Come out and mix, after all, it is necessary to return.
"The results of the investigation have come out, and the notice will be announced in the next two days." On June 13, people close to Foshan Lighting (000541.SZ) revealed to reporters that Foshan Lighting's investigation of insider trading in the past two years is about to settle.
Foshan Lighting, which was listed in 1993, has become a famous “cash cow†for A-shares due to high cash dividends for 19 consecutive years, and its market image is good. However, this good image collapsed in 2010, and the company was caught in the "inside trading door" storm. Chairman Zhong Xincai and Dong Xiaozuo Zou Jianping were investigated.
Foshan Lighting, which has the reputation of “China Light Kingâ€, has a brilliant track record. However, after the introduction of foreign capital “Dadongjia†in 2008, Siemens Osram Holdings Co., Ltd. (hereinafter referred to as Osram), the company was reduced to new energy investment, and its operating performance began to turn down.
Over the past few years, Foshan Lighting's major shareholder's throne has been “drums and flowers†​​between Foshan SASAC, Zhuang Jianyi and Osram. The hidden Zhongxincai management team, Zhuang Jianyi and Osram's three-party battle game have gradually surfaced, and the company's new energy investment. The suspicion of suspected interest transmission is also rampant.
The truth behind it may not stop there. According to insiders of Foshan Lighting, the second shareholder Zhuang Jianyi may be only an agent. "Zhong Xincai is the real master of Foshan Lighting."
Osram frustrated Foshan Lighting
Foshan Lighting was formerly the state-owned Foshan Light Bulb Factory. Under the leadership of Zhong Xincai, it relied on its brand FSL to surpass its peers to become the largest and most profitable leading company in the domestic electric light source field. Its leading product T8 production and sales accounted for the global share. Up to 25%. Naturally, the business philosophy and operation style of Foshan Lighting have been deeply branded with Zhong.
However, everything changes with the restructuring of the enterprise. In 2004, Foshan Lighting began to restructure, and the management team headed by Zhong Xincai was interested in MBO (management buyout), but was rejected by the major shareholder Foshan Municipal Government.
In April 2006, Foshan Lighting Distributor and Hong Kong electric light source trader Zhuang Jianyi became the new actual controller. He was transferred to Foshan SASAC through Yuchang Lighting Equipment Co., Ltd. and its Osram Prosperity Company for 678 million yuan. Foshan Lighting has a 23.97% stake.
“The Foshan State-owned Assets Supervision and Administration Commission introduced Zhuang Jianyi, who wanted to check and balance the strong Zhong Xincai.†The insider’s words turned a corner. “But it was discovered that Zhuang and Zhong Xincai’s team were getting closer and closer, so they pressured Zhuang Jianyi to transfer Osram. The way of the equity of Youchang will give the status of Foshan Lighting’s major shareholder to OSRAM, trying to use Osram to check and balance Zhongxin.â€
In the second half of 2008, Zhuang Jianyi transferred the 39.86% stake in Osram Yuchang held by its subsidiary, Yuchang Lighting Equipment, to OSRAM, which is equivalent to indirectly transferring 13.47% of Foshan Lighting to OSRAM. Osram became the major shareholder of Foshan Lighting. At this time, Zhuang Jianyi still passed the 13.24% of Fochang Lighting Equipment, Youchang Trading and personal holding Foshan Lighting, becoming the second largest shareholder.
The aforementioned person said that in addition to trying to prevent Zhong Xincai from continuing to sit in Foshan Lighting, another reason why Foshan State-owned Assets Supervision and Development Commission saw Osram was that the latter had advanced technology and strong strength in the field of electric light sources, especially LEDs, and could complement the advantages of Foshan Lighting.
What is counterproductive is that after Osram entered the country, Foshan Lighting’s internal struggles continued, but the company still had Zhongxin’s final say, and OSRAM did not actually control Foshan Lighting.
At the beginning of the project, Osram promised to inject new technology into Foshan Lighting and purchase 10 million US dollars of products from Foshan Lighting every year. However, Osram has yet to fulfill its promise. However, through the Foshan lighting, Osram has achieved the goal of opening up the Chinese market.
According to the data, sales of products in China surged 10 times in the years after Osram entered Foshan Lighting.
New energy investment failure
The technical support of foreign capital has failed, and internal struggles have not stopped. In recent years, Foshan Lighting has stagnated in the development of electric light source business.
At the crucial moment, Zhong Xincai is in danger: to enter new energy fields such as lithium batteries and electric vehicles that have nothing to do with the main business.
In September 2009, Foshan Lighting and Huaou Consulting, Lithium Energy Holdings and other companies jointly established Qinghai Fozha Lithium Energy Development Co., Ltd. (hereinafter referred to as Buddha Lithium Energy) to produce battery-grade lithium carbonate. Foshan Lighting invested 29.23 million yuan, accounting for 29.23 million yuan. More than 38%.
Since then, Foshan Lighting has accelerated its progress in the field of new energy. In 2010, the company invested 160 million yuan and 25.5 million yuan in Hefei Guoxuan High-tech Company and Qinghai Foshao Lithium Battery Positive Materials Company. In 2011, the company invested 12.6 million yuan and 200 million yuan respectively to establish Fo Zhao Guo Xuan Power and Finance Leasing Company. , respectively, holding 50%, 100%.
By the end of 2011, Foshan Lighting's accumulated investment in the new energy field has reached 500 million yuan, and all aspects of the industrial chain such as lithium resource development, lithium battery manufacturing, and pure electric vehicle powertrain are laid out.
Due to lack of experience, the new energy investment failure of Foshan Lighting has followed. According to the financial report, in 2011, Foshan Lithium Energy and Fozhao Lithium Battery cathode materials lost 21.03 million yuan and 2.94 million yuan respectively in 2011, and the Buddha Zhaoxuan Power only had a slight profit of 87,000 yuan.
According to statistics from reporters, Foshan Lighting only released more than 10 announcements on new energy in 2010, but in the past three years, new energy investment has lost tens of millions of yuan.
In addition, in June 2010, Foshan Lighting announced that it plans to invest 12 million yuan to develop a pure electric vehicle powertrain system with Dongchang Electric. In August of that year, the company issued an announcement to invest more than 400 million yuan with Taiwan Bixiang Industrial Co., Ltd. Established lithium iron phosphate cathode materials, lithium battery production, pure electric vehicle production and other enterprises. However, these two hugely invested projects have not been followed.
In the new energy field, which is associated with the main business, LED, Foshan Lighting has lost its opportunities. It did not enter until 2011. The company plans to invest 122 million yuan to establish the Buddha Photo New Light Source Company. However, by the end of 2011, Foshan Lighting only invested 10 million yuan in the first phase of the investment of 55 million yuan. In 2011, the new light source of Fozhao lost 1.16 million yuan.
"The results of the investigation have come out, and the notice will be announced in the next two days." On June 13, people close to Foshan Lighting (000541.SZ) revealed to reporters that Foshan Lighting's investigation of insider trading in the past two years is about to settle.
Foshan Lighting, which was listed in 1993, has become a famous “cash cow†for A-shares due to high cash dividends for 19 consecutive years, and its market image is good. However, this good image collapsed in 2010, and the company was caught in the "inside trading door" storm. Chairman Zhong Xincai and Dong Xiaozuo Zou Jianping were investigated.
Foshan Lighting, which has the reputation of “China Light Kingâ€, has a brilliant track record. However, after the introduction of foreign capital “Dadongjia†in 2008, Siemens Osram Holdings Co., Ltd. (hereinafter referred to as Osram), the company was reduced to new energy investment, and its operating performance began to turn down.
Over the past few years, Foshan Lighting's major shareholder's throne has been “drums and flowers†​​between Foshan SASAC, Zhuang Jianyi and Osram. The hidden Zhongxincai management team, Zhuang Jianyi and Osram's three-party battle game have gradually surfaced, and the company's new energy investment. The suspicion of suspected interest transmission is also rampant.
The truth behind it may not stop there. According to insiders of Foshan Lighting, the second shareholder Zhuang Jianyi may be only an agent. "Zhong Xincai is the real master of Foshan Lighting."
Osram frustrated Foshan Lighting
Foshan Lighting was formerly the state-owned Foshan Light Bulb Factory. Under the leadership of Zhong Xincai, it relied on its brand FSL to surpass its peers to become the largest and most profitable leading company in the domestic electric light source field. Its leading product T8 production and sales accounted for the global share. Up to 25%. Naturally, the business philosophy and operation style of Foshan Lighting have been deeply branded with Zhong.
However, everything changes with the restructuring of the enterprise. In 2004, Foshan Lighting began to restructure, and the management team headed by Zhong Xincai was interested in MBO (management buyout), but was rejected by the major shareholder Foshan Municipal Government.
In April 2006, Foshan Lighting Distributor and Hong Kong electric light source trader Zhuang Jianyi became the new actual controller. He was transferred to Foshan SASAC through Yuchang Lighting Equipment Co., Ltd. and its Osram Prosperity Company for 678 million yuan. Foshan Lighting has a 23.97% stake.
“The Foshan State-owned Assets Supervision and Administration Commission introduced Zhuang Jianyi, who wanted to check and balance the strong Zhong Xincai.†The insider’s words turned a corner. “But it was discovered that Zhuang and Zhong Xincai’s team were getting closer and closer, so they pressured Zhuang Jianyi to transfer Osram. The way of the equity of Youchang will give the status of Foshan Lighting’s major shareholder to OSRAM, trying to use Osram to check and balance Zhongxin.â€
In the second half of 2008, Zhuang Jianyi transferred the 39.86% stake in Osram Yuchang held by its subsidiary, Yuchang Lighting Equipment, to OSRAM, which is equivalent to indirectly transferring 13.47% of Foshan Lighting to OSRAM. Osram became the major shareholder of Foshan Lighting. At this time, Zhuang Jianyi still passed the 13.24% of Fochang Lighting Equipment, Youchang Trading and personal holding Foshan Lighting, becoming the second largest shareholder.
The aforementioned person said that in addition to trying to prevent Zhong Xincai from continuing to sit in Foshan Lighting, another reason why Foshan State-owned Assets Supervision and Development Commission saw Osram was that the latter had advanced technology and strong strength in the field of electric light sources, especially LEDs, and could complement the advantages of Foshan Lighting.
What is counterproductive is that after Osram entered the country, Foshan Lighting’s internal struggles continued, but the company still had Zhongxin’s final say, and OSRAM did not actually control Foshan Lighting.
At the beginning of the project, Osram promised to inject new technology into Foshan Lighting and purchase 10 million US dollars of products from Foshan Lighting every year. However, Osram has yet to fulfill its promise. However, through the Foshan lighting, Osram has achieved the goal of opening up the Chinese market.
According to the data, sales of products in China surged 10 times in the years after Osram entered Foshan Lighting.
New energy investment failure
The technical support of foreign capital has failed, and internal struggles have not stopped. In recent years, Foshan Lighting has stagnated in the development of electric light source business.
At the crucial moment, Zhong Xincai is in danger: to enter new energy fields such as lithium batteries and electric vehicles that have nothing to do with the main business.
In September 2009, Foshan Lighting and Huaou Consulting, Lithium Energy Holdings and other companies jointly established Qinghai Fozha Lithium Energy Development Co., Ltd. (hereinafter referred to as Buddha Lithium Energy) to produce battery-grade lithium carbonate. Foshan Lighting invested 29.23 million yuan, accounting for 29.23 million yuan. More than 38%.
Since then, Foshan Lighting has accelerated its progress in the field of new energy. In 2010, the company invested 160 million yuan and 25.5 million yuan in Hefei Guoxuan High-tech Company and Qinghai Foshao Lithium Battery Positive Materials Company. In 2011, the company invested 12.6 million yuan and 200 million yuan respectively to establish Fo Zhao Guo Xuan Power and Finance Leasing Company. , respectively, holding 50%, 100%.
By the end of 2011, Foshan Lighting's accumulated investment in the new energy field has reached 500 million yuan, and all aspects of the industrial chain such as lithium resource development, lithium battery manufacturing, and pure electric vehicle powertrain are laid out.
Due to lack of experience, the new energy investment failure of Foshan Lighting has followed. According to the financial report, in 2011, Foshan Lithium Energy and Fozhao Lithium Battery cathode materials lost 21.03 million yuan and 2.94 million yuan respectively in 2011, and the Buddha Zhaoxuan Power only had a slight profit of 87,000 yuan.
According to statistics from reporters, Foshan Lighting only released more than 10 announcements on new energy in 2010, but in the past three years, new energy investment has lost tens of millions of yuan.
In addition, in June 2010, Foshan Lighting announced that it plans to invest 12 million yuan to develop a pure electric vehicle powertrain system with Dongchang Electric. In August of that year, the company issued an announcement to invest more than 400 million yuan with Taiwan Bixiang Industrial Co., Ltd. Established lithium iron phosphate cathode materials, lithium battery production, pure electric vehicle production and other enterprises. However, these two hugely invested projects have not been followed.
In the new energy field, which is associated with the main business, LED, Foshan Lighting has lost its opportunities. It did not enter until 2011. The company plans to invest 122 million yuan to establish the Buddha Photo New Light Source Company. However, by the end of 2011, Foshan Lighting only invested 10 million yuan in the first phase of the investment of 55 million yuan. In 2011, the new light source of Fozhao lost 1.16 million yuan.
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