On the evening of July 31, Zhuzhou Crrc Times Electric Co.,Ltd. (688187) announced a joint venture that appears modest in scale but carries significant strategic weight. The company stated that its subsidiary, Zhuzhou CRRC Times Semiconductor Co., Ltd., will join forces with Beijing Huairou Laboratory, Huakong Technology Transfer Co., Ltd., and Southern Grid New Power System Research Institute, among five parties, to establish "Beijing CRRC Times Huaisi Semiconductor Co., Ltd." with a total investment of 287 million yuan.
The most striking aspect of this investment is not the amount, but the list of shareholders. In terms of technology sourcing, Beijing Huairou Laboratory, a national-level new scientific research institution, is a key force in the energy sector. Huakong Technology Transfer Co., Ltd., wholly owned by Tsinghua University's asset management company, holds a top-tier technology transfer channel from China's leading university. Their involvement gives the joint venture a "moat" for original innovation in IGCT technology.
On the industrial application front, the direct stake from Southern Grid New Power System Research Institute not only brings potential market orders but also secures a "green channel" for product scenario validation from the outset. In the power semiconductor industry, customer certification barriers often surpass technical hurdles, making the endorsement from the State Grid system extremely valuable.
In terms of capital and policy, the participation of Beijing Tianxuan Phase I Venture Capital Center and Beijing Huairou Science City Technology Service Co., Ltd. represents the backing of local government guidance funds and science city policy resources. This five-dimensional structure of "central SOE industry leader + national laboratory + top university + central SOE client + government capital" is rare in A-share semiconductor joint ventures. Given the special nature of these shareholders, their financial data is classified and exempted from disclosure by regulators.
In the equity structure, Times Electric showed significant commitment and strategic determination. Times Semiconductor contributed 192 million yuan in cash for a 67% stake, securing absolute control and consolidation into the financial statements. The other five shareholders collectively hold 33%, with Beijing Huairou Laboratory, Huakong Technology Transfer, and Southern Grid New Power System Research Institute contributing intangible assets for stakes of 22.50%, 6.00%, and 1.50%, respectively. The announcement specifically noted that these three parties must complete "intellectual property transfer and ownership certificate changes," confirming the substantive use of technology as capital contribution.
In governance, the joint venture will have a board of three directors: two nominated by Times Electric and one by Beijing Huairou Laboratory, who will also serve as chairman. This arrangement preserves the listed company's consolidation and control rights while respecting the technology party's professional leadership.
Times Electric stated that the investment aligns with its development strategy, aiming to deepen IGCT technology through collaboration with advanced research institutions, expand product portfolios and applications, and further enhance its semiconductor core competitiveness. Financial data shows Times Electric holds approximately 77.86% of Times Semiconductor. As of December 31, 2025, Times Semiconductor had total assets of 18.083 billion yuan, net assets of 11.757 billion yuan, revenue of 5.532 billion yuan, and net profit of 926 million yuan.
Industry insiders believe the "industry provides capital, research provides intelligence" model precisely addresses the pain points of technology transfer. IGCT is considered a "hard nut" in power semiconductors, with localization challenges deemed tougher than IGBT. This is not merely a technology gap but a systemic challenge involving physical limits, process accumulation, ecosystem barriers, and verification cycles. Times Electric's project not only targets technological breakthroughs but also reconstructs an industrial ecosystem encompassing technology, scenarios, and capital.
As of the July 31 close, Times Electric shares were priced at 47.28 yuan, with a total market capitalization of 54.5 billion yuan.
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