Hong Kong first thinks $7 million to sell 16% of LED associates

A few days ago, Hong Kong Xiansi announced that its wholly-owned subsidiary New Concept Capital, as a seller, sold 15.89% of WAVESQUARE INC. to the buyer Precise Energy for a consideration of $7 million.

WAVESQUARE INC. is a company incorporated in Korea and is principally engaged in the research, development and manufacturing of ultra-high brightness LED wafers.

The Directors expect to recognise an unaudited loss of approximately HK$141,000. The Target Company is beneficially owned as to approximately 21.67% and approximately 78.33% by the respective parties and the independent third parties respectively. The Target Company is an associate of Xiansihang.

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