Jinzi Ham Co.,Ltd. (002515.SZ) announced that its wholly-owned subsidiary Fujian Jinzi Semiconductor Co., Ltd. ("Fujian Jinzi") is optimistic about AI industry trends and market prospects in the optical communication sector. Recognizing Zhongshengwei Electronics (Hangzhou) Co., Ltd.'s ("Zhongshengwei") domestic substitution capabilities in optical communication chips, the subsidiary plans to invest up to RMB 300 million through equity financing to acquire no more than 20% stake in the target company using proprietary or self-raised funds.
According to the announcement, the target company specializes in R&D and design of core electrical chips for 400G/800G/1.6T and higher-speed optical modules, covering high-speed electrical chips including TIA and Driver components. Its products are widely applied in high-speed interconnect systems for data centers and computing centers across artificial intelligence (AI), cloud computing, 5G/5.5G access networks, telecom metropolitan area networks, and backbone network equipment.
The target company possesses a world-class optical communication electrical chip design team. This core team has focused on R&D and design of high-speed module electrical chips for over twenty years, accumulating substantial technical expertise. The company consistently adheres to its development philosophy of deepening R&D, serving customers, and pursuing innovative excellence.
To date, the company has successfully completed R&D design, mass production testing, and market operations for electrical chips required by 400G/800G high-speed optical modules (including key components such as TIA and Driver chips), and has successfully completed R&D design for electrical chips required by 1.6T and higher-speed optical modules (including key components such as TIA and Driver chips).
The target company is currently not profitable, and future profitability remains uncertain. This transaction will be conducted in two rounds, with the first round of capital increase based on a pre-money valuation of RMB 1-1.3 billion for the target company. Based on a pre-money valuation of RMB 1 billion for the target company, using December 31, 2024 as the benchmark date, the appreciation rate would be 9,710%. Therefore, there may be risks of overvaluation in this transaction and potential impairment of long-term equity investments in the future.
The announcement stated that this external investment is based on the company's overall development strategy, enabling more efficient and comprehensive utilization of idle funds while adapting to digital economy development trends, providing better development opportunities for the company's future business enhancement.
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