Tongfu Microelectronics has released an announcement revealing that the 16th session of the company's eighth board of directors has deliberated and given the green light to several key proposals. Central to these is the company's decision to issue A-shares to a carefully chosen group of investors, with the aim of raising a total of no more than 4.4 billion yuan. The proceeds from this share issuance will be strategically allocated towards packaging and testing projects, bolstering working capital reserves, and settling outstanding bank loans.

The specifics of the share issuance outline that the number of shares to be issued will not surpass 455 million. Furthermore, the issuance will be limited to no more than 35 select investors. In terms of pricing, the issue price has been set to be no less than 80% of the average trading price of the company's shares over the twenty trading days preceding the pricing benchmark date. To ensure stability, a lock-up period of six months has been instituted for the newly issued shares.

Additionally, the board meeting has also scrutinized and endorsed related proposals, encompassing the issuance plan and repatriation strategy. It's important to note that all these pertinent proposals will be subject to the final review and approval of the company's shareholders' meeting before they can be implemented.