SK Hynix Foundry Subsidiary Sells Half Stake in Wuxi, China Corporation
SK hynix System IC will sell about half of its stake in its Wuxi subsidiary in China.
According to the Financial Supervisory Service's electronic disclosure system on the 8th, SK hynix System IC decided to dispose of 21.33% of its shares in the Wuxi subsidiary (SK hynix System IC Wuxi) to the Chinese state-owned enterprise Wuxi Industrial Development Group (WIDG) for 205.4 billion KRW.
WIDG plans to participate in the capital increase conducted by SK hynix System IC Wuxi and acquire an additional 28.6% stake.
Upon completion of the capital increase and share transfer, SK hynix System IC and WIDG will hold 50.1% and 49.9% of SK hynix System IC Wuxi's shares, respectively.
SK hynix System IC Wuxi was established in 2018 and operates a foundry plant in Wuxi.
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The company is known to be selling its shares according to the joint venture agreement made with WIDG at the time of its initial entry into China, aiming to secure local fabless customers.
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