HG Semiconductor Enters into Strategic Cooperation Framework Agreement with the Family Trust of GCL Technology Founder Mr. Zhu Gongshan
HONG KONG, Sep 8, 2022 - (ACN Newswire via SEAPRWire.com) - HG Semiconductor Limited ("HG Semiconductor", together with its subsidiaries, "the Group", Stock Code: 6908.HK) is pleased to announce that the Group entered into a strategic cooperation framework agreement (the "Strategic Cooperation Framework Agreement") on 7 September 2022 with Golden Concord Group Limited ("Golden Concord Group"), a company ultimately held under a discretionary trust (the "Investor Family Trust") with Founder, Chairman and Executive Director of GCL Technology Holdings Limited ("GCL", Stock Code: 3800.HK) Mr. Zhu Gongshan (the "Investor" or "Mr. Zhu") and his family members as beneficiaries. Pursuant to the Strategic Cooperation Framework Agreement, the Group and Golden Concord Group (collectively, the "Parties") intend to initiate close cooperation in application of gallium nitride ("GaN") power chips in the field of new energy, including (i) Golden Concord Group or its subsidiaries will be involved in equity of the Group or its subsidiaries to establish in-depth cooperation; (ii) the Parties will establish a domestic new energy joint venture (the "JV Company") to tap into application of GaN chips in t...
