Recently, Wavesquare China Limited, a wholly-owned subsidiary of Xiansi (00595), entered into a memorandum of understanding with Wavesquare Inc., a joint venture of the company. Wavesquare China agreed to establish an LED chip factory in South Korea within one year through its own or its subsidiaries.
The plant will be engaged in the manufacture of LED chips with an expected total investment of no more than US$25 million; Wavesquare China is responsible for the establishment of the plant, including the construction of the plant and the licensing and authorization required to apply for the factory to do business.
Wavesquare Inc. agrees to purchase all LED chips manufactured by the factory at fair market prices and to provide the factory with all the technical, management and technical support and costs required to manufacture LED chips.
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