Demingli to invest RMB 400M in Hongqixin, taking 7.06% stake

Cointime update: Demingli announced it will invest about RMB 400 million in Shenzhen Hongqixin Technology, acquiring a 7.055918% stake at a pre-money valuation of RMB 2.47 billion, without taking control or consolidating the target. Related parties Du Tiejun and Shenzhen Minghong will take 1.763979% and 1.786911% respectively, bringing combined holdings to 12.628993%. Hongqixin develops and commercializes new-type memory and select-gate devices, and the two sides plan a 10-year strategic cooperation agreement that has not yet been signed.