Hua Hong Group Expands Capital to 19.67 Billion Yuan in State-Backed Injection
MT Newswires Live
Yesterday
Hua Hong Semiconductor's (SHA:688347, HKG:1347) indirect controlling shareholder, Shanghai Huahong (Group), will receive a cash capital injection from Shanghai Guosheng Group and the Shanghai State-owned Assets Supervision and Administration Commission, according to a Friday filing with the Shanghai bourse.
The transaction will increase Huahong Group's registered capital to 19.7 billion yuan from 13.5 billion yuan.
Following the injection, Guosheng Group's direct equity stake in Hua Hong Group will rise to 41.66% from 15.29%, making it the largest direct shareholder. The Shanghai state asset regulator will remain the company's actual controller.
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