Wenzhou Hongfeng Electrical Alloy (300283.SZ) plans to acquire 23.09% equity stake in Hongfeng Semiconductor. The shareholding ratio will increase to 93.75%.

Wenzhou Hongfeng Electrical Alloy (300283.SZ) announced that the company holds 70.66% equity of Zhejiang Hongfeng Semiconductor New Materials Co., Ltd. ("Hongfeng Semiconductor"). In order to better achieve the company's strategic development goals, further integrate internal resources, strengthen control over Hongfeng Semiconductor, and improve overall operational decision-making efficiency, the company plans to use its own funds of 15.4 million RMB to acquire 23.09% equity of Hongfeng Semiconductor from some shareholders (corresponding to a subscribed capital of 19.7 million RMB, of which 15.4 million RMB has been paid). After the acquisition, the company will hold 93.75% equity of Hongfeng Semiconductor.