Category Archives: MEMS

MEMS & Sensors Industry Group (MSIG) today announced highlights of its twelfth annual business conference, MEMS & Sensors Executive Congress 2016 in Scottsdale, AZ on November 9-11, 2016. Spanning mobile & wireless, automotive, medical devices, energy, and the intersection of human-computer networks, speakers will share some of the most compelling examples of MicroElectroMechanical Systems (MEMS)/sensors technology with an executive audience from the MEMS and sensors supply chain.

AT&T VP of Product Development for Internet of Things (IoT) Solution Cameron Coursey will offer a carrier’s perspective on technologies advancing the IoT, including low-power wide-area cellular technologies, standard radio module configurations, embedded SIMs, cloud-based data storage and virtualized networks. As part of his keynote, Coursey will explain how MEMS/sensors suppliers can play a more pivotal role in IoT applications such as asset monitoring, wearables, connected cars and smart cities.

During his keynote, Local Motors General Manager Phillip Rayer will exhort Congress attendees to fearlessly embrace co-creation and open collaboration, which he believes could change the world of transportation. As a case in point, Rayer will share his company’s experiences working with a global network of inspired innovators as Local Motors prepares the first 3D-printed autonomous car for highway-ready certification.

“Invention, co-creation and collaboration will continue to fuel the greatest achievements in MEMS and sensors,” said Karen Lightman, executive director, MEMS & Sensors Industry Group. “Attendees of this year’s MEMS & Sensors Executive Congress will hear how both titans of industry and nimble innovators approach technological innovation holistically — leveraging internal and external ecosystems to introduce meaningful products to market. And for the first time, they can also delve deeper into current, near-term and future MEMS/sensors solutions during breakout sessions led by both business and academic experts.”

Other highlighted presentations include:

For the complete agenda, please visit: http://msigevents.org/msec2016/agenda/

EV Group (EVG), a supplier of wafer bonding and lithography equipment for the MEMS, nanotechnology and semiconductor markets, today announced that it is increasing its focus on bringing its high-volume manufacturing process solutions and services to the biotechnology and medical device market. EVG products supporting this market include the company’s substrate bonding, hot-embossing, micro contact printing and UV-based nanoimprint lithography (NIL) systems. In addition, EVG will offer its world-class applications support, rapid prototyping and pilot-line production services. Customers in the biotechnology and medical markets can now leverage these patterning and sealing solutions–which have been production-proven in other industrial markets such as semiconductors, MEMS and photonics–for volume production of next-generation biotechnology devices featuring micrometer or nanometer-scale patterns and structures on larger-format substrates.

EV Group nanoimprint lithography solutions enable parallel processing of biotechnology and medical devices on large-area substrates.

EV Group nanoimprint lithography solutions enable parallel processing of biotechnology and medical devices on large-area substrates.

Over the past several decades, miniaturization of biotechnology devices has significantly improved clinical diagnostics, pharmaceutical research and analytical chemistry. Modern biotechnology devices–such as biomedical MEMS (bioMEMS) for diagnostics, cell analysis and drug discovery–are often chip-based and rely on close interaction of biological substances at the micro- and nanoscale. According to the market research and strategy consulting firm Yole Développement, an increasing number of healthcare applications are using bioMEMS components, while the bioMEMS market is expected to triple from US$2.7 billion in 2015 to US$7.6 billion in 2021. Microfluidic devices will represent the majority (86 percent) of the total bioMEMS market in 2021, driven by applications such as Point-of-Need testing, clinical and veterinary diagnostics, pharmaceutical and life science research, and drug delivery*.

Precise and cost-effective micro-structuring technologies are essential to successfully commercialize these products in a rapidly growing market that has stringent requirements and high regulatory hurdles. Traditional process approaches such as injection molding are often unable to produce the extremely small structures and surface patterns with the precision, quality and repeatability increasingly required for these demanding applications, or they require extensive effort in process development. At the same time, solutions are needed to scale up from discrete production of devices to batch processing of multiple devices on a single substrate in order to achieve the economies of scale required to commercialize these products.

NIL has evolved from a niche technology to a powerful high-volume manufacturing method that is able to produce a multitude of structures of different sizes and shapes on a large scale–such as highly complex microfluidic channels and surface patterns–by imprinting either into a biocompatible resist or directly into the bulk material. In addition to structuring technologies, sealing and encapsulation is a central process for establishing confined microfluidic channels. Thus, bonding of different device layers, capping layers or interconnection layers is a key process that can be implemented together with NIL in a cost-effective large-area batch process. As the pioneer as well as market and technology leader in NIL and wafer bonding, EVG is leading the charge in supporting the infrastructure and growth of the biotechnology market by leveraging its products for use in biotechnology applications.

EVG’s NIL solutions can produce a wide range of small structures (from hundreds of micrometers down to 20 nm) on a variety of substrate materials used in biotechnology applications, including glass, silicon and a variety of polymers (e.g., COC, COP, PMMA and PS). Each EVG NIL solution is uniquely suited for different production applications. For example, hot-embossing allows precise imprinting of larger structures as well as combinations of micro- and nanostructures, and is superior when replicating high-aspect ratio features or when using very-thin substrates. UV-NIL provides very-high precision, pattern fidelity and throughput in the nanometer-range. Micro contact printing, which is another NIL option, can transfer materials such as biomolecules onto a substrate in a distinct pattern.

With its established wafer-scale bonding equipment, EVG can also offer sealing and bonding processes that are well-aligned with NIL structuring technologies. A variety of different bonding options are available, ranging from advanced room-temperature bonding techniques to plasma activated bonding as well as high-quality hermetic sealing and vacuum encapsulation. Examples of typical solutions include EVG’s thermal bonding equipment for glass and polymer substrates, which provides excellent results by enabling high-pressure and temperature uniformities over large areas. EVG also offers its room-temperature selective adhesive transfer technology, which eases incorporation of bio-molecules prior to the encapsulation of the device.

“EVG has a long history of providing products and solutions for biomedical R&D, having installed the first hot embossing system for emerging bioMEMS and microfluidic research applications more than 15 years ago,” stated Dr. Thomas Uhrmann, director of business development at EV Group. “The knowledge that EVG has built up in this space coupled with our experience in bringing innovative technologies into volume production in other markets has positioned us well to provide proven high-volume manufacturing processes and services to the bio-medical industry to support the production of next-generation biotechnology devices.”

In addition to equipment and process solutions, EVG also offers prototyping and pilot-line production services to customers out of its cleanroom facilities at its corporate headquarters in Austria as well as its subsidiaries in North America and Japan.

From the printing press to the jet engine, mechanical machines with moving parts have been a mainstay of technology for centuries. As U.S. industry develops smaller mechanical systems, they face bigger challenges — microscopic parts are more likely to stick together and wear out when they make contact with each other.

To help make microscopic mechanical (micromechanical) systems perform reliably for advanced technologies, researchers at the National Institute of Standards and Technology (NIST) are getting get back to basics, carefully measuring how parts move and interact.

For the first time, the NIST researchers have measured the transfer of motion through the contacting parts of a microelectromechanical system at nanometer and microradian scales. Their test system consisted of a two-part linkage, with the motion of one link driving the other. The team not only resolved the motion with record precision but also studied its performance and reliability.

(Top) Image showing the microelectromechanical linkage that converts translation (straight arrow) into rotation (curved arrow). The red box indicates the region of the rotating part that has fluorescent nanoparticles on it. (Bottom) Image showing the fluorescent nanoparticles on the rotating part of the linkage. Tracking the nanoparticles enables tests of the performance and reliability of the system. Credit: NIST

(Top) Image showing the microelectromechanical linkage that converts translation (straight arrow) into rotation (curved arrow). The red box indicates the region of the rotating part that has fluorescent nanoparticles on it. (Bottom) Image showing the fluorescent nanoparticles on the rotating part of the linkage. Tracking the nanoparticles enables tests of the performance and reliability of the system. Credit: NIST

Lessons learned from the study could impact the fabrication and operation of various micromechanical systems, including safety switches, robotic insects and manufacturing platforms.

The motion of micromechanical systems is sometimes too small — displacements of only a few nanometers, or one billionth of a meter, with correspondingly small rotations of a few microradians — for existing measurement methods to resolve. One microradian is the angle corresponding to the length of an arc of about 10 meters along the circumference of the earth.

“There has been a gap between fabrication technology and motion metrology — the processes exist to manufacture complex mechanical systems with microscopic parts, but the performance and reliability of these systems depends on motion that has been difficult to measure. We are closing that gap,” said Samuel Stavis, a project leader at NIST.

“Despite how simple this system appears, no one had measured how it moves at the length and angle scales that we investigated,” said researcher Craig Copeland of NIST and the University of Maryland. “Before commercial manufacturers can optimize the design of more complex systems such as microscopic switches or motors, it is helpful to understand how relatively simple systems operate under various conditions.”

The measurements, which the researchers report in Microsystems & Nanoengineering, rely on optical microscopy to track surface features on the moving parts. The manufacturer can build in the surface features during the fabrication process so that the system is ready for measurement right out of the foundry. Or, the researchers can apply fluorescent nanoparticles to the system after fabrication for improved precision. NIST researchers introduced this measurement method in a previous study and have used related methods to track the motion and interaction of other small systems. Importantly, the ability to simultaneously track the motion of multiple parts in a micromechanical system allowed the researchers to study the details of the interaction.

In their experiment, the researchers studied the transfer of motion through a mechanical linkage, which is a system of parts connected in order to control forces and movement in machines. The test system had two links that connected and disconnected through a joint, which is the point at which the links apply forces to each other. The electrical heating and thermal expansion of one link drove the rotation of the other link around a pivot. The researchers developed a model of how the system should move under ideal operating conditions, and used that model to understand their measurements of how the system moved under practical operating conditions. The team found that play in the joint between the links, which is necessary to allow for fabrication tolerances and prevent the parts from jamming, had a central role in the motion of the system. Specifically, the amount of play was an important factor in determining precisely how the links coupled and uncoupled, and how repeatable this transfer of motion could be.

As long as the electrical input driving the system was relatively free of noise, the system worked surprisingly well, transferring the motion from one part to another very consistently for thousands of operating cycles. “It was perfectly repeatable within measurement uncertainty,” said Copeland, “and reasonably consistent with our ideal model.”

That is important, he notes, because some researchers expect that the friction between small parts would degrade the performance and reliability of such a system. Many engineers have even abandoned the idea of making micromechanical systems out of moving parts that make contact, switching to micromechanical systems with parts that move by flexing to avoid making contact with each other.

The results suggest that micromechanical systems that transfer motion through contacting parts “may have underexplored applications,” said Stavis.

However, the researchers found that when they added a normal amount of electrical noise to the driving mechanism, the system became less reliable and did not always succeed in transferring motion from one link to the other. Further, exposure of the system to atmospheric humidity for several weeks caused the parts to stick together, although the researchers could break them loose and get them moving again.

These findings indicate that while micromechanical systems have the potential to transfer motion between contacting parts with unexpectedly precise performance, the driving signal and operating environment are critical to the reliable output of motion.

The team now plans to improve their measurements and extend their work to more complex systems with many moving parts.

“Micromechanical systems have many potential commercial applications,” said Stavis. “We think that innovative measurements will help to realize that potential.”

EV Group (EVG), a supplier of wafer bonding and lithography equipment for the MEMS, nanotechnology and semiconductor markets, and Leti, an institute of CEA Tech, announced today that Leti has ordered a HERCULES NIL track system from EV Group. The HERCULES NIL system will be installed in Leti’s cleanroom facility in Grenoble, where it will augment the process-development and demonstration capabilities available to participants in the collaborative EVG-Leti INSPIRE program.

hercules nil

More than an industrial partnership to develop NIL process solutions, the INSPIRE program was launched by Leti and EVG in June 2015 to demonstrate the cost-of-ownership benefits of NIL for a wide range of application areas, such as photonics, plasmonics, lighting, photovoltaics, wafer-level optics and bio technology. Through INSPIRE, Leti and EVG are supporting the development of new applications from the feasibility-study stage to the first manufacturing steps on EVG platforms, as well as transferring integrated process solutions to their industrial partners. The result of this effort is to significantly lower the barriers for adopting NIL technology for use in manufacturing novel products.

“Nanoimprint lithography has shown significant potential as a low-cost, high-resolution patterning solution for emerging and growing applications outside the semiconductor industry,” said Laurent Pain, patterning program manager, Leti. “The INSPIRE program launched by Leti and EVG is designed to accelerate the adoption of this promising technology in high-volume manufacturing. Installing this tool supports our goal of expanding and accelerating the scope of INSPIRE and demonstrating the benefits of this versatile, powerful nano-patterning technology.”

“We are extremely pleased with the success of the INSPIRE program since Leti and EVG launched it one year ago,” stated Markus Wimplinger, corporate technology development and IP director, EV Group. “To date, this program is supporting the development of NIL solutions for several customers thanks to the combined expertise and capabilities provided by both organizations. With the addition of EVG’s HERCULES NIL track system–which has already been installed in multiple high-volume manufacturing sites–we expect INSPIRE’s success to continue to grow.”

HERCULES NIL is a fully integrated track system that combines cleaning, resist coating and baking pre-processing steps with EVG’s proprietary SmartNIL large-area NIL process in a single platform. It can imprint structures in sizes ranging from tens of nanometers up to several micrometers while offering unmatched throughput (40 wph for 200-mm wafers). The system is built on a highly configurable and modular platform that accommodates a variety of imprint materials and structure sizes–providing a high degree of flexibility in addressing customers’ manufacturing needs. The fully integrated approach also minimizes the risk of particle contamination.

A changing industry


September 21, 2016

BY PETE SINGER, Editor-in-Chief

The semiconductor industry is changing in some big ways. Demand for PCs and mobile devices – once the main drivers of growth – has slowed. Gains from traditional scaling are harder to come by. Cost per transistor is now increasing. Consolidation is widespread up and down the supply chain, which may slow innovation. ITRS efforts have been abandoned.

Yet, despite this “maturing” of the industry – at least as we know it — opportunities abound. The Internet of Things (IoT) is set to explode, which will result in a demand for “things” such as sensors and actuators, but also cloud computing.

Earlier this year, Brian Krzanich, CEO of Intel, wrote about five core beliefs that he holds to be “undeniably true” for the future:

• The cloud is the most important trend shaping the future of the smart, connected world – and thus Intel’s future.
• The many “things” that make up the PC Client business and the Internet of Things are made much more valuable by their connection to the cloud.
• Memory and programmable solutions such as FPGAs will deliver entirely new classes of products for the data center and the Internet of Things.
• 5G will become the key technology for access to the cloud and as we move toward an always-connected world.
• Moore’s Law will continue to progress and Intel will continue to lead in delivering its true economic impact.

While it’s true that it’s difficult to forecast what the overall impact of the IoT movement will have on the semiconductor industry, or how big it will be. Speaking at The ConFab in June, Tom Caulfield, SVP and GM of Fab 8 at GLOBALFOUNDRIES, said the IoT opportunity represents
“magnitudes that are well beyond anything we’ve done before.” A recent McKenzie study estimates $50-75 billion dollars of additional semicon- ductor revenue in an industry that today is $350 billion.

IoT, cloud computing and 5G will result in increased demand for leading edge semiconductor technology, which in turn will create a demand for 7 and 5nm devices and beyond. Perhaps more importantly, there will be tremendous demand for a wider variety of solid state devices, including MEMS, LEDs, power electronics, biomedical devices, thin film batteries and photonics/plasmonics.

There will be a need to integrate these devices for the usual reasons: to improve performance, and reduce cost and size. This will lead to innovative new packaging strategies and better chip-package co-design tools. It will create a demand for new types of manufacturing equipment and materials. New business models and new approaches to collaboration will also be required.

In short, the semiconductor industry is going through some fundamental changes, but the future has never looked brighter. As Caulfield said at The ConFab, “The demand for silicon is going to grow in an incredible way. What we need to do in this industry, is what we’ve done all along. We’ve reinvented ourselves every 18 months to 2 years with Moore’s Law. Now we have to start reinventing ourselves in how we engage and collaborate together.”

Solid State Technology announced today that its premier semiconductor manufacturing conference and networking event, The ConFab, will be held at the iconic Hotel del Coronado in San Diego on May 14-17, 2017. A 30% increase in attendance in 2016 with a similar uplift expected in 2017, makes the venue an ideal meeting location as The ConFab continues to expand.

    

For more than 12 years, The ConFab, an invitation-only executive conference, has been the destination for key industry influencers and decision-makers to connect and collaborate on critical issues.

“The semiconductor industry is maturing, yet opportunities abound,” said Pete Singer, Editor-in-Chief of Solid State Technology and Conference Chair of The ConFab. “The Internet of Things (IoT) is exploding, which will result in a demand for “things” such as sensors and actuators, as well as cloud computing. 5G is also coming and will be the key technology for access to the cloud.”

The ConFab is the best place to seek a deeper understanding on these and other important issues, offering a unique blend of market insights, technology forecasts and strategic assessments of the challenges and opportunities facing semiconductor manufacturers. “In changing times, it’s critical for people to get together in a relaxed setting, learn what’s new, connect with old friends, make new acquaintances and find new business opportunities,” Singer added.

Dave Mount

David Mount

Solid State Technology is also pleased to announce the addition of David J. Mount to The ConFab team as marketing and business development manager. Mount has a rich history in the semiconductor manufacturing equipment business and will be instrumental in guiding continued growth, and expanding into new high growth areas.

Mainstream semiconductor technology will remain the central focus of The ConFab, and the conference will be expanded with additional speakers, panelists, and VIP attendees that will participate from other fast growing and emerging areas. These include biomedical, automotive, IoT, MEMS, LEDs, displays, thin film batteries, photonics and advanced packaging. From both the device maker and the equipment supplier perspective, The ConFab 2017 is a must-attend networking conference for business leaders.

The ConFab conference program is guided by a stellar Advisory Board, with high level representatives from GLOBALFOUNDRIES, Texas Instruments, TSMC, Cisco, Samsung, Intel, Lam Research, KLA-Tencor, ASE, NVIDIA, the Fab Owners Association and elsewhere.

Details on the invitation-only conference are at: www.theconfab.com. For sponsorship inquiries, contact Kerry Hoffman at [email protected]. For details on attending as a guest or qualifying as a VIP, contact Sally Bixby at [email protected].

By Zvi Or-Bach, President & CEO, MonolithIC 3D Inc.

As we have predicted two and a half years back, the industry is bifurcating, and just a few products pursue scaling to 7nm while the majority of designs stay on 28nm or older nodes.

Our March 2014 blog Moore’s Law has stopped at 28nm has recently been re-confirmed. At the time we wrote: “From this point on we will still be able to double the amount of transistors in a single device but not at lower cost. And, for most applications, the cost will actually go up.” This reconfirmation can be found in the following IBS cost analysis table slide, presented at the early Sept FD-SOI event in Shanghai.

Gate costs continue to rise each generation for FinFETs, IBS predicts.

Gate costs continue to rise each generation for FinFETs, IBS predicts.

As reported by EE Times – Chip Process War Heats Up, and quoting Handel Jones of IBS “28nm node is likely to be the biggest process of all through 2025”.

IBS prediction was seconded by “Samsung executive showed a foil saying it believes 28nm will have the lowest cost per transistor of any node.” The following chart was presented by Samsung at the recent SEMICON West (2016).

Zvi 2

And even Intel has given up on its “every two years” but still claims it can keep reducing transistor cost. Yet Intel’s underwhelming successes as a foundry suggests otherwise. We have discussed it in a blog titled Intel — The Litmus Test, and it was essentially repeated by SemiWiki’s Apple will NEVER use Intel Custom Foundry!

This discussion seems academic now, as the actual engineering costs of devices in advanced nodes have shown themselves to be too expensive for much of the industry. Consequently, and as predicted, the industry is bifurcating, with a few products pursuing scaling to 7nm while the majority of designs use 28nm or older nodes.

The following chart derived from TSMC quarterly earnings reports was published last week by Ed Sperling in the blog Stepping Back From Scaling:

Zvi 3

Yes, the 50-year march of Moore’s Law has ended, and the industry is now facing a new reality.

This is good news for innovation, as a diversity of choices helps support new ideas and new technologies such as 3D NAND, FDSOI, MEMS and others. These technologies will enable new markets and products such as the emerging market of IoT.

A good opportunity to learn more about these new scaling technologies is the IEEE S3S ’16, to be held in the Hyatt Regency San Francisco Airport, October 10th thru 13th, 2016. It starts with 3D and FDSOI tutorials, the emerging technologies for the IC future. CEA Leti is scheduled to give an update on their CoolCube program, Qualcomm will present some of their work on monolithic 3D, and three leading researchers from an imec, MIT, and Korea university collaboration will present their work on advanced monolithic 3D integration technologies. Many other authors will discuss their work on monolithic 3DIC and its ecosystem, in addition to tracks focused on SOI, sub-VT and dedicated sessions on IoT.

Thorlabs has expanded its piezoelectric line to include new types of piezoelectric actuators, low‐voltage piezoelectric chips, and discrete stacks with through holes, enabling a higher level of flexibility when integrating the actuators into other devices. These chips are ideal for laser tuning, micro‐ dispensing, and life‐science applications.

The chips can be manufactured with or without pre‐attached wires, with holes ranging from Ø2.0 mm to Ø6.0 mm, cross sections ranging from 5.0 mm × 5.0 mm to 10.0 mm × 10.0 mm, and thicknesses under 5.0 mm. Stacks are available in lengths from 5 mm to 100 mm, providing free stroke displacements up to 100 μm. Their in‐house manufacturing facility can also be deployed to provide custom dimensions, voltage ranges, and coatings upon request.

The piezoelectric chips are driven under a maximum voltage of 150 V, providing maximum free stroke displacements from 1.8 μm to 3.0 μm with sub‐millisecond response time. Through a precision grinding process, the accuracy of the design height is ensured to better than ±5 μm. The high accuracy makes it significantly easier to design devices around our piezoelectric chips, as it allows the users to have a loose tolerance when choosing their other components, and helps guarantee a better parallelism when employing multiple chips between two substrates.

“Reliability and durability of multilayer piezoelectric actuators are becoming increasingly important as the piezo application fields expand,” commented Cary Zhang, Piezo Product Line Manager. “Thorlabs’ multilayer piezo actuators are based on modified PZT‐5H ceramics, which are sintered at low temperatures (<1000 °C) to possess improved characteristics such as low electrical capacity, large displacement, and high stiffness.”

Besides the newly released piezo chips/stacks, Thorlabs manufactures a wide range of high quality piezo actuators, including chips, stacks, tubes, shear piezo and bimorphs. Modular, screw, and replaceable‐tip piezo actuators, including single axis, multi‐axis, closed‐loop and open‐loop actuators are also available.

Thorlabs, a vertically integrated photonics products manufacturer, was founded in 1989 to serve the laser and electro‐optics research market.

2016_09-16_Piezo-1

SEMI, the global industry association representing more than 2,000 companies in the electronics manufacturing supply chain, announced that MEMS & Sensors Industry Group (MSIG) will become a SEMI Strategic Association Partner effective January 1, 2017.

Through this strategic partnership, SEMI and MSIG members will benefit from stronger consolidated representation in the MEMS and sensors segments. Members will access SEMI’s global platforms, including its SEMICON expositions and International Standards program, and MSIG’s events, including MEMS & Sensors Executive Congresses, MEMS & Sensors Technical Congress and MSIG Conference Asia. MSIG also brings member-focused initiatives, such as the TSensors initiative, as well as industry Standards and community-building to the new partnership.

“SEMI members are increasingly engaged with MEMS and sensors manufacturing,” said Denny McGuirk, president and CEO of SEMI. “The convergence of IC technology, flexible hybrid electronics (FHE), and MEMS and sensors for consumer electronics and IoT applications makes this partnership a clear win for the combined membership. The synergies between our associations will result in increased member value, a unified voice for the MEMS and sensors sector, and a strong platform for global industry collaboration. Ultimately, it will accelerate our joint strategic objectives at a global level and provide greater opportunities to advance the growth and prosperity of members.”

“Our partnership with SEMI reflects our commitment to our members, who have supported us since MSIG’s inception in 2001,” notes Karen Lightman, executive director, MEMS & Sensors Industry Group. “MSIG members will benefit from this relationship with increased access to global resources and service offerings, the expertise of a complementary industry and fast-track entry to worldwide programs. Ultimately, MSIG members will gain broader reach as they pursue new business opportunities. We are delighted to have such a capable and accomplished partner and look forward to our strategic association partnership with SEMI.”

Actions Semiconductor Co., Ltd. (NASDAQ:  ACTS), one of China’s leading fabless semiconductor companies that provides comprehensive portable multimedia and mobile internet system-on-a-chip (SoC) solutions for portable consumer electronics, today announced that it has entered into a definitive merger agreement on September 12, 2016 pursuant to which the Company will be acquired by a consortium of investors, including Supernova Investment Ltd. and other certain shareholders of the Company: Surrey Glory Investments Inc., Tongtong Investment Holding Co., Ltd., Perfectech Int’l Ltd, Allpremier Investment Limited, Octovest International Holding Co., Ltd., Ventus Corporation, Middlesex Holdings Corporation Inc, Rich Dragon Consultants Limited, Nutronics Technology Corporation, Uniglobe Securities Limited, New Essential Holdings Limited, Embona Holdings (Malaysia) Limited, Suffolk Dragon Ventures Ltd and Top Best Development Limited.

Pursuant to the terms of the Merger Agreement, at the effective time of the merger, a wholly owned subsidiary of Parent will merge with and into the Company, with the Company continuing as the surviving company, and each of the Company’s ordinary shares, par value US$0.00001 per share, issued and outstanding immediately prior to the effective time of the merger (the “Shares”) will be cancelled and cease to exist in exchange for the right to receive US$0.366 in cash without interest, and each American Depositary Share (“ADS”) of the Company, every ADS representing six Shares, will be cancelled in exchange for the right to receive US$2.20 in cash without interest, except for (a) certain Shares owned by the Rollover Shareholders, each of which will continue to exist and become one ordinary share, par value of $0.00001 each, of the Surviving Company, (b) Shares (including Shares represented by ADSs) owned by the Company or any of its subsidiaries, (c) Shares reserved (but not yet issued and allocated) by the Company for issuance and allotment upon exercise of any share incentive awards issued under the Company’s employee share incentive plans, and (d) Shares held by shareholders who have validly exercised and not effectively withdrawn or lost their rights to dissent from the merger pursuant to Section 238 of the Companies Law of the Cayman Islands (the “Dissenting Shares”), which will be cancelled and cease to exist in exchange for the right to receive the payment of fair value of the Dissenting Shares in accordance with Section 238 of the Companies Law of the Cayman Islands.

The merger consideration represents a premium of 49.7% to the closing price of the Company’s ADSs on May 18, 2016, the last trading day prior to the Company’s announcement of its receipt of a “going-private” proposal, and a premium of 40.6% to the volume weighted average closing price of the Company’s ADSs during the 30 trading days prior to its receipt of a “going-private” proposal. The Buyer Consortium intends to fund the merger through available cash of the Company and its subsidiaries.

The Company’s board of directors (the “Board”), acting upon the unanimous recommendation of a committee of independent and disinterested directors established by the Board (the “Special Committee”), approved the Merger Agreement and the merger and resolved to recommend that the Company’s shareholders vote to authorize and approve the Merger Agreement and the merger. The Special Committee negotiated the terms of the Merger Agreement with the assistance of its independent financial and legal advisors.

The merger, which is currently expected to close during the last quarter of 2016, is subject to customary closing conditions including the approval of the Merger Agreement by an affirmative vote of holders of Shares representing at least two-thirds of the voting power of the Shares present and voting in person or by proxy at a meeting of the Company’s shareholders which will be convened to consider the approval of the merger agreement and the merger. Pursuant to a voting and support agreement entered among Parent and the other Rollover Shareholders, the Rollover Shareholders have agreed to vote all the Shares and ADSs beneficially owned by them in favor of the authorization and approval of the Merger Agreement and the merger. If completed, the merger will result in the Company becoming a privately-held company and its ADSs will no longer be listed on The NASDAQ Select Global Market.

The Company will prepare and file with the U.S. Securities and Exchange Commission (the “SEC”) a Schedule 13E-3 transaction statement, which will include a proxy statement of the Company. The Schedule 13E-3 will include a description of the Merger Agreement and contain other important information about the merger, the Company and the other participants in the merger.

In connection with the merger, Houlihan Lokey (China) Limited is serving as financial advisor to the Special Committee; Jones Day is serving as U.S. legal counsel to the Special Committee; Maples and Calder is serving as Cayman Islands legal counsel to the Special Committee. K&L Gates LLP is serving as U.S. legal counsel to the Buyer Consortium.