FSL shares fell 15 days into the victim fell by as much as 32%

FSL securities office, said that if there is no accident, the relevant instructions and supplemental disclosure will be released on the evening of July 12th, and there is no disclosure of related party transactions there is no problem of interest transfer

From the hidden affiliated transactions, alleged annual fraud was exposed (July 5th evening) so far, a full 4 days, FSL almost silent, did not respond in time to the market a confessed.

Of course, in the Guangdong Securities Regulatory Bureau ordered the rectification decision within the provisions of the disclosure deadline, the choice of silence is the freedom of FSL. However, the company's share price has become a victim, it is like a runaway horse like Yixieqianli, at the same time, the interests of small investors have no security.

Thin, FSL released from the "liquidation of LED joint venture company" announcement, its stock price has been 8.51 yuan / June 29th at the opening of 7.26 yuan / share fell to July 9th closing stocks, 7 trading days or up to 17.22%. From the opening price of 9.61 yuan / share count in June 19th, as of July 9th, FSL's stock price has fallen by more than 32.37%.

And is busy with the Guangdong Securities Regulatory Bureau contact stakeholders said, no accident, our 'instructions and supplemental disclosure' will be released on the evening of July 12th". The source also said, the company did not disclose the related party transactions there is no problem of transfer of benefits".

There is no transfer of benefits?

If it is not a piece of paper "Guangdong Securities Regulatory Bureau ordered rectification decision, I am afraid few people will" hide related party transactions, the annual report fraud and investors have been crowned as "cash cow" and "Chinese light king" FSL together.

I do not believe that a rich experience, in 1993 landed on the A-share market, the old A listed companies, has committed a non disclosure of related party transactions, the low-level error.

In fact, the Guangdong securities regulatory bureau pointed out that FSL's 2009 annual report, 2010 report and annual report, 2011 report and the annual report did not disclose the application of Kilinochchi, silangbo, Hongkong Sky Association and related transactions, people have to think of the "transfer of benefits".

It is found that when the media dig: Shi Nuoji, silangbo two companies belong to FSL chairman Zhong Xincai, the eldest son of Zhong Yongliang, the second son of Zhong Yonghui, to the public almost company "benefits" of the problem no longer doubt.

However, in July 9th has been FSL securities office stakeholders do not disclose the interests of related party transactions there is no reply.

In this regard, a brokerage analyst said, according to the Guangdong securities regulatory bureau decision book, FSL three consecutive years of a number of related party transactions were not disclosed, then this is not hidden what? And if it is not the transfer of benefits, why should we hide it? "

For there have been media reports, a former FSL sales person in charge of "Shi Nuoji, silangbo only two companies' OEM dealers', with very little relevance to FSL," the analyst thinks, "according to" accounting standards "of enterprises, corporate executives relatives also belong to the related party transactions, and enterprises these related parties also must be disclosed".

Performance decline reality

By now, many people are still unwilling to believe that once the "cash cow" and "Chinese light king" will disregard the interests of small investors. After all, not long ago, FSL has just announced in 2011, every 10 shares to send cash of $2.50 (including tax), the dividend program, the cow is still producing milk is now.

But at the same time, generous dividends can not offset market concerns about FSL's future, this is perhaps the "hidden transaction and report fraud was exposed, why the market did not read the" cash cow "of the old feelings.

It should be said that now the FSL performance is getting worse is an indisputable fact that, after April 25th the company released a quarterly show in 2012, during the period, FSL only attributable to shareholders of listed companies net profit of 56 million 930 thousand yuan, down 15.84%.

In the 5 years from 2007 to 2011, FSL annual net profit attributable to shareholders of the parent company grew by an annual rate of, -47.11%, -5.35%, respectively, 10.57%, the gradual decline of the obvious signs.

In addition, the mainland has on November 1, 2011 issued a "gradual ban on the import and sale of ordinary incandescent lighting notice", from October 1, 2012, according to the size of the power gradually ban the import and sale of incandescent lamps for general lighting.

The annual output of incandescent lamps more than 500 million FSL is a "soft spot", while at the same time, the company to develop the status quo in lithium batteries and LED on the new business does not give enough confidence, especially when it had been high hopes for the "LED company" liquidation, dissolution, many firms have been lowered the ratings on FSL.