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Ingenic Semiconductor Signs Supervision Agreement for Chip R&D Project

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Ingenic Semiconductor (SHE:300223) signed a four-party supervision agreement for raised funds with its subsidiary Shenzhen Ingenic, Guotai Haitong Securities and Huaxia Bank.

The agreement establishes a new special account for the embedded MPU series chip research and development and industrialization project, according to a Monday filing with the Shenzhen bourse.

Shenzhen Ingenic will lead implementation of the new product line. The account, with an initial balance of 50 million yuan, is restricted to project use but allows cash management investments in low-risk products.

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