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Shanghai Wanye Unit to Divest 10% Semiconductor Stake; Shares Down 5%

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Shanghai Wanye Enterprises (SHA:600641) subsidiary Chizhou Wanye Technology Development will divest its 10% stake in Suzhou Zhongjing Zhixin Semiconductor Partnership to three entities for 150 million yuan.

Nanjing Quanyi Technology will purchase 4% for 60 million yuan, while Nanjing Yuanfu Technology and Nanjing Diyuan Technology will purchase 3% each for 45 million yuan, according to a Friday filing with the Shanghai bourse.

The divestment will boost its liquidity and cash flow and sustain the operating capacity of the main business, the filing said.

Shares of the semiconductor equipment company fell 5% in recent trade.

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