Galaxy Semiconductor (00527, HK) recently announced that it has signed a related agreement with the seller Haoling Company on June 20, and will spend HK$120 million to acquire a 90% stake in Qingdao Yongxin, a real estate developer based in Shandong. Galaxy Semiconductor said in its announcement that it will acquire 90% of its Qingdao Yongxin shares from Haoling Company at a consideration of a total price of HK$120 million. Of this amount, HK$34 million was paid at a price of HK$0.425 per share for the payment of 80 million shares, and the remaining HK$86 million was paid by way of issuance of promissory notes. It is reported that Qingdao Yongxin is a Sino-foreign joint venture established in September 2001. It is now owned by Hong Kong Junkai Investment Co., Ltd., a subsidiary of Haoling Company, and Qingdao Yuanshan Investment Co., Ltd., respectively, at a ratio of 90% and 10%. Qingdao Yongxin is mainly engaged in Qingdao real estate development business. Upon completion of the acquisition of Qingdao Yongxin, Galaxy will own a 90% stake in Qingdao Yongxin. According to the agreement, Haoling Company guarantees that Qingdao Yongxin's actual annual profit as of the end of December 2008 is not less than RMB 24 million, and the actual profit in 2009 is not less than RMB 52 million. According to the announcement, based on the guarantee of Qingdao Yongxin's good prospects for future performance, the board of directors of Galaxy Semiconductor believes that the acquisition of Qingdao Yongxin will provide a good opportunity for the Group's future business development, and expand its revenue base and acquire the company to provide development for the Group's existing business. Good opportunity. However, Galaxy Semiconductor said that the company's main business will not change. Galaxy Semiconductor said that although the mainland's macro-control measures may have a greater impact on the overall development of China's property market, including the Qingdao property market, the measures to acquire Qingdao Yongxin's equity are considered in the long run. Galaxy Semiconductor believes that the acquisition of Qingdao Yongxin will help promote the healthy and stable development of the Qingdao property market. According to the data, Galaxy Semiconductor Group's business is mainly operated by its mainland subsidiaries, Galaxy Electric, Galaxy Semiconductor and Galaxy Technology. Among them, Galaxy Electric is mainly engaged in the design, development, manufacturing and sales of diodes; Galaxy Technology mainly manufactures and sells diodes under the “BILIN†brand; Galaxy Semiconductor is principally engaged in the design, development, manufacture and sale of three-inch wafers. Mainly used by Galaxy Electric.
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