Fei Le shares trading assets busy concentrating resources to develop key industries

Flying Music shares disclosed today, the company to Shanghai Heng Fu Real Estate Co., Ltd. No. 403 Zhao Jia Bang Road, one or two floor of the total building area of 837.47 square meters of housing use, the transfer price of 12.9 million yuan. The announcement shows that the May 21, 2010 Fei Lok shares and Shanghai Heng Fu Real Estate Co., Ltd. signed the "Transfer agreement on the right to housing", to Shanghai Heng Fu Real Estate Co., Ltd. No. 403 Zhao Jia Bang Road, one or two floor of the total building area of 837.47 square meters of housing use, the transfer price of 12.9 million yuan. Zhao Jia Bang Road No. 403 is the company's right to use rooms, one or two-storey total construction area of 837.47 square meters.　　The property of the house belongs to Shanghai Xu Fang (Group) Co., Ltd. The company said that the transfer of housing use is to effectively revitalize the stock assets, focus on resources to develop key industries, in line with the company's current development strategy, conducive to the company's development.　　The decision-making procedures and voting procedures of this transaction are lawful, the acquisition price is fair, in line with the interests of the company and shareholders. The announcement also said that in recent years, the Shanghai Gods of the flying music share holdings, due to the fierce market competition and the impact of the financial crisis, sales revenue and profitability showed a declining trend.　　As of December 31, 2009, the Shanghai Gods sales income of 203.373 million yuan, net profit-13.939 million yuan, net assets of 162.637 million yuan.　　According to the notice, in view of the development of the Shanghai Gods is not clear, in accordance with the Company's development strategy and industrial restructuring, the company intends to hold the 30% stake in the Shanghai gods to the Japanese gods, the transfer price should not be less than the evaluation value. At the same time, flying Le shares said that by Zhuhai Le Star Electronics Co., Ltd. to absorb the merger of Zhuhai Flying Star Automotive Electrical Appliance Co. As Zhuhai Le Star by the company and Hong Kong Pan Star Co., Ltd. Joint investment, and Zhuhai star from Zhuhai Le Star and Hong Kong Taijie Co., Ltd. Joint investment, the merger, the incorporation of Zhuhai Le star registered capital will increase to 4.37 million U.S. dollars. Zhuhai Le star will inherit the rights and debts of Zhuhai Star, and continue to operate in the form of joint ventures. Zhuhai Star dissolved at the same time.