The approval granted by the China Securities Regulatory Commission for Shanghai Fudan Microelectronics Group's (HKG:1385) issuance of A-share convertible bonds to non-specific investors has expired, according to a Wednesday Hong Kong bourse filing.
Shares of the company were down about 1% in Thursday morning trade.
The company said it was unable to complete the issuance within the 12-month validity period, which began on July 10, 2024, after a resolution to extend the approval was not passed at a class meeting of shareholders.
Fudan said the expiry will not have a material impact on its production or operations.
Disclaimer: Investing carries risk. This is not financial advice. The above content should not be regarded as an offer, recommendation, or solicitation on acquiring or disposing of any financial products, any associated discussions, comments, or posts by author or other users should not be considered as such either. It is solely for general information purpose only, which does not consider your own investment objectives, financial situations or needs. TTM assumes no responsibility or warranty for the accuracy and completeness of the information, investors should do their own research and may seek professional advice before investing.