Recently, the media exposed Sanan Optoelectronics (600703) does not produce, only the purchase of LED street lights, the local government to buy it at a maximum of 12,400 yuan / baht, three times more expensive than the market price; it is China's largest LED chip manufacturer, but The downstream mainstream customers don't buy their goods very much, big customers? It is a related party that has been hidden from identity! Its factory cost is much higher than its peers; more than half of its profits since the listing of the backdoor, nearly 40% of the net assets come from government gifts. Affected by this, Sanan Optoelectronics stock price fell on the 1st of April, the fund market value evaporated more than 200 million.
The truth is kicked
Linking big customers to “not discloseâ€
The survey found that Sanan Optoelectronics, which has become the leader of the domestic LED industry, has not only received more than half of its profits from government subsidies since its listing, but its three main business problems, such as LED street lights, LED chips, and gold, have been seriously related. Non-associated processing, Tianjin and Wuhu projects are also suspected of inflating investment.
Since 2010, Sanan Optoelectronics has received orders for LED street lamps totaling 2.65 billion yuan from the governments of Wuhu, Huainan, Quanzhou and Anxi. The investigation found that almost all the street lights of Sanan Optoelectronics were purchased from Cinda Optoelectronics and resold to the government at a price that exceeded the market price by three times the price. All of these government-sourced orders have not passed the government procurement bidding process and are suspected of violating the Law on the Implementation of the Government Procurement Law of the People's Republic of China.
In addition, the top three customers of Sanan Optoelectronics LED chip business are actually affiliated companies, but the company has “deprecated without disclosureâ€. In the company announcement, these companies that have gone out of their own business have become “non-related partiesâ€.
It is worth noting that in 2012, Sanan Optoelectronics not only exceeded its non-operating income by more than 60% of its net profit, Sanan Optoelectronics will use the remaining gold scrap to sell, forming a scrap income of about 99% of the company's gross profit margin, even though it just exceeded its 7% of sales revenue, but contributed nearly 30% of the company's profits. Selling large amounts of gold scrap to the outside world is relatively rare in the industry.
Kunming Yinpeng Industry and Trade Co., Ltd., a partner of the gold scrap business, was shut down by the environmental protection department of Xishan District, Kunming in January 2013 due to boiling water pollution.
Respond
The company will explain the opportunity to explain externally
On April 1st, on the media exposure, Sanan Optoelectronics has sold more than half of its profits since the listing of the company. Nearly 40% of the net assets came from the government gifts. The reporter called Sanan Optoelectronics. The other party said that the media news was false reports, and the company will issue another explanation. . Sanan Optoelectronics staff also said that there is no plan to suspend the license in the near future. The specific announcement date will depend on the company's investigation and the exchange process.
(This article is reproduced on the Internet. The texts and opinions expressed in this article have not been confirmed by this site, nor do they represent the position of Gaogong LED. Readers need to verify the relevant content by themselves.)
The truth is kicked
Linking big customers to “not discloseâ€
The survey found that Sanan Optoelectronics, which has become the leader of the domestic LED industry, has not only received more than half of its profits from government subsidies since its listing, but its three main business problems, such as LED street lights, LED chips, and gold, have been seriously related. Non-associated processing, Tianjin and Wuhu projects are also suspected of inflating investment.
Since 2010, Sanan Optoelectronics has received orders for LED street lamps totaling 2.65 billion yuan from the governments of Wuhu, Huainan, Quanzhou and Anxi. The investigation found that almost all the street lights of Sanan Optoelectronics were purchased from Cinda Optoelectronics and resold to the government at a price that exceeded the market price by three times the price. All of these government-sourced orders have not passed the government procurement bidding process and are suspected of violating the Law on the Implementation of the Government Procurement Law of the People's Republic of China.
In addition, the top three customers of Sanan Optoelectronics LED chip business are actually affiliated companies, but the company has “deprecated without disclosureâ€. In the company announcement, these companies that have gone out of their own business have become “non-related partiesâ€.
It is worth noting that in 2012, Sanan Optoelectronics not only exceeded its non-operating income by more than 60% of its net profit, Sanan Optoelectronics will use the remaining gold scrap to sell, forming a scrap income of about 99% of the company's gross profit margin, even though it just exceeded its 7% of sales revenue, but contributed nearly 30% of the company's profits. Selling large amounts of gold scrap to the outside world is relatively rare in the industry.
Kunming Yinpeng Industry and Trade Co., Ltd., a partner of the gold scrap business, was shut down by the environmental protection department of Xishan District, Kunming in January 2013 due to boiling water pollution.
Respond
The company will explain the opportunity to explain externally
On April 1st, on the media exposure, Sanan Optoelectronics has sold more than half of its profits since the listing of the company. Nearly 40% of the net assets came from the government gifts. The reporter called Sanan Optoelectronics. The other party said that the media news was false reports, and the company will issue another explanation. . Sanan Optoelectronics staff also said that there is no plan to suspend the license in the near future. The specific announcement date will depend on the company's investigation and the exchange process.
(This article is reproduced on the Internet. The texts and opinions expressed in this article have not been confirmed by this site, nor do they represent the position of Gaogong LED. Readers need to verify the relevant content by themselves.)
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