Indie Semiconductor Agrees to Sell Stake in Wuxi indie Microelectronics Technology

United Faith Auto-Engineering on May 6 halted the trading of its shares amid plans to acquire a controlling stake in an automotive chip design company.

The deal, which includes a private placement for funding, is expected to conclude within 10 trading days by May 20, according to a Wednesday filing with the Shenzhen bourse.

If unsuccessful, the industrial automation company will resume trading and disclose its progress.

United Faith Auto-Engineering on May 6 halted the trading of its shares amid plans to acquire a controlling stake in an automotive chip design company.

The deal, which includes a private placement for funding, is expected to conclude within 10 trading days by May 20, according to a Wednesday filing with the Shenzhen bourse.

If unsuccessful, the industrial automation company will resume trading and disclose its progress.

An independent report found that about eight listed Chinese companies were reprimanded or fined due to environmental regulation breaches, according to the Daily Economic News' report on Jan. 27.

The data was collected on the fourth week of January by non-government organization Institute for Public Environmental Research, the report said.

Anhui Tongfeng Electronics Company and United Faith Auto-Engineering were among those that were fined by their respective local governments. Tongfeng Electronics received a 320,000 yuan fine for failing to purchase hydrogen peroxide due to cost considerations despite obtaining an environmental protection acceptance in April 2023, while United Faith was slapped with a 640,000 yuan fine for entrusting the treatment of hazardous waste to an unlicensed unit, the report said.

Lingshi County China Coal Jiuxin Coking was also warned for exceeding pollutant emissions and failing to take measures according to environmental impact assessment requirements, the report said.

Moreover, Anhui Liuguo Chemical was reprimanded for starting the construction of a phosphorus resource full-efficiency utilization technology improvement and transformation project without getting environmental impact assessment approvals, the report said.

(Market Chatter news is derived from conversations with market professionals globally. This information is believed to be from reliable sources but may include rumor and speculation. Accuracy is not guaranteed.)