Rainbow Electronics (00438.HK) announced on the evening of the 23rd that it will purchase 30% of Rainbow Fluorescent and 25% of Rainbow Net Edition for RMB 88.115 million, thereby increasing the company's profit.
Upon completion of the acquisition, Rainbow Electronics' shareholding in Rainbow Fluorescent will increase from 45% to 75%, and the shareholding on Rainbow Screen will increase from 75% to 100%.
The Rainbow Electronics Board believes that the acquisition will allow the company to further expand its luminescent materials business. The main business of Rainbow Fluorescence is the production and sales of phosphors for color tubes, phosphors for energy-saving lamps and raw powder (high-purity zinc sulfide). The 30% equity of the company last year had a net profit of 11.52 million yuan. The main business of Rainbow Screen is the production and sales of CPT online version and supporting, and its 25% equity has a net profit of 3.456 million yuan last year.
Rainbow Group, the major shareholder of Rainbow Electronics, is the largest color tube manufacturer in China. Last year, Rainbow Group completed the asset restructuring of its two listed companies. Rainbow Electronics repositioned its development in the flat glass substrate industry and the luminescent materials industry.
Liu Xiaodong, the board secretary of Rainbow Group (600707.SH), another listed company of the Rainbow Group, told the China Business News earlier this year that Rainbow is the largest supplier of domestic CRT (color tube) phosphors. The business is also expanding into new products: At present, the sales of energy-saving lamp powder of Rainbow has exceeded that of phosphors. After the expansion in 2007, the production capacity of energy-saving lamp powder will be around 850 tons in 2008; The liquid crystal) backlight phosphor, Rainbow has been trial-produced in small batches in 2007, and the output will increase several times in 2008; in addition, the rainbow is still doing lithium battery powder.
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