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Jiangfeng Electronics subsidiary plans to invest 417 million yuan in a semiconductor fund with related parties
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On September 22, Ningbo Jiangfeng Electronic Materials Co., Ltd. (stock code: 300666.SZ) announced that its wholly-owned subsidiary, Ningbo Jiangfeng Boxin Technology Co., Ltd., plans to jointly establish a limited partnership named Ningbo Yongguang Tongxing Project Management Partnership (tentative name) with several related parties and professional investment institutions. The partnership's total proposed capital is 600 million RMB, with Jiangfeng Boxin contributing 417 million RMB (69.5% stake) from its own funds. Other participants include related parties Ningbo Rongchuang Gongxin Investment Partnership, Jiangfeng Tongchuang Technology Group, individuals Bian Yijun, Yu Yongqun, and Zou Junwei, as well as professional venture capital funds Beijing Zhumeng Tongxing No. 1 and Ningbo Zhumeng Tongxing No. 2, which have already registered with the Asset Management Association of China. The investment is part of Jiangfeng's strategic plan to expand investment channels, optimize its industrial layout, and identify high-quality projects and business cooperation opportunities in the semiconductor upstream and downstream sectors. The transaction is conditional upon approval from the investment decision and advisory committees of the two venture capital funds.
Source report
Hong Kong, September 22 — Ningbo Jiangfeng Electronic Materials Co., Ltd. (300666.SZ) announced today that, based on its strategic development plan and to further expand investment channels, continuously optimize its overall industrial layout, and explore high-quality project resources and business cooperation opportunities in the semiconductor upstream and downstream sectors, its wholly-owned subsidiary Ningbo Jiangfeng Boxin Technology Co., Ltd. ("Ningbo Jiangfeng Boxin") plans to jointly establish a new partnership with several related parties and professional investment institutions.
The proposed entity, tentatively named Ningbo Yongguang Tongxing Project Management Partnership (Limited Partnership) ("Ningbo Yongguang Tongxing" or the "Target Company"), will have a total capital contribution of RMB 600 million.
Key Participants and Capital Contributions
The partners and their respective contributions are as follows:
- Ningbo Jiangfeng Boxin — RMB 417 million (69.50% share), funded by self-raised capital
- Ningbo Rongchuang Gongxin Investment Partnership (Limited Partnership) — related party
- Ningbo Jiangfeng Tongchuang Technology Group Co., Ltd. — related party
- Mr. Bian Yijun — related party
- Ms. Yu Yongqun — related party
- Mr. Zou Junwei — related party
- Beijing Zhumeng Tongxing No. 1 Venture Capital Partnership (Limited Partnership) ("Beijing Zhumeng Tongxing No. 1") — related party and professional investment institution
- Ningbo Zhumeng Tongxing No. 2 Venture Capital Partnership (Limited Partnership) ("Ningbo Zhumeng Tongxing No. 2") — related party and professional investment institution
Conditions Precedent
Beijing Zhumeng Tongxing No. 1 and Ningbo Zhumeng Tongxing No. 2 have both completed product registration with the Asset Management Association of China and are classified as venture capital funds. The above investment will only be finalized after each fund has obtained approval from its respective investment decision committee and advisory committee.
(Note: The final name of the Target Company is subject to approval by the local market supervision and administration authority.)
Source
格隆汇Eastern
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Jiangfeng Electronics subsidiary invests 417 million yuan in semiconductor partnership