Puya Semiconductor (Shanghai) Co., Ltd. (688766.SH) announced on November 17, 2025, that it has signed a Share Transfer Agreement with three shareholders of Zhuhai Noah Changtian Memory Technology Co., Ltd. (referred to as "Noah Changtian" or the "Target Company"). The company plans to acquire a 31% stake in Noah Changtian for a total consideration of 144 million yuan.

Upon completion of the transaction, Puya Semiconductor's ownership in Noah Changtian will increase to 51%, granting it control over the company. This will also result in indirect control of SkyHigh Memory Limited (SHM).

Puya Semiconductor specializes in the design and sales of NOR Flash and EEPROM non-volatile memory chips, as well as derivative chips based on memory technology. SHM focuses on providing high-performance 2D NAND and derivative memory products (including SLC NAND, eMMC, and MCP) and solutions.

The acquisition is expected to create strong business synergies between Puya Semiconductor and SHM following the completion of the deal.