Unigroup Guoxin Microelectronics (SHE:002049) said the Shenzhen Stock Exchange accepted its application to place shares for an acquisition, according to a Shenzhen bourse filing on Wednesday.
The Chinese semiconductor company plans to fully acquire Ruineng Semiconductor Technology through cash and share placement. The stake will be bought from 14 investors.
The company's shares rose 3% during the morning trade.
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