After acknowledging that five of them are the shareholding companies of the chairman of the company, Zhong Xincai’s son, last night (August 1st), Foshan Lighting announced the related transactions of eight companies owned by Zhong Xincai’s relatives, including previously recognized by them. The eldest son Zhong Yongliang is 100% owned by Shanghai Liangqi Electric Co., Ltd. The company also issued an anti-fraud system and a revised internal audit system to avoid repeating the same mistakes in the future.
Also disclosed seven affiliated companies
According to the latest announcement, Zhong Xincai’s eldest son Zhong Yongliang holds 100% of Shanghai Liangqi Electric Co., Ltd. and 30% of indirect holdings of Foshan Gaoming District Ruibeck Electric Light Source Materials Co., Ltd., and the second son Zhong Yonghui holds 65% of Xiamen Key Dawei. Optoelectronics Technology Co., Ltd. and holding 30% of Nanjing Kaixiang Electric Light Source Lighting Co., Ltd.
Unlike the five affiliates that only announced the shareholding of Zhong Xincai's son, the main shareholder of the affiliated company issued by Foshan Lighting also included relatives such as his brother and wife.
For example, Zhong Xincai’s younger brother Zhong Ersheng holds 95% of Foshan Nanhai Guangming Electric Co., Ltd., Zhong Xincai’s wife’s sister holds 10% of Foshan Yubang Electric Lighting Co., Ltd. and the established individual industrial and commercial households Foshan Chancheng Haolin Lighting Appliance Co., Ltd. unit. In addition, Zhong Yongliang also holds a 97% stake in Foshan Federen Electric Co., Ltd.
According to the statistics of the reporters, in the past three years, Foshan Lighting and the above-mentioned related companies have a number of related transactions such as raw material procurement, sales and rent, and the total amount of related transactions involved in the three years was about 124 million yuan.
Trading with Foshan Lighting has become a major source of revenue for some of these companies. In 2011, Foshan Lighting purchased a total of RMB 3,358,300 from Foshan Nanhai Guangming Electric Appliance Co., Ltd., accounting for 86.71% of the company's current income. The purchase amount from Foshan Federen Electric Co., Ltd. in 2011 reached 20.5026 million yuan, accounting for The company's operating income ratio was 91.7%; in 2011, the purchase amount from Nanjing Kaixiang Electric Light Source Lighting Co., Ltd. reached 7,563,300 yuan, accounting for 80.94% of the company's 2011 operating income.
Although a number of independent directors’ opinion reports released at the same time last night stated that the related transactions between Foshan Lighting and the above companies were fair and there was no damage to the company’s interests, it was still difficult to change the problem due to violations in information disclosure. Nature, Zhong Xincai is difficult to elute the name of fraud.
Released the first anti-fraud system
Foshan Lighting also released the "Anti-fraud and Reporting System" at the same time yesterday. This is also the first A-share company to explicitly disclose the anti-fraud system. The general rule of the system is that in order to prevent fraud, strengthen corporate governance and internal control, and safeguard the legitimate rights and interests of the company and shareholders, this system is formulated in accordance with the "Basic Standards for Internal Control of Enterprises" and the actual situation of the company. The general rule also emphasizes that the purpose of anti-fraud work is to regulate the professional behavior of the company's management and all employees, strictly abide by relevant laws and regulations, professional ethics and company rules and regulations, and resolutely resist the use of deception and other illegal and illegal means to damage or seek the company's economic interests. At the same time, it may bring illegitimate interests to individuals.
The system listed 14 frauds. The system also emphasizes that if the report involves the company's senior management personnel, the audit department shall report to the company's board of directors within 2 working days after receiving the report, and the board of directors decides to further investigate the matter. When conducting relevant investigations, the board of directors may hire an external auditor or other agency to assist in the investigation.
Also disclosed seven affiliated companies
According to the latest announcement, Zhong Xincai’s eldest son Zhong Yongliang holds 100% of Shanghai Liangqi Electric Co., Ltd. and 30% of indirect holdings of Foshan Gaoming District Ruibeck Electric Light Source Materials Co., Ltd., and the second son Zhong Yonghui holds 65% of Xiamen Key Dawei. Optoelectronics Technology Co., Ltd. and holding 30% of Nanjing Kaixiang Electric Light Source Lighting Co., Ltd.
Unlike the five affiliates that only announced the shareholding of Zhong Xincai's son, the main shareholder of the affiliated company issued by Foshan Lighting also included relatives such as his brother and wife.
For example, Zhong Xincai’s younger brother Zhong Ersheng holds 95% of Foshan Nanhai Guangming Electric Co., Ltd., Zhong Xincai’s wife’s sister holds 10% of Foshan Yubang Electric Lighting Co., Ltd. and the established individual industrial and commercial households Foshan Chancheng Haolin Lighting Appliance Co., Ltd. unit. In addition, Zhong Yongliang also holds a 97% stake in Foshan Federen Electric Co., Ltd.
According to the statistics of the reporters, in the past three years, Foshan Lighting and the above-mentioned related companies have a number of related transactions such as raw material procurement, sales and rent, and the total amount of related transactions involved in the three years was about 124 million yuan.
Trading with Foshan Lighting has become a major source of revenue for some of these companies. In 2011, Foshan Lighting purchased a total of RMB 3,358,300 from Foshan Nanhai Guangming Electric Appliance Co., Ltd., accounting for 86.71% of the company's current income. The purchase amount from Foshan Federen Electric Co., Ltd. in 2011 reached 20.5026 million yuan, accounting for The company's operating income ratio was 91.7%; in 2011, the purchase amount from Nanjing Kaixiang Electric Light Source Lighting Co., Ltd. reached 7,563,300 yuan, accounting for 80.94% of the company's 2011 operating income.
Although a number of independent directors’ opinion reports released at the same time last night stated that the related transactions between Foshan Lighting and the above companies were fair and there was no damage to the company’s interests, it was still difficult to change the problem due to violations in information disclosure. Nature, Zhong Xincai is difficult to elute the name of fraud.
Released the first anti-fraud system
Foshan Lighting also released the "Anti-fraud and Reporting System" at the same time yesterday. This is also the first A-share company to explicitly disclose the anti-fraud system. The general rule of the system is that in order to prevent fraud, strengthen corporate governance and internal control, and safeguard the legitimate rights and interests of the company and shareholders, this system is formulated in accordance with the "Basic Standards for Internal Control of Enterprises" and the actual situation of the company. The general rule also emphasizes that the purpose of anti-fraud work is to regulate the professional behavior of the company's management and all employees, strictly abide by relevant laws and regulations, professional ethics and company rules and regulations, and resolutely resist the use of deception and other illegal and illegal means to damage or seek the company's economic interests. At the same time, it may bring illegitimate interests to individuals.
The system listed 14 frauds. The system also emphasizes that if the report involves the company's senior management personnel, the audit department shall report to the company's board of directors within 2 working days after receiving the report, and the board of directors decides to further investigate the matter. When conducting relevant investigations, the board of directors may hire an external auditor or other agency to assist in the investigation.
Related transactions between some affiliated companies and Foshan Lighting in 2011
| company name | Relationship (shareholding) | Related items, amount |
| Foshan Nanhai Guangming Electric Appliance Co., Ltd. | Zhong Xincai’s brother Zhong Ersheng (95%) | 335.83 million yuan |
| Foshan Federen Electric Co., Ltd. | Zhong Xincai’s eldest son Zhong Yongliang’s mother-in-law Wang Shengxia (97%) | 3111.99 million yuan |
| Xiamen Key Dawei Optoelectronics Technology Co., Ltd. | Zhong Xincai's second son, Zhong Yonghui (65%) | 129.56 million yuan |
| Nanjing Kaixiang Electric Light Source Lighting Co., Ltd. | Zhong Yonghui (30%) | 1298.44 million |
| Foshan Gaoming District Ruibeck Electric Light Source Materials Co., Ltd. | Zhong Yongliang (30%) | 2134.1 million yuan |
| Foshan Yubang Electric Lighting Co., Ltd. | Zhong Xincai’s wife, Mai Jinlian (10%) | 722.36 million yuan |
| Foshan Schnoch California Electric Co., Ltd. | Zhong Yongliang sole proprietorship | 152.69 million yuan |
| Foshan Slangbai Enterprise Co., Ltd. | Zhong Yonghui (95%) | 507.96 million yuan |
| Qinghai Weili New Energy Materials Co., Ltd. | Zhong Yonghui indirectly holds 20% | Co-invest in a new company |
| Qinghai Skyline Rare Element Technology Development Co., Ltd. (Hong Kong) | Zhong Yonghui holds a 29% stake and serves as a director | Co-invest in a new company |
| Shanghai Liangqi Electric Co., Ltd. | Zhong Yongliang holds 100% stake | Equity transfer |
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