Ｆｏｕｎｄｅｒ ｏｆ Ｓｋｙｗｏｒｔｈ Ｗａｓ Ｄｉｓｃｈａｒｇｅｄ ｆｒｏｍ Ｐｒｉｓｏｎ Ａｈｅａｄ ｏｆ Ｓｃｈｅｄｕｌｅ

Ｈｕａｎｇ　Ｈｏｎｇｓｈｅｎｇ

Huang Hongsheng, founder and former chairman of Shenzhen-based TV maker Skyworth Group, was released on bail on July 4. The news sent the Hong Kong-listed Skyworth Digital Holdings shares to rise 12.87 percent on July 6 over the previous day.

Huang Hongsheng was arrested in Hong Kong on July 13, 2006 for being suspected of cooking the books and embezzling the corporate capital in November 2004. Then he was sentenced to 6 years in jail for committing the conspiracy theft and defrauding the listed companies and the other two crimes. In August, Huang resigned from the non-executive chairman and non-executive director of Skyworth Group.

During his 4 years in prison, Huang was said to exert remote control over the operation of Skyworth. He never stopped writing articles for Skyworths inside magazine and insisted on examining the companys report files and the executives working reports twice per month. Under the leadership of his designated management, Skyworth Group successfully survived the largest crisis in companys history. It annual revenue increased from 10.5 billion HK dollars in 2004 to 15 billion HK dollars in 2008.

From last February to April, Huang entrusted his wife and the executive director of Skyworth Group Lin Weiping to buy 3.82 million Skyworths shares with the price of 0.745 HK dollars per share. Now Huang is still the largest shareholder of Skyworth Group with 40% of its total shares. His paper assets exceed 1.7 billion HK dollars.

The source said that Huang has no plan to return to the management position of Skyworth Group. He would prefer the role as a mere investor. He also could start a new business, like investing in real estate in Hainan and starting the vocational education school.