HG Semiconductor Announced Lock-up Undertakings by Shareholders
HONG KONG, Jun 7, 2022 – (ACN Newswire via SEAPRWire.com) – HG Semiconductor Limited (“HG Semiconductor”, together with its subsidiaries, “the Group”; stock code: 6908.HK) is pleased to announce that two of the shareholders of the Group, including major shareholder GSR Capital Special Opportunity Fund L.P. (“GSR Capital”) and strategic shareholder Great Ocean Prime Holding Limited (“Great Ocean”), have voluntarily decided not to sell the Group’s shares held before May 2024. Moreover, in respect of the 24,000,000 Shares currently held by Great Ocean, Great Ocean has voluntarily decided to use 8,000,000 Shares each year in 2022 and 2023 to award and motivate core management members of the Group. The initiative is the evidence of the shareholders’ confidence in the long-term value and business development of the Group.
GSR, one of the major shareholders of the Group, is an exempted limited partnership which holds 56,000,000 shares of the Group; while the total capital injection of GSR is 50% each held by GoldenSand Capital Ltd (a company which is wholly owned by Mr. Sonny Wu and being the general partner of GSR) and Mr. Sonny Wu (being the limited partner of GSR, as well as the chairman of the Global Strategic Advisory Committee and a core management member of the Group) respectively.
In view of the strong potential of third-generation semiconductor gallium nitride (GaN) and its vast number of applications, HG Semiconductor, with its extensive experience in LED manufacturing, has been striving to seize the opportunities and accelerate business expansion to design, development, manufacturing, subcontracting and sales of GaN related products in recent years. The Group has actively entered into strategic cooperation with several third-generation semiconductor companies and invested in a number of leading firms to accelerate breakthroughs in core technologies, in addition to successfully invite a number of senior semiconductor experts to join the team, in order to strengthen and promote the development of its GaN business. The Group has entered into cooperation with China Titans Energy earlier for promoting fast charging pile technology and product sales in China and Hong Kong to develop the fast-charging field in the new energy ecosystem.
The management of the Group is grateful to have the strong support from GSR Capital and Great Ocean. Their decision is a clear signal of the great trust and a strong vote of confidence in the Group’s solid business strategies and development. With the tremendous opportunities and market demand in the semiconductor industry, as well as the support of national policies, the Group is determined to develop itself as a pioneer integrated device manufacturer (IDM) in semiconductor that spans the whole industry chain, including R&D, manufacturing, packaging and packaging testing, and sales. HG Semiconductor will continue to actively pursue set business strategies to capture market opportunities, with an aim of enhancing stakeholder value, achieving long term sustainable growth and delivering satisfactory returns to its shareholders.
About HG Semiconductor Limited
HG Semiconductor Limited (6908.HK) is principally engaged in semiconductor product business in China, including the design, development, manufacturing, subcontracting services and sales of light-emitting diode (“LED”) beads, new generation of semiconductor gallium nitride (“GaN”) chips, GaN components and related application products, as well as fast charging products. Leveraging its industry expertise in LED manufacturing, the Group is dedicated to accelerating its research and development and expansion in the application of GaN related products, with an aim to become a leading semiconductor company with the integration of design, manufacturing and sales of semiconductor chips, as well as providing total solutions with higher efficiency and competitive system cost.
For more details, please visit www.hg-semiconductor.com
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