Fibocom Wireless Inc. (00638) plans to acquire control of Hangsheng Electronics through a cash acquisition.

Fibocom Wireless Inc. (00638) announced that it plans to acquire a controlling stake in Hangsheng Electronics in cash, with the transaction price and specific equity acquisition ratio to be further discussed and negotiated. Upon completion of this transaction, Hangsheng Electronics will become a wholly-owned subsidiary of the company. The target company's main business is the research, design, production, and sales of automotive electronic products. The listed company has been deeply involved in the field of in-vehicle wireless communication modules for many years, and by integrating downstream enterprises, the listed company has transformed from a supplier of vehicle communication modules to a full-stack provider of automotive electronic solutions. After the completion of this transaction, Hangsheng Electronics will become a subsidiary of the company, and there will be deep integration and synergy between the listed company and the target company. The business scale of the listed company will be enhanced, effectively improving its long-term operating and development capabilities, which is in the interest of the listed company and all shareholders.