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The evening of May 16th, our Limited by Share Ltd (referred to as &ldquo or “ ” M.L.S.; ”) released a series of announcements continuously, which relates to set up wholly-owned Sun company, a wholly owned subsidiary of the company merged with its wholly-owned subsidiary, liquidation and cancellation of subsidiaries and a series of major issues.
 
In an announcement, a wholly owned subsidiary of Linsen Linsen (Hongkong) Co. Ltd. (hereinafter referred to as Hongkong Linsen “ ”) intends to use the self financing in Ji'an City, Jiangxi Province set up a wholly owned subsidiary of — — M.L.S. (Ji'an) Co. Ltd. (hereinafter referred to as “ Linsen Ji'an ” Hongkong, M.L.S.) intends to cash invested $30 million, accounting for 100% of the registered capital.
 
Another announcement shows, in order to reduce the level of management, reduce management costs, improve operational efficiency, our company third meeting of the eleventh board of directors considered and adopted the "on the company's wholly owned subsidiary merger its wholly owned subsidiary of the motion", with its wholly-owned subsidiary of Jiangxi province M.L.S. Photoelectric Technology Co. Ltd. (hereinafter referred to as &ldquo Jiangxi Linsen photoelectric &rdquo);; merger of its wholly-owned subsidiary of Jiangxi Linsen semiconductor materials Co. Ltd. (hereinafter referred to as &ldquo ” Jiangxi Woodlans semiconductor;). After the completion of the merger, Jiangxi Woodlans photoelectric surviving operations, Jiangxi Woodlans semiconductor independent legal person qualification shall be cancelled.
 
In addition, Linsen Day third important announcement that the proposed cancellation of a wholly owned subsidiary of Shenzhen molison photoelectric Agel Ecommerce Ltd (hereinafter referred to as “ Linsen photoelectric ”), May 16, 2017 the company held the third meeting of the eleventh board of directors approved "on the liquidation and cancellation of a subsidiary of the motion", the meeting decided to terminate the Linsen photovoltaic business. The dissolution of liquidation in accordance with the law, and the management of the Licensing companies in accordance with the law for the liquidation and cancellation of related matters. Announcement shows that as of March 31, 2017, Shenzhen molison photoelectric Agel Ecommerce Ltd financial data (Unaudited): total assets of 3177111.88 yuan, net assets of 2961681.05 yuan, the first quarter of 2017 net profit of -547721.06 yuan.
 
Through the establishment of Sun company, consolidated subsidiaries and the liquidation and cancellation of a subsidiary market strategic layout adjustment, Mu Linsen optimize their product structure, to achieve unified management of business, reduce the level of management, reduce management costs, improve operational efficiency at the same time, but also enhance the company's profitability and anti risk ability, to a greater extent to ensure the interests of shareholders and listed companies.