Foshan Lighting, known as the "Chinese Light King", is now caught in a lawsuit.
Due to the false statement of securities in Foshan Lighting in the past few years, Ms. Xu requested the Guangzhou Intermediate People's Court to order Foshan Lighting to compensate her for the loss of investment, commission, stamp duty and interest loss totaling about 190,000 yuan. In fact, Ms. Xu is only one of 515 people (pieces) filed a lawsuit against Foshan Lighting on the grounds of “stock false statement liability disputeâ€. The total amount claimed in the above 515 cases is approximately RMB 73 million.
Li Jian, one of the plaintiff's attorneys and a senior partner of Zhejiang Yufeng Law Firm, said that Foshan Lighting investors will sued the Guangzhou Intermediate People's Court for claiming losses. It is estimated that the number of plaintiffs may exceed 2,000 and the amount of claims exceeded 200 million yuan. It is expected to become the second largest case of civil compensation for Chinese securities after the Eastern Electronics case.
In the face of such a large claim, “we have hired a team of lawyers and 10 lawyers to participate.†Foshan Lighting’s secretaries said. However, he is not sure about the probability of winning the case. "The result can only be seen in the court's decision."
At the moment, Foshan Lighting is in a critical period of transformation. The sudden attack on the official door will undoubtedly distract the energy of Foshan's lighting transformation. Today, Foshan Lighting has divested its lithium battery business and entered the LED business. However, the transformation of Foshan Lighting was not smooth. The operating profit in the first half of this year fell by nearly 30% year-on-year.
Claim or over 200 million
Recently, the Guangzhou Intermediate People's Court filed a case for accepting 515 persons (pieces) of the plaintiff against the defendant Foshan Lighting on the grounds of “securities misrepresentation disputesâ€. On September 23, Foshan Lighting announced that it had received 515 "Civil Complaints". The amount claimed in the above 515 cases was approximately RMB 73 million and HKD 81,000.
According to the relevant provisions of the Securities Law and the Supreme People's Court's "Several Provisions on the Trial of Civil Compensation Cases Caused by False Statements in the Securities Market", investors who have been subjected to administrative punishments such as the Securities and Futures Commission and whose rights have been damaged due to false statements may have jurisdiction. The court of the right filed a civil compensation lawsuit.
In fact, the Guangdong Securities Regulatory Bureau on March 7 identified Foshan lighting information disclosure violations. Li Jian said that the plaintiff purchased the tradable shares issued by the defendant Foshan Lighting according to the information disclosure of the defendant, which caused the investment loss due to its false statement.
Li Jian also believes that the plaintiff bought the "Foshan Lighting" stock before the date of the false statement and after the date of the disclosure, and after the false statement disclosure date, the loss caused by the sale of the stock or the loss due to continued holding The defendant shall be liable for compensation according to law. "Many people think that because of our reasons, the stock price has fallen." Foshan Lighting's director of the secretaries said that the reasons for the loss of stocks can not be attributed to the company's false statements. "We are very active in dealing with this matter now. We have invited a law firm and are well-known in Guangdong Province." Even if the lawyer team has 10 lawyers involved, the above-mentioned secretaries of the board of directors are still uncertain about the probability of winning the lawsuit.
However, Li Jian, one of the plaintiff's attorneys, is optimistic about the prospect of winning the case. "Listed companies must disclose information in accordance with the law, and must be truthful, accurate and complete. Under this premise, it is of course risky for the stockholders to lose money. However, if the listed company is seriously guilty of misleading the investors, the losses suffered by the listed company must of course be Compensation."
At the moment, Li Jian actively leads the investors around the country to sue Foshan Lighting. Li Jian revealed that he represented the shareholders in various places in three batches to sue Foshan Lighting for more than four million yuan. Currently, he is waiting for the court to open the court, and the fourth batch of shareholders intends to sue in court in October.
In the Foshan lighting lawsuit, Li Jian’s acceptance of the entrustment and agency prosecution of the shareholders will continue until the expiration of the statute of limitations on March 6, 2015. According to preliminary estimates by Li Jian, after the two-year period, the number of plaintiffs may exceed 2,000 and the amount of claims exceeded 200 million yuan.
Today, the lawsuit has caused trouble for Foshan Lighting. Foshan Lighting said that because the case has not begun to be heard, it is still impossible to determine the impact of litigation cases on the company's current profit or future profits. In fact, Foshan Lighting's operating profit is not satisfactory. In the first half of this year, it was only 116 million yuan, a year-on-year drop of 26.4%. Once lost, the performance of Foshan Lighting may be worse.
Transforming difficulties
Today, there is still more trouble waiting for the new chairman of Foshan Lighting, Pan Jie.
In order to promote the development of lithium battery business, Foshan Lighting jointly established the Buddha Lithium Battery Company with other three companies on August 17, 2010. In April 2011, he co-funded with Hefei Guoxuan Gaoke Power Energy Co., Ltd. to establish Fo Zhao Guo Xuan.
Due to factors such as market sales channels, Fossil Lithium Battery Co., Ltd. has not been able to operate normally. As of the end of 2012, the accumulated loss was 112.336 million yuan, and it will still bear the expenses of factory rent and equipment depreciation. With the changes in the market environment, Fo Zhao Guo Xuan has not been able to normal production and operation. As of the end of 2012, the company's accumulated losses amounted to 13.85 million yuan.
In order to avoid further expansion of losses and reduce investment risks, Pan Jie made an action to speed up the divestment of lithium battery business after half a month of flying down Foshan Lighting. On June 18, Foshan Lighting announced that it had transferred 51% of the shares of Fossil Lithium Power Co., Ltd. held by the company. On the same day, Foshan Lighting and Hefei Guoxuan decided to liquidate and cancel the Buddha Zhao Guoxuan. “Foshan Lighting’s advantage in the lithium battery business is not obvious enough. The business has not yet formed a scale. The decision to take the initiative to withdraw is a smart move.†He Zaihua, a senior researcher at CIC, said that the lithium battery industry has shown signs of overcapacity and the industry is very Stable, its profitability will gradually decline.
Behind the divestment of lithium battery business, Foshan Lighting is accelerating business transformation. According to the company's secretarial office, "We are now focusing on the development of LED's main business." According to its disclosure, Foshan Lighting's production capacity has increased by about 10 times since the launch of the LED production line last year. “Foshan Lighting has obvious advantages in lighting equipment, but the large-scale layout of LEDs is not desirable.†He Zaihua pointed out that the enthusiasm of various local governments to launch LED projects has been unprecedentedly high. After the major projects enter the production process, overcapacity and structural imbalance The decline in profitability will become more and more serious, and the LED of Foshan Lighting will regain the old road of lithium battery business. "In the war without smoke, the LED lighting manufacturers' victory is not based on price, but on brand and quality." Fang Liqiang, manager of Foshan Lighting North Zhejiang Marketing Center pointed out. As one of the world's two major light source manufacturers, Osram, the largest shareholder of Foshan Lighting, holds the core technology of LED. Once the two sides reached technical cooperation, plus the channel advantages of Foshan Lighting, the LED development of Foshan Lighting will be even more powerful.
Right now, the sudden attack on the official door will undoubtedly distract Pan Jie from the energy of Foshan's lighting transformation. To make matters worse, due to the existence of horizontal competition between Foshan Lighting and Osram, Osram’s technology injection has been delayed.
Foshan Lighting’s secretaries said that there was no news of technical cooperation. In He Zaihua’s view, “This involves many issues such as foreign capital and domestic capital, core technologies, etc. Foshan Lighting is unlikely to get more benefits from Osram.â€
As early as May 29, when the new chairman, Pan Jie, was elected, Osram’s two directors, Wu Shengbo and Vienne Hoffman, abstained from voting for the airborne Pan Jie, and believed that Pan Jie and their proposed chairman The prerequisites do not exactly match.
OSRAM has promised to provide LED lighting technology to Foshan Lighting in due course. Today, the discord between the two sides may hinder related technical cooperation. And Foshan Lighting, which lacks core technology support, will deal with the upcoming meager profit era of LED?
(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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High Density solder cup,machined contacts D-subminiature connectors
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Standard Density vertical mount D-subminiature connectors
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Slim D-sub series
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Due to the false statement of securities in Foshan Lighting in the past few years, Ms. Xu requested the Guangzhou Intermediate People's Court to order Foshan Lighting to compensate her for the loss of investment, commission, stamp duty and interest loss totaling about 190,000 yuan. In fact, Ms. Xu is only one of 515 people (pieces) filed a lawsuit against Foshan Lighting on the grounds of “stock false statement liability disputeâ€. The total amount claimed in the above 515 cases is approximately RMB 73 million.
Li Jian, one of the plaintiff's attorneys and a senior partner of Zhejiang Yufeng Law Firm, said that Foshan Lighting investors will sued the Guangzhou Intermediate People's Court for claiming losses. It is estimated that the number of plaintiffs may exceed 2,000 and the amount of claims exceeded 200 million yuan. It is expected to become the second largest case of civil compensation for Chinese securities after the Eastern Electronics case.
In the face of such a large claim, “we have hired a team of lawyers and 10 lawyers to participate.†Foshan Lighting’s secretaries said. However, he is not sure about the probability of winning the case. "The result can only be seen in the court's decision."
At the moment, Foshan Lighting is in a critical period of transformation. The sudden attack on the official door will undoubtedly distract the energy of Foshan's lighting transformation. Today, Foshan Lighting has divested its lithium battery business and entered the LED business. However, the transformation of Foshan Lighting was not smooth. The operating profit in the first half of this year fell by nearly 30% year-on-year.
Claim or over 200 million
Recently, the Guangzhou Intermediate People's Court filed a case for accepting 515 persons (pieces) of the plaintiff against the defendant Foshan Lighting on the grounds of “securities misrepresentation disputesâ€. On September 23, Foshan Lighting announced that it had received 515 "Civil Complaints". The amount claimed in the above 515 cases was approximately RMB 73 million and HKD 81,000.
According to the relevant provisions of the Securities Law and the Supreme People's Court's "Several Provisions on the Trial of Civil Compensation Cases Caused by False Statements in the Securities Market", investors who have been subjected to administrative punishments such as the Securities and Futures Commission and whose rights have been damaged due to false statements may have jurisdiction. The court of the right filed a civil compensation lawsuit.
In fact, the Guangdong Securities Regulatory Bureau on March 7 identified Foshan lighting information disclosure violations. Li Jian said that the plaintiff purchased the tradable shares issued by the defendant Foshan Lighting according to the information disclosure of the defendant, which caused the investment loss due to its false statement.
Li Jian also believes that the plaintiff bought the "Foshan Lighting" stock before the date of the false statement and after the date of the disclosure, and after the false statement disclosure date, the loss caused by the sale of the stock or the loss due to continued holding The defendant shall be liable for compensation according to law. "Many people think that because of our reasons, the stock price has fallen." Foshan Lighting's director of the secretaries said that the reasons for the loss of stocks can not be attributed to the company's false statements. "We are very active in dealing with this matter now. We have invited a law firm and are well-known in Guangdong Province." Even if the lawyer team has 10 lawyers involved, the above-mentioned secretaries of the board of directors are still uncertain about the probability of winning the lawsuit.
However, Li Jian, one of the plaintiff's attorneys, is optimistic about the prospect of winning the case. "Listed companies must disclose information in accordance with the law, and must be truthful, accurate and complete. Under this premise, it is of course risky for the stockholders to lose money. However, if the listed company is seriously guilty of misleading the investors, the losses suffered by the listed company must of course be Compensation."
At the moment, Li Jian actively leads the investors around the country to sue Foshan Lighting. Li Jian revealed that he represented the shareholders in various places in three batches to sue Foshan Lighting for more than four million yuan. Currently, he is waiting for the court to open the court, and the fourth batch of shareholders intends to sue in court in October.
In the Foshan lighting lawsuit, Li Jian’s acceptance of the entrustment and agency prosecution of the shareholders will continue until the expiration of the statute of limitations on March 6, 2015. According to preliminary estimates by Li Jian, after the two-year period, the number of plaintiffs may exceed 2,000 and the amount of claims exceeded 200 million yuan.
Today, the lawsuit has caused trouble for Foshan Lighting. Foshan Lighting said that because the case has not begun to be heard, it is still impossible to determine the impact of litigation cases on the company's current profit or future profits. In fact, Foshan Lighting's operating profit is not satisfactory. In the first half of this year, it was only 116 million yuan, a year-on-year drop of 26.4%. Once lost, the performance of Foshan Lighting may be worse.
Transforming difficulties
Today, there is still more trouble waiting for the new chairman of Foshan Lighting, Pan Jie.
In order to promote the development of lithium battery business, Foshan Lighting jointly established the Buddha Lithium Battery Company with other three companies on August 17, 2010. In April 2011, he co-funded with Hefei Guoxuan Gaoke Power Energy Co., Ltd. to establish Fo Zhao Guo Xuan.
Due to factors such as market sales channels, Fossil Lithium Battery Co., Ltd. has not been able to operate normally. As of the end of 2012, the accumulated loss was 112.336 million yuan, and it will still bear the expenses of factory rent and equipment depreciation. With the changes in the market environment, Fo Zhao Guo Xuan has not been able to normal production and operation. As of the end of 2012, the company's accumulated losses amounted to 13.85 million yuan.
In order to avoid further expansion of losses and reduce investment risks, Pan Jie made an action to speed up the divestment of lithium battery business after half a month of flying down Foshan Lighting. On June 18, Foshan Lighting announced that it had transferred 51% of the shares of Fossil Lithium Power Co., Ltd. held by the company. On the same day, Foshan Lighting and Hefei Guoxuan decided to liquidate and cancel the Buddha Zhao Guoxuan. “Foshan Lighting’s advantage in the lithium battery business is not obvious enough. The business has not yet formed a scale. The decision to take the initiative to withdraw is a smart move.†He Zaihua, a senior researcher at CIC, said that the lithium battery industry has shown signs of overcapacity and the industry is very Stable, its profitability will gradually decline.
Behind the divestment of lithium battery business, Foshan Lighting is accelerating business transformation. According to the company's secretarial office, "We are now focusing on the development of LED's main business." According to its disclosure, Foshan Lighting's production capacity has increased by about 10 times since the launch of the LED production line last year. “Foshan Lighting has obvious advantages in lighting equipment, but the large-scale layout of LEDs is not desirable.†He Zaihua pointed out that the enthusiasm of various local governments to launch LED projects has been unprecedentedly high. After the major projects enter the production process, overcapacity and structural imbalance The decline in profitability will become more and more serious, and the LED of Foshan Lighting will regain the old road of lithium battery business. "In the war without smoke, the LED lighting manufacturers' victory is not based on price, but on brand and quality." Fang Liqiang, manager of Foshan Lighting North Zhejiang Marketing Center pointed out. As one of the world's two major light source manufacturers, Osram, the largest shareholder of Foshan Lighting, holds the core technology of LED. Once the two sides reached technical cooperation, plus the channel advantages of Foshan Lighting, the LED development of Foshan Lighting will be even more powerful.
Right now, the sudden attack on the official door will undoubtedly distract Pan Jie from the energy of Foshan's lighting transformation. To make matters worse, due to the existence of horizontal competition between Foshan Lighting and Osram, Osram’s technology injection has been delayed.
Foshan Lighting’s secretaries said that there was no news of technical cooperation. In He Zaihua’s view, “This involves many issues such as foreign capital and domestic capital, core technologies, etc. Foshan Lighting is unlikely to get more benefits from Osram.â€
As early as May 29, when the new chairman, Pan Jie, was elected, Osram’s two directors, Wu Shengbo and Vienne Hoffman, abstained from voting for the airborne Pan Jie, and believed that Pan Jie and their proposed chairman The prerequisites do not exactly match.
OSRAM has promised to provide LED lighting technology to Foshan Lighting in due course. Today, the discord between the two sides may hinder related technical cooperation. And Foshan Lighting, which lacks core technology support, will deal with the upcoming meager profit era of LED?
(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 D-subminiature or D-sub is a common type of electrical connector. They are named for their characteristic D-shaped metal shield. When they were introduced, D-subs were among the smallest connectors used on computer systems.
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