It is Foshan Lighting (000541, SZ).
Today, this cow scandal continues. First, the former chairman of the company, Zhuang Jianyi, was investigated and filed, and then the major information leaked, and now it is deeply mired in the annual report. At the same time as the accidents occurred frequently, Foshan Lighting's performance growth was weak, and the traditional business transformation LED was repeatedly frustrated.
The reporter combed the development path of Foshan Lighting and found that the company has fallen from the "cash cow" on the stock market into a "pheasant" and has a relationship with the double-sided life of Zhong Xincai, who has been in charge of Foshan Lighting for many years.
Give a child with a big hand to someone else
"Because of feelings, I have been staying until now. I feel the growth of Foshan Lighting every day, and I have a sense of accomplishment and career every day." At the end of June 2010, the 67-year-old Zhong Xincai was unloading the director of Foshan Lighting. When the title is long, this is said to the media.
In the heart of Foshan Lighting, Zhong Xincai is the soul of the company. After graduating from Nanjing Radio Industry School in 1964, he entered Foshan Lighting. He served as workshop director, technical chief, deputy director, director and chairman. In May 2010, Zhong Xincai retired from the position of chairman of the board, and was replaced by Zhuang Jianyi. Zhong was transferred to the vice chairman. At the end of August of that year, Zhuang Jianyi resigned from the position of chairman of the company due to the investigation of the Guangdong Securities Regulatory Bureau. Subsequently, Zhong Xin Once again as chairman.
Under the leadership of Zhong Xincai, Foshan Lighting has stepped forward to the "Chinese Light King" by an inconspicuous light bulb factory. The outside world is also very high on him. He believes that the brilliance of Foshan Lighting was created by Zhong Xincai.
"Zhong Xincai is a very authoritative person inside Foshan Lighting. After all, he has made Foshan Lighting a big one, and Weixin did not have to say it." Secretary-General of Foshan Lighting Association Zhang praised Zhong Xincai.
Leave the time of most of his life to Foshan Lighting, and Zhong Xincai can imagine the feelings of this company.
In 2002, Zhong Xincai and other company management hoped that Foshan Lighting would truly become its "children" through the management buyout (MBO). At the end of the year, Zhong Xincai and five other company executives jointly submitted a report to the Foshan Municipal Party Committee and the Municipal Government, hoping to buy all the state-owned shares held by the Foshan SASAC.
However, Zhong Xincai thought things too optimistic. After the report was submitted, it has not received a reply from Foshan City. Zhong Xincai is not reconciled. Then he proposed that if all state-owned shares cannot be transferred to the company's top management, the management and business backbones should be held more than 15% to stabilize the main team and maintain the continuity of the company's decision-making and development; For foreign investment, can the trademark be transferred to the company's executives so that the national brand can be retained. However, Zhong Xincai’s wish has not been realized.
After more than a year of twists and turns, at the end of August 2004, Foshan SASAC transferred 23.97% of its state-owned shares to Osram Prosperity Holdings Co., Ltd. and Hong Kong Prosperity Lighting Equipment Co., Ltd., and now Zhong Xincai and its executives The team's MBO dreams are shattered.
It is worth mentioning that in 2002, Zhong Xincai was just 59 years old. According to the practice of general state-owned enterprises, at the age of 60, he reached the threshold of retirement. This is not a reason for his impact on MBO that year, the outside world is not known.
It is speculated that after Zhong Xincai’s plan to accept Foshan’s lighting in the bag failed, his mind began to undergo subtle changes.
Later, Zhong Xincai began a series of actions, including supporting his son's career development.
A person close to the top of Foshan Lighting said in an interview that the MBO was not successful in the past. It is not difficult to understand that the two sons of Zhong Xincai have secretly set up affiliates. The possibility of starting to consider their own interests is not ruled out.
However, Wen Shangsheng, director of information display and optoelectronic technology at South China University of Technology, said that such confidential matters are difficult for outsiders to know.
Competing with major shareholders
After the shareholding change in 2004, Osram of Siemens Germany, as the major shareholder of Osram Prosperity, became the actual controller of Foshan Lighting. The equity that Zhong Xincai hopes to get will eventually fall into the hands of others.
As one of the world's largest lighting companies, Osram's entry has not brought greater benefits to Foshan Lighting. According to the agreement at the time, OSRAM will provide technical support to Foshan Lighting and purchase 10 million US dollars of lamps every year from Foshan Lighting.
But the actual implementation is not as good as the agreement. In 2006, OSRAM only purchased Foshan Lighting's $7 million product. What makes Foshan Lighting even more helpless is that OSRAM seems to prefer it as an OEM, rather than making its brand grow stronger. For example, Foshan lighting processing more than 2 yuan a light bulb, Osram purchase back, paste their own trademark, you can sell 11 yuan.
Today, OSRAM has successfully occupied the Chinese market share through Foshan Lighting. Its Osram China base in Foshan has become the largest production base of Osram in the world after several times of capital increase and expansion.
In a sense, in addition to being the major shareholder of Foshan Lighting, OSRAM is more of a competitor. The two companies are located in the Minjiang North Road of Foshan City, only one or two kilometers before and after. Both companies are producing lighting and other related products.
All auto filters are designed to prevent harmful debris from entering any parts where air and fluid flows, including your engine, radiator, fuel lines and more. Once a filter is no longer performing its intended function, decreased performance-even engine damage-can result.
When your air filter is dirty, your engine is forced to work harder, resulting in poor fuel economy, higher emissions and, possibly, a loss of engine power. In turn, as a worst-case scenario, a clogged Cabin Air Filter can lead to under-performance of the A/C system, causing weak air flow from the cabin vents. It can also lead to unwanted, unfiltered air in the cabin. As for a mucked-up fuel filter, that`ll land you with a weakened fuel supply to injectors, a reduction in engine power, poor acceleration and lousy fuel economy-not to mention a potential breakdown.
They protect vital car parts by keeping harmful debris at bay so your car runs right. Filters also ensure your car runs more efficiently. The cleaner your filter, the more it allows for the maximum flow of air or fluid through the system. Like a clogged drain, a dirty filter starves the system of the vital air or fluid and makes each system it protects work harder to do its job. Once filters are dirtied, they should be replaced.
it`s recommended that you get your filters replaced every 12 months or 12,000 miles, but check your owner`s manual for specifics about your vehicle`s filter replacement schedules.
Automotive Filter,Car Air Filter,Car Cabin Air Filter, Car Oil Filter
Donguan Bronco Filter Co., Ltd , https://www.broncofilter-cn.com