On the evening of August 7, Aoyang Shunchang announced that the company's controlling subsidiary Huai'an Aoyang Shunchang Optoelectronic Technology Co., Ltd. (hereinafter referred to as "Huai'an Optoelectronics") plans to implement LED epitaxial wafer and chip expansion project, which is currently available in Huai'an Optoelectronics. On the basis of production capacity, the company's LED epitaxial wafer and chip annual production capacity will be expanded to 16.5 million pieces (equivalent to two pieces).
The overall scale of the expansion project is an annual output of 12 million epitaxial wafers and chips, with a total investment of approximately RMB 1.7 billion. The company uses the existing conditions of LED Phase II project site, capital and supporting facilities to build 4.5 million pieces of production capacity, which is expected to be completed by the end of 2017. Another 7.5 million pieces of production capacity needs to be rebuilt and implemented. It is expected to be completed within 2 years. After the implementation of the expansion project, the company will form an annual output of 16.5 million pieces of epitaxial wafers and chips.
At the same time, Aoyang Shunchang also announced that the 13th meeting of the fourth board of directors of the company reviewed and approved the "Proposal on Terminating the Integrated Circuit Chip Project". The relevant equipment, professionals and other conditions are not yet available, and the implementation may be enforced. It will have a major adverse impact on the company, agree to terminate the implementation of integrated circuit chip projects, and authorize management to handle specific transactions.
The termination of the integrated circuit chip project is still subject to review and approval by the shareholders meeting. In order to implement the project, the company established Jiangsu Aoyang Shunchang Integrated Circuit Co., Ltd. as the main body of implementation, and carried out preliminary preparations and partial construction. After the termination of the project, Jiangsu Aoyang Shunchang Integrated Circuit Co., Ltd. will use the existing land and the corresponding preparatory facilities to construct the "Sapphire Graphic Industrialization Project", which will not adversely affect the overall operation of the company.
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