Wenzhou Real estate business Schming took over Hua Xiang Microelectronics

Every reporter Li Lingxia from Shenzhen, just after the settlement due to the swap contract with Deutsche Bank of the lawsuit, the Chinese 01195,hk November 25 announced that,　　Lin Wanqiang, the company's controlling shareholder, has allocated about 230 million shares of the company to the DPRK group in accordance with the price of HK $0.18 per share, and the transfer of the shares was completed on November 23. It is understood that the purchase price of HK $0.18 per share has a discount of about 34.55% compared to the 0.275 Hong Kong dollar, which is the market value before the suspension.　　In addition, the current net asset value of the company is about HK $720 million, with a combined assets of about HK $1.29 per share of about 559 million shares already issued, and the purchase price is more than 80% per cent of the net asset value of each share. Affected by this news, the 25th Hua Xiang Microelectronics after the stock price greatly boosted, turnover also soared. The unit sold 219.4 million shares a day, the transaction amount of HK $107.8 million, the highest rise more than one times.　　Although the afternoon was soft, but the whole day rose still up to 50.91%, in the day of the Hong Kong stock market performance is very eye-catching. It is reported that the Hua Xiang Microelectronics holdings of the takeover of the group, in addition to the acquisition of the shares of Huaxiang Microelectronics, not engaged in any other business.　　The group's actual control person Schming mainly engages in the real estate development in Wenzhou, but also invests in the securities market. As the new controlling shareholder of Huaxiang Microelectronics, the group pledged to retain the listing status of Huaxiang microelectronics and continue to operate the company's existing main business.　　In addition to the appointment of two directors to the board, the group said it had no intention of making any significant changes to the company's existing management and directors. The announcement said that in view of the intense competitive environment in the electronic manufacturing sector and the huge losses in the year to the end of June, the buyers considered it necessary to cut costs, increase the cost of developing new products and invest in improving production facilities.