HG Semiconductor (HKG:6908) has terminated its capital injection agreement after the investor failed to pay the second contribution of 45 million yuan by the extended deadline, according to its filing on Thursday.
The termination, effective Jan. 1, 2025, releases the investor, which is a private investment fund jointly owned by 51% and 49% by Zhejiang Youchuang (Hangzhou) Private Equity Management (51%) and Henan Huirong Jianeng Innovative Investment (49%), from any liabilities related to the unpaid amount.
All parties, including the target company and project company, agreed that no breaches occurred in the agreement's execution.
The target company's registered capital will be adjusted based on the actual contributions received, and the board will handle the necessary administrative procedures.
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