Since the beginning of the year, mergers and acquisitions among A-share listed companies in the semiconductor industry have remained active. Companies such as Victory Giant Technology(Huizhou) Co.,Ltd. ("Victory Giant Technology"), Shanghai Bright Power Semiconductor Co., Ltd. ("Bright Power Semiconductor"), and InfoTM Microelectronics Co., Ltd. ("InfoTM Micro") have successively disclosed related M&A plans and progress.
Su Shang Bank special researcher Fu Yifu stated in an interview: "Driven by both policy guidance and market forces, listed companies in the semiconductor field have an increased willingness to achieve technological complementarity and scale expansion through mergers and acquisitions. It is expected that the A-share semiconductor M&A market will continue to be active in 2026. With the support of the capital market, companies are expected to accelerate the development of the industrial chain through M&A."
Recently, leading printed circuit board manufacturer Victory Giant Technology announced its intention to acquire 100% equity of SunPower Malaysia Manufacturing Sdn. Bhd., which is indirectly wholly-owned by Maxeon Solar Technologies, Ltd., a controlled subsidiary of TCL Zhonghuan Renewable Energy Technology Co., Ltd. The acquisition, to be conducted via its wholly-owned Singapore subsidiary in cash, has a total consideration not exceeding $51 million.
Victory Giant Technology stated that this transaction is one of the company's initiatives to implement its global strategy. Upon completion, it will enhance the company's production capacity for flexible printed circuit boards and printed circuit boards in Southeast Asia, facilitating a rapid response to customers' overseas delivery requirements.
Recently, power management chip and control driver chip design company Bright Power Semiconductor made new progress in its plan to acquire 100% equity of Sichuan E-Charge Technology Co., Ltd. ("E-Charge Technology") by issuing shares and paying cash. Bright Power Semiconductor disclosed a draft report for the share issuance, cash payment for assets, and accompanying fund-raising. The announcement indicated a transaction price of 3.283 billion yuan.
E-Charge Technology is primarily engaged in the research, development, design, and sales of high-performance analog chips and mixed-signal chips, including wireless charging chips, universal charging chips, automotive power management chips, and AC/DC power converter and protocol chips. Bright Power Semiconductor stated that this transaction will enhance the listed company's "hard tech" attributes and internationalization level, solidify its market position and technical capabilities in the consumer sector, further strengthen its layout in automotive-grade products, and achieve synergies with E-Charge Technology in customer resources, R&D resources, and global supply chain resources.
InfoTM Micro recently disclosed its plan to acquire 100% of Shanghai Shockley Co., Ltd. and 100% of Fuside China Co., Ltd. by issuing shares and paying cash. Both target companies have deep expertise in core areas of the semiconductor industry chain, with businesses covering electronic components and semiconductor equipment distribution, which are highly synergistic with InfoTM Micro's main operations.
InfoTM Micro stated that through this reorganization, the company's business scale and market share in the electronic components distribution field are expected to further expand and increase. Concurrently, it will add semiconductor equipment distribution business, further enriching its product structure.
Furthermore, listed companies from traditional industries are actively expanding into the semiconductor sector. Xiamen Yanjan New Material Co., Ltd. ("Yanjan Co."), a manufacturer of top sheet materials for disposable hygiene products, recently disclosed its plan to acquire 98.54% equity of Ningbo Yongqiang Technology Co., Ltd. by issuing shares, paying cash for assets, and raising supporting funds.
Yanjan Co. stated that through this transaction, the company's business will expand into the field of high-end electronic information interconnection materials for integrated circuits. This move involves technological research and forward-looking layout in this sector, which is conducive to accelerating the listed company's strategic transformation and sharing in the growth dividends of the high-end electronic information interconnection materials industry for integrated circuits.
Guo Tao, Deputy Director of the China E-Commerce Expert Service Center, said in an interview: "Competition in the semiconductor industry has escalated from individual technology contests to a较量 of ecosystem integration. Mergers and acquisitions have become a new normal for industry development, profoundly reshaping the competitive landscape of the industrial chain. As policy dividends such as the 'Six M&A Guidelines' and 'Sci-Tech Innovation Board Eight Guidelines' continue to be released, listed companies are expected to achieve horizontal technological complementarity and vertical supply chain controllability through M&A, enhancing industrial chain synergy."
Lin Xianping, Executive Deputy Secretary-General of the China Urban Expert Think Tank Committee, told reporters that active M&A will bring multiple positive impacts to the semiconductor industry. Simultaneously, post-merger technology conversion efficiency and team cultural integration have become core challenges. Listed companies must avoid the pitfall of "emphasizing acquisition while neglecting integration."
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