On Aug. 12, Hua Hong Semiconductor opened low and fell more than 13% at one point. As of press time, the share price rebounded and temporarily fell 11.3% to HK $29.45.

Hua Hong Semiconductor announced results last night that the profit attributable to the owners of the parent company during the period was $38.14 million, down 58 per cent year-on-year, or $.03 per share, without interim interest. Sales during the period fell 5 per cent year-on-year to $428 million, and gross profit margin fell from 31.6 per cent to 23.6 per cent.

Specifically, the sales revenue from 8-inch wafers was 216 million yuan, down 6.2% from the same period last year, accounting for 95.8% of the total sales revenue, while the sales revenue from 12-inch wafers was 9.488 million yuan, accounting for 4.2% of the total sales revenue.

The Board does not recommend the payment of an interim dividend for the six months ended June 30, 2020.

Mr. Tang Junjun, President and Executive Director of the company, said that he was very satisfied with Hua Hong Semiconductor's performance in the second quarter of 2020, and both sales and gross profit margin exceeded the guidelines. The low point of the first quarter has passed, the global semiconductor market continues to release signs of recovery, and the Chinese market has performed strongly.

Huahong Wuxi 12-inch production line project has received attention and support from customers and partners since its inception. The high enthusiasm of domestic and foreign customers for cooperation, coupled with the continuous emergence of excellent design companies, the overall progress of Wuxi 12-inch new factory is also accelerated. While ensuring the high yield of existing products, we steadily promote the certification of multiple technology platforms and are committed to creating diversified and integrated customer solutions.

At present, smart card chips, power devices and CIS products have been delivered to customers in the 12-inch production line, and IGBT, super junction and other products will continue to be produced in the second half of the year to meet the needs of emerging markets such as new energy vehicles.