Shanghai Felio Acoustics rebutted misleading reports claiming its affiliated company INESA is building a new LED plant in France that could create 200 to 300 new jobs in the country.

Shanghai Feilo Acoustics and The Hongkong Shanghai Banking Corporation (HSBC) recently signed a termination agreement that ended the international bank’s role as the sole financial consultant for the Chinese LED luminaire company’s plan to acquire Osram’s lighting business.

German lighting manufacturer Osram has initiated the sales process of its lamps business, which it intends to spin-off operations from the group by next April and legally by July, a Reuters report cited a company spokesman saying recently.