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01 Gao Yonggang, chairman of JCET, resigned due to a change of control, and resigned as directors Peng Jin, Zhang Chunsheng and supervisor Wang Yong.

02The major shareholders of the National Integrated Circuit Industry Investment Fund and Silicon Semiconductor signed the Share Transfer Agreement with Panshi Hong Kong respectively to transfer their shares to Panshi Run Enterprise.

03 Panshi Runqi became the controlling shareholder of Changdian Technology, holding 22.53% of the shares, and the shareholding ratio of the large fund was reduced to 3.5%, and Xindian Shanghai no longer held shares.

04JCET will hold an extraordinary general meeting of shareholders on November 29, 2024 to consider the re-election of some directors of the company and complete the reorganization of the board of directors.

05 During Gao Yonggang's tenure at Changdian Technology, the company's revenue increased from 23.856 billion yuan in 2017 to 33.762 billion yuan in 2023, and the net profit attributable to the parent company also increased.

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Source of this article: Times Finance Author: Yuchen

Image source: Diagram Worm

Eight months after the major shareholder signed the "Equity Transfer Agreement", JCET (600584. SH) Chairman Gao Yonggang resigned, along with Director Peng Jin, Director Zhang Chunsheng and Supervisor Wang Yong.

On the evening of November 13, Changdian Technology announced that the company's board of directors received a written resignation report from director and chairman Gao Yonggang and director Peng Jin. Gao Yonggang resigned as a director of the eighth board of directors of the company, chairman of the board of directors and relevant positions of the special committee under the board of directors, and no longer held any position in the company after his resignation; Peng Jin also resigned as a director of the eighth board of directors and the relevant positions of the special committee under the board of directors, and also no longer held any position in the company after his resignation.

In addition to Gao Yonggang and Peng Jin, director Zhang Chunsheng also resigned from the director of the eighth board of directors of JCET and the relevant positions of the special committee under the board of directors due to work reasons, and no longer held any position in the company after his resignation.

At the same time, the Board of Supervisors of JCET also received a written resignation report from Wang Yong, a non-employee representative supervisor, who resigned as a supervisor of the eighth board of supervisors of the company and will no longer hold any position in the company after his resignation.

The resignation of the above four people on the same day may be related to the change of control of JCET.

On March 26, 2024, the major shareholders of JCET, China Integrated Circuit Industry Investment Fund (hereinafter referred to as the "Big Fund") and Chipset Semiconductor (Shanghai) Co., Ltd. (hereinafter referred to as "Chipset Shanghai") signed the Share Transfer Agreement with Panshi Hong Kong Co., Ltd. (hereinafter referred to as "Panshi Hong Kong"), respectively, under which the Big Fund and Chipset Shanghai respectively transferred their 174,288,926 shares (accounting for 9.74% of the total share capital of JCET) and 228. 833,996 shares (representing 12.79% of the total share capital of JCET) were transferred to Panshi Hong Kong or its affiliates.

On August 22, Big Fund and Chiplight Shanghai respectively signed the Supplemental Agreement with Panshi Hong Kong and Panshi Runqi (Shenzhen) Information Management Co., Ltd. (hereinafter referred to as "Panshi Runqi"), stipulating that the transferee of shares involved in the above transaction will be changed from Panshi Hong Kong to Panshi Runqi.

On November 13, Changdian Technology announced that the above-mentioned transfer of shares had been completed on November 12, and finally Panshi Runqi became the controlling shareholder of the company, holding 22.53% of the shares, and the shareholding ratio of the large fund was reduced to 3.5%, and the core power Shanghai no longer held shares, and the actual controller of the company was China Resources Co., Ltd.

JCET will hold an extraordinary general meeting of shareholders on November 29, 2024 to consider the re-election of some directors of the company and complete the reorganization of the board of directors.

Image source: JCET announcement

Founded in 1998 and listed on the Shanghai Stock Exchange in 2003, JCET is an integrated circuit manufacturing and technology service provider, whose main business includes integrated circuit system integration, design simulation, technology development, product certification, wafer testing, wafer-level mid-channel packaging testing, system-level packaging testing, chip finished product testing, etc. The company has eight production bases and two R&D centers in China, South Korea and Singapore, and business offices in more than 20 countries and regions.

Changdian Technology's 2023 financial report shows that Gao Yonggang has served as the company's chairman since July 2017, and his term is expected to end in February 2026. Prior to that, Mr. Gao served as Chairman of SMIC Juyuan Equity Investment Management (Shanghai) Co., Ltd., an Independent Director of Shanghai Yirui Optoelectronics Technology Co., Ltd., and Chairman and Executive Director of SMIC. During the reporting period, Gao Yonggang received a total of 559,500 yuan of pre-tax remuneration from the company.

It is worth mentioning that just a year ago, on July 17, 2023, Gao Yonggang also resigned from SMIC (688981. SH) Chairman, Executive Director and Chairman of the Nomination Committee of the Board of Directors.

Image source: SMIC announcement

According to the data, during Gao Yonggang's tenure at Changdian Technology, that is, from 2017 to 2023, the company's revenue was 23.856 billion yuan, 23.856 billion yuan, 23.526 billion yuan, 26.464 billion yuan, 30.502 billion yuan, 33.762 billion yuan and 29.661 billion yuan. During the same period, the company achieved net profit attributable to the parent company of 343 million yuan, -939 million yuan, 89 million yuan, 1.304 billion yuan, 2.959 billion yuan, 3.231 billion yuan and 1.471 billion yuan respectively.

In the first three quarters of 2024, JCET achieved operating income of 24.978 billion yuan, a year-on-year increase of 22.26%; The net profit attributable to the parent company was 1.076 billion yuan, a year-on-year increase of 10.55%.

Image source: wind

As of the end of the third quarter of 2024, the total assets of JCET were 42.579 billion yuan, a year-on-year increase of 25.93%. The debt-to-asset ratio was 46.89%.

On November 13, Changdian Technology closed at 44.34 yuan per share, down 3.82%, with a market value of about 79.3 billion yuan.

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