Development of the company plans to introduce new investors Guolian Industry through capital increase and share expansion

Jingwei Technology (hereinafter referred to as "the company") holds a 36.34% stake in its joint ventures, with direct ownership at 33.87% and indirect ownership at 2.47%. In line with its strategic development goals, the company aims to expand and strengthen its LED industry presence, enhance Jingji Capital’s growth, accelerate the cultivation of key LED market segments, and prepare for future listing plans. To achieve these objectives, the company has decided to introduce new investors—Guolian Industry and its subsidiary Guolian Upgrade Fund—through a capital increase and share expansion. On December 25, 2017, the parties signed the “Capital Increase and Share Expansion Agreement.” Guolian Industry and Guolian Upgrade Fund collectively invested RMB 80 million, acquiring a 31.01% stake and becoming the largest shareholders of Development Jing. Specifically, Guolian Industry contributed RMB 705.854 million, holding 27.53% equity, while Guolian Upgrade Fund invested RMB 94.134 million, securing 3.66% equity. Following this capital raise, the company’s ownership was diluted to 25.07%, consisting of 23.37% direct holdings and 1.70% indirect holdings. Development Crystal is primarily engaged in the research, development, manufacturing, and sales of LED epitaxial wafers, package modules, and other light source products, along with related after-sales services. Its business spans various stages of the LED supply chain, including epitaxial chips, packaging modules, and lighting applications. The company benefits from a cost-effective and efficient production model and is capable of collaborating with both upstream and downstream partners to offer integrated LED solutions to customers. To date, the company has developed 87 MOCVD equipment units, with an annual production capacity exceeding 1.6 million 4-inch epitaxial wafers. It also operates 8 COB packaging lines and 31 EMC packaging lines, providing monthly capacities of 800,000 units of 20W COB packages and 178,000 units of EMC packages. The production yield meets international standards, and operations are running smoothly, with output steadily increasing in response to growing demand from major clients. The company plans to build a complete domestic LED industry chain, covering vertical integration from chip to module, including LED epitaxial wafers, chip production lines, LED packaging, lighting applications, and high-brightness COB lighting products. In alignment with its strategic development needs, the company intends to further expand the LED industry by increasing the scale of existing MOCVD equipment and investing more in advanced LED technology R&D. It will also focus on emerging market segments such as automotive lighting LEDs, small-pitch LED displays, MicroLED, UVC, full-spectrum LEDs, and mobile flash LEDs. Given the intense competition and significant capital requirements in the LED industry, bringing in strong new shareholders like Guolian Industry and Guolian Upgrade Fund through capital increase and share expansion will help strengthen the company's financial foundation and support long-term sustainable growth. Additionally, Shenzhen Technology relinquished its right to subscribe for additional capital, leading to further dilution of its equity. This move allows non-listed companies to replace the previous major shareholder, which will help Development Crystal meet listing requirements and lay a solid foundation for its future IPO. The successful execution of this capital increase is expected to have a positive impact on the company’s future development. Furthermore, the company’s decision to waive its subscription rights has no material effect on its financial status or operating results.

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