Zhejiang Tony Electronic

Guangdong Tianyu Semiconductor Co Ltd has agreed to purchase a 7% stake in Zhejiang Tony Electronic Co Ltd for RMB400.1 million, to be funded by internal funds and global offering proceeds.

Zhejiang Tony Electronic's subsidiary Huzhou Tony Semiconductor signed a three-year supply contract for six-inch silicon carbide wafers worth up to CNY 4.7 billion ($693 million) with an unnamed customer. The deal covers 135,000 wafers in 2023, 300,000 in 2024, and 500,000 in 2025.