华虹半导体拟设无锡三期合营项目建设月产5.5万片12英寸晶圆产线

Hong Kong Exchanges and Clearing Limited and The Stock Exchange of Hong Kong Limited take no responsibility
for the contents of this announcement, make no representation as to its accuracy or completeness and expressly
disclaim any liability whatsoever for any loss howsoever arising from or in reliance upon the whole or any part of the
contents of this announcement.

HUA HONG GRACE SEMICONDUCTOR LIMITED
華虹宏力半導體有限公司
(Incorporated in Hong Kong with limited liability)

(Stock Code: 1347)

DISCLOSEABLE TRANSACTION IN RELATION
TO THE JV INVESTMENT AGREEMENT
AND THE JV SHAREHOLDERS AGREEMENT
THE JV INVESTMENT AGREEMENT AND THE JV SHAREHOLDERS AGREEMENT
On 1 September 2026, the Company, HHGrace Shanghai, the Wuxi Municipal Entity II, Hua Xin
Fund, the CDB Entity, and the Wuxi JV III entered into the JV Investment Agreement, pursuant
to which the Company, HHGrace Shanghai, the Wuxi Municipal Entity II, Hua Xin Fund,
and the CDB Entity agreed to, among others, invest US$1,042.5 million, US$1,084.2 million,
US$834.0 million, US$625.5 million and US$583.8 million in cash, respectively, in the Wuxi JV
III.
Pursuant to the JV Investment Agreement, the Wuxi JV III shall establish a 12-inch wafer
production line with a monthly capacity of approximately 55,000 wafers.
In connection with the JV Investment Agreement, the JV Shareholders will also enter into new
articles of association of the Wuxi JV III to reflect the terms as agreed under the JV Investment
Agreement.
On the same day, the Company, HHGrace Shanghai, the Wuxi Municipal Entity II, Hua Xin
Fund, the CDB Entity, and the Wuxi JV III entered into the JV Shareholders Agreement.
Relevant shares in the Wuxi JV III held by the CDB Entity are subject to a Right to Redemption
granted to CDB Entity by HHGrace Shanghai, in accordance with the terms as set out in the JV
Shareholders Agreement.
Upon completion of the transactions contemplated under the JV Investment Agreement and
the JV Shareholders Agreement, the Wuxi JV III will be held as to approximately 51% by the
Group, of which 25% will be held directly by the Company and 26% will be held indirectly by
the Company through HHGrace Shanghai, its wholly-owned subsidiary.

1

IMPLICATIONS UNDER THE LISTING RULES
Formation of a joint venture constitutes a notifiable transaction under Chapter 14 of the Listing
Rules pursuant to Rule 14.04(1)(f). As one or more of the applicable percentage ratios under
Rule 14.07 of the Listing Rules in respect of the formation of the Wuxi JV III pursuant to the
JV Investment Agreement and the JV Shareholders Agreement exceeds 5% but all are below
25%, the aforesaid transaction constitutes a discloseable transaction subject to announcement
requirements under Chapter 14 of the Listing Rules.
Pursuant to Rules 14.73 and 14.74(1) of the Listing Rules, the Right to Redemption will be
treated as a transaction and classified by reference to its applicable percentage ratios. Given the
Right to Redemption is not exercisable at the discretion of the Company or HHGrace Shanghai,
the transaction will be classified as if the Right to Redemption had been exercised on the grant
of the Right to Redemption. As all of the applicable percentage ratios under Rule 14.07 of the
Listing Rules in respect of the grant of the Right to Redemption are less than 5%, the grant of
the Right to Redemption does not constitute a discloseable transaction and shall not be subject to
announcement under Chapter 14 of the Listing Rules.
The JV Investment Agreement and the JV Shareholders Agreement are subject to the
fulfilment (or waiver) of certain conditions precedent set out in the JV Investment
Agreement and the JV Shareholders Agreement including Shareholders ’ approval and
therefore may or may not proceed. Shareholders and potential investors of the Company
are advised to exercise caution when dealing in the Shares.

1.

THE JV INVESTMENT AGREEMENT
On 1 September 2026, the Company, HHGrace Shanghai, the Wuxi Municipal Entity II, Hua
Xin Fund, the CDB Entity, and the Wuxi JV III entered into the JV Investment Agreement to
convert the Wuxi JV III into a joint venture and increase the registered capital of the Wuxi
JV III from RMB6.68 million to US$4.17 billion.
The major terms of the JV Investment Agreement are as follows:
Date:

1 September 2026

Parties:

(i)

the Company;

(ii)

HHGrace Shanghai, a wholly-owned subsidiary of the
Company;

(iii) the Wuxi Municipal Entity II;
(iv) Hua Xin Fund;
(v)

the CDB Entity; and

(vi) the Wuxi JV III.

2

To the best of the Directors’ knowledge, information and belief
and having made all reasonable enquiries, as at the date of this
announcement, the Wuxi Municipal Entity II, Hua Xin Fund, the
CDB Entity and their respective ultimate beneficial owner(s) (if any)
are Independent Third Parties of the Company.
Subscription of
capital:

The registered capital of the Wuxi JV III will be increased from
RMB6.68 million to US$4.17 billion.
In consideration of the capital contribution from the Company,
HHGrace Shanghai, the Wuxi Municipal Entity II, Hua Xin Fund and
the CDB Entity, the Wuxi JV III will issue share capital in the Wuxi
JV III to each of the aforementioned subscribing JV Shareholders.
The terms governing each party ’ s subscription of the registered
capital of the Wuxi JV III under the JV Investment Agreement are
the same as those set out in the JV Shareholders Agreement. Please
refer to “Investment Commitment” under the summary of the terms
of the JV Shareholders Agreement below for details regarding such
subscription.

Other terms:

2.

The Wuxi JV III will be converted into a joint venture. The
contribution of the increased capital will be conditional upon,
amongst others, approval by the Shareholders of the Company and
the completion of the relevant registration and filing in the PRC as
set out in the JV Investment Agreement.

THE JV SHAREHOLDERS AGREEMENT
On 1 September 2026, the Company, HHGrace Shanghai, the Wuxi Municipal Entity II, Hua
Xin Fund, the CDB Entity, and the Wuxi JV III entered into the JV Shareholders Agreement,
pursuant to which, the Company, HHGrace Shanghai, the Wuxi Municipal Entity II, Hua Xin
Fund, and the CDB Entity agreed to amongst others, invest US$1,042.5 million, US$1,084.2
million, US$834.0 million, US$625.5 million and US$583.8 million in cash, respectively, in
the Wuxi JV III.
The major terms of the JV Shareholders Agreement are set out as follows:
Date:

1 September 2026

Parties:

(i)

the Company;

(ii)

HHGrace Shanghai, a wholly-owned subsidiary of the
Company;

(iii) the Wuxi Municipal Entity II;
(iv) Hua Xin Fund;
(v)

the CDB Entity; and

(vi) the Wuxi JV III.
3

To the best of the Directors’ knowledge, information and belief
and having made all reasonable enquiries, as at the date of this
announcement, the Wuxi Municipal Entity II, Hua Xin Fund, the
CDB Entity and their respective ultimate beneficial owner(s) (if any)
are Independent Third Parties of the Company.
Scope of Wuxi JV
III Business:

The Wuxi JV III intends to engage in the manufacturing and sale of
integrated circuits products, as well as providing design and services
related to the aforesaid products.

Total Investment
Amount:

The total investment by the Wuxi JV III in its business will amount
to US$6.95 billion, which was determined after arm ’ s length
negotiations by all parties to the JV Shareholders Agreement based
on the need to finance the business contemplated under the JV
Shareholders Agreement.
Of the total investment amount of US$6.95 billion, US$4.17
billion will be funded by way of equity capital contribution by the
JV Shareholders, and the rest of the total investment amount, i.e.
US$2.78 billion, will be raised by way of debt financing.

Registered Capital:

The registered capital of the Wuxi JV III will be US$4.17 billion.

Investment
Commitment of the
JV Shareholders:

The Company, HHGrace Shanghai, the Wuxi Municipal Entity II,
Hua Xin Fund, and the CDB Entity have agreed to invest US$1,042.5
million, US$1,084.2 million, US$834.0 million, US$625.5 million
and US$583.8 million, respectively, in the Wuxi JV III, which will
be provided in cash in the RMB equivalent of such amount. For the
avoidance of doubt, HHGrace Shanghai’s investment includes the
initial capital of RMB6.68 million for the purpose of incorporating
the Wuxi JV III.
Upon completion of the relevant filing(s) with the PRC authorities,
the registered capital of the Wuxi JV III will increase from RMB6.68
million to US$4.17 billion, and the Wuxi JV III will be owned as
to approximately 25%, 26%, 20%, 15% and 14% by the Company,
HHGrace Shanghai, the Wuxi Municipal Entity II, Hua Xin Fund
and the CDB Entity respectively.

4

Except for the CDB Entity which has made full payment of its
investment commitment, each of the other four JV Shareholders has
agreed to invest in the Wuxi JV III in two (2) separate tranches, on a
pro-rata basis:
(i)

the first tranche being 80% of their respective investment
commitment, to be paid no later than 31 October 2026,
subject to the satisfaction and/or waiver in writing by the JV
Shareholders of the conditions precedent (save for conditions
that cannot be waived as expressed in the JV Shareholders
Agreement) set out below;

(ii)

the second tranche being 20% of their respective investment
commitment, to be paid no later than 31 March 2027, subject
to the Wuxi JV III having completed the relevant state-owned
assets property rights registration and subject to the satisfaction
of the conditions precedent set out below.

Notwithstanding the foregoing, subject to the satisfaction of the
condition(s) precedent for the payment of each tranche (if any), the
Wuxi JV III may adjust the proportion and timing of each tranche of
payment based on its actual capital needs after obtaining unanimous
written consent from the JV Shareholders.
Conditions Precedent:

First tranche
The payment of the first tranche by each of the JV Shareholders
(being 80% of their respective investment commitment), is
conditional upon the satisfaction and/or waiver in writing by the
JV Shareholders (as applicable) of, amongst others, the following
conditions:
(i)

the Company has completed the relevant registration of
property rights of state-owned assets;

(ii)

each of the JV Shareholders having obtained their respective
internal approvals of the transactions contemplated under the
JV Shareholders Agreement and the JV Investment Agreement;

(iii) the Company having obtained its Shareholders’ approval at the
EGM in respect of the transactions contemplated under the JV
Shareholders Agreement and the JV Investment Agreement;
(iv) the completion of the window guidance process of the relevant
national industry authorities of the PRC and each of the JV
Shareholders having obtained the project approval or filing
documents from the local development and reform commission
of the PRC;

5

(v)

the transaction documents relating to the transactions
contemplated under the Wuxi JV III (including the JV
Shareholders Agreement, the JV Investment Agreement and the
Articles of Association) (“Transaction Documents”) having
been formally executed;

(vi) the completion of change of business registration of the Wuxi
JV III;
(vii) the completion of filing the foreign investment information
amendment report;
(viii) the representations, warranties and undertakings made by the
Wuxi JV III, the Company and HHGrace Shanghai under the
Transaction Documents remaining true, complete and valid
in all material respects, and there being no material breach
of such representations, warranties and undertakings or other
obligations under the Transaction Documents; and
(ix) there being no legal proceeding, governmental order, decree or
ruling that causes or may cause the transactions contemplated
under the JV Shareholders Agreement and the JV Investment
Agreement to be wholly or mainly prohibited, hindered,
restricted or otherwise impeded.
For the avoidance of doubt, the Company ’ s obligation to seek
internal approval and Shareholders’ approval under conditions (ii)
and (iii) above and the requirement of all Transaction Documents
being formally executed under condition (v) above in compliance
with Chapters 14 and 14A of the Listing Rules must not be waived.

Second tranche
The payment of the second tranche by each of the JV Shareholders
(being 20% of their respective investment commitment) is
conditional upon the satisfaction and/or waiver in writing by the
JV Shareholders (as applicable) of, amongst others, the following
conditions:
(i)

the representations, warranties and undertakings made by the
Wuxi JV III, the Company and HHGrace Shanghai under the
Transaction Documents remaining true, complete and valid
in all material respects, and there being no material breach
of such representations, warranties and undertakings or other
obligations under the Transaction Documents; and

(ii)

there being no legal proceeding, governmental order, decree or
ruling that causes or may cause the transactions contemplated
under the JV Shareholders Agreement and the JV Investment
Agreement to be wholly or mainly prohibited, hindered,
restricted or otherwise impeded.
6

Corporate Governance: Board of directors of the Wuxi JV III
The board of directors of the Wuxi JV III shall consist of seven
(7) directors, of which four (4) will be nominated by the Company
and/or HHGrace Shanghai, one (1) will be nominated by the Wuxi
Municipal Entity II, one (1) will be nominated by Hua Xin Fund and
one (1) will be the employee representative of the Wuxi JV III to be
elected among the employees.

Other customary shareholders ’ rights
The operation and management of Wuxi JV III shall be subject to
customary joint venture shareholders’ rights as agreed by the parties.
Other terms:

Right to Redemption
At the request of the CDB Entity, HHGrace Shanghai shall acquire
the shares in the Wuxi JV III held by the CDB Entity at such price
and proportion in accordance with the terms of the JV Shareholders
Agreement.

Pro rata investment returns
The owner’s equity of the Wuxi JV III (including retained earnings)
shall be proportionally shared by the parties in accordance with
their shareholdings in Wuxi JV III. Further, HHGrace Shanghai
and the Wuxi JV III jointly undertake that the Wuxi JV III shall
pay investment returns to the CDB Entity on a periodic basis in
accordance with the terms of the JV Shareholders Agreement.
3.

REASONS FOR AND BENEFITS OF ENTERING INTO THE JV INVESTMENT
AGREEMENT AND THE JV SHAREHOLDERS AGREEMENT
(i)

The JV Investment Agreement and the JV Shareholders Agreement
The Company entered in the JV Investment Agreement and the JV Shareholders
Agreement with the objectives of (a) enhancing the Company’s competitiveness and
market position in the global and mainland China wafer foundry industry, and (b)
strengthening the Company’s research and development capabilities and enriching its
process platform offerings so as to provide customers with more competitive wafer
products that meet the needs of various emerging semiconductor end-use applications.
The Wuxi JV III will serve as the project company for the purpose of constructing
and operating the third 12-inch wafer foundry production line. The JV Investment
Agreement and the JV Shareholders Agreement set out the capital investment
requirements for the conversion of Wuxi JV III into a joint venture.

7

(ii)

View of the Directors
Having reviewed the terms of the JV Investment Agreement and the JV Shareholders
Agreement, the Directors (including the independent non-executive Directors) are of the
view that:

4.

(a)

the terms of the JV Investment Agreement and the JV Shareholders Agreement are
fair and reasonable and on normal commercial terms or better; and

(b)

the entering into of the JV Investment Agreement and the JV Shareholders
Agreement is in the ordinary and usual course of business of the Company and is
in the interest of the Company and its Shareholders as a whole.

FINANCIAL IMPACT OF THE TRANSACTION TO THE COMPANY
Upon completion of the transaction in accordance with the terms and conditions of the JV
Investment Agreement and the JV Shareholders Agreement, the Wuxi JV III will continue
to be a subsidiary of the Company and the financial information of the Wuxi JV III will
continue to be consolidated into the accounts of the Group.

5.

INFORMATION ABOUT THE PARTIES
The Company
The Company primarily focuses on embedded/standalone non-volatile memory, analog
& power management, logic & RF, power discrete, and other specialty technology
manufacturing platforms.
HHGrace Shanghai
HHGrace Shanghai is a wholly foreign owned enterprise incorporated in the PRC on 24
January 2013 and a wholly-owned subsidiary of the Company. The principal business
of HHGrace Shanghai is to research, develop, manufacture and sell semiconductors as a
pure-play foundry.
The Wuxi JV III
The Wuxi JV III was duly established on 30 October 2025 in the PRC and is currently an
indirectly wholly-owned subsidiary of the Company. As a special purpose vehicle, as at the
date of this announcement, it has no operating business.
Upon completion of the relevant filing(s) with the PRC authorities under the JV Investment
Agreement and the JV Shareholders Agreement, the Wuxi JV III will be held as to
approximately 51% by the Group, of which 25% will be held directly by the Company and
26% will be held indirectly by the Company through HHGrace Shanghai, its wholly-owned
subsidiary.

8

Hua Xin Fund
Hua Xin Fund was established on 31 December 2024 in the PRC as a limited partnership
between Sino IC Capital and China IC Fund III, with Sino IC Capital as its managing partner.
Hua Xin Fund mainly invests via equity investment in the value chain of integrated circuit
industry, primarily in integrated circuit chip manufacturing as well as chip designing, and
semiconductor packaging and testing. As at the date of this announcement and based on the
information provided by China IC Fund III, there are 19 fund investors in China IC Fund III,
as set out below:
Fund investor

Percentage of
equity interest

Ministry of Finance#*
China Development Bank Capital Co., Ltd. (國開金融有限責任公司) #*
Shanghai Guosheng (Group) Co., Ltd. (上海國盛(集團)有限公司) #*
Bank of China Limited (中國銀行股份有限公司)
China Construction Bank Corporation (中國建設銀行股份有限公司)
Industrial and Commercial Bank of China Limited (中國工商銀行股份有限公司)
Agricultural Bank of China Limited (中國農業銀行股份有限公司)
Bank of Communications Co., Ltd. (交通銀行股份有限公司)
Beijing E-Town International Investment & Development Co., Ltd.
(北京亦莊國際投資發展有限公司)#
Shenzhen Kunpeng Equity Investment Co., Ltd. (深圳市鯤鵬股權投資有限公司)
Beijing Guoyi Hospital Co., Ltd. (北京國誼醫院有限公司) #
State Development & Investment Corporation (國家開發投資集團有限公司)
China Chengtong Holdings Group Ltd. (中國誠通控股集團有限公司)
China National Tobacco Corporation (中國煙草總公司) #*
Guangzhou Industrial Investment Fund of Funds Co., Ltd.
(廣州產業投資母基金有限公司)
Postal Savings Bank of China Co., Ltd. (中國郵政儲蓄銀行股份有限公司)
China Resources Investment & Venture Capital (Tianjin) Co., Ltd.
(華潤投資創業(天津)有限公司)
Guangdong Yuecai Investment Holdings Co., Ltd. (廣東粵財投資控股有限公司)
China Mobile Capital Holding Co., Ltd. (中移資本控股有限責任公司) #
Total:

17.44%
10.47%
8.72%
6.25%
6.25%
6.25%
6.25%
5.81%
5.81%
4.94%
4.36%
2.91%
2.91%
2.91%
2.62%
2.33%
1.45%
1.16%
1.16%
100.00%

Note:
#

denotes an overlapping shareholder of China IC Fund II and China IC Fund III.

*

denotes an overlapping shareholder of China IC Fund and China IC Fund III.

Hua Xin Fund is not regarded as a subsidiary of its single largest shareholder, the Ministry of
Finance. There is no ultimate beneficial owner who controls, directly or indirectly, one-third
or more of the equity interest in Hua Xin Fund.

9

To the best of the Directors ’ knowledge, information and belief and having made all
reasonable enquiry, the Directors are of the view, and each of China IC Fund, China IC Fund
II, and Hua Xin Fund confirms that:
(i)

there is no ultimate beneficial owner directly or indirectly controlling Hua Xin Fund;

(ii)

China IC Fund and China IC Fund II are not regarded as subsidiaries of their single
largest shareholder, Ministry of Finance;

(iii) none of the overlapping shareholders of China IC Fund and China IC Fund II can exert
majority control over China IC Fund and China IC Fund II; and none of the overlapping
shareholders of China IC Fund and China IC Fund II can exert majority control over
each of China IC Fund and China IC Fund II; and
(iv) Sino IC Capital manages the investments of China IC Fund, China IC Fund II and
Hua Xin Fund in accordance with the respective mandates it entered into with China
IC Fund, China IC Fund II, and Hua Xin Fund separately. In particular, based on the
information from Sino IC Capital, China IC Fund, China IC Fund II, and Hua Xin Fund
have established independent investment policies and management processes, appointed
independent committee members in their respective investment committees to ensure
independence in investment decisions (where none of the overlapping members is able
to exert decisive influence on any of the final investment decisions), and each has its
separate accounts with independent financial accounting treatments.
On the above basis, the Company confirms that Hua Xin Fund is not an associate of China IC
Fund or China IC Fund II under Chapter 14A of the Listing Rules.
The Wuxi Municipal Entity II
The Wuxi Municipal Entity II is a professional investment company jointly controlled
by municipal and district-level state-owned enterprises. It principally engages in equity
investment in major semiconductor projects in Wuxi. As at the date of this announcement, the
Wuxi Municipal Entity II is held as to 45% by Wuxi Xintou Chuangrong Equity Investment
Partnership (Limited Partnership) (無錫新投創融股權投資合夥企業(有限合夥)), 38.5%
by Wuxi Guolian Industrial Investment Group Co., Ltd. (無錫國聯實業投資集團有限公
司), and 16.5% by Wuxi Industrial Development Group Co., Ltd. (無錫產業發展集團有
限公司). Based on the information provided by the Wuxi Municipal Entity II and to the
best knowledge of the Company, as at the date of this announcement, the Wuxi Municipal
Entity II is ultimately owned as to 52% by Wuxi State-owned Assets Supervision and
Administration Commission (無錫市國有資產監督管理委員會).
As at the date of this Announcement, Wuxi Municipal Entity is interested in 20% of Wuxi
JV II. As at the date of this Announcement, the Wuxi Municipal Entity was held as to 45%
by Yunnan International Trust Co., Ltd.* (雲南國際信託有限公司), 19.5% by Wuxi Guolian
Industrial Investment Group Co., Ltd.* (無錫國聯實業投資集團有限公司), 19.0% by Wuxi
Guofa Asset Operation Co., Ltd.* (無錫市國發資本運營有限公司) and 16.5% by Wuxi
Industry Development Group Co., Ltd.* (無錫產業發展集團有限公司).

10

To the best of the Directors ’ knowledge, information and belief and having made all
reasonable enquiry, the Directors are of the view, and each of the Wuxi Municipal Entity and
the Wuxi Municipal Entity II confirms that:
(i)

neither the Wuxi Municipal Entity nor the Wuxi Municipal Entity II is regarded as a
subsidiary of the same ultimate beneficial owner, Wuxi State-owned Assets Supervision
and Administration Commission (無錫市國有資產監督管理委員會);

(ii)

none of the overlapping shareholders of the Wuxi Municipal Entity and the Wuxi
Municipal Entity II (namely, Wuxi Guolian Industrial Investment Group Co., Ltd. (無
錫國聯實業投資集團有限公司) and Wuxi Industrial Development Group Co., Ltd. (無
錫產業發展集團有限公司)) can exert majority control over either the Wuxi Municipal
Entity or the Wuxi Municipal Entity II, nor can they exert majority control over both
entities; and

(iii) the Wuxi Municipal Entity and the Wuxi Municipal Entity II maintain independent
investment policies and management processes, make investment decisions through
their respective independent decision-making bodies (including their respective
investment committees or boards), and each entity maintains separate financial accounts
with independent financial accounting treatments. The appointment procedures for the
boards of directors of the two entities are independent of each other, and none of the
overlapping shareholders is able to control the composition of the board of directors of
either entity. Furthermore, there are no mechanisms or factors by which the investment
decisions of one entity could influence those of the other.
On the above basis, the Company confirms that the Wuxi Municipal Entity II is not an
associate of the Wuxi Municipal Entity under Chapter 14A of the Listing Rules.
The CDB Entity
The CDB Entity is a company incorporated in the PRC on 29 September 2025 and
wholly owned by the China Development Bank (國家開發銀行). It principally engages
in implementation and operation of new policy-based financial instruments. Through
equity investments and shareholders ’ loans, it provides supplementary capital to major
projects, guides the participation of social capital, and focuses on supporting areas such as
technological innovation, consumption expansion, and the stabilization of foreign trade.
6.

IMPLICATIONS UNDER THE LISTING RULES
Formation of a joint venture constitutes a notifiable transaction under Chapter 14 of the
Listing Rules pursuant to Rule 14.04(1)(f). As one or more of the applicable percentage ratios
under Rule 14.07 of the Listing Rules in respect of the formation of the Wuxi JV III pursuant
to (i) the JV Investment Agreement and (ii) the JV Shareholders Agreement exceeds 5% but
all are below 25%, the aforesaid transaction constitutes a discloseable transaction subject to
announcement under Chapter 14 of the Listing Rules.

11

Pursuant to Rules 14.73 and 14.74(1) of the Listing Rules, the Right to Redemption will be
treated as a transaction and classified by reference to the percentage ratios. Given the Right
to Redemption is not exercisable at the discretion of the Company or HHGrace Shanghai, the
transaction will be classified as if the Right to Redemption had been exercised on the grant of
the Right to Redemption. As all of the applicable percentage ratios under Rule 14.07 of the
Listing Rules in respect of the grant of the Right to Redemption are less than 5%, the grant
of the Right to Redemption does not constitute a discloseable transaction and shall not be
subject to announcement under Chapter 14 of the Listing Rules.
7.

EGM AND CIRCULAR
The circular, which sets out the details of the resolution to be proposed at the EGM, and a
notice of the EGM will be published by the Company as soon as practicable.

8.

BOARD MEETING
Given his role in Sino IC Capital, Mr. Guodong Sun has abstained from voting on the Board
resolutions approving the JV Investment Agreement and the JV Shareholders Agreement.
Save as disclosed above, no other Director has abstained from voting at the Board meeting
approving the JV Investment Agreement and the JV Shareholders Agreement.
The JV Investment Agreement and the JV Shareholders Agreement are subject to the
fulfilment (or waiver) of certain conditions precedent set out in the JV Investment
Agreement and the JV Shareholders Agreement including Shareholder’s approval and
therefore may or may not proceed. Shareholders and potential investors of the Company
are advised to exercise caution when dealing in the Shares.

DEFINITIONS
In this announcement, the following words have the following meanings unless the context requires
otherwise:
“Articles of
Association”

the new articles of association of the Wuxi JV III to be adopted to reflect
the terms as agreed under the JV Shareholders Agreement

“CDB Entity”

China Development Bank New Policy-Oriented Financial Instruments
Co., Ltd.* (國開新型政策性金融工具有限公司), a company incorporated
in the PRC on 29 September 2025 and wholly owned by the China
Development Bank (國家開發銀行)

12

“China IC Fund”

China Integrated Circuit Industry Investment Fund Co., Ltd.* (國家集成
電路產業投資基金股份有限公司), a company incorporated in the PRC on
26 September 2014 and a substantial shareholder of the Company

“China IC Fund II”

China Integrated Circuit Industry Investment Fund (Phase II) Co., Ltd.*
(國家集成電路產業投資基金二期股份有限公司), a company established
in the PRC on 22 October 2019

“China IC Fund III”

China Integrated Circuit Industry Investment Fund (Phase III) Co., Ltd.*
(國家集成電路產業投資基金三期股份有限公司), a company established
in the PRC on 24 May 2024

“Company”

Hua Hong Grace Semiconductor Limited, a company incorporated in
Hong Kong with limited liability, the Shares of which are listed on the
Main Board of the Stock Exchange

“connected person(s)”

has the same meaning as ascribed to it under the Listing Rules

“Director(s)”

the director(s) of the Company

“EGM”

the extraordinary general meeting of the Company to be held to approve
the JV Investment Agreement and the JV Shareholders Agreement (among
other resolutions)

“Group”

the Company and its subsidiaries

“HHGrace Shanghai”

Shanghai Huahong Grace Semiconductor Manufacturing Corporation (上
海華虹宏力半導體製造有限公司), a company incorporated in the PRC on
24 January 2013 and a wholly-owned subsidiary of the Company

“Hong Kong”

Hong Kong Special Administrative Region of the PRC

“Hua Xin Fund”

Hua Xin Ding Xin (Beijing) Equity Investment Fund (Limited
Partnership)* ( 華芯鼎新(北京)股權投資基金(有限合夥)), a limited
partnership established on 31 December 2024 between Sino IC Capital
and China IC Fund III, with Sino IC Capital as the managing partner

“Independent Third
Party(ies)”

person(s) who is not a connected person of the Company pursuant to
Chapter 14A of the Listing Rules

“JV Investment
Agreement”

the investment agreement dated 1 September 2026 entered into among
the JV Shareholders and the Wuxi JV III, pursuant to which the JV
Shareholders agreed to convert the Wuxi JV III into a joint venture and
increase the registered capital of the Wuxi JV III from RMB6.68 million
to US$4.17 billion

13

“JV Shareholders”

the Company, HHGrace Shanghai, the Wuxi Municipal Entity II, Hua Xin
Fund and the CDB Entity

“JV Shareholders
Agreement”

the shareholders agreement dated 1 September 2026 entered into among
the JV Shareholders and the Wuxi JV III, pursuant to which, amongst
others, the JV Shareholders agreed to invest a total of approximately
US$4.17 billion in cash in the Wuxi JV III

“Listing Rules”

the Rules Governing the Listing of Securities on the Stock Exchange of
Hong Kong Limited

“PRC”

the People’s Republic of China, but for the purpose of this announcement
only, excludes Hong Kong, Macau and Taiwan

“Right to
Redemption”

The redemption right granted to the CDB Entity from HHGrace Shanghai,
the details of which is stipulated under “The JV Shareholders Agreement
– Other terms” of this announcement

“RMB”

Renminbi, the lawful currency of the PRC

“Shareholders”

holder(s) of Shares

“Shares”

shares of the Company

“Sino IC Capital”

Sino IC Capital Co., Ltd.* (華芯投資管理有限責任公司), the fund
manager of both China IC Fund and China IC Fund II and the managing
partner of Hua Xin Fund. Its ultimate beneficial owner is China
Development Bank Capital Co., Ltd. (國開金融有限責任公司), which is
an Independent Third Party of the Company

“Stock Exchange”

The Stock Exchange of Hong Kong Limited

“Transaction
Documents”

the transaction documents relating to the transactions contemplated
under the JV Shareholders Agreement and the JV Investment Agreement,
including the JV Shareholders Agreement, the JV Investment Agreement
and the Articles of Association

“US$”

United States dollar, the lawful currency of the United States

“Wuxi JV II”

Hua Hong Semiconductor Manufacturing (Wuxi) Co., Ltd.* (華虹半
導體製造(無錫)有限公司), a company incorporated in the PRC on 17
June 2022 and a non-wholly owned subsidiary of the Company held as
to approximately 21.90%, 29.10%, 20.00% and 29.00% by the Company,
HHGrace Shanghai, Wuxi Municipal Entity and China IC Fund II,
respectively

14

“Wuxi JV III”

Wuxi Huahong Grace Semiconductor (Phase III) Manufacturing Co.,
Ltd.* (無錫華虹宏力三期半導體有限公司), a company incorporated in
the PRC on 30 October 2025 for the purpose of the Wuxi JV III Business,
the registered capital of which is currently held as to 100% by HHGrace
Shanghai and will, upon completion of the relevant filing(s) with the PRC
authorities under the JV Shareholders Agreement and the JV Investment
Agreement, be owned as to approximately 25% by the Company, 26% by
HHGrace Shanghai, 20% by the Wuxi Municipal Entity II, 15% by Hua
Xin Fund and 14% by the CDB Entity

“Wuxi JV III
Business”

the manufacturing and sale of integrated circuits and integrated circuit
chip, as well as providing design and services related to the aforesaid
products, that the Wuxi JV III will engage in

“Wuxi Municipal
Entity”

Wuxi Xi Hong Guo Xin Investment Co., Ltd.* (無錫錫虹國芯投資有限
公司), a professional investment company jointly controlled by municipal
and district-level state-owned enterprises

“Wuxi Municipal
Entity II”

Wuxi Xi Hong Guo Xin (Phase II) Investment Co., Ltd.* (無錫錫虹國芯
二期投資有限公司), a professional investment company jointly controlled
by municipal and district-level state-owned enterprises

“%”

per cent
By order of the Board
Hua Hong Grace Semiconductor Limited
Dr. Peng Bai
Chairman and Executive Director

* For identification purpose only

Hong Kong, 1 September 2026

As at the date of this announcement, the directors of the Company are:
Executive Director:
Peng Bai (Chairman and President)
Non-executive Directors:
Jun Ye
Guodong Sun
Bo Chen
Chengyan Xiong
Independent Non-executive Directors:
Stephen Tso Tung Chang
Kwai Huen Wong, JP
Songlin Feng

15

香港交易及結算所有限公司及香港聯合交易所有限公司對本公告的內容概不負責，對其準確性
或完整性亦不發表任何聲明，並明確表示，概不對因本公告全部或任何部分內容而產生或因倚
賴該等內容而引致的任何損失承擔任何責任。

HUA HONG GRACE SEMICONDUCTOR LIMITED
華虹宏力半導體有限公司
（於香港註冊成立之有限公司）

（股份代號：1347）

有關合營投資協議及合營股東協議的須予披露交易
合營投資協議及合營股東協議
本公司、華虹宏力上海、無錫市實體II、華芯基金、國開實體及無錫市合營企業
III於二零二六年九月一日訂立合營投資協議，據此，本公司、華虹宏力上海、
無錫市實體II、華芯基金及國開實體同意（其中包括）以現金方式分別向無錫市
合營企業III投資1,042.5百萬美元、1,084.2百萬美元、834.0百萬美元、625.5百
萬美元及583.8百萬美元。
根據合營投資協議，無錫市合營企業III將建立一條月產能約55,000片的12英寸
晶圓生產線。
關於合營投資協議，合營股東亦將訂立無錫市合營企業III的新組織章程細則以
反映根據合營投資協議協定的條款。
同日，本公司、華虹宏力上海、無錫市實體II、華芯基金、國開實體及無錫市合
營企業III訂立合營股東協議。根據合營股東協議所載條款，國開實體所持無錫
市合營企業III的相關股份受華虹宏力上海授予國開實體的贖回權所規限。
合營投資協議及合營股東協議項下擬進行的交易完成後，無錫市合營企業III將
由本集團持有約51%權益，其中25%將由本公司直接持有及26%將由本公司透過
其全資子公司華虹宏力上海間接持有。

1

上市規則的涵義
根據上市規則第14.04(1)(f)條，成立合營企業構成上市規則第十四章項下的須予
公佈交易。由於根據合營投資協議及合營股東協議成立無錫市合營企業III涉及
的上市規則第14.07條項下的一項或多項適用百分比率高於5%但均低於25%，故
上述交易構成上市規則第十四章項下須予披露的交易，須根據上市規則第十四
章作出公告。
根據上市規則第14.73及14.74(1)條，贖回權將被視為一項交易，並根據其適用
百分比率分類。鑒於贖回權並非可由本公司或華虹宏力上海酌情行使，有關交
易將會被分類，猶如贖回權已於授出贖回權時行使。由於授出贖回權涉及的上
市規則第14.07條項下的所有適用百分比率均低於5%，故授出贖回權不構成上市
規則第十四章項下須予披露的交易，毋須根據上市規則第十四章作出公告。
合營投資協議及合營股東協議須待合營投資協議及合營股東協議所載的若干先
決條件（包括取得股東批准）達成（或獲豁免）後方可作實，因此可能會或可能不
會進行。建議本公司股東及有意投資者於買賣股份時審慎行事。

1.

合營投資協議
本公司、華虹宏力上海、無錫市實體II、華芯基金、國開實體及無錫市合營
企業III於二零二六年九月一日訂立合營投資協議，以將無錫市合營企業III轉
為合營企業並將無錫市合營企業III的註冊資本由人民幣6.68百萬元增至41.7
億美元。
合營投資協議的主要條款載列如下：
日期：

二零二六年九月一日

訂約方：

(i)

本公司；

(ii) 本公司的全資子公司華虹宏力上海；
(iii) 無錫市實體II；
(iv) 華芯基金；
(v) 國開實體；及
(vi) 無錫市合營企業III。
2

據董事經作出一切合理查詢後所知、所悉及所信，於
本公告日期，無錫市實體II、華芯基金、國開實體及
彼等各自最終實益擁有人（如有）為本公司的獨立第三
方。
認購資本：

無錫市合營企業III的註冊資本將由人民幣6.68 百萬元
增至41.7億美元。
考慮到本公司、華虹宏力上海、無錫市實體II、華芯基
金及國開實體的出資，無錫市合營企業III將向上述各
認購合營股東發行無錫市合營企業III的股本。
根據合營投資協議，規管各訂約方認購無錫市合營企
業III註冊資本的條款與合營股東協議所載者相同。有
關此認購的詳情，請參閱下文合營股東協議條款概要
「投資承擔」。

其他條款：

2.

無錫市合營企業III將轉為合營企業。增資須待（其中
包括）本公司股東批准及中國有關登記及備案完成（如
合營投資協議所載）後，方可作實。

合營股東協議
本公司、華虹宏力上海、無錫市實體II、華芯基金、國開實體及無錫市合營
企業III於二零二六年九月一日訂立合營股東協議，據此，本公司、華虹宏力
上海、無錫市實體II、華芯基金及國開實體同意（其中包括）以現金方式分別
向無錫市合營企業III投資1,042.5百萬美元、1,084.2百萬美元、834.0百萬美
元、625.5百萬美元及583.8百萬美元。
合營股東協議的主要條款載列如下：
日期：

二零二六年九月一日

訂約方：

(i)

本公司；

(ii) 華虹宏力上海，本公司的全資子公司；
(iii) 無錫市實體II；

3

(iv) 華芯基金；
(v) 國開實體；及
(vi) 無錫市合營企業III。
就董事經作出一切合理查詢後所知、所悉及所信，於
本公告日期，無錫市實體II、華芯基金、國開實體及
彼等各自最終實益擁有人（如有）為本公司的獨立第三
方。
無錫市合營企業
III業務範圍：

無錫市合營企業III擬從事集成電路產品的製造及銷售
以及提供上述產品的設計及服務。

總投資額：

無錫市合營企業 I I I 於其業務的總投資將為 69.5 億美
元，乃由合營股東協議所有訂約方基於須為合營股東
協議項下擬進行的業務撥資經公平磋商後釐定。
總投資額69.5 億美元中的41.7 億美元將由合營股東以
股本出資方式撥資，餘下總投資額（即27.8億美元）將
以債務融資方式籌資。

註冊資本：

無錫市合營企業III的註冊資本將為41.7億美元。

合營股東投資承擔： 本公司、華虹宏力上海、無錫市實體II、華芯基金及國
開實體已同意分別向無錫市合營企業III投資1,042.5百
萬美元、1,084.2 百萬美元、834.0 百萬美元、625.5 百
萬美元及583.8百萬美元，該等投資將以等值人民幣現
金提供。為免生疑，華虹宏力上海的投資包括註冊成
立無錫市合營企業III的初始資本人民幣6.68百萬元。
向中國政府完成相關備案後，無錫市合營企業III的註
冊資本將由人民幣6.68 百萬元增至41.7 億美元，而無
錫市合營企業III將分別由本公司、華虹宏力上海、無
錫市實體II、華芯基金及國開實體擁有約25%、26%、
20%、15%及14%權益。

4

除已全額支付其投資承擔的國開實體外，其他四名合
營股東各自已同意按比例以兩(2)筆獨立付款投資於無
錫市合營企業III：
(i)

第一筆付款為彼等各自投資承擔的80%，最遲於
二零二六年十月三十一日支付，須待合營股東達
成下文所載先決條件及 ╱ 或獲得書面豁免後（合
營股東協議明確規定的無法獲豁免的條件除外）方
可作實；

(ii) 第二筆付款為彼等各自投資承擔的20%，最遲於
二零二七年三月三十一日支付，須待無錫市合營
企業III已完成相關國有資產產權登記及達成下文
所載先決條件後方可作實。
儘管有前述規定，在達成每筆付款的先決條件（如有）
的前提下，無錫市合營企業III獲得合營股東一致書面
同意後，可根據其實際資金需求調整每筆付款的比例
及時間。
先決條件：

第一筆付款
各合營股東作出的第一筆付款（即彼等各自投資承擔的
80%）須待合營股東達成（其中包括）以下條件及 ╱ 或
獲得書面豁免（如適用）後，方可作實：
(i)

本公司已完成相關國有資產產權登記；

(ii) 各合營股東已各自取得合營股東協議及合營投資
協議項下擬進行的交易的內部批准；
(iii) 本公司已就合營股東協議及合營投資協議項下擬
進行的交易於股東特別大會上取得股東批准；
(iv) 完成中國相關國家行業部門的窗口指導程序，各
合營股東已自中國地方發展和改革委員會獲得項
目批文或備案文件；

5

(v) 已正式簽立與無錫市合營企業III項下擬進行的交
易相關的交易文件（包括合營股東協議、合營投資
協議及組織章程細則）
（「交易文件」）；
(vi) 完成無錫市合營企業III的工商變更登記；
(vii) 完成外商投資信息修訂報告的備案；
(viii) 無 錫 市 合 營 企 業 I I I 、 本 公 司 及 華 虹 宏 力 上 海 在
交易文件項下作出的陳述、保證及承諾在所有重
大方面仍然真實、完整及有效，且並無嚴重違反
有關陳述、保證及承諾或交易文件項下的其他義
務；及
(ix) 不存在導致或可能導致合營股東協議及合資投資
協議項下擬進行的交易被完全或主要禁止、阻
止、限制或以其他方式阻礙的法律程序、政府頒
令、法令或裁決。
為免生疑，本公司根據上市規則第十四章及第十四 A
章按照上述條件(ii)及(iii)尋求內部批准及股東批准的
責任及上述條件(v)項下正式簽立所有交易文件的規定
不得獲豁免。

第二筆付款
各合營股東作出的第二筆付款（即彼等各自投資承擔的
20%）須待合營股東達成（其中包括）以下條件及 ╱ 或
獲得書面豁免（如適用）後，方可作實：
(i)

無錫市合營企業III、本公司及華虹宏力上海在
交易文件項下作出的陳述、保證及承諾在所有重
大方面仍然真實、完整及有效，且並無嚴重違反
有關陳述、保證及承諾或交易文件項下的其他義
務；及

(ii) 不存在導致或可能導致合營股東協議及合資投資
協議項下擬進行的交易被完全或主要禁止、阻
止、限制或以其他方式阻礙的法律程序、政府頒
令、法令或裁決。
6

企業管治：

無錫市合營企業III董事會
無錫市合營企業 III 董事會將由七 (7) 名董事組成，其
中四 (4) 名將由本公司及 ╱ 或華虹宏力上海委任，一
(1)名將由無錫市實體II委任，一(1)名將由華芯基金委
任，而一(1)名將為於僱員中選舉的無錫市合營企業III
僱員代表。

其他慣常股東權利
無錫市合營企業III的運營及管理須遵守各方協定的慣
常合營企業股東權利。
其他條款：

贖回權
應國開實體請求，華虹宏力上海將根據合營股東協議
的條款按有關價格及比例收購國開實體所持無錫市合
營企業III的股份。

按比例投資回報
無錫市合營企業III的所有者權益（包括留存收益）將由
各方根據其在無錫市合營企業III中的持股比例按比例
分享。此外，華虹宏力上海及無錫市合營企業III共同
承諾，無錫市合營企業III將根據合營股東協議的條款
定期向國開實體支付投資回報。

3.

訂立合營投資協議及合營股東協議的理由及裨益
(i)

合營投資協議及合營股東協議
本公司訂立合營投資協議及合營股東協議，旨在(a)提升本公司在全球及
中國內地晶圓代工行業的競爭力及市場地位，及(b)加強本公司的研發能
力，並豐富其流程平台產品，從而為客戶提供更具競爭力的晶圓產品，
以滿足各類新興半導體終端應用的需求。
無錫市合營企業III將作為項目公司，負責建設及運營第三條12英寸晶圓
代工生產線。合營投資協議及合營股東協議載明了無錫市合營企業III轉
為合營企業的投資要求。
7

(ii) 董事意見
經審閱合營投資協議及合營股東協議的條款後，董事（包括獨立非執行
董事）認為：
(a) 合營投資協議及合營股東協議的條款屬公平合理，且按一般商業條
款或更佳條款訂立；及
(b) 合營投資協議及合營股東協議乃於本公司一般及日常業務過程中訂
立，且符合本公司及其股東的整體利益。

4.

交易對本公司的財務影響
根據合營投資協議及合營股東協議的條款及條件完成交易後，無錫市合營企
業III將繼續為本公司的子公司，且無錫市合營企業III的財務資料將繼續併入
本集團賬目。

5.

有關訂約方的資料
本公司
本公司主要專注於嵌入式 ╱ 獨立式非易失性存儲器、模擬及電源管理、邏輯
及射頻和功率器件等特色工藝製造平台。
華虹宏力上海
華虹宏力上海為一家於二零一三年一月二十四日在中國註冊成立的外資企
業，並為本公司的全資子公司。華虹宏力上海的主要業務為作為純晶圓代工
廠研發、製造及銷售半導體。
無錫市合營企業III
無錫市合營企業III於二零二五年十月三十日在中國正式成立，目前為本公司
的間接全資子公司。作為特殊目的公司，於本公告日期，其尚未經營任何業
務。
根據合營投資協議及合營股東協議向中國政府完成相關備案後，無錫市合營
企業III將由本集團持有約51%權益，其中25%將由本公司直接持有及26%將
由本公司透過其全資子公司華虹宏力上海間接持有。
8

華芯基金
華芯基金由華芯投資與國家集成電路產業基金III於二零二四年十二月三十一
日在中國成立為有限合夥企業，華芯投資為其執行事務合夥人。華芯基金主
要透過股權投資於集成電路產業價值鏈進行投資，其中以集成電路芯片製造
以及芯片設計和半導體封裝測試為主。於本公告日期及根據國家集成電路產
業基金III提供的資料，國家集成電路產業基金III有19名基金投資者，載列如
下：
基金投資者

佔股權百分比

財政部 #*
國開金融有限責任公司 #*
上海國盛（集團）有限公司 #*
中國銀行股份有限公司
中國建設銀行股份有限公司
中國工商銀行股份有限公司
中國農業銀行股份有限公司
交通銀行股份有限公司
北京亦莊國際投資發展有限公司 #
深圳市鯤鵬股權投資有限公司
北京國誼醫院有限公司 #
國家開發投資集團有限公司
中國誠通控股集團有限公司
中國煙草總公司 #*
廣州產業投資母基金有限公司
中國郵政儲蓄銀行股份有限公司
華潤投資創業（天津）有限公司
廣東粵財投資控股有限公司
中移資本控股有限責任公司 #
總計：

17.44%
10.47%
8.72%
6.25%
6.25%
6.25%
6.25%
5.81%
5.81%
4.94%
4.36%
2.91%
2.91%
2.91%
2.62%
2.33%
1.45%
1.16%
1.16%
100.00%

附註：
#

指國家集成電路產業基金II與國家集成電路產業基金III的重疊股東。

*

指國家集成電路產業基金與國家集成電路產業基金III的重疊股東。

9

華芯基金不被視為其單一最大股東財政部的子公司。概無直接或間接控制華
芯基金三分之一或以上股權的最終實益擁有人。
據董事作出一切合理查詢後所深知、盡悉及確信，董事認為，且國家集成電
路產業基金、國家集成電路產業基金II及華芯基金均確認：
(i)

概無直接或間接控制華芯基金的最終實益擁有人；

(ii) 國家集成電路產業基金及國家集成電路產業基金II均不被視為彼等單一
最大股東財政部的子公司；
(iii) 概無國家集成電路產業基金及國家集成電路產業基金II的重疊股東可對
國家集成電路產業基金及國家集成電路產業基金II行使多數控制權；及
概無國家集成電路產業基金及國家集成電路產業基金II的重疊股東可對
國家集成電路產業基金及國家集成電路產業基金 I I 各自行使多數控制
權；及
(iv) 華芯投資根據其與國家集成電路產業基金、國家集成電路產業基金II及
華芯基金分別訂立的有關授權，對國家集成電路產業基金、國家集成
電路產業基金II及華芯基金的投資進行管理。其中，根據華芯投資的資
料，國家集成電路產業基金、國家集成電路產業基金II及華芯基金已設
立獨立的投資政策及管理流程，委任獨立委員會成員加入彼等各自的投
資委員會，以確保投資決策的獨立性（其中概無重疊成員可對任何最終
投資決策施加決定性影響），並且各自擁有單獨賬目，進行獨立的財務會
計處理。
有基於此，本公司確認，根據上市規則第十四A章，華芯基金並非國家集成
電路產業基金或國家集成電路產業基金II的聯繫人。
無錫市實體II
無錫市實體II為一家由市屬及區級國企聯合控制的專業投資公司，主要從事
無錫重大半導體項目的股權投資。於本公告日期，無錫市實體II由無錫新投
創融股權投資合夥企業（有限合夥）持有45%權益、無錫國聯實業投資集團有
限公司持有38.5%權益及無錫產業發展集團有限公司持有16.5%權益。根據無
錫市實體II提供的資料及就本公司所知，於本公告日期，無錫市實體II最終由
無錫市國有資產監督管理委員會擁有52%權益。

10

於本公告日期，無錫市實體擁有無錫市合營企業 II 20%權益。於本公告日
期，無錫市實體由雲南國際信託有限公司持有45%權益、無錫國聯實業投資
集團有限公司持有19.5%權益、無錫市國發資本運營有限公司持有19.0%權益
及無錫產業發展集團有限公司持有16.5%權益。
據董事作出一切合理查詢後所深知、盡悉及確信，董事認為，且無錫市實體
及無錫市實體II均確認：
(i)

無錫市實體及無錫市實體II均不被視為同一最終實益擁有人無錫市國有
資產監督管理委員會的子公司；

(ii) 概無無錫市實體及無錫市實體II的重疊股東（即無錫國聯實業投資集團有
限公司及無錫產業發展集團有限公司）可對無錫市實體或無錫市實體II行
使多數控制權，彼等亦不可對兩家實體行使多數控制權；及
(iii) 無錫市實體及無錫市實體II設有獨立的投資政策及管理流程，透過彼等
各自的獨立決策機構（包括彼等各自的投資委員會或董事會）作出投資決
策，且各實體設有單獨財務賬目，進行獨立的財務會計處理。兩家實體
董事會的委任程序相互獨立，且概無重疊股東可控制任一家實體董事會
的組成。此外，概無任何機制或因素使一家實體的投資決策可影響另一
家實體的投資決策。
有基於此，本公司確認，根據上市規則第十四A章，無錫市實體II並非無錫市
實體的聯繫人。
國開實體
國開實體為一家於二零二五年九月二十九日在中國註冊成立的公司，由國家
開發銀行全資擁有，主要從事新型政策性金融工具的實施運作，通過股權投
資、股東借款方式為重大項目補充資本金，引導社會資本參與，重點支持科
技創新、擴大消費、穩定外貿等領域。

6.

上市規則的涵義
根據上市規則第14.04(1)(f)條，成立合營企業構成上市規則第十四章項下的
須予公佈交易。由於根據(i)合營投資協議及(ii)合營股東協議成立無錫市合營
企業III涉及的上市規則第14.07條項下的一項或多項適用百分比率高於5%但
均低於25%，故上述交易構成上市規則第十四章項下須予披露的交易，須根
據上市規則第十四章作出公告。
11

根據上市規則第14.73及14.74(1)條，贖回權將被視為一項交易，並根據其百
分比率分類。鑒於贖回權並非可由本公司或華虹宏力上海酌情行使，有關交
易將會被分類，猶如贖回權已於授出贖回權時行使。由於授出贖回權涉及的
上市規則第14.07 條項下的所有適用百分比率均低於5%，故授出贖回權不構
成上市規則第十四章項下須予披露的交易，毋須根據上市規則第十四章作出
公告。

7.

股東特別大會及通函
本公司將於切實可行的情況下盡快刊發載有將於股東特別大會上提呈的決議
案詳情的通函及股東特別大會通告。

8.

董事會會議
鑒於其於華芯投資的角色，孫國棟先生已就批准合營投資協議及合營股東協
議的董事會決議案放棄投票。除上文所披露者外，概無其他董事已於董事會
會議上就批准合營投資協議及合營股東協議放棄投票。
合營投資協議及合營股東協議須待合營投資協議及合營股東協議所載的若干
先決條件（包括取得股東批准）達成（或獲豁免）後方可作實，因此可能會或可
能不會進行。建議本公司股東及有意投資者於買賣股份時審慎行事。

12

釋義
在本公告內，除文義另有所指外，下列詞彙具有以下涵義：
「組織章程細則」

指

無錫市合營企業III將予採納的新組織章程細則，以反
映根據合營股東協議協定的條款

「國開實體」

指

國開新型政策性金融工具有限公司，一家於二零二五
年九月二十九日在中國註冊成立並由國家開發銀行全
資擁有的公司

「國家集成電路
產業基金」

指

國家集成電路產業投資基金股份有限公司，一家於二
零一四年九月二十六日在中國註冊成立的公司，為本
公司主要股東

「國家集成電路
產業基金II」

指

國家集成電路產業投資基金二期股份有限公司，一家
於二零一九年十月二十二日在中國成立的公司

「國家集成電路
產業基金III」

指

國家集成電路產業投資基金三期股份有限公司，一家
於二零二四年五月二十四日在中國成立的公司

「本公司」

指

華虹宏力半導體有限公司，一家在香港註冊成立的有
限公司，其股份在聯交所主板上市

「關連人士」

指

具有上市規則賦予的涵義

「董事」

指

本公司董事

「股東特別大會」

指

本公司將召開的股東特別大會，以批准合營投資協議
及合營股東協議（以及其他決議案）

「本集團」

指

本公司及其子公司

「華虹宏力上海」

指

上海華虹宏力半導體製造有限公司，一家於二零一三
年一月二十四日在中國註冊成立的公司，為本公司的
全資子公司

「香港」

指

中國香港特別行政區

13

「華芯基金」

指

華芯鼎新（北京）股權投資基金（有限合夥），一家於二
零二四年十二月三十一日由華芯投資與國家集成電路
產業基金III成立的有限合夥企業，華芯投資為執行事
務合夥人

「獨立第三方」

指

根據上市規則第十四A章並非為本公司關連人士的人
士

「合營投資協議」

指

由合營股東及無錫市合營企業III訂立日期為二零二六
年九月一日的投資協議，據此，合營股東同意將無錫
市合營企業III轉為合營企業並將無錫市合營企業III的
註冊資本由人民幣6.68百萬元增至41.7億美元

「合營股東」

指

本公司、華虹宏力上海、無錫市實體II、華芯基金及國
開實體

「合營股東協議」

指

由合營股東及無錫市合營企業III訂立日期為二零二六
年九月一日的股東協議，據此，（其中包括）合營股東
同意以現金方式向無錫市合營企業III投資合共約41.7
億美元

「上市規則」

指

香港聯合交易所有限公司證券上市規則

「中國」

指

中華人民共和國（惟僅就本公告而言，不包括香港、澳
門及台灣）

「贖回權」

指

華虹宏力上海授予國開實體的贖回權，其詳情在本公
告「合營股東協議 － 其他條款」中訂明

「人民幣」

指

人民幣，中國法定貨幣

「股東」

指

股份持有人

14

「股份」

指

本公司股份

「華芯投資」

指

華芯投資管理有限責任公司，為國家集成電路產業基
金及國家集成電路產業基金II的基金管理人以及華芯
基金的執行事務合夥人。其最終實益擁有人為國開金
融有限責任公司，為本公司的獨立第三方

「聯交所」

指

香港聯合交易所有限公司

「交易文件」

指

與合營股東協議及合營投資協議下擬進行的交易有關
的交易文件，包括合營股東協議、合營投資協議及組
織章程細則

「美元」

指

美元，美國法定貨幣

「無錫市合營
企業II」

指

華虹半導體製造（無錫）有限公司，一家於二零二二
年六月十七日在中國註冊成立的公司，為本公司的
非全資子公司，分別由本公司、華虹宏力上海、無
錫市實體及國家集成電路產業基金II持有約21.90%、
29.10%、20.00%及29.00%權益

「無錫市合營
企業III」

指

無錫華虹宏力三期半導體有限公司，一家於二零二五
年十月三十日在中國註冊成立的公司，用於無錫市合
營企業III業務，其註冊資本目前由華虹宏力上海持有
100%權益，根據合營股東協議及合營投資協議，向中
國政府完成相關備案後將由本公司、華虹宏力上海、
無錫市實體II、華芯基金及國開實體分別擁有約25%、
26%、20%、15%及14%權益

「無錫市合營
企業III業務」

指

無錫市合營企業III將從事的集成電路及集成電路芯片
的製造及銷售，以及提供上述產品相關設計及服務

「無錫市實體」

指

無錫錫虹國芯投資有限公司，一家由市屬及區級國企
聯合控制的專業投資公司

「無錫市實體II」

指

無錫錫虹國芯二期投資有限公司，一家由市屬及區級
國企聯合控制的專業投資公司

15

「%」

指

百分比
承董事會命
華虹宏力半導體有限公司
董事長兼執行董事
白鵬博士

香港，二零二六年九月一日

於本公告日期，本公司董事分別為：
執行董事：
白鵬（董事長兼總裁）
非執行董事：
葉峻
孫國棟
陳博
熊承豔
獨立非執行董事：
張祖同
王桂壎，太平紳士
封松林

16