Hong Kong Exchanges and Clearing Limited and The Stock Exchange of Hong Kong Limited take no responsibility for the contents of this announcement, make no representation as to its accuracy or completeness and expressly disclaim any liability whatsoever for any loss howsoever arising from or in reliance upon the whole or any part of the contents of this announcement.
HUA HONG SEMICONDUCTOR LIMITED
華 虹 半 導 體 有 限 公 司
(Incorporated in Hong Kong with limited liability)
(Stock code: 1347)
GRANT OF SHARE OPTIONS UNDER SHARE OPTION SCHEME
The board (the "Board") of directors (the "Directors") of the Company hereby announces that on 23 December 2019, 2,482,000 share options (the "Options") to subscribe for up to a total of 3,500,000 ordinary shares of the Company (the "Shares") were granted to 101 employees of Hua Hong Semiconductor (Wuxi) Co., Ltd. ("Hua Hong Wuxi") with key technical expertise and/ or core managerial roles under the existing share option scheme adopted by the Company on 1 September 2015 (the "Share Option Scheme"), subject to acceptance of each grantee. Pursuant to the requirements of the State-owned Assets Supervision and Administration Commission of the Shanghai Municipal Government of the People's Republic of China ("PRC"), the grant of the Options was approved by the shareholders of the Company at the extraordinary general meeting of the Company on 28 March 2019. Details of the grant of the Options are as follows:
Date of grant | : | 23 December 2019 |
Exercise price of Options | : | HK$17.952 |
granted | ||
Number of Options granted | : | 2,482,000 |
Closing price of the Shares | : | HK$17.260 |
on the date of grant | ||
The average closing price | : | HK$17.952 |
of the Share for the five | ||
business days immediately | ||
preceding the date of grant | ||
Validity period of the Options | : From 23 December 2019 to 22 December 2026 (7 years), | |
both dates inclusive | ||
Vesting period of the Options | : For employees at or above the level of vice president of | |
Hua Hong Wuxi, one fourth of the Options shall vest | ||
on each of 23 December 2021, 23 December 2022, 23 | ||
December 2023 and 23 December 2024. |
For the other employees of Hua Hong Wuxi, one third of the Options shall vest on each of 23 December 2021, 23 December 2022 and 23 December 2023.
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The exercise price of HK$17.952 per Share represents the higher of (i) the closing price of HK$17.260 per Share as stated in the daily quotation sheets issued by the Stock Exchange of Hong Kong Limited (the "Stock Exchange") on the date of the grant; (ii) the average closing price of HK$17.952 per Share as stated in the daily quotation sheets issued by the Stock Exchange for the five business days immediately preceding the date of grant; and (iii) the face value of the Shares.
INFORMATION ABOUT THE PARTIES
The Company
The Company is a manufacturer of semiconductors predominantly on 8-inch (200mm) wafers for specialty applications. The Company's technologies, in particular eNVM and power discreet, are primarily engaged in the consumer electronic, communication, computing and industrial as well as automotive industries.
Hua Hong Wuxi
Hua Hong Wuxi is currently a non-wholly owned subsidiary of the Company, and is principally engaged in the design, research, manufacturing, testing, packaging and sale of integrated circuits fabricated on 12-inch (300mm) wafers.
By Order of the Board
Hua Hong Semiconductor Limited
Mr. Suxin Zhang
Chairman and Executive Director
Shanghai, PRC, 23 December 2019
As at the date of this announcement, the directors of the Company are:
Executive Directors:
Suxin Zhang (Chairman)
Junjun Tang (President)
Non-Executive Directors:
Yang Du
Takayuki Morita
Jing Wang
Jun Ye
Independent Non-Executive Directors:
Stephen Tso Tung Chang
Kwai Huen Wong, JP
Long Fei Ye
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Hua Hong Semiconductor Ltd. published this content on 23 December 2019 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 23 December 2019 10:45:01 UTC