Jianguang Asset Support Ansi Semiconductor Management Opinion: Capitalized Operation Preferred Hong Kong IPO

According to the micro-network news, a share transfer announcement of the Hefei Public Resource Center in Anhui Province recently attracted widespread attention. Hefei Core Screen Industry Investment Fund intends to publicly transfer the Hefei Guangxing Fund’s share of 493,664,363,600,000 RMB. The transfer base price is as high as RMB 70. Billion million. Hefei Guangxin Fund share indirectly holds the equity of Nexperia (Anshen Semiconductor) and is still the largest single shareholder. Ansi Semiconductor was a Chinese consortium led by Jian Guang Assets in 2016 for US$2.75 billion (about 18.1 billion US dollars). (RMB) acquired NXP's standard parts business.

The equity transfer and its capitalization operation received extensive attention from investors. Feedback from related investors was informed that on May 18, Jianguang Assets issued a notice to all relevant investors on the capital operation of the Sigma project (Ansi Semiconductor). , This explains in detail:

1. The finalization of the capitalization operation plan of the Sigma project is based on the principle of maximizing the interests of all investors. The transfer of the Hefei share is only part of the transfer of fund shares in the Sigma project, which has nothing to do with the selection of the entire capitalization operation of the Sigma project.

2. The share of the partnership is transferred only through the indirect financial investment of Hefei Guangxin Semiconductor Industry Center (Limited Partnership) for the Sigma project. The share holder is not a direct shareholder of Hefei Yuxin Holdings Co., Ltd. The ultimate transferee will support the implementation of the capitalized operation implementation plan approved by Jianguang Assets to ensure timely implementation of the plan and sign relevant agreements and resolutions. The acquisition of this share by the ultimate transferee does not represent the decision to capitalize on the Sigma project. Right, will not affect the final decision of the capital operation of Sigma project.

3. Compared with the reorganization of domestic A-share listed companies after partial investors, the management of ASG Semiconductors and customers, domestic and foreign investment banks, etc., IPO in Hong Kong has the following advantages: (1) Does not trigger overseas Re-approval; (2) Faster time; (3) Simple procedure and high certainty; (4) Investment income is not diluted by restructuring; (5) Stability of management team can be guaranteed.

Therefore, the capitalized operation of the Sigma project will consider the Hong Kong IPO as the first option, and the capitalization operation of the China A-shares can be used as an alternative. If the capitalization of the China A-shares is considered, it will be issued to investors on January 12, 2018. The review results are ranked in order to advance.