Simo International announced on the Hong Kong Stock Exchange that its wholly-owned subsidiary, Shenzhen Mackwell, has updated its structured deposit agreement with China Bank, effective January 5, 2023. As per the agreement, Shenzhen Mackwell will purchase two structured deposits for a total of RMB 3.5 billion, with amounts of RMB 1.76 billion and RMB 1.74 billion each, respectively, after redeeming RMB 1.5 billion on December 28, 2022. The subscription will be funded by the group's existing cash reserves and free cash flow.
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