On March 14, 2018, NVC Lighting announced that the company entered into a non-binding cooperation framework agreement with Dehao Runda and Wang Donglei. According to this, the company is interested in selling domestic lighting products manufacturing business due to the signing of specific agreements. It includes, but is not limited to, the entire share capital of Huizhou NVC Optoelectronics Technology Co., Ltd. to Dehao Runda and Wang Donglei. On March 14, 2018, NVC Lighting announced that the company entered into a non-binding cooperation framework agreement with Dehao Runda and Wang Donglei. According to this, the company is interested in selling domestic lighting products manufacturing business due to the signing of specific agreements. It includes, but is not limited to, the entire share capital of Huizhou NVC Optoelectronics Technology Co., Ltd. to Dehao Runda and Wang Donglei. The specific scope of the underlying assets will be further negotiated by each of the parties; the purchase price will be based on an assessment of the underlying assets by a company-approved Hong Kong auditor or appraiser, and the final purchase price will be further negotiated by the parties. NVC Lighting, in the past two years, due to the continued rise in the cost of some metal bismuth materials, components and labor, the profit margin of lighting products manufacturers has been compressed. In order to enhance its core competitiveness and achieve sustainable development, the Group has formulated a strategy of gradually transforming from manufacturing to channel-based enterprises in 2018. The potential sale under the cooperation framework agreement can reduce the proportion of manufacturing operations in the group and is therefore in line with the Group's development strategy and long-term interests. According to the announcement, Dehao Runda is mainly engaged in the production and sale of small household appliances and LED products. As of the date of the announcement, Dehao Runda indirectly holds approximately 24.3% of the issued share capital of the company and is a substantial shareholder of the company. And Wang Donglei is an executive director and chairman of the board of directors of the company, indirectly holding approximately 16.57% of the issued shares of Dehao Runda, being the major shareholder and actual controller of Dehao Runda.
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