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HUA HONG SEMI Slumps 6%+ in Early Trading, Planning to Acquire Controlling Stake in Shanghai Huali Microelectronics
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HUA HONG SEMI (01347.HK) is planning to acquire a controlling stake in Shanghai Huali Microelectronics. Its stock price opened 0.6% lower this morning (18th) and once bottomed at HKD47.12 with a drop of 8.1%. It last traded at HKD48.04, down 6.35%, with a volume of 28.5942 million shares, involving HKD1.38 billion. In order to address the issue of competition within the same industry as promised in its IPO, HUA HONG SEMI has announced that it is currently planning to acquire a controlling stake in Shanghai Huali Microelectronics by issuing shares and paying cash, while raising supporting funds at the same time. The company is currently in discussions with potential transaction parties, and the transaction is expected to involve Shanghai Huahong (Group), Shanghai Integrated Circuit Industry Investment Fund, China Integrated Circuit Industry Investment Fund (Phase II), and Shanghai Guotou Leading Integrated Circuit Private Equity Investment Fund Partnership (Limited Partnership). Trading in HUA HONG SEMI's A-shares has been suspended from today. The suspension is expected to last no more than 10 trading days. Meanwhile, trading in its H-shares will continue. AAStocks Financial News |
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