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(September 8, 2022, Hong Kong) - Hongguang Semiconductor Co., Ltd. ("Hongguang Semiconductor", together with its subsidiaries, collectively referred to as the "Group"; stock code: 6908.HK) is pleased to announce that on September 7, 2022, the Group and GCL Group Limited (“GCL Group”) entered into a strategic cooperation framework agreement (the “Strategic Cooperation Framework Agreement”). GCL Group is a company ultimately established by the founder, chairman and executive director of GCL Technology Holdings Limited ("GCL Technology", stock code: 3800.HK) Mr. Zhu Gongshan ("Investor" or "Mr. Zhu") and his A company held by a discretionary trust ("Investor Family Trust") in which family members are beneficiaries.
Pursuant to the Strategic Cooperation Framework Agreement, the Group and GCL Group (collectively the "Parties") intend to cooperate closely in the application of gallium nitride ("GaN") power chips in the field of new energy, including: (i) GCL Group or Its subordinate companies will participate in the equity of the group or the group's subsidiaries, and the two parties will establish in-depth cooperation; (ii) the two parties will establish a new energy joint venture company (the "joint venture company") in China to lay out the application of GaN chips in the field of new energy, including but not limited to Charging/exchange technology and equipment, energy storage technology and its facilities, distributed photovoltaic inverters, etc.; (iii) The Group will provide technical support to the joint venture to jointly develop application products based on silicon-based power chips and third-generation semiconductors ; Based on its leading position and comprehensive layout in the new energy industry, GCL Group will assist Hongguang Semiconductor and the joint venture to enter the new energy industry supply chain market.
GCL Group is ultimately held by the investor family trust; and the investor family trust is GCL Technology, GCL New Energy Holdings Limited (stock code: 0451.HK), GCL Integration Technology Co., Ltd. (stock code: 002506 .SZ) and GCL Energy Technology Co., Ltd. (stock code: 002015.SZ). Earlier, the Group has entered into an investment agreement with Mr. Zhu or his wholly-owned entities, whereby the Group has conditionally allotted and issued 60 million new Group shares (the “Share Subscription”) and issued 60 million new shares to Mr. Zhu or his wholly-owned entities. unlisted warrants (the "Warrant Subscription"). Following the share subscription and warrant subscription, the strategic cooperation framework agreement concluded this time fully reflects Mr. Zhu's confidence in Hongguang Semiconductor's development of the third-generation semiconductor business. And the advantages of technology and other aspects, to achieve positive innovation and mutual benefit and win-win.
The management of Hongguang Semiconductor is very pleased that Mr. Zhu Gongshan's family trust has become a strategic partner. This cooperation will promote and strengthen the application of the Group's third-generation semiconductor technology in the field of new energy, enabling Hongguang Semiconductor to utilize the rich experience of GCL Group, as well as financial and industry resources, to help the Group strengthen its talents, operations, technology, research and development. In terms of construction, and gradually expand their own business. The Group will continue to pursue innovation, and strive to form complementary industrial resources with GCL Group, while investing resources in the development of GaN-related products. The Group believes that this cooperation will further promote the cooperation between the Group and Mr. Zhu, and make a further step in the development of the GaN business in the field of new energy.
About Hongguang Semiconductor Co., Ltd.
Hongguang Semiconductor Co., Ltd. (6908.HK) is principally engaged in semiconductor products in China, including light-emitting diode (“LED”) lamp beads, next-generation semiconductor gallium nitride (“GaN”) chips, GaN devices and related application products, and fast charging Product design, development, manufacturing, subcontracting services and sales. With years of industry expertise in LED manufacturing, the Group is committed to accelerating the pace of research and development and expanding the application of GaN-related products, aiming to become a leading semiconductor company integrating chip design, manufacturing, production and sales, and to provide products with higher efficiency and higher efficiency. Total solution at competitive system cost.