Shenzhen Toppo Lighting Co.,Ltd
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On the evening of (25) yesterday, Sanan Optoelectronics Co., Ltd. (hereinafter referred to as "Sanan Optoelectronics" or "Company") issued a number of announcements, or related to foreign investment, or related to "tonic", or related to the transfer of equity.
According to the announcement, the company’s wholly-owned subsidiary Hong Kong Sanan Optoelectronics Co., Ltd. (hereinafter referred to as “Hong Kong Sanan”) has invested US$1 million in self-owned funds to establish a wholly-owned subsidiary in Hong Kong, tentatively named Hong Kong Optical Technology Co., Ltd. The company (according to the approval of the competent authority), which accounts for 100% of the registered capital, is mainly engaged in R&D, production and sales of optical communications.
Sanan Optoelectronics stated that this investment is in line with the development direction and development strategy of the company's industry, which will help the company improve its R&D capabilities and expand its main business.
At the same time, Sanan Optical announced that the company’s wholly-owned subsidiary Quanzhou Sanan Semiconductor Technology Co., Ltd. (hereinafter referred to as “Sanan Semiconductor”) has received orders from the Nanan High-tech Industrial Park Project Construction Headquarters about the allocation of Quanzhou Sanan Semiconductor Technology Co., Ltd. Notice of Equipment Acquisition Aid Payment" [No. 3 (2018) No. Sanan Semiconductor has signed the equipment purchase agreement and paid the advance payment. According to the "Investment Cooperation Agreement" signed between Quanzhou and Nan'an Municipal Government and Sanan Optoelectronics and the spirit of the Nan'an Park of Quanzhou's Nangu Industrial Park and the Nan'an Park of Quanzhou's Nan'an Park held by the Nan'an Park work group of Quanzhou, the Nanan Park of Quanzhou, and the spirit of the special meeting of the Quanzhou San'an Semiconductor Project were studied by the Nan'an government. It was agreed that the payment amount and payment progress agreed in the equipment purchase contract will be used to pay Sanjia Semiconductor equipment purchase subsidies of RMB 192 million. Sanan Semiconductor received the payment on June 22, 2018.
According to the “Accounting Standards for Business Enterprises No. 16—Government Subsidy”, the equipment subsidy received by Sanan Semiconductor is recognized as deferred income upon receipt and is amortized into profit or loss over the useful life of the relevant assets.
In addition, the company’s wholly-owned subsidiary Xiamen Sanan IC Co., Ltd. (hereinafter referred to as “Sanan Integration”) will hold a 2% stake in Xiamen Sanan Huanyu IC Co., Ltd. (hereinafter referred to as “Sanan Huanyu”). The price of 80,000 U.S. dollars was transferred to GCS Holdings, Inc. (hereinafter referred to as "GCS").
Sanan Huanyu is a subsidiary of Sanan Integrated, a joint venture between Sanan Integrated and GCS. The joint venture company was incorporated on February 23, 2017, with a registered capital of US$4 million, Sanan Integration invested US$2.04 million in its own currency, which accounted for 51% of the registered capital of the joint venture; GCS contributed US$1.96 million in monetary funds. It accounts for 49% of the registered capital of the joint venture company. After the equity transfer, Sanan will collectively hold 49% equity of Sanan Huanyu, GCS will hold 51% equity of Sanan Huanyu, and Sanan Huanyu will no longer be included in the scope of the Sanan photoelectric consolidation report.
Sanan Optoelectronics stated that the compound integrated semiconductor business is the key development direction of the company in the future. After the equity transfer is completed, it will be beneficial to promote the company's compound semiconductor market development process and increase market share.