Long electric technology chairman Wang Xinchao resigned and increased subsidiary to make up for the increase.


Long electric technology chairman Wang Xinchao resigned and increased subsidiary to make up for the increase.

Xinjing News (reporter Liang Chen) September 25, A-share packaging and testing enterprise Chief Electric Technology announced that the board of Directors voted through the chairman and CEO Wang Xinchao, President Lai Zhiming resigned from their positions, and adjusted the investment projects and a number of subsidiaries.

The announcement showed that the board of directors had agreed to appoint Choon Heung Lee (Li Chunxing) as CEO of the company, and was nominated by Li Chunxing. After examination by the nomination committee, Lai Zhiming was appointed Executive Vice President of the company.

Li Chun-hsing, 59, joined Amkor Technology in 1996 and has been appointed CTO, Executive Vice President of Global Manufacturing Industry and President of South Korean Company since 2013, according to data. Li has written 23 papers on various packaging technologies and won 26 patents approved by South Korea and 11 patents approved by the United States.

Since the participation of the National Integrated Circuit Fund (hereinafter referred to as the "big fund"), the personnel adjustment of Changdian Science and Technology has begun. The board and board of supervisors have large funds and Huaxin investment personnel. At the same time, Wang Xinchao's holdings of new technology have been reduced again. In September 12th, Changdian technology announced shareholder reduction plan.

According to the announcement, Shinto plans to reduce its holdings by no more than 16 million shares, or 1% of the company's total equity, through centralized bidding. As of August 30th, large fund holdings of the company 19%, core electric semiconductor holdings of 14.28%. Hi-Tech has diluted its stake to 10.42% from its early top shareholder after leveraged acquisitions of Singapore Star Kimberly introduced big funds and core semiconductors.

After the announcement of the reduction plan, the share price of Changdian Technologies continued to fall, closing at 12.52 yuan on September 21, which is lower than the issue price.

With the adjustment of executives, Changdian technology has also announced a series of adjustment of business matters. The board of directors has deliberated and approved the readjustment of the fund-raising arrangements for non-public offerings of stocks for the Olympic Games, and reduced the 1.4 billion yuan originally planned to be invested in the "Industrialization Project of Integrated Circuit Midway Packaging Technology for Communications and the Internet of Things" to about 945 million yuan.

CSRC has approved that Changdian Technology will issue 243 million shares of 1489 yuan per share to large funds, core semiconductor and gold pilots, raising about 3.6 billion yuan. Earlier, Changdian Technology disclosed that the fund will be used for the annual production of 2 billion pieces of high-density integrated circuits and modules for communications packaging projects, communications and Internet of Things integrated circuits in Road packaging technology industrialization projects and repayment of bank loans.

As the actual net fund raised is less than 4.05 billion yuan, the communication and Internet of Things projects will be reduced, and the shortage will be partly solved by the company's self-financing. Changdian Science and Technology disclosed that it intends to add 950 million yuan to Changdian Advanced, a wholly-owned subsidiary of the project, to implement the project. The funds will be put in place according to the progress of the project.

In addition, Changdian Technology has announced a multi-level capital increase of $479 million to Xingke Jinpeng, including Changdian Xinpeng, Changdian Xinpeng, JCET-SC and Xingke Jinpeng, enabling them to redeem $425 million of priority stocks in advance after November 24 in order to reduce financial costs and enhance profitability. Among them, domestic subsidiaries increase capital by equivalent Renminbi.

According to the first half of 2018, the net profit of Changdian Technologies'shareholders is about 10.859 million yuan, down 87.8% year on year. Among them, star cash is still losing 43 million 590 thousand US dollars.

Editor: Ai Zheng


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