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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 the field of new energy, including but not limited to technologies and equipment on charging/exchanging batteries, energy storage technology and related equipment and distributed solar inverters; (iii) the Group will provide technical support to the JV Company and jointly develop application products based on silicon-based power chips and third-generation semiconductors; Golden Concord Group will assist HG Semiconductor and the JV Company to enter into the market of new energy industry supply chain based on its leading position and comprehensive layout in the new energy industry.

Golden Concord Group Limited is ultimately held under the Investor Family Trust, while the Investor Family Trust is the shareholder of GCL Technology, GCL New Energy Holdings Limited (Stock Code: 451.HK), GCL System Integration Technology Co., Ltd. (Stock Code: 002506.SZ) and GCL Energy Technology Co., Ltd. (Stock Code: 002015.SZ). Earlier on, the Group had entered into an investment agreement with Mr. Zhu or his wholly-owned entity, pursuant to which the Group can conditionally allot and issue 60 million subscription shares (“Shares Subscription”) and 60 million warrants (“Warrants Subscription”). Subsequent to the Shares and Warrants Subscription, this Strategic Cooperation Framework Agreement again fully demonstrates Mr. Zhu’s confidence in the development of HG Semiconductor’s third-generation semiconductor business, and it is believed that the collaboration can give a full play to the advantages of both parties in the industry, supply chain, talent, technology and other aspects, in order to achieve positive innovation, mutual benefits and a double-win outcome.

The management of HG Semiconductor is delighted that the family trust of Mr. Zhu has become the Group’s strategic alliance partner. This collaboration will further drive and strengthen the Group’s capabilities of promoting the application of the third-generation semiconductor technology in the new energy sector, and enable HG Semiconductor to gradually grow its business by leveraging the rich experiences as well as the financial and industrial resources of Golden Concord Group, thereby assisting the Group to build up its talents, operations, technology, research and development. The Group will constantly pursue innovation, striving to form complementary industrial resources with Golden Concord Group while investing resources in the optimisation and development of GaN related products. The Group believes that the cooperation will further drive new collaborative initiatives with Mr. Zhu, setting new heights in the development of GaN business in the field of new energy.

About HG Semiconductor Limited
HG Semiconductor Limited (6908.HK) is principally engaged in semiconductor product business in China, including the design, development, manufacturing, subcontracting services and sales of light-emitting diode (“LED”) beads and a new generation of semiconductor gallium nitride (“GaN”). The Group is committed to accelerating its research and development and expansion in the application of GaN related products, with an aim to become a leading semiconductor company with the integration of design, manufacturing and sales of semiconductor chips, as well as providing total solutions with higher efficiency and competitive system cost.

For more details, please visit www.hg-semiconductor.com

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