Valuation Of Nearly 200 Million Feiluo Audio To Transfer Garage Lighting And Other Project Creditor's Rights

- Dec 27, 2018-

On the evening of December 24, Feiluo Audio (600651) announced the signing of Supplementary Agreement on Credit Transfer Agreement and Related Transactions with Shanghai Yidian Electronics (Group) Co., Ltd. (hereinafter referred to as "Yidian Electronics Group").——LED lighting

According to the announcement, due to business needs, the company's wholly owned subsidiary, Shanghai Fei Le Engineering Development Co., Ltd. (hereinafter referred to as "Fei Le construction"), intends to undertake the "Shanghai Center Tower office area, garage lighting and control project" formed by the Construction Development Co., Ltd. (hereinafter referred to as "Shanghai central company") long-term receivables 181605148.73 yuan (below) Abbreviated as "target creditor's rights", it is transferred to Yidian Electronics Group, the company's largest shareholder, on the basis of valuation. The book value of the target creditor's rights as at 30 September 2018 was 181,605,148.73 yuan and the valuation value was 197,655,524.63 yuan.——LED lighting

It is reported that on September 18, 2018, the company, Feiler Construction and Yidian Electronics Group signed the Creditor's Rights Assignment Agreement with effective conditions on the transfer of the target creditor's rights. In December 11, 2018, Fei Le construction, Shanghai central company and Instrument Electronics Group signed the three party agreement on energy conservation service sharing benefit transfer. Shanghai central company agreed to fly the construction to transfer the energy saving service sharing benefit (i.e. the target creditor's rights) of the "Shanghai central project" to the instrument electronics group.——LED lighting

Data show that Yidian Electronics Group was founded in 2011 and is a wholly-owned subsidiary of Shanghai Yidian (Group) Co., Ltd. Business scope includes: lighting appliances, electronic products, automotive parts and accessories (except batteries), instrumentation, electronic components, communication equipment (except satellite television ground receiving facilities), marine supporting equipment, household appliances R&D, design, sales and technical consultation, computer integration and network design, installation, maintenance, industrial investment, engaged in import and export of goods. Technology import and export business.——LED lighting

In addition, Feiler Sound issued another announcement that the company intends to terminate the implementation of the restricted stock incentive plan and buy back and cancel 3,702,309 restricted stocks that have been granted but have not yet been unlocked.——LED lighting

Feiler Sound said that after the implementation of repurchase and cancellation of the above shares, the total number of shares of the company will be changed from 988,922,311 shares to 985,220,002 shares, and the registered capital of the company will be changed to 985,220,002 yuan.——LED lighting

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