Huaying Technology announced that in order to solve the problem of horizontal competition of affiliated enterprises of controlling shareholders, increase the company's cash inflow and concentrate on developing its core business, Huaying Technology intends to sell 75% of the shares of its holding subsidiary Fujian Huaguan Optoelectronics Co., Ltd. without being acquired.
Fujian Optoelectronic Co., Ltd. is a joint venture established by the world's third largest CRT picture tube, the fifth largest LCD product manufacturer Chunghwa Picture Tube Co., Ltd. and Electronics Co., Ltd., located in Honglu, Fuqing City, Fujian Province. It was incorporated in September 2005 with a total investment of US$ 52 million. The company has a building area of 25,000 square meters and about 1700 employees.