On September 30, 2024, following the close of trading on the RMB common stock market, China's leading semiconductor packaging and testing company, JCET (Jiangsu Changjiang Electronics Technology) announced that its wholly-owned subsidiary, JCET Management Co., Ltd., had successfully completed the acquisition of an 80% stake in Sandisk Semiconductor (Shanghai) Co., Ltd., a semiconductor packaging and testing company previously owned by Western Digital.

According to the company's statement, all conditions outlined in the "Amended and Restated Equity Transfer Agreement" were fulfilled, and the transaction was officially finalized on September 28, 2024. As a result, Sandisk is now an indirect subsidiary of JCET.

The acquisition price, after adjustments for net debt and working capital as of the closing date, totaled approximately $667.79 million (around ¥4.68 billion), slightly above the initially estimated $624 million. Further adjustments may be made based on the audited financial statements to finalize the purchase price.

On September 30, 2024, JCET made an initial payment of $262.19 million to Western Digital, including $257.73 million converted from raised funds, amounting to ¥1.81 billion. An additional $4.45 million in taxes was paid using JCET’s internal funds.