BRIEF: Q Tech terminates spinoff of microelectronics unit

1478.HK

Camera and fingerprint recognition module maker Q Technology Group Co. Ltd. (1478.HK) announced on Monday it was terminating its proposed plan to spin off QTech Microelectronics Technology for a separate listing on the Shenzhen Stock Exchange. It added it submitted an application to withdraw the proposed listing last Friday.

The company said its board made the decision in view of the current macro capital market environment and the industry status quo, after thorough communication and prudent evaluation with relevant parties. It emphasized that termination of the spin-off will not have a significant adverse impact on the company’s business, finance and future strategic planning.

By Lau Chi Hang

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