Will Semiconductor CO., Ltd. (SHSE:603501) agreed to acquire remaining 96.08% stake in Beijing Haowei Technology Co., Ltd. from 27 shareholders for CNY 14.5 billion on August 2, 2018. Will Semiconductor CO., Ltd. Shanghai signed conditional acquisition of asset through shares issuance agreement to acquire remaining 96.08% stake in Beijing Haowei Technology Co., Ltd. from 27 shareholders for CNY 14.5 billion on August 14, 2018. Under the terms of the transaction, Will Semiconductor CO., Ltd. will issue 428.3 million shares as consideration. Post completion, Will Semiconductor CO., Ltd. Shanghai will hold 100% stake in Beijing Haowei Technology Co., Ltd. As per the update on October 8, 2018, Will Semiconductor Co., Ltd. will acquire 85.45% stake in Beijing Haowei Technology Co., Ltd. from a group of 25 sellers. As per the update on October 8, 2018, to acquire 85.45% stake in Beijing Haowei Technology Co., Ltd., Will Semiconductor CO., Ltd. will issue 384.4 million new shares at a price of CNY 33.88 per share. As per the update made on October 8, 2018, upon completion Will Semiconductor Co., Ltd. will now hold 89.45% stake in Beijing Haowei Technology Co., Ltd. In related transactions, Will Semiconductor CO., Ltd. Shanghai agreed to acquire 42.27% stake in Beijing SuperPix Micro Technology Co., Ltd. for CNY 234.3 million and 79.93% stake in Beijing Shixinyuan Science + Technology Development Co., Ltd. for CNY 254.7 million. For the year ending December 31, 2017, Beijing Haowei Technology had revenues of CNY 9.1 billion, operating profit of CNY 27.72 million, net profit of CNY 2.7 billion, total assets of CNY 14.3 billion and net assets of CNY 9 billion. As per the update on August 2, 2019 regarding the adjustment of the issuance price and the number of shares issued, Will Semiconductor CO., Ltd will issue 386.44 million shares for the transaction as the issuance price is adjusted to CNY 33.7. Accordingly the consideration is revised to CNY 13 billion. The transaction is subject to another directorate meeting of Will Semiconductor CO., Ltd. Shanghai to review and approve the formal plan of this transaction after the completion of audit and appraisal works, approval by shareholders of Will Semiconductor CO., Ltd. Shanghai, approval by anti-monopoly bureau of the State Administration for Market Regulation and approval by China Securities Regulatory Commission. The transaction is approved by the Bof Beijing Haowei Technology Co., Ltd on August 2, 2018 and by the Board of Will Semiconductor CO., Ltd. Shanghai on August 14, 2018. The transaction is also approved by the internal authorities of sellers. On November 9, 2018, Beijing Haowei held its directorate and approved this transaction. On November 30, 2018, the 33rd meeting of the 4th directorate of Will Semiconductor Co., Ltd. approved the transaction. On December 17, 2018, Will Semiconductor’s 4th special shareholders’ meeting approved the transaction. On April 15, 2019, transaction is approved by committee on foreign investment in the United States. Transaction was approved by China Securities Regulatory Commission on June 5, 2019. Guosen Securities Co., Ltd. (SZSE:002736) and Zhong De Securities Company Limited acted as financial advisors for Will Semiconductor CO., Ltd. Shanghai. Zhou Shijun, Wang Kun, and Cui Chengli of Tian Yuan Law Firm acted as legal advisor while Gao Jianbin and Xu Xing of PricewaterhouseCoopers Zhong Tian LLP along with Chen Hong and Dai Jinyan of BDO China SHU LUN PAN Certified Public Accountants LLP acted as accountants for Will Semiconductor. Hou Wei of Sino-German Securities Co., Ltd. acted as financial adviser and Lixin Certified Public Accountants (Special General Partnership) acted as accountant in the transaction. Will Semiconductor CO., Ltd. (SHSE:603501) completed the acquisition of an additional 85.5%% stake in Beijing Haowei Technology Co., Ltd. from a group of 25 sellers on July 30, 2019. Beijing Haowei Technology Co., Ltd. has obtained business license issued by the Haidian District Market Supervision Administration of Beijing on and the relevant information of the National Enterprise Credit Information Publicity System.