GWM to attain full ownership of Wuxi Xindong Semiconductor Tech

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Shanghai (Gasgoo)-  On February 22, Great Wall Motor ("GWM") announced that its wholly-owned subsidiary, Nobo Automotive Technology Co., Ltd. ("Nobo Technology"), plans to acquire an 80% stake in Wuxi Xindong Semiconductor Technology Co., Ltd. ("Wuxi Xindong") from Wensheng Technology (Tianjin) Co., Ltd. ("Wensheng Technology") for 3.79 million yuan. Photo credit: GWM Upon completion of the transaction, Nobo Technology will hold 80% of Wuxi Xindong's shares, while GWM will retain the remaining 20% directly. This will enable GWM to achieve full control over Wuxi Xindong through direct and indirect ownership, incorporating the company into its consolidated financial statements. Established in November 2022 with a registered capital of 50 million yuan, Wuxi Xindong specializes in automotive-grade chip development, covering areas such as intelligent driving, smart cockpits, and power semiconductors like IGBT and SiC. Initially, GWM held a 20% stake in Wuxi Xindong, while GWM's Chairman We ………………………………