is honorableAnd its subsidiary Fii announced this evening that Shandong Yantai Haixiu has paid 5.38 billion yuan (about US$780 million) to the Xingwei Fund account in accordance with the agreement, in order to settle the transfer funds of China Ziguang Group. It also means that after the completion of the transfer, FIIs will no longer indirectly hold equity in Tsinghua Unigroup.
Hon Hai’s evening announcement punishes ChinainvestIn the case of Tsinghua Unigroup, the counterparty to the transaction must pay to Yantai Haixiu not less than RMB 5.38 billion before March 15, or the higher of the shares held by Xingwei Fund corresponding to the net worth of Shengyu Guangzhou at that time, or such other value as may be agreed upon by all parties or, pay the transfer value.
Hon Hai said that Yantai Haixiu has paid the entire transfer fee of RMB 5.38 billion to the Xingwei Fund’s account in accordance with the contract.
Hon Hai’s subsidiary FII announced in July last year that it has reinvested in China Xingwei (Guangzhou) Industrial Investment Partnership (Xingwei Fund), and reinvested RMB 5.38 billion in Shengyu (Guangzhou) Industrial Investment Partnership, and then reinvested.BeijingZhiguangxin Holdings. Zhiguangxin acquired 100% equity of Tsinghua Unigroup through judicial restructuring.
In mid-December last year, Hon Hai announced that Jingwei Fund would sell all shares of Shengyu Guangzhou to Yantai Haixiu Integrated Circuit Industry Investment Center (Yantai Haixiu).
Hon Hai had earlier stated that the relevant investment procedures for FIIs have not yet been finalised. In order to avoid delay in this matter, many uncertainties may arise, or may affect the flexibility of subsequent investment layout and capital use. Shares, transferred to Yantai Haixiu Integrated Circuit Industry Investment Center. After completion of the transaction, FIIs will no longer indirectly hold equity in Tsinghua Unigroup.