HG Semiconductor Announces Key Management Appointments

HONG KONG, Feb 7, 2023 – (ACN Newswire) – HG Semiconductor Limited (“HG Semiconductor”, together with its subsidiaries, “the Group”; stock code: 6908. HK) today announced the appointments of Dr. XU Zhihong (“Dr. Xu”) as Vice Chairman and Executive Director; Dr. CAO Yu (“Dr. Cao”) as Chief Executive Officer and Executive Director; and Dr. CHEN Zhen (“Dr. Chen”) as Executive Director, with effect from 6 February 2023. The appointments are expected to further strengthen the Group’s third-generation semiconductor business.

Dr. Xu, previously the managing director of CMB Wing Lung Bank Limited and general manager of the Financial Markets Department of Industrial and Commercial Bank of China, has extensive experience in corporate financial planning. He has received the honour of Special Government Allowances of the State Council as a National Expert, and also served as a committee member of the Financial Products Committee of the People’s Bank of China and a council member of the China Urban Financial Society. Dr. Xu held senior management position of China Dive Company Limited (stock code: 300526.SZ) and DTXS Silk Road Investment Holdings Company Limited (stock code: 0620.HK).

Dr. Cao has joined HG Semiconductor since 2021, and is the Vice President of Engineering of Xuzhou GSR Semiconductor Co., Ltd. (“Xuzhou GSR”) and FastPower Inc. (“FastPower”) which are respectively the indirect subsidiary and wholly-owned subsidiary of the Group. Dr. Cao is a core expert in the compound semiconductor business with over 20 years of proven semiconductor research, development and production experience in epitaxial growth, characterisation, device design and processing of electronic and optoelectronic devices based on GaN, InN, AlN, GaAs, InP, and related ternary and quaternary alloys. Dr. Cao has authored/co-authored 4 book/book chapters, 12 filed patents, and over 170 journal and conference papers. As a Senior Member of the Institute of Electrical and Electronics Engineers (“IEEE”), he has also served as a committee member for IEEE EDS Compound Semiconductor Devices & Circuits Committee (2019-present) and IEEE Senior Member Application Review Panel (2021-present), as well as Electrochemical Society (“ECS”) Member at large, Electronics and Photonics Division: EPD executive committee member (2021-present). Dr. Cao was a technical committee member and session chair for Device Research Conference (2016-2018), International Workshop on Nitride Semiconductors (2018), Lester Eastman Conference (2018, 2020, 2021), IEEE Electron Devices Technology and Manufacturing (2021, 2022), ECS Meetings (2019-2021). He received IEEE George E. Smith Award in 2016 and is an invited reviewer for 15 prestigious research journals.

Dr. Chen, joined the Group in 2021 and is a core expert in the GaN semiconductor business and the general manager of Xuzhou GSR. He is also a director of FastPower, with over 20 years of experience in research, development, production and management in the field of GaN-based optoelectronics devices. He has mastered the core technologies of GaN electronic devices and fullband solid-state light-emitting devices as well as proprietary technology of 8-inch silicon-based GaN epitaxial growth. He had been a Research Fellow with Singapore-MIT Alliance, a Postdoctoral Fellow with the University of South Carolina, and an Associate Project Scientist with University of California at Santa Barbara, where he had also worked with Nobel Prize winner Professor Shuji Nakamura and Professor Umesh Mishra, a member of the American Academy of Engineering, in relation to the performance of GaN high electron mobility transistor developed by the University of California, and researched GaN based ultraviolet to visible LED design, growth and characterization, applications in high-power, high frequency electronics. Dr. Chen also held a core management and technical position in Nanchang Lattice Power Corporation where he was involved in the production of silicon-based GaN whereby the company won the first prize of China’s National Science and Technology Innovation Award in 2015.

Dr. Chen has been the vice president of a well-known semiconductor company in the United States, where he is engaged in the research, development and production of GaN-based external devices. He has authored or coauthored 3 book chapters, over 50 peer reviewed papers and 20 conference proceedings. He has applied for more than 30 domestic and foreign patents and more than 10 patents have been granted. Dr. Chen is also a senior member of the IEEE Photonics Society, and a senior member of the IEEE Electronic Devices Association. His current research interests include III-nitride-based electronic devices and optical devices with wavelength from red to deep ultraviolet.

Pursuant to the service agreements between the Group and Dr. Xu, Dr. Cao and Dr. Chen respectively, Dr. Xu, Dr. Cao and Dr. Chen have been appointed as Executive Directors of the Group for an initial term of three years commencing from 6 February 2023, renewable automatically for successive terms of one year each commencing from the next day after the expiry of the then term of employment, subject to retirement by rotation and re-election at annual general meetings in accordance with the articles of association of the Group and the Listing Rules.

The management of HG Semiconductor welcome Dr. Xu, Dr. Cao and Dr. Chen for joining the Board. Leveraging the extensive experiences and expertise of the three leaders, the Group believes this will facilitate the development of its third-generation semiconductor GaN business and accelerate the achievement of its goal to become an integrated device manufacturing (“IDM”) enterprise, further leading the Group to the path of success. Meanwhile, at the second group study session held by the Political Bureau of the Communist Party of China (CPC) Central Committee, President Xi Jinping stressed that it is imperative to accelerate self-reliance in science and technology so as to relieve the shackles imposed by some countries whom have tightened on China’s development of core technologies. To echo with the national policy, the Hong Kong Innovation & Technology (I&T) Development Blueprint promulgated by the Hong Kong Government clearly pointed out that the government will strengthen the support for strategic industries, including new energy vehicles and semiconductor chips. Thus, the management of the Group believes that growing opportunities will be presented under the national and local governments’ support. Following the appointment of the industry experts, it is expected that the Group will embark on a new phase of high-growth. The Group will continue its efforts to pursue its business expansion, with an ultimate goal of achieving long-term sustainable growth and brining the best returns to its shareholders.

About HG Semiconductor Limited
HG Semiconductor Limited (6908.HK) is principally engaged in semiconductor product business in China, including the design, development, manufacturing, subcontracting services and sales of light-emitting diode (“LED”) beads and a new generation of semiconductor gallium nitride (“GaN”). The Group is committed to accelerating its research and development and expansion in the application of GaN related products, with an aim to become a leading semiconductor company with the integration of design, manufacturing and sales of semiconductor chips, as well as providing total solutions with higher efficiency and competitive system cost.

For more details, please visit www.hg-semiconductor.com

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