Foshan Lighting plans to invest 15 million yuan to establish a wholly-owned subsidiary

On April 26, Foshan Lighting issued an announcement on the investment in the establishment of Foshan Lighting & Lighting Equipment Co., Ltd. Foshan Lighting intends to set up a wholly-owned subsidiary Foshan Lighting & Lighting Equipment Co., Ltd. with its own funds of 15 million yuan, and plans to operate electric light source products, equipment, devices and LED products.

According to the announcement, Foshan Electric Lighting Co., Ltd. Nanhai Wuzhuang Branch (hereinafter referred to as “Nanhai Wuzhuang Branch”) is a subsidiary of Foshan Lighting. Since Nanhai Wuzhuang Branch is not an independent legal entity, it does not have a dominant position in law, and the company is located in Nanhai District, Foshan City, and is located in a different district from Chancheng District, where Foshan Lighting Headquarters is located, resulting in the company’s external processing business. There are many inconveniences in having the status of a legal subject. For the development planning and operation management of Foshan Lighting, the board of directors of the company agreed to establish a wholly-owned subsidiary in the Nanhai Wuzhuang production base.

Foshan Lighting said that by setting up a wholly-owned subsidiary, integrating the company's internal resources and rationalizing the company's management relationship, it is in line with the company's strategic planning and long-term development goals. The establishment of a wholly-owned subsidiary of this investment will not have a significant impact on the company's financial status and operating results.

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