Recently, According to the announcement of Kingsun Optoelectronic, due to the slow progress, kingsun and Guangzhou Jicai Culture Communication Co. Ltd has officially signed the contract dissolution agreement for Xinhua Media LED display project. It means that the big contract of Kingsun with amount of RMB 1.5 billion which will last for 5 years was end. This contract has been only completed with RMB 4.667 million yuan.

As reported, this contract was signed on 21th December 2011 between Kingsun and Jicai. The total contract amount was about RMB 1.5 billion and it should  be completed within 5 years with estimated purchased amount  of 0.3 billion yuan per year.

"However, due the market demand for LED display was not effectively released" Said Ms. Wei li, the president secretary of Kingsun," the competition of LED display market is growing in intensity, in addition, examination and approval procedures for LED display project has been more complex and strict, the progress of this project is quite slowly" In consideration of various reasons, Kingsun decided to dissolve the contract with Jicai company.

According to the announcement, since started on 1st January 2012, the actual amount of purchase order in 2012 was 4.667 million yuan and it has completed the area of LED display about 256.38 square meters.　　

Ms. Wei Li expressed that although the original contract has been dissolved, Kingsun was still keeping in touch with Jicai company. And the both parties has sign the individual contracts for Fangcun and Zhongshan No.2 Hospital LED display projects. Jicai company also promised to take Kingsun as the primary cooperator for LED display project in Guangzhou and other districts.