It Sold Three Subsidiaries, Focusing On Key Areas Such As LED And Outdoor Lighting

- Sep 12, 2018-

Lite-on Technology yesterday (11), a temporary board through the equity transfer agreement, the portable enterprises group owns three subsidiaries, including zhuhai lite-on mobile communication Technology Co., Ltd., guangzhou lite-on mobile electronic components Co., Ltd and shenzhen lite-on mobile precision mould Co., Ltd. 100% stake, sold to shenzhen listed company Zhejiang Firstar Panel Technology Co., Ltd. (hereinafter referred to as the "star science and Technology"), a subsidiary of deep photoelectric Technology Co., Ltd.

The transaction price of this equity is RMB 530 million, but the final transaction price shall be adjusted according to the relevant provisions of the "agreement for sale and purchase of equity".

Established in September 2003 and listed on shenzhen stock exchange in August 2011, star technology has a revenue of 5.6 billion yuan and a net profit of 70 million yuan in 2017, mainly engaged in the development and manufacturing of various screen protective glass, touch control module and institutional parts.

According to Chen guangzhong, vice chairman and chief executive of guangbao group, the company focuses on five IoT applications, including cloud computing, LED and outdoor lighting, automotive electronics, industrial automation and intelligent medical care.

Affected by the rapid changes in the global mobile device market, the operational adjustment of this mobile-related business will help the group focus on core technologies and competitiveness, continuously optimize the profitability and product portfolio, and further enhance the long-term interests of shareholders, customers and employees.

The settlement of this equity will be subject to the approval progress of relevant authorities according to law and is expected to be completed in the 4th quarter of 2018.

The transaction has no significant impact on the company's financial business, according to the company, and will be completed when the actual transaction, according to the law to handle the relevant notice and declaration.