LiOn Micro (605358.SH) has made an announcement stating that its majority-controlled subsidiary, Jinruihong Microelectronics, has inked an agreement with the Administrative Committee of Quzhou Smart Manufacturing New City. The purpose of this agreement is to launch the 'Project with an Annual Production Capacity of 1.8 Million 12-Inch Heavily Doped Substrate Wafers' within its current factory premises. The overall investment slated for this project is around 2.262 billion yuan, and it is projected to have a construction span of 60 months. This project will be rolled out in multiple phases, with an average yearly investment of roughly 350 million yuan. The overarching goal of the project is to cater to the needs of the high-end power device market and to bolster the company's overall competitiveness. Once completed, the project will boost the annual production capacity by 1.8 million 12-inch heavily doped substrate wafers.