Xinhaiyi announced the cancellation of its holding subsidiary Suzhou Xinhaiyi Optoelectronics Co., Ltd.

Xinhaiyi issued a notice saying that in order to further integrate the company's resources, reduce management costs and operating expenses, and improve management efficiency, the company reviewed and approved the cancellation of the holding at the 32nd meeting of the 4th Board of Directors held on January 14, 2013. The proposal of the subsidiary Suzhou Xinhaiyi Optoelectronics Technology Co., Ltd. agreed to cancel the company's holding subsidiary Suzhou Xinhaiyi Optoelectronics Technology Co., Ltd. (hereinafter referred to as “Xinhaiyi Optoelectronics”).

Suzhou Xinhaiyi Optoelectronics Technology Co., Ltd. was established on September 27, 2010 with a registered capital of RMB 150 million. The registered address is Shuangyu Village, Guoxiang Street, Wuzhong District, Suzhou City. It is mainly engaged in communication network equipment and supporting software and related electronic products. , installation of cables, electrical machinery and equipment, alarm system access control equipment, alarm system video monitoring equipment and other security technology prevention products development, manufacturing, processing, sales, electronic engineering construction, self-employed and agents of various commodities and technologies Import and export business, technology development of technology products, technology transfer, technology contracting, technical cooperation, technical services.

Xinhaiyi holds 99% equity of Xinhaiyi Optoelectronics. As of November 30, 2012, Xinhaiyi Optoelectronics has total assets of 40,412,300 yuan, net assets of 40,412,300 yuan, no operating income, and net profit of -22.03 million yuan. In 2011, Xinhaiyi Optoelectronics had no operating income and realized a net profit of -229.37 million yuan.

Xinhaiyi said that since Xinhaiyi Optoelectronics failed to actually carry out its business operations and did not contribute to the overall operating results of the company, the cancellation of Xinhaiyi Optoelectronics will not have a significant impact on the overall business development and profitability of the company.

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