Almost a year after the initial announcement, JCET has completed its stock-holding transfer and appointed a new chairman, solidifying control under a Chinese state-owned conglomerate. This move positions the conglomerate as the dominant force behind China's largest OSAT OSAT provider.
According to multiple corporate filings with the China Securities Regulatory Commission on November 30, JCET, China's largest OSAT player, announced that the transaction involving the transfer of a 22.53% stake from the Big Fund and Siltech Semiconductor to China Resources Holdings Company's (CRC's) subsidiary has received approval from China's State Administration for Market Regulation and the Korea Fair Trade Commission.
The announcement also indicated that upon the completion of the transaction, Pan Stone Runqi will become the largest shareholder of JCET. Following a reorganization of the board, Pan Stone Runqi will hold more than half of the seats, effectively making CRC the largest owner of JCET.
The latest announcement from JCET stated that Huaqiang Chuan, Rong Chen, and Zheng Liang have been elected as non-independent directors of the eighth board, with Huaqiang Chuang taking on the role of the chairman.
Huaqiang Chuan is the chief accountant of CRC and has previously served as chief accountant of FAW Group and Deputy Chief Accountant of China National Machinery Industry Corporation.
Rong Chen currently serves as the chief strategy officer and general manager of the Strategic Management Department at CRC. He has held positions such as general manager of the finance department and vice president and CFO of China Resources Vanguard.
Zheng Liang is currently the CFO and board secretary of China Resources Sanjiu Medical & Pharmaceutical Co., Ltd. He has previously worked as assistant president of China Resources Sanjiu and General Manager of the Finance Department at China Resources Financial.
