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