Two days after the suspension, Zhejiang Sunshine (600261) threw out an additional issuance plan for the issuance of no more than 60 million shares at a price of 16.72 yuan per share on the 25th. The funds raised will be invested in T2 environmental protection energy-saving lamps and MRT recycling treatment system construction projects, Xiamen Sunshine Enlightenment LED energy-saving lighting products project, and high-efficiency environmental protection and energy-saving lamp industrialization projects. The total investment of the investment projects is 948 million yuan. The net proceeds raised are not expected to exceed 700 million yuan. According to the company, the additional issuance will help the company to grasp the development opportunities of the green lighting industry, enhance its core competitiveness and enhance its profitability.
The annual report released on the same day showed that Zhejiang Sunshine achieved operating income of 1.743 billion yuan in 2009, net profit of 120 million yuan, and earnings per share of 0.48 yuan. The company plans to distribute cash dividends of 3 yuan (including tax) for every 10 shares. According to the annual report, Zhejiang Sunshine plans to achieve an operating income of 2.127 billion yuan in 2010, an increase of 22.03% over 2009; operating costs of 1.733 billion yuan, an increase of 23.00% over 2009; sales, financial and administrative expenses totaled 247 million Yuan, an increase of 19.32% over 2009; the net profit attributable to owners' equity of the parent company was 148 million yuan, an increase of 23.33% over 2009. The main investment direction in the future is determined as two new energy-saving lamp expansion projects and LED lighting projects. In addition, the company also plans to make appropriate investments depending on the specific conditions of the project in terms of extending the industrial chain and carrying out upstream and downstream strategic cooperation.
In addition, Zhejiang Sunshine also said that from March 1, 2010, the company and its subsidiaries will stop all securities investment activities. As of December 31, 2009, the remaining 50,000 shares of “New Agricultural Development†were not sold due to suspension of trading, and the company should choose the right time to sell it. Since January 1, 2010, the company has not had securities investment activities. In order to cooperate with the expansion of energy-saving lamps, Zhejiang Sunshine decided to bid for 74.623 million yuan to purchase 8 industrial plots in Shangyu Industrial Park of Hangzhou Bay. The company also plans to invest an additional US$7.4 million in its subsidiary, Hong Kong Sunshine Industrial Development Co., Ltd., and agreed that Hong Kong Industrial will invest US$6.5 million of the above funds in Hong Kong Zhongzhao International Co., Ltd. After the completion of the investment, Hong Kong Industrial and Hong Kong Zhongzhao registered capital of 10 million US dollars and 9 million US dollars respectively.
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