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Trading in HUA HONG SEMI's A-shrs Halted from Tdy on Plans to Acquire Shanghai Huali Microelectronics
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In order to address the issue of competition within the same industry as promised in its IPO, HUA HONG SEMI (01347.HK) 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. HUA HONG SEMI 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). Due to the uncertainties surrounding this transaction, and to avoid substantial impact on the stock price, upon HUA HONG SEMI's application, trading in its A-share HUA HONG (688347.SH) has been suspended starting this morning (18th) according to the relevant regulations of the Shanghai Stock Exchange. The suspension is expected to last no more than 10 trading days. Meanwhile, trading in the H-shares will continue. AAStocks Financial News |
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