Sanan Optoelectronics 40.79 million to buy 49% equity of Wuhu Anrui

On September 6, Sanan Optoelectronics issued the "Announcement on the Resolutions of the Fourth Meeting of the Eighth Session of the Board of Directors". The announcement said that the board of directors passed the proposal of the company to sign the "Equity Transfer Agreement" with Chery Holdings Co., Ltd.; in addition, it also passed the proposal of the company's wholly-owned subsidiary, Nikken PV, to transfer its shareholding subsidiary Shenguang New Energy.

According to the data, Wuhu Anrui Photoelectric Co., Ltd. (hereinafter referred to as “Wuhu Anrui”) is a joint venture between Sanan Optoelectronics and Chery Holdings Co., Ltd., with a registered capital of RMB 80 million and Sanan Optoelectronics holding 51% of the shares. Holding Co., Ltd. holds 49% of the shares, mainly engaged in the design, production, sales and service of LED packaging, applications, automotive lighting and other related parts and other related products.

As of June 30, 2014, Wuhu Anrui's assets totaled 189,871,900 yuan and liabilities totaled 117,935,400 yuan. In the first six months of 2014, the sales revenue was 15.44.67 million yuan and the net profit was -829.78 million yuan.

Sanan Optoelectronics said that according to the company's development goals, in order to better support the development of Wuhu Anrui, the company's board of directors decided to use the net assets of Wuhu Anrui as of December 31, 2013 as a reference, and plans to use its own funds of 40.79 million yuan. Transferred Chery Holdings Limited holds a 49% stake in Wuhu Anrui. After the completion of the equity transfer, the company will hold 100% equity of Wuhu Anrui.

In addition, Sancore Optoelectronics Technology Co., Ltd. (hereinafter referred to as “RiCheng Photovoltaic”), a wholly-owned subsidiary of Sanan Optoelectronics, holds a 10% stake in Shenguang New Energy Co., Ltd. (hereinafter referred to as “Shenguang New Energy”).

As of June 30, 2014, Shenguang New Energy Assets totaled RMB 1,278,322,900 and liabilities totaled RMB 98,271,300. From January to June, 2014, the sales revenue was RMB 37,452,900 and the net profit was RMB 4,322,280.

According to the announcement, according to the company's plan, after research by the board of directors, it agreed that Japan Semiconductor will transfer its 10% stake in Shenguang New Energy to Xiamen Ding for 30 million yuan on June 30, 2014.é•’ Investment Management Co., Ltd. In order to successfully complete the equity transfer, the board of directors authorizes the management to fully handle all subsequent matters related to the equity transfer.

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