SJ Semiconductor (SHA:688820) plans to inject $570 million into its wholly-owned subsidiary, Shenghejing Microelectronics Hong Kong, according to a Shanghai Stock Exchange filing over the weekend.
The company's shares fell nearly 2% in recent trade on Monday.
The semiconductor packaging and wafer-level testing company will use proceeds from its public offering to replace self-raised corporate funds that were previously advanced to the Hong Kong entity for designated investment projects. SJ Semiconductor remains the sole shareholder of the subsidiary.
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