The "scandals" such as related transactions and insider trading that have surfaced in succession have left Foshan Lighting with little room to breathe. Recently, Foshan Lighting was notified by the Shenzhen Stock Exchange for violations of daily related party transactions, related investment violations, related guarantee violations and related financial support violations.
It was found that from 2009 to 2011, Foshan Lighting was carried out with Foshan Snowy California Electric Co., Ltd., Foshan Slangbo Enterprise Co., Ltd. and Shanghai Liangqi Electric Co., Ltd. controlled by the chairman of the company, Zhong Xincai. For related transactions, the total amount was 53.28 million yuan, 75.78 million yuan and 86.607 million yuan. None of the above actions fulfilled the obligation of temporary announcement and periodic report disclosure.
It is worth mentioning that Foshan Lighting released 20 announcements on August 2 this year to supplement the undisclosed related party transactions on July 13. This disclosure made Foshan Lighting's "friends and relatives" surface, involving the eldest son, second son, younger brother, young nephew, and relatives of Zhong Xincai. The above-mentioned Snooker California Electric and Liangqi Electric Appliances were established by Zhong Xinliang, the eldest son of Zhong Xincai; Zhong Xinhui, the second son of Zhong Xincai, holds 95% of the shares of Slangbo Enterprises.
In addition to daily related party transactions violations, Foshan Lighting also involved three related investment violations. It was found by the regulatory authorities that Foshan Lighting jointly established Qinghai Folu Lithium Energy Development Co., Ltd. (hereinafter referred to as “Li Zhao Li Li†with a total of 29.23 million yuan in 2009 with the related person Hong Kong Sky Rare Element Technology Development Co., Ltd. and other minority shareholders. Energy"); in 2010, with the affiliated Qinghai Weili New Energy Materials Co., Ltd., a total of 25.5 million yuan was established to establish Qinghai Foshao Lithium Electrode Materials Co., Ltd. (hereinafter referred to as "Fo Zhao Materials"), none of the above acts have performed related transactions. The review process was not reviewed until July 12 this year, and the above matters were added and reviewed; in May 2010, Fozhao Lithium Energy was transferred to Qinghai Salt Lake Foshan Lanke Lithium Co., Ltd. with 55.5 million yuan and related person Qinghai Power respectively. The company (hereinafter referred to as “Salt Lake Buddha Photoâ€) owns 30% and 20% of the shares, and the act did not fulfill the related party transaction review procedures and disclosure obligations in a timely manner.
In addition, it was found that the company's controlling subsidiary, Fo Zhao Materials, provided a loan of 25 million yuan for Folu Lithium Energy on January 5, 2010, and a guarantee of 40 million yuan for the Salt Lake Buddha Photo on November 5 of the same year. None of the performance of the related party transaction review procedures and disclosure obligations.
The regulatory authorities pointed out that the above-mentioned behavior of the company violated the relevant rules of the CSRC. The chairman of the company, Zhong Xincai, failed to fulfill his duties, fulfill his duties of integrity and diligence, violated relevant regulations, and had an important responsibility for the company's violations. To this end, the Shenzhen Stock Exchange gave the company and the chairman of the company, Zhong Xincai, to report the criticism.
In fact, just last month, Foshan Lighting just received an administrative penalty decision from the China Securities Regulatory Commission, using internal information during the 2009 plan to promote investment in new energy projects by Zou Jianping, deputy general manager of Foshan Lighting, and his spouse Zhang Minzhi and son-in-law Zhou Xingfu. Administrative penalties were imposed for the conduct of stock trading.
It was found that from 2009 to 2011, Foshan Lighting was carried out with Foshan Snowy California Electric Co., Ltd., Foshan Slangbo Enterprise Co., Ltd. and Shanghai Liangqi Electric Co., Ltd. controlled by the chairman of the company, Zhong Xincai. For related transactions, the total amount was 53.28 million yuan, 75.78 million yuan and 86.607 million yuan. None of the above actions fulfilled the obligation of temporary announcement and periodic report disclosure.
It is worth mentioning that Foshan Lighting released 20 announcements on August 2 this year to supplement the undisclosed related party transactions on July 13. This disclosure made Foshan Lighting's "friends and relatives" surface, involving the eldest son, second son, younger brother, young nephew, and relatives of Zhong Xincai. The above-mentioned Snooker California Electric and Liangqi Electric Appliances were established by Zhong Xinliang, the eldest son of Zhong Xincai; Zhong Xinhui, the second son of Zhong Xincai, holds 95% of the shares of Slangbo Enterprises.
In addition to daily related party transactions violations, Foshan Lighting also involved three related investment violations. It was found by the regulatory authorities that Foshan Lighting jointly established Qinghai Folu Lithium Energy Development Co., Ltd. (hereinafter referred to as “Li Zhao Li Li†with a total of 29.23 million yuan in 2009 with the related person Hong Kong Sky Rare Element Technology Development Co., Ltd. and other minority shareholders. Energy"); in 2010, with the affiliated Qinghai Weili New Energy Materials Co., Ltd., a total of 25.5 million yuan was established to establish Qinghai Foshao Lithium Electrode Materials Co., Ltd. (hereinafter referred to as "Fo Zhao Materials"), none of the above acts have performed related transactions. The review process was not reviewed until July 12 this year, and the above matters were added and reviewed; in May 2010, Fozhao Lithium Energy was transferred to Qinghai Salt Lake Foshan Lanke Lithium Co., Ltd. with 55.5 million yuan and related person Qinghai Power respectively. The company (hereinafter referred to as “Salt Lake Buddha Photoâ€) owns 30% and 20% of the shares, and the act did not fulfill the related party transaction review procedures and disclosure obligations in a timely manner.
In addition, it was found that the company's controlling subsidiary, Fo Zhao Materials, provided a loan of 25 million yuan for Folu Lithium Energy on January 5, 2010, and a guarantee of 40 million yuan for the Salt Lake Buddha Photo on November 5 of the same year. None of the performance of the related party transaction review procedures and disclosure obligations.
The regulatory authorities pointed out that the above-mentioned behavior of the company violated the relevant rules of the CSRC. The chairman of the company, Zhong Xincai, failed to fulfill his duties, fulfill his duties of integrity and diligence, violated relevant regulations, and had an important responsibility for the company's violations. To this end, the Shenzhen Stock Exchange gave the company and the chairman of the company, Zhong Xincai, to report the criticism.
In fact, just last month, Foshan Lighting just received an administrative penalty decision from the China Securities Regulatory Commission, using internal information during the 2009 plan to promote investment in new energy projects by Zou Jianping, deputy general manager of Foshan Lighting, and his spouse Zhang Minzhi and son-in-law Zhou Xingfu. Administrative penalties were imposed for the conduct of stock trading.
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