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Xiansi announced that it has entered into a letter of intent with Shenzhen Lehman Optoelectronics Co., Ltd., and first agreed to establish a joint venture company with Lehman in the Mainland. The scope of operation includes high-power light-emitting diode (LED) product development, sales, quality management and brand operation. The joint venture company will be managed jointly by Xiansi and Lehman.
First, we expect that the capital investment of each of the two parties will not exceed US$2 million, and the capital investment will be mainly used for LED product research and development. After the establishment of the joint venture company, Lehman will own a 5% stake in the joint venture company, while Xiansi will own a 49% stake in the joint venture company. After the establishment, the JV Company will no longer be a subsidiary of Xiansihang.
Lehman is one of the leading manufacturers in the LED industry with a sales network in more than 50 countries and regions around the world. First, we believe that the establishment of the joint venture company indicates that the LED business continues to grow and helps the Group to enhance its competitiveness in the LED industry. It is also believed that the Group can benefit from the proposed establishment of a joint venture company with Lehman. 
December 10, 2023