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The company being sold is mainly engaged in the LED lighting business and is still in the early stage of operation. The Target Company is beneficially owned as to 48% and 52% by each of Signeo and the independent third parties respectively.
The company expects to recognise the audited earnings/loss of approximately RMB 62.16 million. First thought, the sale is a good opportunity to realise its investment, in line with the group's development strategy to streamline its LED business. The net proceeds from the sale provide funds for future development and are used for general working capital. 
First think of $8 million to sell LED lighting associates
A few days ago, Xiansi announced that its subsidiary, Signeo, will sell a 48% stake in a LED lighting joint venture for a total price of $8 million.