First think of increasing the holding of Korean LED chip maker Wavesquare shares to 31.84%

New Concept (HK.00595) announced that on March 31, the Roots 2010 share purchase agreement, the group completed the acquisition of 77,602 shares of Wavesquare (Wei Fangliang) to Ng Chung Wai. In addition, on March 31, 26,700 shares of Wavesquare were transferred from Lee Yong Hyon to Xiansi.

Immediately after the completion of the two share transfers on March 31, the group held 2,23,368 shares of Wavesquare, representing approximately 31.84% of the entire issued share capital of Wavesquare. Wavesquare is principally engaged in the development and manufacturing of LED chips.

According to the high-tech LED reporter, at the end of last year, Xiansi and Wavesquare Inc officially signed a memorandum of understanding. According to the plan, Xiansi will set up a factory to manufacture LED chips in South Korea within one year, responsible for funding the total capital required, estimated at no more than 25 million US dollars.

The reporter checked Weifang Liang's website and found that the company was founded in 2006. The founders were formerly Samsung Electronics Development Minister Li Laihuan and LG Electronics Research Institute researcher Zhao Minghuan. The company's LED chips use a vertical structure metal alloy substrate technology similar to that of the US company SemiLeds.

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