Hua Hong Semiconductor delays circular for major acquisition, share issuance

Hua Hong Semiconductor Limited announced a delay in dispatching its circular related to a major and connected transaction. This transaction includes an acquisition agreement, a proposed non-public issuance of RMB shares to raise ancillary funds, and an application for a whitewash waiver. The original deadline for dispatching the circular to shareholders was on or before September 21, 2025. An application has been made to extend this deadline to no later than December 31, 2025, due to additional time required for finalizing the Proposed Acquisition terms and preparing the Asset Valuation Report and pro-forma financial information.

In a related announcement, Hua Hong Semiconductor confirmed the appointment of Innovax Capital Limited as the Hong Kong independent financial adviser. Innovax Capital will advise the independent board committee, the Takeovers Code independent shareholders, and the Proposed Acquisition LR independent shareholders on whether the Proposed Acquisition, the Proposed Acquisition Specific Mandate, and the Whitewash Waiver are fair and reasonable.

The company issued a warning that the completion of the Proposed Acquisition and the Proposed Non-public Issuance of RMB Shares are subject to various conditions and may not proceed. Shareholders and potential investors are advised to exercise caution when dealing in the company's securities. Further announcements on the circular's dispatch timing will be made.