Hua Qin Technology Subsidiary Buys 3.116 Million Shares In HLMC

Hua Qin Technology (3296) said its wholly owned subsidiary Hua Qin Communications bought 3.1159 million HLMC H-shares in the market today, lifting its stake in the 12-inch wafer foundry HLMC Integrated (2249) to about 10.62%, according to Ming Pao. The shares, equivalent to about 0.14% of HLMC Integrated's equity, were acquired for a total of about HK$93.2221 million before fees, or an average of about HK$29.92 per share. Hua Qin Technology said the purchase was funded from internal cash and not from proceeds raised in its share offering.