Ruifeng Optoelectronics announced on the evening of March 6 that the company intends to transfer 100% equity of Shanghai Ruifeng Optoelectronics Co., Ltd. (hereinafter referred to as “Shanghai Ruifeng”), a wholly-owned subsidiary, at a price of RMB 250 million, of which the company directly transfers Shanghai Ruifeng 62.5% of the shares, the wholly-owned subsidiary Ningbo Ruikang Optoelectronics Co., Ltd. transferred its 37.5% stake in Shanghai Ruifeng, the share transferee is Mr. Sun Xiangdong. The 20th meeting of the third board of directors held on March 5, 2018 reviewed the “Proposal on Transferring Equity of wholly-owned Subsidiaries”.

The company is gradually concentrating its main production bases to Yiwu and Shenzhen, Zhejiang. The proposed sale of Shanghai Ruifeng's equity is a reasonable arrangement for optimizing the organizational structure, accelerating the integration of the company's products and resources, and matching the company's long-term development plan.

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