Pioneer Technology (2631.HK) Now Open for Subscription, with a Maximum Issue Price of HK$42.8 per Share, and Raising Up to HK$20.44 Billion! Subscription Fee: HK$4,323

　　Glorious Union August 11th | With Huawei as a shareholder, the chip manufacturer Pioneer Technology (2631.HK), listed in Shanghai, is now open for subscription from August 11th to 14th, issuing 4774.57 million H-shares, with 5% of Hong Kong public offering and the rest for international placement, at a maximum issue price of HK$42.8 per share, raising up to HK$20.44 billion. One-hand 100 shares, subscription fee: HK$4,323.17. The stock is expected to be listed on August 19th. China Securities ( 600030 ) and CITIC Company are the joint sponsors.

　　The company plans to use the net proceeds, approximately 70%, for expanding its production capacity of 8-inch and larger silicon wafers; approximately 20% for strengthening research and development capabilities, maintaining the group's leading position in innovation; and approximately 10% for operational funds and other general corporate purposes.