CN INT DEV CORP (00264) surged more than 5% in the afternoon session, reaching HK$2.61 by the time of writing, with a trading volume of HK$10.56 million. The company announced on November 21, 2025, that it had entered into a non-binding memorandum of understanding with seller Xu Xichang. Under the agreement, CN INT DEV CORP intends to acquire up to 100% of the shares in Longteng Semiconductor Co., Ltd., including the 24.81% stake directly held by Xu, who is the largest single shareholder and chairman of the target company. Xu has also agreed to facilitate negotiations for the sale of the remaining shares by other shareholders.

The proposed transaction is expected to range between HK$4.5 billion and HK$9 billion, subject to mutual agreement and final terms outlined in a definitive agreement. The valuation considers Longteng Semiconductor's latest financing assessment.

CN INT DEV CORP stated that the acquisition aligns with its strategy to expand its business operations. Longteng Semiconductor is a leading provider of power semiconductor devices and system solutions and is recognized as a key enterprise in Shaanxi Province's semiconductor and integrated circuit industry chain. It is also designated as a national "Little Giant" specialized and innovative firm by China's Ministry of Industry and Information Technology.

The target company boasts a core team with both industry expertise and capital market vision, enabling it to effectively expand its market share in the power semiconductor sector. CN INT DEV CORP believes the acquisition will further diversify its business scope.