The inaugural meeting of Anhui YOFC Advanced Semiconductor Co., Ltd. (“YASC”) was recently held smoothly. This is another important milestone in the company’s reform and development history, marking that the former company has successfully completed the shareholding reform and entered a new stage of development.

Representatives of all YASC shareholders and the management team got together at the meeting and witness this historic moment. Zhuang Dan, Executive Director and President of YOFC and Chairman of YASC, delivered a speech, and extended to all the participating leaders and guests a warm welcome and heartfelt gratitude. He announced that the company name was changed into “Anhui YOFC Advanced Semiconductor Co., Ltd.” “Anhui YOFC Advanced Semiconductor Co., Ltd.” was inaugurated!

YASC has taken a hard but colorful road since the completion of the merger and reorganization in May 2022: It completed a CNY3.8 billion series A equity financing in just over two years, the largest third-generation semiconductor equity financing in China; it has finished the layout of two production bases in Wuhu and Wuhan with a total annual production capacity of 420,000 silicon carbide (SiC) wafers, ranking among the top in SiC production capacity in China.

The success of this shareholding reform cannot happen without the joint efforts and support of all shareholder representatives and employees. Zhuang Dan expressed his thanks in his speech to all the people for their hard work over the past two years. The shareholding reform is a key milestone in the company’s development, and a major transformation in governance structure and operating mechanism, he pointed out, as it has profound implications in sharpening the company’s competitive edge in the market, shoring up capital strength and expanding influence in the industry. Through the shareholding reform, the company will further optimize its equity structure, improve corporate governance, enhance operational efficiency, and thus create greater value for shareholders.

A new starting point also heralds a new journey. Looking ahead, YASC will fully tap into the mechanism advantages of the shareholding enterprise, continuously enhance enterprise vitality, expand its business scope, constantly increase its core competitiveness, and sprint for achieving the strategic goal of “becoming the world’s leading wide bandgap semiconductor company” at an early date!