On May 7th, aiming at the considerable business opportunities in the flat-panel TV and LED lighting market, Huashang Optoelectronics has recently launched an LED layout in mainland China. At the same time, in order to adjust its operating structure, it plans to reduce capital, and reduce the capital ratio by 25%. In addition to the share capital of 920 million yuan, the capital after the capital reduction is 2.76 billion yuan.
Huashang pointed out that with the second conversion of China, the total liabilities decreased from 2.282 billion yuan at the end of 2008 to 648 million yuan in 2009. This year's plan proposes a 25% reduction in funding. It is expected to re-start after fully adjusting the operational status to facilitate active planning. The industrial layout of LEDs on both sides of the strait, after handling the capital reduction, in addition to improving the physique of the company, it is more favorable to the layout of the LED market and re-starting from this year.
Huashang said that the LED layout in mainland China has been actively launched recently, and the joint venture with Changzhi City, Shanxi Province has been stepped up. The investment of “Changzhi High-tech Industrial Investment Company†is 60%, the investment of Huashang Company is 40%, and the capital is 300 million yuan. The company plans to set up a new LED epitaxial and chip factory. The first phase plans to supply 1 billion ultra-high brightness LED chips for one year.
Huashang said that the new plant has broken ground in January 2010. The entire development plant area is expected to be 130,000 square meters, with an initial planning of 66,000 square meters. It has been carried out in land preparation and plant planning. It is expected that the company will complete the application in June this year. At the end of the year, the chip factory equipment was set up and trial production began. In 2011, the mass production of chip factories, and the equipment and trial production of epitaxial wafers were carried out.
Huashang stressed that if all goes well, Huashang will receive a technical right of RMB 270 million, which will be accounted for in proportion to the contract in the current and the next two years. It will obviously help to re-arrange the lighting market and operational turnaround.
In addition to the Changzhi City joint venture plan, Huashang’s plan to build a blue LED capacity in East China and South China has been planned and completed.
In 2009, Huashang Optoelectronics Group's consolidated net revenue was 1.386 billion yuan, operating net loss was 994 million yuan, and net loss after tax was 2.414 billion yuan; mainly to complete the completion of Huashang II conversion, which must be recognized in the current year according to accounting principles. The loss was about 1.115 billion yuan.
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