O-Film Clarifies 'Asset Stripping' Rumors

On August 9, O-Film issued a clarification announcement responding to a recent report published by certain media outlets titled "O-Film Whistleblown! Actual Controller Cai Rongjun Accused of Setting Up Off-Balance-Sheet Companies to Hollow Out Listed Company Assets." The company stated clearly that the report is an internet rumor, and that it has filed a report with public security authorities and will pursue legal responsibility in accordance with the law.

Regarding the report's allegations that actual controller Cai Rongjun transferred benefits to Xinfeiguang Communication Technology Co., Ltd. and New Shinwa Motor Co., Ltd., both under his control, O-Film addressed the claims one by one across three dimensions: R&D, business operations, and related-party transactions:

On the R&D front, the company, Xinfeiguang and New Shinwa have different R&D objectives, technology roadmaps and product application scenarios. The processes, technologies and patents developed by the company all serve its own products. There is no sharing of generic technology, nor any situation in which the company absorbs R&D losses and then provides mature processes free of charge for use in Xinfeiguang's optical module products.

On the business front, the company focuses on the R&D and manufacturing of consumer electronics optical components such as cameras and optical lenses, while Xinfeiguang specializes in optical modules and active optical cables. The company has not produced or contract-manufactured for Xinfeiguang the optical module components, glass bridges, precision structural parts or other products described in the report. As for the VCM motor business, the company denied that "core business was spun off from O-Film in the early years, with the company bearing the R&D costs and New Shinwa taking the high-margin returns once the business matured."

On related-party transactions, the company and Xinfeiguang had only one transaction in the past three years: a factory lease worth RMB 1.23 million in 2023. Related-party transactions with New Shinwa mainly involve purchases of motor products needed for normal production and operations, with purchases totaling RMB 324 million and sales of RMB 2.45 million in 2023. All pricing follows market principles, and there is no transfer of benefits.

The clarification comes at a critical juncture in O-Film's strategic transformation. Leveraging its optical manufacturing technology as a link, the company is making intensive moves in machine vision, optical modules and glass-substrate advanced packaging to build a "light-core" strategic cluster.

Recently, the company has positioned itself in the TGV glass-based advanced packaging track by taking a controlling stake in Zhongke Daojing, independently established a machine vision company and partnered with UBTech and others to develop embodied AI, and also won an industry award for its 17M ultra-high-pixel wide-angle imaging lens in automotive optics.