Irico group “grievances” against a dollar sale its two subsidiaries

Polaris solar PV net news: according to reports, on November 6 and the 11th, LED optoelectronic products, such as the Rainbow group in State-owned enterprises listed for transfer of two wholly-owned subsidiaries of the China Beijing equity exchange 100% owned by surprise is that both transactions of transfer pricing are only a dollar.

Rainbow group transfers of companies being Rainbow photoelectric materials Corporation in Shaanxi Province and xianyang Rainbow PV technology co., Ltd. Equity exchange on valuations of the two companies-135 million Yuan and 93.8966 million Yuan respectively. In other words, it is home to two companies with a negative net worth.

Reporters interviewed the two companies was transferred and found that the two companies has been discontinued for a long time, only a handful of people staying to watch factory. Original staff went to the Group’s other subsidiary, financial compensation and other non-regular workers has been placed.

Staff: discontinued, employees basically has finished placement shunting, exit policies, some employees think opt-out policies, recruitment to other units to other units. Equipment is also being processed throughout the lighting industry is not very good right now, we have advantages of State-owned enterprises, compared with Guangdong businesses, costs will be higher, mainly on labor costs.

Rainbow group in charge of the stock transfer Department official said, because the two subsidiaries are operating without transfer. The transferee need all the creditor’s rights and debts of the two companies.

Head of Department: take our company to transfer credits and debts, of course, is now the only debt, no debt.

Take a rainbow group photoelectric transfer Act of Beijing zhidesheng investment consulting co, said both a money transfer transaction to hang out for a few days, someone has already asked for all investors in the industrial chain. Zhidesheng investment 1 has been used to do before the transfer case, although sells are in negative equity, but as long as the product structure, new investors may also depend on better management and marketing channels to save the company.

Zhidesheng investment: we used to have a money transfer company’s case, since their business productive, if there is an investor in the industry’s upstream and downstream, in order to reduce costs, he is likely to take over. Some people may have sales channels, upstream and then doing a production enterprise, you can put a string together as a whole and raw materials.

Why Rainbow Group’s two subsidiaries operating without it? A rainbow before the photovoltaic technology employees believe that receivable to recover may be an important factor. He said Rainbow PV’s customers long term loans in arrears, causing money flow, only a private company in Jiangsu Province in respect of arrears of more than more than 100 million yuan in loans, companies are still recovering.

But some people think, the real reason is the market condition is not good. A rainbow photoelectric former employees said their cost does not fall, and some PV low price competition of private enterprises in the South, so that their products have little profit. And, photoelectric already slow recovery funds for the project, such as a renovation project, at least a few years to recover all the money. ||||

Staff: old notions of State-owned enterprises, product quality is to cross the border, so our materials used are quite good. Now markets more and more depressed, and Zhongshan, Guangdong factories produce something over there, a lower price, sell better. We produce in the North, the transport cost is relatively high, it would be nothing compared to Guangdong enterprises.

Rainbow group used to have many rings. It produced China’s first color picture tube, is China’s largest production, supporting most of the color picture tube manufacturer; it also produced China’s first LCD glass substrate, the Group’s listed companies–caihong display devices limited is to be “liquid crystal glass substrate”, but also areas of Rainbow group wants to focus on building. But now introduced Directors: their products with no advantage compared with foreign manufacturers, starting from 07 to the present, the market share has been very low.

Rainbow group for a dollar price reduction sale of two subsidiaries, also seems to have its own unavoidable difficulties. In fact, this prostrate practice is not uncommon in business. 20th of last month, “big blue,” the title of the IBM chip manufacturing business units of the company in order to cut their losses, even at the global Foundry Company, paid $ 1.5 billion to Abu Dhabi, so someone else can take over.

It is understood that the chip production operations of IBM’s total revenue is less than 2%, but net losses of as much as $ 1.5 billion a year. People familiar with the matter said, at least as from 2013, IBM has been looking for buyers of the chip manufacturing sector, but have not been able to find. News in August this year, IBM paid $ 1 billion for the global Foundry Company, took over, but global casting too low prices did not agree, finally, both sold for $ 1.5 billion.

Throughout the negotiation process, interested primarily in the IBM Global Foundry Company engineers and intellectual property rights, rather than a manufacturing plant.

Original title: a company is only worth a dollar? Rainbow Group subsidiary two cheap sale

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