Tongfang Youyou announced that it will sell three subsidiaries, including Yangzhou Tongfang, Shanghai Cuieng and Tianjin Zhenmingli to the controlling shareholder Tongfang Group, with a share transfer consideration of RMB 230 million (RMB, the same below), RMB 15.72 million and 335 respectively. Ten thousand yuan, that is, a total of nearly 250 million yuan. The Company has stated that each of the three subsidiaries has a number of idle assets, which are used to streamline its manufacturing resources, obtain cash and realize the value of the investment in the fair market value. The net proceeds from the Disposal will be used to improve the operating cash position. Upon completion of the equity transfer agreement, the company expects to record an equity transfer income of approximately RMB 100 million and an increase in net asset value of approximately RMB 100 million. According to the announcement, the main business of Yangzhou Tongfang is epitaxial wafer, LED decorative light, LED general lighting products, LED professional lighting products and lighting engineering. The net asset value as of May 31, 2016 was RMB 185,363,200. The principal activity of the Group is investment holding, and the net debt as of May 31, 2016 was RMB 16,752,000. The principal activity of the Group is investment holding, and the net debt as of May 31, 2016 was RMB 15,311,100. Piezoelectric Ceramic,Piezo Ceramic Element,Piezo Bending Actuators,Piezo Speaker NINGBO SANCO ELECTRONICS CO., LTD. , https://www.sancobuzzer.com