According to the Zhitong Finance App, Haotong Technology (02440) announced that on May 25, 2023, the company (as the subscriber to the subscribed shares), Etic International (as the issuer of the purchased shares) and Yitaike Talent entered into a share subscription agreement. The company conditionally agreed to subscribe for Etic International's shares of HK$15 million. The subscribed shares were equivalent to 2.2254% of EticInternational's issued share capital as of the date of this announcement and The issued share capital of ETICInternational was expanded by approximately 2.17695% through the allocation and issuance of subscription shares.

As of the date of this announcement, Etic International has indirectly owned 65.95% of the shares of Nanjing Etaco (a limited company established in China) through its wholly-owned subsidiary Etic Industrial. Nanjing E-Tech is the main subsidiary company. It plans to develop millimeter-wave chip products and other related solutions for various application scenarios such as railway passenger information systems, long-range backhaul and smart home systems in China.

The announcement said that considering the Group's good business performance and stable financial situation in 2022, the subscription items will be disbursed from the Group's available cash surplus without affecting the Group's operating liquidity; and since Nanjing Eteco's millimeter-wave chip products are about to be commercialized, the valuation of Nanjing Etako has the potential to increase. The company believes that the subscription transaction, as a one-time strategic investment in Nanjing Etako, can bring positive returns to the Group. The subscription will not be disbursed from the proceeds of the company's initial public offering.