December 19, 2023, Qorvo® (Nasdaq: QRVO), a leading global provider of connectivity and power solutions, announced that it has reached definitive agreements with Luxshare Precision Industry Co., Ltd. (“Luxshare”, 002475.SZ), a global advanced manufacturer, under which Luxshare will acquire Qorvo’s assembly and test facilities in Beijing and Dezhou, China. It’s anticipated that the closing of the transaction will occur by the first half of calendar 2024, subject to the satisfaction of closing conditions.

The facilities involved in this transaction is an important part of Qorvo’s development history and global manufacturing network. Following the closing of the transaction, Luxshare will supply products for Qorvo under a newly established long-term supply agreement and the Beijing and Dezhou facilities will continue to primarily support Qorvo’s highly integrated advanced cellular products, providing seamless and flexible access to best-in-class production capacity for Qorvo. This transaction is an important strategic cooperation between Luxshare and Qorvo in the field of semiconductor packaging and testing.

Luxshare, headquartered in Guangdong Province, China, with a vision of “connecting the future with technology”, is a representative of China’s advanced manufacturer, and is also the latest manufacturing enterprise in the Greater Bay Area to enter the Fortune Global 500 in 2023. Qorvo, headquartered in North Carolina, USA, is a global leader in RF integrated circuit products and solutions, committed to providing core technologies and RF solutions for the mobile, infrastructure, and defense/aerospace markets.

Involving multiple jurisdictions, this transaction is jointly served by the Shenzhen, Hong Kong, and Beijing offices of Fangda Greater Bay Area. Fangda fully leverages its cross office integration advantages and serves as the lead counsel, providing comprehensive transaction services and legal advice to Luxshare. Fangda handled the legal due diligence in PRC and Hong Kong, drafting and negotiation of all the transaction documents and provided regulatory advice under the PRC law and Hong Kong law. Fangda also coordinated local law firms of other jurisdictions to conduct legal due diligence.

Fangda team is led by the corporate partner Ma Qiang and Susie Shi, other members include counsel Hu Haipan, as well as associates Leon Lu, Claire Li, Chelsea Zhu, Peng Qianyu, Koral Zhu. Anti-trust team, led by partner Wang Jin, counsel Grainne Zhangand associate Ma Yuting provided legal advice on the anti-trust clearance. Corporate partner Joe Zhou and associate Jenny But and Eric Wang provided legal advice under Hong Kong law. Employment team, which is led by partner Lisa Zhao and other team members including associates Zeng Jing and Kang Bingguo also provided legal advice on labor related matters related in this transaction.