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Hangzhou Lion Electronics Buys Out Minority Stake in Silicon Wafer-Making Unit; Shares Slide 3%

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Hangzhou Lion Electronics (SHA:605358) will buy out the remaining 11.4705% stake in Zhejiang Jinruihong Technology from Guotou (Shanghai) Science and Technology Achievement Transformation Venture Capital Fund Enterprise for 318.1 million yuan.

Zhejiang Jinruihong Technology is a subsidiary producing six- to eight-inch semiconductor silicon wafers, according to a Saturday filing with the Shanghai Stock Exchange.

Before this transaction, Lion Electronics already holds 88.4852% of Jinruihong. Following the deal, the listed company will directly hold 99.9557% of the stake in the subsidiary. Another unit, Hangzhou Lion Semiconductor Technology, holds the remaining 0.0443%.

Shares fell 3% during afternoon trading on Monday.

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