Foshan Lighting trapped the benefits of the vortex Zhongxincai father and son closely related company network

Another star company in the A-share market fell. Foshan Lighting (000541), which has always been well-received and known as “cash cows”, was caught in the storm of public opinion by the SFC for investigating and concealing connected transactions for three consecutive years.

According to the investigation by the reporter, the two Foshan companies mentioned in the supervision letter and related to Foshan Lighting belong to Zhong Yongliang and Zhong Yonghui, the two sons of Foshan Lighting Chairman Zhong Xincai, except for the two suspected related transactions mentioned in the supervision letter. Outside the company, the Zhong brothers also control several enterprises involved in lighting, lighting and building materials in Foshan, forming a strict "Zhongshi Lighting" interest network.

Star enterprise turned into a problem company
As one of the few star companies in the A-share market, Foshan Lighting has always been titled “Cash Cow” and “China Lamp King”, but the Guangdong Securities Regulatory Bureau has recently investigated Foshan Lighting’s concealed related transactions for three years. Cast a blockbuster on the A-share market.

On July 6, Foshan Lighting announced that the company received the "Decision on Administrative Supervision Measures" from the Guangdong Securities Regulatory Bureau. The Guangdong Securities Regulatory Bureau said that Foshan Lighting's 2009 annual report, 2010 interim report and annual report, 2011 interim report and annual report were not disclosed. Foshan Schnoch California Electric Co., Ltd. (hereinafter referred to as "Snook"), Foshan City, Slangbo Enterprise Co., Ltd. (hereinafter referred to as "Surper") and related transactions; also did not disclose (Hong Kong) Qinghai The relationship between Sky Rare Element Technology Development Co., Ltd. and its joint venture to establish a related transaction of Qinghai Fozha Lithium Energy Development Co., Ltd.

At the same time, the Guangdong Securities Regulatory Bureau also issued a "Decision on the Procedures for Publicly Explaining Measures to Zhong Xincai" to Foshan Lighting. Zhong Xincai was criticized by name and asked to explain the concealment of related party transactions.

On the same day, Foshan Lighting's stock price opened up and fell sharply and almost touched the down limit. At the close, Foshan Lighting reported 7.62 yuan per share, down 6.96%, with a turnover of 160 million yuan, a nearly five-fold increase from the previous trading day.

The chairman of the board of directors has a network of affiliates
The reporter consulted the industrial and commercial information of Foshan City. The legal representative and responsible person of Schnoqi mentioned by the Guangdong Securities Regulatory Bureau is Zhong Yongliang, with a registered capital of 140,000 US dollars. The legal representative and responsible person of another Foshan enterprise Slangbo is Zhong Yonghui, and the registered capital is 500,000 yuan.

According to industry and commerce information, Schnoch's address is 1-9 axis (2#) on the first floor of No. 66 Minjiang North Road, Chancheng District, Foshan City, and the address of Slangbo is No. 68, Minjiang North Road, Chancheng District, Foshan City. Shop No. 2, very close.

In the survey, a brokerage analyst who did not want to be named to track Foshan Lighting for a long time said that Zhong Yongliang and Zhong Yonghui were the two sons of Zhong Xincai. According to another media investigation, Zhong Yongliang is the eldest son of Zhong Xincai, Zhong Yonghui is the second son of Zhong Xincai; Huo Guang is the uncle of Zhong Xincai’s son, and Huo Guang is the largest distributor of Foshan Lighting in Foshan, and the company is operated by Foshan Yubang Electric Lighting Co., Ltd. (hereinafter referred to as "Shanbang Electric"), the company is only separated from Foshan Lighting by a street, Huo Guang is also the owner of Qinghai Power New Energy Materials Co., Ltd.

In fact, the interests of Zhong’s father and son in Foshan’s lighting are far more than the two companies mentioned above. According to a survey by the reporter, in addition to the Slangpo, Zhong Yonghui has a Luochang Tuoxiang plastic lighting hardware processing factory in Nanhai District, Foshan City, Foshan Chancheng Fulujujiajiadian Store (deregistered), Foshan Gaoming District Shijia Lighting Ltd. (hereinafter referred to as "Shijia Lighting") and several other lighting and lighting companies, including Zhong Yonghui's sole address of Shijia Lighting is located in Foshan Foshan Lighting Industrial Park, Hecheng Street, Gaoming District, Foshan City.

Zhong Yongliang has more lighting related companies in Foshan, most of which have been cancelled or revoked business licenses. In addition to Schnoqi, the current lighting companies include Foshan Gaoming District Liangqi Electric Co., Ltd. (hereinafter referred to as “Foshan Liang” The address of Foshan is also in Foshan Foshan Lighting Industrial Park, Hecheng Street, Gaoming District, Foshan City. It is adjacent to Shijia Lighting, which belongs to Zhong Yonghui, and is nestled in the Foshan Lighting Park of his father Zhong Xincai.

Equity transfer suspected interest transfer
For many years, it has concealed related transactions and the inconsistent Zhongshi Lighting Benefit Network, which has led investors to re-examine the previously-recognized Foshan Lighting’s head, Zhong Xincai, who has found many doubts in an equity acquisition several years ago. The empty shell company, Zhong Yongliang's son Zhong Yongliang and Huo Guang appeared in it.

In March 2009, Foshan Lighting Co., Ltd. and Foshan Haozhiyuan Trading Co., Ltd. (hereinafter referred to as “Haozhiyuan”), Shanghai Liangqi Electric Co., Ltd. (hereinafter referred to as “Shanghai Liangqi”), and Shan State Electric Co., Ltd. Established Foshan Lighting Co., Ltd. (hereinafter referred to as “Foshan Lighting”), the business scope of research, development, production of electric light source lamps and related electrical materials, metal materials, non-metallic materials accessories, registered capital of 5 million yuan, Foshan Lighting 60%.

According to Foshan Lighting's 2009 annual report, Foshan Lighting signed an equity transfer agreement with Haozhiyuan on September 25, 2009, and 10% equity of Foshan Lighting Co., Ltd. held by Haozhiyuan was transferred to the company; November 19, 2010 On the same day, Foshan Lighting signed an agreement with shareholders such as Shanghai Liangqi and Shanbang Electric, and the minority shareholders mentioned above transferred the 6% equity of Foshan Lighting Co., Ltd. held by them to the company. After the transfer, the company holds a 100% stake in Foshan Lighting Co., Ltd.

However, the reporter consulted the company's 2009-2010 all announcements, but did not find the announcement of the equity transfer, nor did it disclose the price of the equity transfer. The above content only comes from the description of the subsidiary Foshan luminaires in the 2009 and 2010 annual reports. The price is not mentioned. According to the operating data of Foshan Lighting in 2010, Foshan Lighting's operating income in 2010 was 243 million yuan, and the net profit was 13.659 million yuan. According to industry insiders, the company's performance for one year can be achieved, and the overall value should be more than 100 million yuan.

Why do several minority shareholders quit when the company first begins to develop? The reporter noted that Haozhiyuan was established at the end of 2008, and has not continued the industrial and commercial inspection after 2009. Therefore, the existence of the company is very likely to be the shell company to undertake the shares of Foshan Lighting, and the representative of Shanghai Liangqi is Zhong Yongliang. Huo Guang, the boss of Shan State Electric, has a deep relationship with Zhong Xincai.

A person in the capital industry said that the equity transfer company is vague and there may be a transfer of interests. When the company is established, only a few related persons will only issue registered capital or make a false investment. After the company is operational, it will be sold to the listed company at a high price. Take the difference.

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