Foshan SASAC signed a share transfer contract with Osram Prosperity Holdings and Prosperity Lighting on August 31, 2004. Foshan SASAC intends to sell 48,284,134 shares of state-owned shares to Prosperity Holdings and to sell 37.769 million shares to Prosperity Lighting. The state-owned shares have a transfer price of RMB 7.9 per share.
After Foshan Lighting transferred its equity to Prosperity Holdings and Prosperity Lighting, Prosperity Holdings will become the largest shareholder of Foshan Lighting with a shareholding of 13.47% of the company's total share capital, and Prosperity Lighting will hold 10.5% of the company. The shares became the second largest shareholder of Foshan Lighting.
According to public information, Osram Prosperity Holdings is a joint venture established by Osram and Prosperity Lighting Equipment Co., Ltd. for the share transfer, of which OSRAM holds 60.14% and Prosperity holds 39.86%. According to the shareholding ratio, in fact, after the equity transfer, Youchang Company will directly and indirectly hold 15.87% of the total share capital of Foshan Lighting, becoming the real actual controller of Foshan Lighting in the future. It is worth mentioning that the Prosperity Company, which is registered in Hong Kong, is a manufacturing and trading company of lighting products, lamps and lighting materials, and has a long-term partnership with Foshan Lighting.
Foshan Lighting Chairman and General Manager Zhong Xincai has been over 60 years old and will likely gradually fade out of the company's management in the future. More importantly, Zhuang Jianyi, Chairman of Youchang Company, is the vice chairman of Foshan Lighting. Prior to this, Zhuang Jianyi had bought a total of 2,145,500 shares of Foshan Lighting's circulating B shares in the secondary market, becoming the company's ninth largest tradable shareholder. Zhuang Jianyi once again acquired the company's equity, and there are signs that Foshan Lighting's “Management Acquisition + Employee Stock Ownership†program is accelerating.
In 2003, the equity incentive system for senior executives of Foshan Lighting was partially implemented. The company extracted 2.35 million yuan of incentive funds in 2003, and withdrew the incentive fund of 2003 by 20.8 million yuan; the incentive fund was more than one. Senior executives purchased circulating A shares. Whether Foshan Lighting in the “Post-Champion Age†will continue to follow its business philosophy and become a concern of people. Now it seems that when Zhuang Jianyi comes to the forefront, people's doubts can be eliminated. Zhuang Jianyi has more than 20 years of experience in the lighting industry. Since July 1995, he has been elected as a director of Foshan Lighting. He should have a good understanding of the company.
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