According to disclosures, three natural persons, Feng Yuexiu, Lu Xing, and Wan Junping, hold 100% of the equity of Changzhou Noah, and the latter currently holds 20.05% of the equity of Tianlong Optoelectronics, indirectly controlling the company. The three founding shareholders hope to introduce new strategic investors through capital increase and share expansion, further optimize Changzhou Noah's corporate governance structure, and seek new development opportunities for Denon Optoelectronics, thereby enhancing the value of the listed company and in line with the long-term interests of all shareholders.
If the introduction of strategic investors this time is successful, it will lead to changes in Denon Optoelectronics’ controlling shareholder structure and actual controllers, but it will not affect the independence of Denon Optoelectronics’ listed entity. Denon Optoelectronics’ main business will not change, and Denon Optoelectronics’ core personnel will not change.
At present, both parties to the transaction have entered the stage of discussing business terms and preparing relevant announcement materials, but it will still take some time. The company's shares will continue to be suspended from trading and will be resumed and announced no later than September 26.
Denon Optoelectronics suffered losses for two consecutive years in 2012 and 2013. It suffered a loss of 53.8846 million yuan in the first half of 2014. It is expected to lose 37 million yuan to 42 million yuan in the first three quarters of 2014. If the company continues to suffer losses in 2014, the company's shares may be suspended from listing. The company has stated that the board of directors will work with the management to strengthen sales of the main business and actively turn over inventory pressure; further dispose of idle assets and seek relevant support to strive for annual losses.
Starting from the afternoon of September 9, Denon Optoelectronics has been temporarily suspended from trading due to the planned disclosure of major matters.
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