Asset valuation appreciation of 818.72%! Dongwei Semiconductor plans to acquire a 53.09% stake in Huinengtai for 400 million yuan

《Science and Technology Innovation Board Daily》March 24 report (Reporter: Guo Hui) Semiconductor power chip company Dongwei Semiconductor plans to expand into the market for digital power management control ICs.

This evening (March 24), Dongwei Semiconductor issued an announcement stating that it plans to acquire, in cash, 53.0921% of the equity in Shenzhen Huitai Semiconductor Technology Co., Ltd. (hereinafter referred to as “Huitai”) held by the shareholders of Huitai, with a consideration of RMB 408 million.

Not only that, upon completion of the above equity transfer transaction, Dongwei Semiconductor also plans, through open public tender (public listing for acquisition), to acquire the remaining 5.3231% equity in Huitai held by the remaining state-owned capital shareholders.

After the implementation of the acquisition plan, Huitai will become the controlling subsidiary of the listed company and be included in the scope of the company’s consolidated financial statements. The funding source for the above acquisition is Dongwei Semiconductor’s own funds and/or self-raised funds (including bank borrowings, etc.). As of now, with regard to the arrangements for the remaining equity interest in the target company, the listed company is actively negotiating with relevant parties.

Huitai is mainly engaged in the definition, development, and commercialization promotion of high-performance analog and mixed-signal integrated circuits, including two major areas: the USB Type-C ecosystem chain and digital power. Its main product directions are the smart fast-charging product line and the digital power product line.

Huitai was founded in 2015. Its founder and CEO is Xie Renjian. According to the announcement materials, Xie Renjian previously worked at well-known companies such as ZTE, Emerson, and Analog Devices (ADI). The general manager of Huitai is Sheng Huailiang.

From the transaction plan, after the transaction is completed, Xie Renjian and Sheng Huailiang will still directly hold shares in Huitai, with shareholding proportions of 18.01% and 10.21%, respectively.

According to data from Venture Capital Tong, since Huitai was founded in 2015 to the present, it has completed 8 rounds of financing, with the latest round completed in November 2023. Historical investors in Huitai include state-owned entities such as Shenzhen Gaoxin Investment, Shenzhen Chuangtou Investment, Wuxi Innovation Investment Group, and Xiamen Semiconductor Investment Group, as well as private investment institutions such as Zhengxuan Investment, Qiding Investment, and Xiamen Yafalcon Investment, and also GF Securities.

In addition, there is an overseas investor, FNOF BLUEPOND HOLDINGS LIMITED. The institution’s main shareholders are Blue Pond Holdings Limited and Ye Guanhong; Ye Guanhong is a partner of Guangyuan Capital.

After this transaction is completed, except for Xiamen Semiconductor Investment Group, all other historical investors will fully exit, and as stated in the announcement, the Xiamen state-owned capital shareholders will also transfer their equity through subsequent open public tender (public listing for acquisition). Dongwei Semiconductor expects its shareholding ratio in Huitai to exceed 58%.

Financial data shows that in 2024, Huitai’s revenue was RMB 187 million and net profit was -RMB 27.3973 million. From January to October 2025, revenue was RMB 177 million and net profit was -RMB 17.3625 million; after deducting the impact of share-based payments, net profit from January to October 2025 was -RMB 5.0580 million. As of October 2025, total net assets were RMB 86.5332 million.

Pricing for this transaction uses October 31, 2025, as the valuation benchmark date. Using the market approach for valuation, the appraised value of the entire equity interests of Huitai shareholders is RMB 795 million, with an appreciation rate of 818.72%. The agreed transaction price corresponding to 100% equity is RMB 768 million. The transaction consideration is discounted by 3.58% compared with the appraised value.

Dongwei Semiconductor stated that through this acquisition, the company intends to achieve positive and reinforcing effects with the target company in areas such as protocol chips, digital control ICs, and industrial synergy, helping the listed company transform and upgrade from a single power device supplier into a supplier capable of providing one-stop, high-performance system solutions.

The announcement shows that Huitai’s digital control IC products have been successfully deployed. At the current stage, although the scale is still relatively small, after testing and validation by key customers, and through its product chain, they have entered international leading manufacturers. Its core advantages lie in power conversion efficiency and software programmability. Currently, in the digital power control IC market, mainstream products are digital controllers from overseas manufacturers, and there are relatively few high-quality domestic competitor products.

It is understood that with the full digitalization of power system management across application areas represented by data centers and new energy vehicles, digital control plus high-performance power devices is becoming the mainstream technology for high-power power supplies.

Dongwei Semiconductor said that Huitai’s products can form strong synergy with driver chip products and Dongwei Semiconductor’s high-performance power device products, filling the scarce gap in domestic high-end digital power control chips. Facing Dongwei Semiconductor’s existing broad customer base of high-performance power supply customers, it can provide end-to-end solutions based on high-performance power devices plus digital control ICs, delivering more value to customers.

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