Hwatsing Technology's Chairman Proposes Share Buyback of Up to 100 Million Yuan

Hwatsing Technology completed the acquisition of the remaining 82% equity of semiconductor device manufacturer Xinyu Semiconductor (Shanghai), according to a Shanghai Stock Exchange disclosure on Tuesday.

The Chinese semiconductor equipment manufacturer and its wholly-owned subsidiary, Huahai Qingke (Shanghai) Semiconductor, now collectively hold 100% equity in Xinyu Semiconductor.

The company's shares rose less than 2% in recent trade.

Hwatsing Technology completed the acquisition of the remaining 82% equity of semiconductor device manufacturer Xinyu Semiconductor (Shanghai), according to a Shanghai Stock Exchange disclosure on Tuesday.

The Chinese semiconductor equipment manufacturer and its wholly-owned subsidiary, Huahai Qingke (Shanghai) Semiconductor, now collectively hold 100% equity in Xinyu Semiconductor.

The company's shares rose less than 2% in recent trade.

Hwatsing Technology expects an up to 49% increase in 2024 profit due to an expansion of its product market share and enhanced competitiveness.

Attributable net profit is expected to range between 970 million yuan and 1.08 billion yuan in 2024, up from 723.7 million yuan in 2023, according to a Friday filing with the Shanghai Exchange.

Shares of the semiconductor equipment manufacturer rose 2% in recent trade.

Hwatsing Technology agreed to acquire the remaining 82% stake it does not own in Xinyu Semiconductor Shanghai for 1.00 billion yuan.

Following the deal, Xinyu Semiconductor Shanghai will become a wholly-owned subsidiary of the high-end semiconductor equipment manufacturer, according to a Wednesday filing with the Shanghai bourse.

Xinyu Semiconductor Shanghai is currently in a loss-making state and expected to continue to lose money in the short term.

Hwatsing Technology said it will invest to achieve continuous iteration and upgrading of ion implantation equipment and new product development.

Shares of Hwatsing Technology were down 1% in recent trade.

Hwatsing Technology agreed to acquire the remaining 82% stake it does not own in Xinyu Semiconductor Shanghai for 1.00 billion yuan.

Following the deal, Xinyu Semiconductor Shanghai will become a wholly-owned subsidiary of the high-end semiconductor equipment manufacturer, according to a Wednesday filing with the Shanghai bourse.

Xinyu Semiconductor Shanghai is currently in a loss-making state and expected to continue to lose money in the short term.

Hwatsing Technology said it will invest to achieve continuous iteration and upgrading of ion implantation equipment and new product development.

Shares of Hwatsing Technology were down 1% in recent trade.