At a Sept. 15 earnings briefing, Zhiguang Electric said it holds a
5.46% pre-IPO equity interest in Yuexin Semiconductor. The investment is carried
at fair value; after Yuexin lists it will be valued using Yuexin’s market
capitalization multiplied by Zhiguang’s indirect stake, and fluctuations in
Yuexin’s market cap will affect Zhiguang’s reported fair value for this asset.