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BIWIN Storage Expects Stake in Subsidiary to Decline After Capital Raise

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BIWIN Storage Technology's (SHA:688525) holdings in its subsidiary, Guangdong Xincheng Hanqi Semiconductor Technology, are expected to decline after the latter raises its capital and expands its registered capital, according to a weekend disclosure on the Shanghai bourse.

The semiconductor company's shares fell 2% during Monday's morning trade.

The total financing round will be up to 600 million yuan and external investors are expected to acquire up to 23% of Xincheng Hanqi.

The company's stake in Xincheng Hanqi is expected to drop up to 52.5% from 68.3%.

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