**Key Highlights**: Jinzi Ham Co.,Ltd. plans to invest up to 300 million yuan to acquire up to 20% stake in Zhongsheng Micro
Jinzi Ham Co.,Ltd. (Stock Code: 002515), which has failed multiple cross-sector investments in the past, is planning another cross-industry venture. This time, the company is targeting the hot optical communication chip sector.
On the evening of September 22, Jinzi Ham Co.,Ltd. announced that its wholly-owned subsidiary Fujian Jinzi Semiconductor Co., Ltd. (hereinafter referred to as "Fujian Jinzi Company") is optimistic about AI industry trends and market prospects in the optical communication sector. Recognizing Zhongsheng Microelectronics (Hangzhou) Co., Ltd.'s (hereinafter referred to as "Zhongsheng Micro") domestic substitution capabilities in optical communication chips, the subsidiary plans to use self-owned or self-raised funds not exceeding 300 million yuan to acquire up to 20% equity in Zhongsheng Micro through capital increase.
Following the announcement, Jinzi Ham Co.,Ltd.'s investor community became highly active. On September 23, the company's stock opened at the daily limit up, with slight adjustments afterward. By midday close, the stock hit the daily limit up, reaching a market value of 9.503 billion yuan.
**Plans to Invest in Optical Communication Chip Company with First-Round Valuation Increase Exceeding 97 Times**
According to the announcement, Jinzi Ham Co.,Ltd. held its seventh board of directors' fourth meeting on September 19, 2025, approving the "Proposal on External Investment and Framework Agreement Signing." The board agreed that Fujian Jinzi Company would sign an "Investment Framework Agreement for Zhongsheng Microelectronics (Hangzhou) Co., Ltd." with Zhongsheng Micro and Li Rangzhong.
Fujian Jinzi Company plans to use self-owned or self-raised funds not exceeding 300 million yuan to acquire up to 20% equity in Zhongsheng Micro through capital increase. The transaction will be conducted in two rounds, with final investment amount and shareholding ratio to be determined based on subsequent due diligence on Zhongsheng Micro, considering factors such as future development plans, market valuation, and bilateral negotiations.
From the announcement content, Zhongsheng Micro has impressive credentials. Founded in 2019 by several core R&D personnel returning from U.S. optical communication chip design companies, it was selected for "China's Future Unicorn TOP100" and "Hangzhou Quasi-Unicorn Enterprises" lists in both 2024 and 2025, and is among Zhejiang's TOP50 most investment-worthy innovative enterprises.
Zhongsheng Micro focuses on R&D and design of core electrical chips for 400G/800G/1.6T and higher-speed optical modules, covering TIA, Driver and other high-speed electrical chips. Its products are widely applied in artificial intelligence, cloud computing, 5G/5.5G access networks, telecom metropolitan networks, backbone networks, and various high-speed interconnection system equipment in data centers and computing centers. To date, the company has successfully completed R&D design, mass production testing, and market operations for electrical chips needed for 400G/800G high-speed optical modules (including key components such as TIA and Driver chips), as well as R&D design for electrical chips required for 1.6T and higher-speed optical modules.
Regarding the investment purpose, Jinzi Ham Co.,Ltd. stated this aligns with the company's overall development strategy, enabling more efficient and full utilization of idle funds, conforming to digital economy era development trends, providing better development opportunities for future business enhancement, and benefiting company performance improvement and further returns to small and medium investors.
Although the optical communication chip sector has broad development prospects, as a young quasi-unicorn enterprise, Zhongsheng Micro has not yet achieved profitability.
In 2024, Zhongsheng Micro achieved revenue of 204,900 yuan with net loss of 38.8261 million yuan. In the first seven months of 2025, the company achieved revenue of 511,100 yuan with net loss of 20.3742 million yuan.
Jinzi Ham Co.,Ltd. indicated that the first round of capital increase (100 million yuan) will be based on Zhongsheng Micro's pre-investment valuation of 1-1.3 billion yuan. Calculated based on pre-investment valuation of 1 billion yuan, with December 31, 2024 as the benchmark date, the appreciation rate would be 9,710%, potentially creating risks of overvaluation in this transaction and subsequent long-term equity investment impairment provisions.
**Struggling Core Business with Multiple Failed Cross-Sector Investments**
Jinzi Ham Co.,Ltd.'s main business involves ham products including Jinhua ham and Bama fermented ham. As a time-honored Zhejiang brand and national key leading enterprise in agricultural industrialization, the company was listed on the Shenzhen Stock Exchange in 2010.
Jinzi Ham Co.,Ltd. frankly admits that in recent years, influenced by consumer goods market factors, the company's core business has developed slowly, with performance declining compared to previous years.
Financial reports show that the company's ham business peaked in 2020 and has since declined. In 2024, ham industry revenue was 300 million yuan, less than half of 2020 levels.
In the first half of 2025, the company achieved revenue of 170 million yuan, down 14.73% year-on-year, and net profit attributable to shareholders of 22.9204 million yuan, down 25.11% year-on-year.
To find new growth drivers, Jinzi Ham Co.,Ltd. has further expanded its investment channels in recent years.
However, in practice, the company's multiple cross-sector investments have all ended in failure.
In the September 22 evening announcement, Jinzi Ham Co.,Ltd. also warned that the company has had unsuccessful external investments in the past, such as acquiring 51% equity in Zhongyu Capital Management (Beijing) Co., Ltd. through stock purchase and capital increase in 2016, and acquiring 12.28% equity in Zhejiang Yindun Cloud Technology Co., Ltd. (hereinafter referred to as "Yindun Cloud Company") through capital increase in 2023.
Among these, Jinzi Ham Co.,Ltd.'s investment in Yindun Cloud Company aimed to enter the computing power sector. In December 2023, the company announced external investment plans to subscribe for 70 million yuan in new registered capital of Yindun Cloud Company with self-owned funds of 401 million yuan, representing 12.28% shareholding. However, less than a year later, Jinzi Ham Co.,Ltd. announced the transfer of its 12.28% equity in Yindun Cloud Company to Liheng Investment for 428 million yuan.
**New Ownership This June: Fujian Businessman Advances Toward "Chips"**
This announcement of cross-sector investment in optical communication chip companies marks the first major move by Jinzi Ham Co.,Ltd.'s new controlling shareholder Zheng Qingsheng since taking control, confirming his plans to advance into the semiconductor industry.
In April 2025, Jinzi Ham Co.,Ltd.'s original controlling shareholder and actual controller Ren Guilong signed "Share Transfer Agreement" and "Voting Rights Entrustment Agreement" with Zheng Qingsheng. Through share transfer plus voting rights delegation, Zheng Qingsheng acquired 11.98% shareholding and 18.83% voting rights in total, becoming the company's largest shareholder and actual controller.
According to the transaction plan, Ren Guilong transferred 145 million shares at 6 yuan per share, with total transfer consideration of 870 million yuan.
On June 3, 2025, Jinzi Ham Co.,Ltd. received the "Securities Transfer Registration Confirmation" from China Securities Depository and Clearing Corporation Limited, with relevant transferred shares completing transfer registration procedures on May 30. Thus, Jinzi Ham Co.,Ltd.'s controlling shareholder and actual controller officially changed to Zheng Qingsheng.
After gaining control of Jinzi Ham Co.,Ltd., Zheng Qingsheng quickly led the company's expansion into the semiconductor sector. According to Tianyancha information, in July 2025, Jinzi Ham Co.,Ltd. established wholly-owned subsidiary Fujian Jinzi Semiconductor Co., Ltd. with registered capital of 100 million yuan.
According to available information, Zheng Qingsheng is a wealthy businessman from Putian, Fujian, born in 1956, serving as Chairman of Jinzi Ham Co.,Ltd. since July 16, 2025. His resume shows current positions including Executive Director of Fujian Yisheng Real Estate Co., Ltd., Executive Director and General Manager of Fujian Tinghu Property Group Co., Ltd., and Director of Shanghai Aston Martin Automobile Sales Co., Ltd., among other roles.
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