On July 9, Hua Hong Semiconductor (01347.HK) rose 5.21% in regular trading, trading at HKD 185.9/share, with turnover of HKD 744 million.

On the news front, the company announced on the evening of July 8 that it has received formal approval from the China Securities Regulatory Commission (CSRC) for its share issuance to acquire assets and raise supporting funds. All six preconditions for the acquisition agreement and supplementary agreement have now been satisfied.

Specifically, the CSRC approved the company to issue approximately 124 million shares to Shanghai Huahong, 30.76 million shares to Shanghai IC Fund, 20.06 million shares to National IC Industry Investment Fund Phase II, and 15.62 million shares to Shanghai Guotou Pioneer IC to acquire 97.4988% equity in Shanghai Huali Microelectronics. The regulator also approved raising supporting funds of up to RMB 7.556 billion. The company stated it will proceed with the acquisition within the prescribed timeline in accordance with relevant regulations and shareholder authorization.

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