sales networks and teams, we will fund the establishment of the new company.
After Fangda New Energy Company completed the confirmation of the assets of the other party, the two parties signed the equity transfer and capital increase agreement of Fangda Sushen Company. Fangda New Energy Company obtained 60% equity of Fangda Suzheng Company by means of transfer of equity and capital increase. .
The total amount of the company's acquisition and capital increase is limited to not more than 48 million yuan in cash, of which 18 million yuan is purchased and 30 million yuan is added. According to the agreement, Fangda New Energy Co., Ltd. paid the transfer of the transferred equity of RMB 12.0 million in installments, and paid RMB 30 million to Fangda Suozhen Company in the form of interest-free borrowing.
The target company's performance commitments in this transaction are: sales target of 150 million yuan in July-December 2014, net profit of 3 million yuan; annual sales target and net profit target of 2015 and 2016 are 600 million yuan and 1 billion respectively. Yuan and 36 million yuan, 60 million yuan.
Prior to the acquisition, Zhongshan Suzheng Optoelectronics Lighting Co., Ltd. had an operating income of 4,807,600 yuan in 2013 and a net profit of 1,249,900 yuan. In 2014 and June, the operating income was 4,735,100 yuan and the net profit was 4,572,700 yuan.
Fangda Suzheng Lighting has been focusing on LED light sources since 2012, and has been adhering to the practical and stable quality practices to seize market opportunities. Suzheng Optoelectronics has also done a lot of work in brand building. In 2013, the company specially hired the famous laughing star Guo Donglin as the image spokesperson of “Suozheng†lighting, hoping to accelerate the establishment of brand image and market share of products.
In February 2015, Fang Dasuo chose a high-profile approach to enter the public's field of vision. Since February 1, 2015, Fangda Suozhen Lighting LED brand advertisements have been broadcasted in CCTV, Jiangsu Satellite TV, Hunan TV and other media.
However, the business strategy that always claims quality first is also embarrassing.
In 2016, the Shanxi Provincial Quality Supervision Bureau announced the results of quality inspections of LED lights, induction cookers, switch sockets and other electrical appliances. In the Taiyuan market, 12 batches of unqualified products were found. The unqualified products include the SZ-10W Suozheng LED Bulbs produced by the Guangdong Fangda Suzheng Optoelectronics Lighting Co., Ltd., which is distributed by the Southeastern Lighting Department of Wanbai District.
At the same time, Fang Dasuo is also facing difficulties in performance against gambling.
According to the report, Fangda Sushen has 90% of the 2015 sales target or net profit target as agreed in the 2015 unfinished equity transfer agreement. The data shows that Fang Dasuo achieved operating income of 110 million yuan in the first half of 2016, a net profit loss of 145.223 million yuan, and a balance of bad debt reserves of more than 40 million yuan.
In the 2016 financial report, the suppliers announced by Fang Dasuo (including Foshan Yifeng Trade, Xiangneng Hualei, Huacan Optoelectronics and Suzhou Xinnajing Optoelectronics Co., Ltd.) also owed more than 30 million yuan, and note Ming company has no ability to repay.
In the 2016 annual report, Fangda Group no longer lists Fangda’s annual revenue data separately, but directly reflects the company’s new energy segment (including LED and PV business). Data show that in 2016, Fangda Group's new energy industry revenue was 29.7242 million yuan, accounting for 0.71% of the company's total revenue, down 80.06% from the previous year.
On April 22, 2016, Fangda Group, Fangda New Energy Company, Fangda Suzheng Company, Shenzhen Jinmae Yingke Electronics Co., Ltd., Luo Huichi, Jin Yaping (Luo Huichi's spouse) signed the “Equity Repurchase and Creditor's Rights and Debt Payment Agreementâ€. ", agree to terminate the implementation of the Investment Agreement from the effective date of the agreement.
According to the agreement, Jinmao Yingke Company invested RMB 12 million to repurchase 60% of the equity of Fangda Suzheng Co., Ltd. held by Daxin Energy Co., Ltd., and the parties no longer enjoy and assume all the rights and obligations stipulated in the Investment Agreement. At the same time, all parties unanimously confirmed that if Fangda Sushen Company repays the debts in RMB 23 million in full according to the agreed time limit of the payment agreement, both the Company and Fangda New Energy Company promise to waive the remaining creditor's rights of the other party, and the credit and debt relationship between the two parties. wipe out. The above agreement was adopted at the 20th meeting of the seventh board of directors of the Company on April 22, 2016 and became effective after the approval of the 2015 Annual General Meeting of the Company.
But it is easy to enter, but the exit is not smooth.
As Jinying Yingke Company did not pay the equity repurchase payment according to the time specified in the “Equity Repurchase and Creditor's Rights and Debt Payment Agreementâ€, on August 30, 2016, Fangda New Energy Company filed a lawsuit with Shenzhen Nanshan District People's Court and applied for property preservation of 2 million. Yuan, requested the court to rule that Jinmao Yingke Company paid the equity transfer payment of 12 million yuan and liquidated damages. On November 21, 2016, Fangda New Energy Company and Jinmao Yingke Company reached a settlement agreement. The two parties agreed to cancel on December 5, 2016. Before March 30, 2017 and June 30, 2017, the equity repurchase payment will be paid 2 million yuan respectively; before December 30, 2017, the equity repurchase payment will be 6 million yuan.
As of the end of 2016, Fangda Group only recovered the equity repurchase amount of 500,000 yuan. At the same time, because Jinmao Yingke Company did not pay the equity repurchase payment according to the time specified in the “Equity Repurchase and Creditor's Rights and Debt Payment Agreementâ€, Fangda Group filed a civil suit with the Nanshan District People's Court of Shenzhen on September 1, 2016, requesting the court to decide Luo Huichi. Jin Yaping assumes the joint guarantee responsibility to pay the arrears of principal of 151.586 million yuan and corresponding interest. As of the release date of the 2016 financial report, it has not yet been decided.
In 2016, Fangda Group achieved operating income of 4.204 billion yuan, a year-on-year increase of 64.83%; net profit attributable to shareholders of listed companies was 698 million yuan, a year-on-year increase of 550.64%. Among them, the new energy industry including photovoltaic power generation and LED products revenue of 30 million yuan, down 80.06%.
Since the main business began to involve semiconductor lighting in 1999, Fangda Group has always been "unforgettable" to the LED lighting business, and has repeatedly invested in LED-related industries.
However, from today's point of view, Fangda Group has obtained very little in the LED business. Among them, Shenyang Fangda, which was established in 2007, and Shenzhen Waco Company, which has been acquired since then, have stopped normal operations in 2012 and are currently in the process of compulsory liquidation.
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