Summary by Moomoo AI
TIME ELECTRIC ANNOUNCED THAT ITS SUBSIDIARY TIME SEMICONDUCTOR WILL UNDERGO A CAPITAL EXPANSION AND OPEN A PRE-LISTING ON THE BEIJING PROPERTY EXCHANGE ON DECEMBER 20, 2023, INTRODUCING 26 STRATEGIC INVESTORS AND EMPLOYEES HOLDING PLATFORMS. The capital increase agreement was approved by the Board on 28 March 2024, and the registered capital will be increased from RMB4,567,600,670 to RMB5,647,633,598. After the capital increase, Time Electric's holding in Time Semiconductor will decrease from 96.168 percent to 77.7771 percent, and Time Semiconductor will continue to be a non-wholly owned subsidiary. This increase aims to address funding needs, deepen industry cooperation, motivate employees, increase competitiveness and support long-term development strategies. According to the listing rules, this capital increase constitutes a disclosable transaction, pending the conclusion of a capital increase agreement and completion of procedures such as the registration of business changes.