Compared with the performance of the previous two years, Foshan Electric Lighting Co., Ltd. (hereinafter referred to as Foshan Lighting) ushered in a gorgeous turn in 2016. According to the 2016 annual report released by Foshan Lighting, the company's net profit reached 1.072 billion yuan, a 19-fold increase over the same period last year. Behind the skyrocketing profits, Foshan Lighting achieved a net investment income of 729.59 million yuan due to the sale of Guoxuan High-Tech Co., Ltd. (hereinafter referred to as Guoxuan Hi-Tech). Subsequently, Foshan Lighting further announced that it will reduce all shares of Guoxuan Hi-Tech according to the company's own development needs. In fact, while the main business of lighting has been transformed into LED, Foshan Lighting has focused on the electrical sector. In October 2016, Foshan Lighting established the electrician subsidiary Foshan Lighting Zhida Electrical Technology Co., Ltd. However, the company has not yet achieved profitability in 2016. In addition, Foshan Lighting has also made its transformation path quite unsettled due to frequent quality problems. In the results of the quality inspection of home improvement building materials in the circulation field announced by the Qinghai Provincial Administration for Industry and Commerce in 2016, two products of FSL Foshan Lighting were unqualified. Foshan Lighting has also been on the black list of the industrial and commercial departments. In response to the above problems, Foshan Lighting Director Lin Yuhui told reporters that the time to further reduce Guoxuan Hi-Tech will be based on market performance; the company's electrical industry will achieve double-digit revenue growth by the end of 2017. For the unqualified products notified by the Qinghai Provincial Administration for Industry and Commerce, Lin Yuhui pointed out that it is actually a traditional lighting product of the company and is gradually being phased out. According to Foshan Lighting's recently released 2016 annual report, operating income was 3.366 billion yuan, up 17.03% year-on-year; net profit attributable to shareholders of listed companies was 1.072 billion yuan, up 1907.92% year-on-year. The rapid growth of net profit was due to the sale of Guoxuan Hi-Tech stock held by some companies in the fourth quarter of 2016. According to public information, Guoxuan Hi-Tech is a research and development, manufacturing, sales and installation of high- and low-voltage switches and complete sets of equipment, digital electrical equipment, intelligent network equipment and components, and three-box products. New energy companies that develop, manufacture and sell materials, batteries, motors and vehicle control systems. From November 15th, 2016 to December 7th, 2016, Foshan Lighting reduced the holding of Guoxuan High-tech stock by 29.27 million shares through the block trading method, accounting for 3.34% of the total share capital of Guoxuan Hi-Tech. The total transaction amount was 96,524,460 yuan. After deducting the cost and related taxes and fees, the company obtained an investment income of 853.261 million yuan. It is reported that this asset sales for Foshan Lighting's 2016 net profit increased by 72,523,700 yuan, accounting for 67.57% of the total net profit. As of the end of the reporting period, the company still holds 43,736,150 shares of Guoxuan Hi-Tech, accounting for 4.98% of the current total share capital of Guoxuan Hi-Tech. However, Foshan Lighting has no intention of continuing to hold the remaining shares of Guoxuan Hi-Tech. The reporter noted that at the same time as the release of the 2016 annual report, Foshan Lighting also issued a notice on authorizing the timely reduction of Guoxuan Hi-Tech stock. The announcement pointed out that according to the company's own development needs, in order to enlarge and strengthen the company's main business, optimize the asset structure, lock in investment income, and meet the company's development of capital needs, it will adopt large-scale transactions or centralized bidding transactions, legal compliance, and opportunity reduction. Holding all the national high-tech stocks. After the completion of the transaction, the company no longer holds the shares of Guoxuan Hi-Tech. In the view of the famous economist Song Qinghui, in the past few years, A-share listed companies have not been able to increase their performance by relying on stocks. In the case of some listed companies, in the context of the main business not faltering, the income from reducing stocks has become a source of net profit. Selling stocks is easy to cash out and does not affect the main business. This has become the best choice for some listed companies with increased performance intentions in the fourth quarter, especially at the end of the year. However, if the listed company does not work hard in the main business, relying solely on selling stocks to boost the listing performance in the short term may not help. It is worth mentioning that, at the same time, Foshan Lighting also issued a notice to purchase bank wealth management products. According to the announcement, Foshan Lighting passed the “Proposal on the Use of Partial Idle Funds to Purchase Bank Wealth Management Products†at the 13th meeting of the 8th Board of Directors held on March 28, 2017. The company’s board of directors agreed to use the company and its holding subsidiaries. Not more than 1 billion yuan of self-owned idle funds to buy is worth mentioning, at the same time, Foshan Lighting also issued a notice to buy bank wealth management products. According to the announcement, Foshan Lighting passed the “Proposal on the Use of Partial Idle Funds to Purchase Bank Wealth Management Products†at the 13th meeting of the 8th Board of Directors held on March 28, 2017. The company’s board of directors agreed to use the company and its holding subsidiaries. No more than 1 billion yuan of self-owned idle funds to purchase guaranteed-type bank wealth management products. In this regard, Lin Yuhui said that the time to further reduce the holding of Guoxuan Hi-Tech stock has not yet been determined, and will choose the best time based on market reaction. The proceeds from the reduction of stocks will be used preferentially to develop the company's main business, but it is not excluded to purchase bank wealth management products when funds are abundant.
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