March 29, 2024

Great Wall Technology will invest 52.8 million US dollars to acquire LED enterprise shares

On the afternoon of December 28, 2010, Great Wall Technology announced today that its subsidiary Great Wall Development signed a contract with Epistar, Yiguanjing and Country Lightin for the joint venture to develop Jingguang (Xiamen) Co., Ltd., and agreed to contribute US$52.8 million. Holds 44% of the joint venture company.

According to the announcement, the joint venture company invested a total of 160 million US dollars and registered capital of 120 million US dollars. Among them: Great Wall Development invested US$52.8 million and held 44% shares; Epistar invested US$48 million and held 40% shares; Yiguanjing invested US$10.8 million and held 9% shares; Country Lighting invested US$8.4 million and held 7% shares. The investors are all funded in two phases.

In addition, the announcement also disclosed that in order to promote the development of the LED industrialization project invested by the company in Xiamen, Fujian, Great Wall Technology and the joint venture side jointly signed an investment agreement with the Xiamen Torch Hi-Tech Industrial Development Zone Management Committee.

The parties to the joint venture agreed to jointly establish the Development Crystal Lighting (Xiamen) Co., Ltd. in Xiamen Torch High-tech Industrial Development Zone (referred to as “Xiamen Development Zone”), engaged in high-brightness LED epitaxial wafers, chips, LED light source modules, light sources and lamps. R&D, production and sales, Xiamen Development Zone will provide corresponding support to the joint venture company and the joint venture company has the right to enjoy relevant preferential policies, including subsidies and tax concessions granted by the joint venture company in purchasing MOCVD equipment.

According to the announcement, in view of the broad market development prospects of the LED industry, the board of directors of Great Wall Technology agreed that the joint venture's total intention investment will increase to 490 million US dollars, the registered capital will increase to 240 million US dollars, the initial registered capital will be 120 million US dollars, and the first phase of 30 MOCVD production capacity. After the completion of the construction, increase the remaining registered capital. The company's entire LED industrialization project will decide the timing of additional investment based on market conditions, and will implement the corresponding approval procedures at that time.

At present, this foreign investment still needs to be considered by the Great Wall Technology Shareholders' Meeting and needs to be approved by the government.

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