Hua Hong Semiconductor provides update on major acquisition, share issuance

Hua Hong Semiconductor Limited announced ongoing negotiations for a proposed acquisition, including terms of a supplemental agreement and valuation of target assets. The company is also preparing information for the Circular, which will include an Asset Valuation Report, pro-forma financial information of the enlarged Group, and a letter from the Hong Kong Independent Financial Adviser.

The Executive has granted an extension for the dispatch of the Circular, with the new deadline set for no later than December 31, 2025. Further announcements regarding the acquisition's status and progress, as well as the Circular's timing, will be made as appropriate.

The completion of both the Proposed Acquisition and the Proposed Non-public Issuance of RMB Shares are contingent upon various conditions. The Whitewash Waiver, if granted, requires approval by at least 75% of Takeovers Code Independent Shareholders' votes, while the Proposed Acquisition needs over 50% approval. Shareholders and potential investors are advised to exercise caution.