Puyan Semiconductor made an announcement (the term “Announcement” is retained here to match the original HTML structure, though “announcement” would suffice in a general context) stating that the company has plans to acquire a 49% stake in Noah Changtian. This acquisition will be carried out through a combination of issuing shares, convertible corporate bonds, and making cash payments. Simultaneously, the company will issue shares to raise supplementary funds. Once the transaction is finalized, Puyan Semiconductor will have full ownership of Noah Changtian. It's worth noting that this transaction does not involve any performance compensation commitments or impairment compensation commitments. Trading of the company's shares will recommence at the market opening on December 9, 2025. Noah Changtian is a specialized firm engaged in the research and development of high - performance 2D NAND and its derivative memory products (such as SLC NAND, eMMC, MCP), as well as providing relevant solutions. Its core technical team has a long - standing presence in the industry, having amassed extensive expertise in memory technology. Moreover, the team holds core technologies in multiple crucial areas, including firmware algorithm development and memory chip testing solutions.