The FSL LED joint venture company dissolved million investment

After a lapse of 1 years, had been high hopes, bearing FSL () LED business new hope (000876) of the joint venture eventually announced the dissolution.

In June 29th, FSL through the announcement said, "due to the influence of" technology and market environment changes, FSL no longer think the Ritz Limited branch (Hongkong) Guangdong Buddha in June 2011 to set up a joint venture in new light source technology Co. Ltd. (hereinafter referred to as the new light source company) to produce economic benefits". Ultimately, the joint venture parties to negotiate, decided to dissolve, liquidation of the new light source".

In spite of the 10 announcements "cover" released June 29th FSL over the same period, the new source of company dissolution and liquidation of the news is not so eye-catching; and in spite of this announcement, the company has emphasized its "at the end of 2011 and set up the LED division, new light source company dissolution has no effect on the FSL LED business. But in fact, before and after the company announced the dissolution of the new light source ", several brokerages invariably lowered the ratings on FSL; multiple research report also revealed the market growth of FSL expects the performance point LED and lithium battery prospects.

The establishment and dissolution of 1 years

In April 28, 2011, FSL released the "on the establishment of investment Guangdong fozhao new light source technology Co., the company's announcement, the company first announced with limited joint venture established by the Ritz Carlton Guangdong fozhao new light source technology Co., Ltd. in Foshan, PCR high color, low color temperature white LED lighting products production project.

The registered capital of the company reached 222 million yuan (RMB, the same below), which FSL invested $122 million in cash, accounting for $55%. Carlton Kechuang limited in its own PCR high color, low color temperature of white LED proprietary technology assessment valued invested 100 million yuan, accounting for 45% of the shares.

The results of detecting the PCR high color, low color temperature of white LED proprietary technology "FSL show in the same conditions by using the chip, this technique can achieve LED light color index is more than 90%, different color temperature, high light efficiency at home and abroad more than 25% similar LED light source.

Reached such a superior test results, no wonder FSL had a phrase in recent years, my company has been looking for an opportunity to cut into the LED industry as the opening of the new company announced the opening of the white. It is not difficult to understand, FSL has been placed on the high hopes of this cooperation.

However, 1 years later, with the passage of time, LED market confusion, FSL attitude of "cooperation" has also changed. That in the "new source of company dissolution" announcement, FSL said the company planned development projects there is a big market risk, has been set up before the actual operation, the company's existence will only increase the management costs, unable to generate economic benefits, will seriously harm the interests of the shareholders of the company".

You win some.you lose some, but people doubt that such a superior technology, and is known as "China light king" reputation of the FSL escort, so how could suffer a big?

Tens of millions of dollars of investment

According to the announcement, the new light source has not been established since the actual operation of the company, in other words, the company has not been profitable.

In addition, because of FSL's partners - the Ritz limited to "Kechuang technical capital" as the investor, did not pay real money, then, the final 10 million yuan cooperation consumption only FSL has made contribution.

Announcements, as of the end of 2011, the new light source company paid 10 million yuan of capital, total assets of $9 million 11 thousand and 800, net assets of $8 million 838 thousand and 800, undistributed profit -116.12 million. In addition, produced in the process of liquidation company now produces new light source in the cost and two patents transferred back to the Ritz limited costs are branch will bear FSL.

FSL may have lost confidence in this cooperation". An anonymous industry insiders said.

After all, according to the agreement between the two sides, FSL should be issued within 30 days after the issuance of the joint venture company business license to pay the first phase of the investment of $55 million, the remaining amount will be issued within 2 years after the joint venture business license issued. However, until the dissolution of the new light source, the actual contribution of FSL is only 10 million yuan.

As expressed in the announcement by FSL "in recent years, our company has been looking for an opportunity to cut into the LED industry". Public information, as early as 2010, FSL has worked with the United States BridgELux (Pu Rui) photoelectric shares (600184) Company Limited signed LED project cooperation agreement, to carry out the production and sales of high lumen LED light bulb, lamps in china.

Today, however, these attempts, efforts ultimately failed to bear fruit. FSL's' China Light King 'name only applies to the traditional lighting era, and now its transformation is not' forward-looking 'but' have to'". The industry said.

Since October 2012, China will prohibit the sale and import of more than 100 watts and general lighting incandescent light; by October 1, 2016, prohibit the sale and import of more than 15 watts and general lighting incandescent lamp.

This is a soft spot for FSL, is also an opportunity, you know, FSL incandescent annual output of 500 million or more; and with incandescent lamps gradually withdraw from the stage of history, the civilian market will leave billions of vacancies. However, it also needs to have L