NVC International Holdings Limited Announces Deemed Disposal of Equity Interest in Subsidiary through Capital Injection
Date: 2 June 2026
Key Highlights
- Capital Injection: Youtong Technology, an indirect subsidiary of NVC International Holdings Limited (the “Company”), entered into an agreement with a subscriber (Zhejiang Miler Technology Co., Ltd.) to inject RMB8,450,000 into Zhejiang NVC Lighting Co., Ltd. (the “Target Company”).
- The capital injection consists of RMB5,000,000 for additional registered capital and RMB3,450,000 to be credited to the capital reserve.
- After completion, Youtong Technology’s equity interest in the Target Company will be diluted from 100% to 80%, while the Subscriber will hold 20%.
- This transaction constitutes a “deemed disposal” under the Hong Kong Listing Rules and is categorized as a discloseable transaction since the relevant percentage ratio exceeds 5% but is less than 25%.
- The Target Company will remain a subsidiary of NVC International, and its financial results will continue to be consolidated.
Details of the Transaction
- Completion Status: The Subscriber has already fulfilled its payment obligations under the agreement.
- Post-Injection Structure: Target Company’s registered capital will increase from RMB20 million to RMB25 million, with ownership split 80%/20% between Youtong Technology and the Subscriber, respectively.
- Restrictions: For three years post-injection, neither party can transfer, pledge, or otherwise dispose of their shares without unanimous consent. After this lock-up period, transfers by the Subscriber are subject to Youtong Technology’s right of first refusal, and certain additional restrictions are in place for 20 years regarding transfers to restricted transferees.
Financial Information of the Target Company
- Business: The Target Company is engaged in the production and sales of energy-saving lamps and the R&D of related technologies.
- Financial Performance:
- 2025 (unaudited): Profit before tax of RMB8.72 million; profit after tax of RMB8.25 million.
- 2024 (unaudited): Profit before tax of RMB27.37 million; profit after tax of RMB26.19 million.
- Net asset value as of 31 Dec 2025: RMB36.60 million.
Valuation and Determination of Consideration
- Valuation Approach: The market approach was adopted by Jones Lang LaSalle Corporate Appraisal and Advisory Limited (the “Valuer”), focusing on EV/EBITDA multiples of comparable publicly listed companies in the energy-saving lighting sector.
- Valuation Results:
- 100% equity interest in the Target Company valued at RMB42.24 million (after a 16.12% discount for lack of marketability).
- Key parameters include an adjusted EV/EBITDA multiple of 6.02x and EBITDA of RMB19.52 million.
- Rationale: The injection amount and structure were determined after arm’s length negotiations, considering valuation results and net asset value.
Strategic Rationale and Impact for Shareholders
- Purpose: The transaction is designed as part of a managerial incentive mechanism to attract, incentivize, and retain key managers, aligning their interests with shareholders and promoting the long-term development of the Target Company.
- Financial Effect: The Company will not recognize any gain or loss from the transaction—it will be treated as an equity transaction. The Target Company remains a subsidiary, ensuring continued consolidation in group financials.
- Use of Proceeds: Proceeds will primarily be used for the working capital of the Target Company.
- Transaction Parties: The Subscriber is a shareholding platform for key managers and is independent of the Company and its connected persons.
Shareholder Considerations and Potential Price Sensitivity
- This transaction may be price-sensitive as it introduces a new strategic investor (key management) into a core subsidiary, aligns management and shareholder interests, and could improve long-term performance and stability.
- The transaction does not immediately impact the Company’s consolidated profits, but it could affect future capital structure and governance of the Target Company.
- There are significant lock-up and transfer restrictions designed to ensure stability and prevent sudden changes in ownership.
Governance and Compliance
- The transaction was approved by the Board, including independent non-executive Directors, who considered the terms to be on normal commercial terms, fair, and in the interests of the Company and shareholders as a whole.
- The transaction is subject to reporting and announcement requirements under Chapter 14 of the Hong Kong Listing Rules.
Valuation Methodology and Board View
- The Board reviewed and accepted the independent valuation, which used adjusted EV/EBITDA multiples of comparable peers and applied a discount for lack of marketability.
- The Valuer, Jones Lang LaSalle, confirmed its independence and professional standards in conducting the appraisal.
Directors and Company Information
- Chairman: Wang Donglei
- Other Executive Directors: Chan Kim Yung, Eva; Xiao Yu; Wang Keven Dun
- Non-executive Director: Ye Yong
- Independent Non-executive Directors: Lee Kong Wai, Conway; Wang Xuexian; Chen Hong
Disclaimer
This article is for informational purposes only and does not constitute investment advice. Investors should conduct their own due diligence and consult professional advisors before making any investment decisions. NVC International Holdings Limited and its subsidiaries’ share prices may be affected by the matters described, but there are no guarantees of future performance or price movements.
NVC國際控股有限公司宣佈附屬公司股權被視作出售及重大披露交易
日期：2026年6月2日
重點摘要
- 增資事項： 友通科技（公司間接附屬公司）與訂閱方（浙江米勒科技有限公司）簽署協議，向浙江雷士照明有限公司（目標公司）注資人民幣8,450,000元。
- 其中，人民幣5,000,000元增資註冊資本，人民幣3,450,000元計入資本公積。
- 交易完成後，友通科技對目標公司持股由100%攤薄至80%，訂閱方持有20%。
- 本交易構成香港上市規則下之「被視作出售」，屬於須予披露交易（相關百分比比率超過5%但少於25%）。
- 目標公司仍為集團附屬公司，財務業績將繼續合併入集團報表。
交易詳情
- 完成情況：訂閱方已全額履行注資付款義務。
- 增資後結構：註冊資本由人民幣2,000萬增至2,500萬，持股結構為友通科技80%、訂閱方20%。
- 限制條款：注資完成後三年內，任何一方不得轉讓、質押或以其他方式處置其股份，須全體股東同意。期滿後，訂閱方轉讓須受友通科技優先購買權及其他限制，部分限制最長可至20年。
目標公司財務資料
- 業務： 目標公司主要從事節能燈生產銷售及相關技術研發。
- 財務表現：
- 2025年（未經審核）：稅前盈利871.6萬元，稅後盈利824.8萬元。
- 2024年（未經審核）：稅前盈利2,736.9萬元，稅後盈利2,619.4萬元。
- 2025年12月31日資產淨值約3,660.4萬元。
估值及對價確定
- 估值方法： 由仲量聯行採用市場法，參考同行業上市公司EV/EBITDA倍數作比較。
- 估值結果：
- 目標公司100%股權估值約4,223.8萬元人民幣（已扣流動性折讓16.12%）。
- 主要參數為調整後EV/EBITDA倍數6.02倍，EBITDA為1,952.4萬元人民幣。
- 協議對價： 經各方公平協商，參考估值及資產淨值後確定。
戰略意義及對股東的潛在影響
- 目的： 建立管理層激勵機制，吸引、激勵及留住關鍵管理層，與股東利益一致，推動目標公司長遠發展。
- 財務影響： 集團不會即時確認任何收益或虧損，目標公司仍屬附屬公司，財務報表繼續合併。
- 資金用途： 注資款項主要用於目標公司營運資金。
- 訂閱方： 由目標公司關鍵管理層持股的平台，與公司及其關聯方獨立。
股東需知及潛在股價敏感事項
- 本交易引入管理層作為戰略投資者，利益高度綁定，有助提升公司治理及長遠表現，可能對股價構成正面影響。
- 雖然不會即時影響集團利潤，但未來資本結構及公司治理或有變動。
- 設有嚴格鎖定期及轉讓限制，有助維持穩定。
公司治理及合規
- 董事會（包括獨立非執行董事）認為本協議條款屬正常商業條款，公平合理，符合公司及全體股東利益。
- 本交易須根據香港上市規則第14章履行披露及公告義務。
估值方法及董事會觀點
- 董事會審閱並同意該獨立估值報告，方法及假設合理。
- 估值機構為仲量聯行，確認其獨立性及專業合規。
董事及公司資料
- 主席：王冬雷
- 執行董事：陳劍勇、蕭宇、王科文
- 非執行董事：葉勇
- 獨立非執行董事：李港衛、王學先、陳虹
免責聲明
本文僅供參考，並不構成任何投資建議。投資者應自行審慎評估，並諮詢專業顧問。雷士國際控股有限公司及其附屬公司股價或受上述事項影響，但不保證未來業績或股價走勢。
