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Establishment of Xuzhou Factory with
Introduction of Experienced Technology and Manufacturing Team
Laying a Solid Business Foundation in GaN Semiconductor Sector |
HONG KONG, Dec 2, 2021 - (ACN Newswire) - HG Semiconductor Limited ("HG Semiconductor", together with its subsidiaries, "the Group", Stock Code: 6908.HK) is pleased to announce that the Group fulfilled and completed the placing agreement took place on 1 December 2021. An aggregate of 14,346,000 placing shares, representing approximately 2.55% of the issued share capital of the Group, have been successfully placed to not less than six placees at the placing price of HK$6.20 per placing share.
The net proceeds from the placing, after deduction of the professional fee and other related expenses, amounted to approximately HK$86.2 million. The Group intends to apply approximately HK$64.3 million for strengthening its research and development ("R&D") capabilities of LED, Mini LED, fast charging, gallium nitride ("GaN") devices and related semiconductor products. Such amount of net proceeds will be used for the set-up of R&D centres, recruitment of R&D professionals, as well as procurement of equipment and materials with an aim to develop and capture patent and technology. Meanwhile, approximately HK$21.9 million will be used for providing general working capital and improving the financial position of the Group.
Leveraging its industrial expertise on semiconductor manufacturing, HG Semiconductor has been expanding its business to various kinds of semiconductors including GaN related products. In view of its long-term strategy in further developing its business in the GaN semiconductor industry, HG Semiconductor is pleased to announce that it is setting up a new factory in the Xuzhou Economic and Technological Development Zone, which comprises 7,000 square metres of ultra clean chambers and 850 square metres of office area ("Xuzhou Factory"). It is contemplated that a production line for manufacturing electronic products including GaN related products will be installed in the factory, the facilities of which will be further upgraded to full automation in the future.
The management of the Group is also delighted to introduce the experienced and professional core members of its Technology and Manufacturing team. Among them, Dr. CHEN Zhen ("Dr. CHEN"), the core expert in the GaN semiconductor business and the General Manager of the Xuzhou Factory, has over 20 years of experience in R&D, production and management in the field of GaN-based optoelectronics devices. He has mastered the core technologies of GaN electronic devices and full-band solid-state light-emitting devices as well as proprietary technology of 8-inch silicon-based GaN epitaxial growth. Dr. CHEN has applied for more than 30 domestic and foreign patents, and served as a reviewer for more than 10 international journals. Moreover, Mr. LU Juilin ("Mr. LU"), the Operation Deputy General Manager of the Xuzhou Factory, has over 30 years of experience in semiconductor industry and foundry technology and management, with experience in managing 8 to 12-inch fab management and technical experience and 55nm to 0.5um chip manufacturing process factory management experience. He is also experienced in building new factories and he worked as the Factory Manager of Semiconductor Manufacturing International Corporation ("SMIC"; stock code: 0981.HK) and Hua Hong Semiconductor Limited ("HHS"; stock code: 1347.HK).
Dr. CHANG Ru Gin ("Dr. CHANG"), known as the "Father of the Chinese Semiconductor", is the Senior Consultant of the Group. He is also the founder and the former CEO of SMIC. Dr. CHANG is one of the leading figures of the semiconductor industry and an industry leader of the PRC semiconductor market. Dr. Thomas HU ("Dr. HU"), the Research Deputy General Manager of the Xuzhou Factory, has more than 20 years of work experience in GaN device design and fabrication in the world's leading company, and was the key member in GaN HEMT device design and fabrication. Dr. HU is experienced in semiconductor process control, fab operation and management and is in charge of new process recipe development, process optimisation, new product development, product quality control and yield improvement for GaN HEMT devices and products. It is expected that the core members of the Technology and Manufacturing team will substantially enhance the R&D capabilities of the Group, which will be beneficial to the development of the Group's business as a whole.
Mr. ZHAO Yiwen, Chairman and Executive Director of HG Semiconductor said, "The Group is excited to announce multiple positive news, in particular, the establishment of our new Xuzhou Factory which sets a new milestone in our development. The strategic investments of the Group in VisIC Technologies and GaN Systems announced earlier on also represent our commitment venturing into the third-generation semiconductor industry, further enhancing our third-generation semiconductor design and manufacturing capabilities. With new appointments of experienced and professional core members of the Technology and Manufacturing team, we strongly believe that the team, who are all world-class seasoned professional in the semiconductor industry, can capitalise on their factory management, project management and technical experience to design and produce leading-edge semiconductor products, thus enabling us to stand out in the highly competitive market. Leveraging our competitive edge in the GaN semiconductor industry, the Group will capture every market opportunity, with an aim of achieving our long-term business goal to become a leading GaN semiconductor company."
About HG Semiconductor Limited
HG Semiconductor Limited (6908.HK) is principally engaged in semiconductor product business in China, including the design, development, manufacturing, subcontracting services and sales of light-emitting diode ("LED") beads and a new generation of semiconductor gallium nitride ("GaN"). The Group is committed to accelerating its research and development and expansion in the application of GaN related products, with an aim to become a leading semiconductor company with the integration of design, manufacturing and sales of semiconductor chips, as well as providing total solutions with higher efficiency and competitive system cost.
For more details, please visit www.hg-semiconductor.com
Topic: Press release summary
Source: HG Semiconductor Limited
Sectors: Electronics
https://www.acnnewswire.com
From the Asia Corporate News Network
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