Crystal Energy's major shareholder completes the acquisition of Philips Lumileds

March 31st, led by Jinshajiang GO Scale Capital (a fund formed by Jinshajiang Venture Capital and Oak Investment Partners), supported by China-Pacific Resources Development and Investment Co., Ltd. and Nanchang Industrial Holding Group Co., Ltd., including Chinese and foreign consortiums. The M&A Fund has announced that it has successfully acquired a 80.1% stake in Lumileds, a subsidiary of Royal Philips of the Netherlands, and Philips will retain the remaining 19.9%*. Philips Lumileds currently includes the LED and Automotive Lighting Division. The transaction, valued at approximately $3.3 billion, is expected to be completed in the third quarter of 2015 after obtaining regulatory approvals and other trading conditions.

After the transaction, the new company will still retain the original name Lumileds. The new company will be headed by Pierre-Yves Lesaicherre, current CEO of Lumileds LED. Philips will remain an important customer of Lumileds and will continue to maintain a relationship with Lumileds in R&D and supply. The deal also includes Philips' transfer of more than 600 patents on LED production and automotive lighting to Lumileds.

Mr. Wu Shenjun, Chairman of GO Scale Capital and Co-founder and Managing Director of Jinshajiang Venture Capital, will serve as Interim President of Lumileds after the completion of the acquisition. He said: "The acquisition of Lumileds is indeed a successful case, showing how GO Scale can use cutting-edge technology to build a world-class enterprise. GO Scale Capital will invest in building a global operations center, focusing on the fast-growing lighting and automotive industries. To expand the global market for Lumileds. Lumileds has world-leading technology in LED chips, LED mobile phone flashlights and automotive lighting, and has a stable customer base such as BMW, Volkswagen, Audi, etc. This strong combination will bring Lumileds performance. Significant growth and unlimited business opportunities, and promote the further development of the electric vehicle industry. In addition, Mr. Wu Shenjun also pointed out that "this project is of great significance to promote the strategic transformation of China's traditional industries, and promote environmental protection for energy conservation and emission reduction. It has far-reaching influence. The operation of the 'Philips model' will develop emerging industries through cross-border arbitrage and technology arbitrage, which will help China to get rid of the 'world factory' and help China's new industry rise."

The investment institutions involved in the transaction include: Asia-Pacific Resources Development and Investment Co., Ltd., Nanchang Industrial Holding Group Co., Ltd. and Jinshajiang Venture Capital Fund and other Chinese-funded and foreign-funded consortia. The GO Scale Capital team is home to China's industry-leading technology and innovative and growing technologies, including investment in leading electric vehicle battery manufacturer Boston Power, China's leading Eco-EV manufacturer, Xindayang Electromechanical Group, and professional LEDs. Energy-saving lighting manufacturers Jingneng Optoelectronic Co., Ltd. and Jinghe Lighting Co., Ltd., the team has a wealth of LED components and the technical advantages of the automotive technology industry. Through previous investments in the LED industry, the team has mastered the auxiliary technology and guaranteed the production capacity. Lumileds' high-efficiency LED production technology and advantages will bring considerable development to the company.

“Philips is confident in this acquisition. GO Scale Capital is an investor with a long-term vision and strategic thinking. They have extensive experience in building and operating technology-based companies,” said Philips CEO Marriott (Frans) Van Houten) said, “In the past few years, we have continuously improved the development capability of the LED component business, optimized the industrial footprint of automotive lighting, and established a strong management team to support the continuous innovation of technology. Therefore, we believe that The cooperation of GO Scale Capital can greatly enhance the development speed of Lumileds, attract more customers and expand the scale."

“I believe that the partnership with GO Scale Capital will enable Lumileds to grow strongly in leading lighting products and expand its product line,” said Pierre-Yves Lesaicherre, CEO of Lumileds LED. “We will use our own technology. The leading level to meet the future needs of our customers. We will also work closely with industry partners to stay close to our customers and lead the industry in innovation and transformation."

Lumileds is the world's leading manufacturer of lighting equipment, including lighting components, general lighting, automotive lighting and mobile electronics lighting. The company has more than 8,300 employees in more than 30 countries around the world. In 2014, Lumileds had sales of nearly $2 billion and its pre-tax profit margin reached double digits.

The merger of the project has been greatly assisted by the Jiangxi and Nanchang municipal governments, and Nanchang City will provide strong support for the expansion of the project's capacity.

* Includes 34% of the equity in the US branch

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