On February 7, Shanghai Zhezhong Group Co.Ltd(002346) issued an announcement on signing the restructuring framework agreement of Guojing (Jiaxing) Semiconductor Co., Ltd.
According to the national requirements on relevant industry integration and resource sharing, in order to promote resource integration, achieve the goal of energy conservation and consumption reduction, reduce competition in the same industry and optimize allocation, and in view of the establishment of Shanghai Zhezhong Group Co.Ltd(002346) subsidiary Guojing (Jiaxing) Semiconductor Co., Ltd. (hereinafter referred to as "Guojing semiconductor") in December 2018, the 300mm silicon wafer automatic production line has been put into mass production, In order to concentrate on expanding and strengthening the 300mm monocrystalline silicon industry, Nanhu District Development and Reform Bureau of Jiaxing issued a letter: under the guidance of the linkage service of development and reform departments at all levels and with the consent of the government, the equity of Guojing (Jiaxing) Semiconductor Co., Ltd. was restructured to promote the industrial scale effect and enhance the comprehensive competitiveness.
According to the above requirements, through consensus, the company signed the restructuring framework agreement on Guojing (Jiaxing) Semiconductor Co., Ltd. with Shanghai Kangfeng Investment Management Co., Ltd., jinruihong Microelectronics (Quzhou) Co., Ltd. and Jiaxing Kangjing semiconductor industry investment partnership (limited partnership) to restructure the equity of Guojing semiconductor. The equity structure after the reorganization is as follows: jinruihong microelectronics obtained 58.69% equity of Guojing semiconductor, Kangjing industrial investment held 41.31% equity of Guojing semiconductor, Shanghai Zhezhong Group Co.Ltd(002346) , government industry support fund and other shareholders indirectly held the equity of Guojing semiconductor through Kangjing industrial investment.
The framework agreement signed this time is based on the preliminary intention of each partner and does not involve specific amount. The detailed restructuring plan and implementation mode need to be further implemented and clarified, and will be agreed in the formal contract.
