香港交易及結算所有限公司及香港聯合交易所有限公司對本公告的內容概不負責，對其準確性 或完整性亦不發表任何聲明，並明確表示，概不對因本公告全部或任何部份內容而產生或因倚 賴該等內容而引致的任何損失承擔任何責任。 HUA HONG SEMICONDUCTOR LIMITED 華虹半導體有限公司 （於香港註冊成立之有限公司） （股份代號：01347） 海外監管公告 本公告乃根據《香港聯合交易所有限公司證券上市規則》第13.10B條而作出。 執行董事： 茲載列華虹半導體有限公司（「本公司」）於上海證券交易所網站刊發的《關於籌劃 發行股份及支付現金購買資產並募集配套資金暨關聯交易事項的停牌進展公告》， 僅供參閱。 承董事會命 華虹半導體有限公司 董事會主席兼執行董事 唐均君先生 中國上海，二零二五年八月二十四日 於本公告日期，本公司董事分別為： 华虹半导体有限公司 关于筹划发行股份及支付现金购买资产并募集配套资 金暨关联交易事项的停牌进展公告 本公司董事会及全体董事保证本公告内容不存在任何虚假记载、误导性陈述 或者重大遗漏，并对其内容的真实性、准确性和完整性依法承担法律责任。 唐均君 （董事會主席） 白鵬 （總裁） 非 ...

| A | 股代码：688347 | A | 股简称：华虹公司 | 公告编号：2025-020 | | --- | --- | --- | --- | --- | | 港股代码：01347 | | | 港股简称：华虹半导体 | | 华虹半导体有限公司 关于筹划发行股份及支付现金购买资产并募集配套资 金暨关联交易事项的停牌进展公告 本公司董事会及全体董事保证本公告内容不存在任何虚假记载、误导性陈述 或者重大遗漏，并对其内容的真实性、准确性和完整性依法承担法律责任。 1/2 【 】 【 】 关各方正在就本次交易方案进行沟通、协商和确定。鉴于上述事项尚存在不确定 性，根据上海证券交易所的相关规定，公司 A 股股票将继续停牌。 截至本公告披露日，本次交易正处于筹划阶段，交易各方尚未签署正式的交 易协议，具体交易方案仍在商讨论证中，尚存在不确定性。本次交易尚需提交公 司董事会、股东大会审议，并经监管机构批准后方可正式实施，最终能否通过审 批尚存在不确定性。 公司将根据本次交易的进展情况，严格按照有关法律法规的规定和要求履行 信息披露义务。待相关重大事项确定后，公司将及时发布相关公告并申请公司股 票复牌。敬请广大投资者关 ...

Group 1 - The company, CITIC Prudential Fund Management Co., Ltd., will adopt the "index yield method" for valuing the suspended stock "Huahong Company" (stock code: 688347) starting from August 22, 2025 [1] - The valuation method will revert to using the closing price on the day of trading once the stock resumes trading and exhibits active market trading characteristics [1] - Investors can obtain further details by visiting the company's website or calling their customer service [1]

Core Viewpoint - The company will adopt the "index income method" for valuing suspended stocks, specifically for "Huahong Company" (stock code: 688347), starting from August 22, 2025, until the stock resumes trading and shows active market trading characteristics [1] Group 1 - The decision is made in accordance with the guidelines from the China Securities Regulatory Commission and the Asset Management Association of China [1] - The valuation method will revert to using the closing price on the day of resumption of trading for the suspended stock [1] - No further announcements will be made once the stock resumes trading [1] Group 2 - Investors can access more information through the company's website or customer service hotline [1]

Core Viewpoint - The semiconductor market is experiencing a significant merger event as Huahong Semiconductor plans to acquire controlling stakes in Shanghai Huahong Microelectronics to resolve industry competition issues related to its IPO commitments [2][3]. Group 1: Acquisition Details - Huahong Semiconductor is planning to acquire the equity of Huahong Micro's Wafer Fab 5 through a combination of issuing shares and cash payments, while also raising funds to support this acquisition [2]. - The acquisition specifically targets Wafer Fab 5 and does not include the advanced process Wafer Fab 6, leading to investor concerns that the transaction may fall short of expectations and potentially violate IPO commitments [2][7]. - The acquisition is part of Huahong Semiconductor's commitment made during its IPO to eliminate competition within the same industry, as stated in a supplementary commitment letter issued at the time of its listing [3][4]. Group 2: Market Reactions and Concerns - Following the announcement of the acquisition, Huahong Semiconductor's H-shares experienced a decline of 7.37% from August 18 to 21, attributed to concerns over share dilution and uncertainties surrounding the acquisition [2]. - Analysts noted that the issuance of shares for the acquisition could dilute existing shareholders' equity, leading to fears of short-term pressure on earnings per share [3]. Group 3: Implications of Industry Competition - The acquisition is expected to address the overlapping business operations between Huahong Semiconductor and Huahong Micro, particularly in the 65/55nm and 40nm process nodes, thereby enhancing governance clarity and operational independence [6]. - Industry experts highlighted that resolving competition issues could improve resource allocation efficiency and mitigate risks associated with internal competition, which can dilute profits and cash flow [5][6]. Group 4: Strategic Benefits - The acquisition is seen as a strategic move to enhance Huahong Semiconductor's production capacity and market competitiveness, particularly in the 12-inch wafer segment, which is crucial for the company's growth [10][12]. - The integration of Wafer Fab 5 is expected to accelerate Huahong Semiconductor's ability to convert production capacity into revenue and strengthen its position in the domestic mature process market [12]. - The transaction aligns with the company's strategy to transition towards 12-inch wafer production, which is anticipated to significantly increase revenue potential, with estimates suggesting an annual revenue increase of over $500 million if Wafer Fab 5 reaches full production capacity [11][12].

Core Viewpoint - Huahong Semiconductor is set to acquire a controlling stake in Shanghai Huahong Microelectronics, marking a significant internal consolidation in the mature process sector since the establishment of the Sci-Tech Innovation Board [1][2]. Group 1: Transaction Details - The acquisition involves a combination of shares and cash, aimed at resolving industry competition as per a commitment made by Huahong Group during Huahong Semiconductor's listing [3]. - The transaction is currently in the planning stage, with identified counterparties including state-owned investment funds and the parent company [3][4]. - Upon completion, Huahong will control a monthly production capacity of approximately 38,000 12-inch wafers, with total capacity expected to double in the next two years [4]. Group 2: Financial Implications - Huahong's revenue for Q2 2025 is projected to be $566 million, an 18.3% year-on-year increase, with net profit expected to rise by 19.2% [4]. - The company anticipates 2024 revenue of $2 billion, with a capacity utilization rate of 99.5%, although gross margin is expected to decline by nearly 4 percentage points [4]. - The acquisition could reduce internal competition and lower unit costs by 3%-5%, positively impacting profitability [4]. Group 3: Market Context - The global mature process sector is experiencing a dual-track cycle, with rising demand for AI and automotive chips, while consumer electronics continue to destock [5]. - Huahong's market share is projected to be 2.7% globally by Q1 2025, ranking sixth, and second domestically after SMIC [5][6]. - The integration of Huahong Microelectronics is seen as a strategic move to enhance profitability and operational efficiency [5][6]. Group 4: Policy Support - The National Integrated Circuit Fund's third phase, with a registered capital of 344 billion yuan, emphasizes investment in mature process technologies, facilitating the transaction [6][8]. - Recent regulatory changes, including the "Merger Six" policy, are accelerating asset consolidation among state-owned enterprises [8]. Group 5: Market Reaction - Following the announcement, Huahong's stock price surged, reflecting market optimism about the acquisition and its potential impact on the competitive landscape [8][9].

Group 1 - Southbound funds recorded a net purchase of 51.66 billion HKD today [1] - The top three net purchases were Kuaishou-W, SMIC, and Meituan-W, with net purchases of 11.73 billion HKD, 10.93 billion HKD, and 10.09 billion HKD respectively [1] - In terms of net selling, Xpeng Motors-W, Xiaomi Group-W, and Hua Hong Semiconductor experienced net sales of 13.09 billion HKD, 9.03 billion HKD, and 7.5 billion HKD respectively [1]

Core Viewpoint - Southbound funds recorded a net purchase of HKD 51.66 billion, indicating strong investor interest in specific stocks [1] Group 1: Net Purchases - Kuaishou-W received a net purchase of HKD 11.73 billion, leading the gains among southbound funds [1] - Semiconductor Manufacturing International Corporation (SMIC) saw a net purchase of HKD 10.93 billion, reflecting positive sentiment in the semiconductor sector [1] - Meituan-W had a net purchase of HKD 10.09 billion, highlighting its attractiveness to investors [1] Group 2: Net Sales - Xpeng Motors-W experienced a net sale of HKD 13.09 billion, indicating a decline in investor confidence [1] - Xiaomi Group-W faced a net sale of HKD 9.03 billion, suggesting potential concerns regarding its market performance [1] - Hua Hong Semiconductor recorded a net sale of HKD 7.5 billion, reflecting a negative outlook from investors [1]

Market Performance - The Hang Seng Index rose by 0.93% to close at 25,339.14 points, while the Hang Seng Tech Index increased by 2.71% to 5,647.68 points [1] - Semiconductor stocks showed strong gains, with Hua Hong Semiconductor up over 17% and SMIC up over 10% [1] - Automotive stocks also performed well, with NIO rising over 11% and Xpeng Motors up over 13% [1] - Major tech stocks had mixed results, with Alibaba up 1.99%, Tencent up 1.18%, and Kuaishou up 4.39%, while Bilibili fell by 6.15% [1] Company Earnings - China Petroleum & Chemical Corporation reported a revenue of 1,409.05 billion yuan, a decrease of 10.6% year-on-year, and a net profit of 21.483 billion yuan, down 39.8% [2] - Kuaishou's revenue reached 67.654 billion yuan, an increase of 12.04%, with a net profit of 8.9 billion yuan, up 9.9% [2] - China National Pharmaceutical Group reported a revenue of 36.363 billion yuan, a decrease of 1.48%, but a net profit of 0.295 billion yuan, up 1.02% [2] - Miniso reported a revenue of 9.393 billion yuan, a growth of 21.1%, but a net profit of 0.906 billion yuan, down 22.6% [2] - Bilibili's second-quarter revenue was 7.338 billion yuan, an increase of 19.76%, with a net profit of 0.219 billion yuan, compared to a net loss of 0.609 billion yuan in the same period last year [2] Institutional Insights - Huatai Securities noted that the market is currently in a critical phase with a lack of trading themes and important events pending verification, suggesting a window for position adjustment [3] - UBS highlighted that the attractiveness of H-shares' risk-return profile has weakened due to downward revisions in earnings forecasts and rising HIBOR, indicating potential short-term consolidation [3] - CITIC Securities stated that the half-year earnings report period will be a crucial point for the continuation of the Hong Kong market, with a shift from liquidity-driven to earnings-driven and policy validation phases expected [3] - Industrial Securities mentioned that the Hong Kong market is experiencing volatility and differentiation, with a focus on mid-year earnings and value [3] Capital Flows - Zhongtai International reported that the Hong Kong Stock Connect saw a record net inflow last Friday, with $6.03 billion flowing into the Chinese stock market in July [4] - The positive sentiment from domestic investors, along with some regional foreign capital returning, is expected to boost Hong Kong stock performance [4] - Looking ahead, the market anticipates a high probability of a Federal Reserve rate cut in September, which could further benefit Hong Kong stocks [4]

转自：智通财经 【香港恒生科技指数收涨2.71% 华虹半导体涨超17%】智通财经8月22日电，香港恒生指数收涨0.93%， 本周累涨0.27%；恒生科技指数涨2.71%，本周累涨1.89%。半导体概念股、汽车板块领涨，华虹半导体 涨超17%，中兴通讯涨超15%，小鹏汽车涨超13%，蔚来涨超11%，中芯国际涨超10%。 ...