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Union Semiconductor to Invest 400 Million Yuan in HITS Tech Joint Venture

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Union Semiconductor (Hefei) (SHA:688403) plans to invest 400 million yuan into a joint venture that will produce advanced high-speed interconnect technology solutions, or HITS, technology, according to a Shanghai bourse filing on Thursday.

Union partnered with Bairuifa Holdings and Hong Kong Huiwei Integrated Holdings to set up the 700 million yuan new venture company, Hefei Jingruiwang Technology.

Bairuifa is a company controlled by Union's actual controller and chairman, Zheng Ruijun.

Union will own 57.1% of the planned venture, while Bairuifa and Hong Kong Huiwei will hold 28.6% and 14.3%, respectively.

Moreover, the venture will also acquire Shanghai Zhenglong Xinchuang Microelectronics, an integrated circuit packaging company owned by Hong Kong Huiwei.

The semiconductor company's shares jumped 4% at the close.

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