Incandescent ban ban Foshan Lighting "Achilles heel"?

In the A-share market, Foshan Lighting, which was highly praised by investors for its long-term high cash distribution, issued 10 announcements through the website of the Shenzhen Stock Exchange yesterday. As for the undisclosed existing between Foshan Lighting and a number of companies pointed out by the Guangdong Securities Regulatory Bureau earlier. Relevance and related transactions respond. In the announcement, Foshan Lighting acknowledged the existence of related transactions with a number of companies and disclosed specific amounts.

Since the Guangdong Securities Regulatory Bureau issued a "decision to order rectification" issued by the Guangdong Securities Regulatory Commission on July 5, the company's share price fell continuously due to this drag, with the largest drop of 16.24%. In the past four days, the share price of this stock has rebounded slightly. It closed at 7.16 yuan yesterday.

The stock price of the company continued to fall. In yesterday's announcement, Zhong Xincai disclosed the status of related relationships and related transactions, and he did not disagree with the facts identified by the Guangdong Securities Regulatory Bureau; he also sincerely accepted the measures that the Guangdong Securities Regulatory Authority has imposed on the public and stated instructions. Do not make any appeal to the Guangdong Securities Regulatory Commission's handling decision.

Zhong Xincai said that he had misunderstood the relevant laws and relevant rules and regulations. He had insufficient understanding of the timeliness, consequences, and the functions of the board of directors in a timely manner. As a result, he eventually failed to explain it to the board of directors and caused irregularities. In response, Zhong Xincai expressed his deep apology to the “Board of Directors and the small and medium-sized shareholders,” and stated that the board of directors of the company has hired intermediaries to formulate corrective measures in accordance with the requirements of the regulatory authorities, and effectively prevented similar incidents from happening again.

From the announcement of Foshan Lighting Co., Ltd., which will “clear the LED joint venture company”, its stock price has slipped from 8.51 yuan/share at the opening of June 29 to 7.26 yuan/share at the close of July 9 and has fallen by 7 trading days. 17.22%. From the opening price of 9.61 yuan/share on June 19th, as of July 9th, the cumulative decline in Foshan lighting stock price has reached 32.37%.

The K-line shows that in the first quarter, Foshan Lighting reported a minimum of 8.53 yuan, but in the first quarter, the overall rise from low to high, March 14 new high of 11 yuan during the year. However, the stock price subsequently went down, and the share price has been within a narrow range of 9.5 to 10 yuan before June 20. From June 21st, Foshan Lighting continued to decline, and the cumulative decline so far has been 21.3%.

In the 18 years since 18 years when the company dispatched 2.846 billion yuan to the company since listing in 1993, Foshan Lighting Group has distributed a cash dividend of 2.646 billion yuan to all shareholders, and the total amount of funds raised since the company was listed was only 1.286 billion yuan. The total amount of company dividends is the company. More than double the total amount of funds raised, the investors were hailed as "cash cows." Not long ago, Foshan Lighting has just announced the 2011 "every 10 shares of cash 2.50 yuan (including tax)" bonus program, "milk cow" is still producing "milk" distribution.

However, generous dividends do not offset market concerns about the future of Foshan Lighting. Today's Foshan lighting performance is deteriorating. It is an indisputable fact. After the April 2012 quarterly report released by the company, Foshan Lighting achieved a net profit of 56.93 million yuan, a year-on-year decrease of 15.84%.

In addition, on November 1st, 2011, China issued the "Notice on Gradually Prohibiting the Import and Sale of Incandescent Lamps for General Lighting," and decided to gradually ban the import and sale of general lighting in stages according to the power level from October 1, 2012. Incandescent lamp.

This is an “absence” for Foshan Lighting with an annual output of more than 500 million incandescent lamps. At the same time, the company’s pioneering status in lithium battery and LED new business does not give investors sufficient confidence, especially when After the high hopes for the "LED joint venture company" were liquidated and dissolved, many brokers lowered their ratings on Foshan Lighting.

Originated from undisclosed relationship Prior to this, Foshan Lighting announced that the company received the "Dealing Supervision Administrative Measures Decision" issued by the Guangdong Securities Regulatory Bureau. The Guangdong Securities Regulatory Bureau said Foshan Lighting's 2009 annual report, 2010 interim report and annual report, and 2011 interim report. The annual report did not disclose the affiliated relationship and related transactions with Foshan Schnage California Electric Co., Ltd. and Foshan City Longbow Enterprise Co., Ltd.

At the same time, the company also did not disclose the related relationship with (Hong Kong) Qinghai Skyrim Rare Elements Technology Development Co., Ltd., and its joint investment in the establishment of Qinghai Fozhao Lithium Energy Development Co., Ltd.'s related party transactions.

In addition, the Guangdong Securities Regulatory Bureau also issued a "Decision on Taking Order to Publicly Explain Measures to Zhong Xincai" to Foshan Lighting, and criticized Zhong Xincai and asked him to explain the concealment of related transactions.

After being exposed to the facts, Foshan Lighting has maintained a "silent" attitude without any reaction. However, the company's stock price has become a victim, Foshan Lighting's cumulative decline has reached 32.37%.