Hong Kong stock market movement: Nexchip Semiconductor Corporation (02249) shares rose more than 3%, reaching HK$25.24 as of press time, up 3.02%, with a trading volume of HK$37.3198 million.
On the news front, on November 5, Nexchip Semiconductor Corporation issued an announcement stating that based on confidence in the company's future development prospects and recognition of its long-term value, and after comprehensively considering factors such as the company's development strategy, operating conditions, financial status, and future profitability, the company intends to implement an A-share share buyback using its own funds and/or self-raised funds, and will use the repurchased shares for an A-share employee stock ownership plan or equity incentive at an appropriate time in the future. The total repurchase amount shall be no less than RMB 500 million (inclusive) and no more than RMB 800 million (inclusive), with a repurchase price not exceeding RMB 37.00 per share (inclusive).
On the same day, Nexchip Semiconductor Corporation announced that the board of directors had reviewed and approved the capital increase. The company plans to enter into a capital increase agreement with the target company Hefei Jingyi Integrated Circuit, Hefei Construction Investment, and Hefei Qinhe. The company, Hefei Construction Investment, and Hefei Qinhe will collectively subscribe to the target company's newly registered capital of RMB 9.1 billion in cash, amounting to RMB 9.1 billion.
The announcement stated that this capital increase will help enhance the target company's capital strength and lay a solid financial foundation for advancing the construction of a 12-inch wafer manufacturing production line.
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