The National Big Fund plans to reduce its holdings in Jingfang Technology!

On the evening of April 30, Jingfang Technology issued an announcement stating that the company's shareholder, National Integrated Circuit Industry Investment Fund Co., Ltd. (hereinafter referred to as the "Big Fund"), plans to reduce its holdings by no more than 2,296,794 shares from May 27, 2020 to August 26, 2020, which is no more than 1% of the company's total share capital.

As of the disclosure date of this reduction plan, the Big Fund holds 21,677,753 shares of Jingfang Technology, accounting for 9.44% of the current total share capital of Jingfang Technology of 229,679,455 shares. Currently, the Big Fund is the third largest single shareholder of Jingfang Technology.

It is understood that on December 29, 2017, the Big Fund and Engineering and IP Advanced Technologies Ltd. (hereinafter referred to as "EIPAT"), a shareholder of Jingfang Technology, signed the "Share Transfer Agreement". On March 16, 2018, the Big Fund and EIPAT completed the transfer registration procedures for the agreed transfer shares and promised not to transfer the company's shares within six months from the date of the agreed transfer delivery. At present, the commitment has been fulfilled.

Jingfang Technology disclosed that this reduction plan was decided independently by the Big Fund based on its own business development needs, and will not have a significant impact on the company's governance structure and future sustainable operations. The Big Fund is not the company's controlling shareholder or actual controller, and the implementation of this reduction plan will not lead to changes in the company's governance structure without an actual controller.