Sino-Microelectronics restarts trading amid ownership change plan

Jilin Sino-Microelectronics announced that trading of its shares would resume on June 26, 2025, after a trading halt initiated on June 19. This follows significant progress in the planned change of control, with Shanghai Pengsheng Technology, the company's controlling shareholder, signing a binding agreement to transfer its stake to the state-owned enterprise, Asia Dong Investment. Asia Dong will pay Jilin Sino-Microelectronics directly for funds owed by Shanghai Pengsheng. Asia Dong will pay Jilin Sino-Microelectronics directly a sum of CNY 1,555,899,601.88 to cover the debt. This plan is pending shareholder approval. The agreement is conditional on the approval of the debt resolution plan at Jilin Sino-Microelectronics's shareholder meeting, antitrust approval, and verification of regulatory compliance. The change in ownership is aimed at resolving concerns raised by regulators and the Shanghai Stock Exchange, including the qualified opinion of the auditor, Beijing Guofu Jiaying. If Jilin Sino-Microelectronics is unable to rectify its financial statements and internal controls within six months, it risks being delisted.