Huahong Company has unveiled its strategic initiative to acquire a 97.4988% stake in Shanghai Huali Microelectronics Corporation. This stake is currently jointly owned by Shanghai Huahong (Group) Co., Ltd., Shanghai Integrated Circuit Industry Investment Fund Co., Ltd., National Integrated Circuit Industry Investment Fund II Co., Ltd., and Shanghai Guotou Pioneer Integrated Circuit Private Equity Investment Fund Partnership (Limited Partnership). The acquisition will be executed through the issuance of shares, and the company also intends to raise supplementary funds in conjunction with this move. Lately, Huahong Company has obtained the preliminary approval from the Shanghai State-owned Assets Supervision and Administration Commission (SASAC) for this transaction blueprint. Nevertheless, the transaction is still contingent upon the scrutiny of the Shanghai Stock Exchange and the registration endorsement from the China Securities Regulatory Commission before it can be formally executed.