Elec-Tech Denies Revenue Reached RMB 10 Billion

Chinese LED manufacturer Elec-Tech released a report on January 19th announcing the company’s various businesses’ preliminary estimated data for 2014. The company anticipates sales revenue in 2014 to increase by 50 percent compared to 2013, including sales revenue for their LED business which is estimated to increase 100 percent from 2013. Total sales revenue for 2014 is estimated to reach RMB 3 billion (US $495.4 million) mainly due to significant increase in LED general lighting market demands. The aforementioned sales revenue includes injections from NVC Lighting and product sales from NVC Lighting’s overseas sales channels. Elec-Tech also estimates that sales revenue for both itself and NVC Lighting will not reach RMB 10- 12 billion, as previously noted during a media interview Elec-Tech chairman Wang Donglei.

In recent interviews with the media, Elec-Tech chairman Wang Donglei was quoted as saying that the company anticipates LED industry revenue for itself and NVC Lighting to reach RMB 10 billion-12 billion in 2014. Over the next three years, yearly performance in the LED field is estimated to increase 150-200 percent. At the same time, Elec-Tech plans to increase stock shares in NVC Lighting in the future.

Elec-Tech intends to purchase about 215 million shares in NVC Lighting at the suitable time strengthening control of the company.

Source:STCN (證券時報網)

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