Kaiweit plans to acquire 100% equity of core client Jingyi Semiconductor; stock will resume trading next Monday.

《科技创新板日报》March 27 report (Reporter Chen Junqing) Power semiconductor maker Kaiweit has released an announcement on a major asset restructuring plan. The company’s stock has been suspended since March 16, and will resume trading when the market opens on March 30.

According to the announcement, Kaiweit plans to acquire a total 100% equity interest in Jingyi Semiconductor held by Yi Kun, Jingge Gongzhi, Jingge Gongchuang, Jingge Gongying, Jingge Dingfeng, Jingge Future, and other 26 counterparties through issuing shares and paying cash, and will also raise supporting funds. After this transaction is completed, Jingyi Semiconductor will become a wholly owned subsidiary of Kaiweit.

Kaiweit stated that, through this transaction, the company’s product layout in power semiconductors will be further improved, enabling it to jointly build a comprehensive power semiconductor solutions package with Jingyi Semiconductor that offers more完善 application scenarios and more comprehensive technical specifications. After the transaction is completed, the parties’ R&D resources will also be able to complement and collaborate, achieving joint optimization of power devices and driver ICs.

It is understood that Kaiweit adopts a “power device + power IC” dual-engine driving model. Its power devices cover silicon-based power MOSFETs, power MOSFETs with integrated fast recovery (FRMOS), silicon carbide-based MOSFETs, JFETs, and other products, with voltage ranges covering 20V–3300V. The power IC business mainly consists of products such as PWM control ICs, gate driver ICs, smart switch control ICs, etc., and focuses on providing systematic solutions for power devices, power control, and driver ICs to customers in high-reliability fields.

Jingyi Semiconductor is also engaged in the power semiconductor field. According to available materials, the company is a power semiconductor enterprise that operates using a Fabless business model. It mainly focuses on two categories of power products: motor drive and power management. Its products are used in market areas such as consumer electronics, home appliances, smart electric meters, optical modules, solid-state drives (SSDs), security and surveillance, communications, servers, and more.

The announcement shows that the business complementarity reflected in Kaiweit’s acquisition of Jingyi Semiconductor mainly includes three aspects:

First, the high-reliability application areas originally covered by Kaiweit’s power IC products will overlap with Jingyi Semiconductor’s civilian market areas, forming comprehensive market coverage across the whole electronics field; second, Kaiweit’s power device products and Jingyi Semiconductor’s control IC-encapsulated smart power modules (IPM) can collaborate to provide high- and low-voltage motor drive solutions for the above market areas;

Third, Kaiweit’s mid- to high-power AC/DC power management ICs, together with Jingyi Semiconductor’s low-power AC/DC power management ICs and low-voltage DC/DC power management ICs, will jointly form a matrix of power management IC products, which can provide power solutions for the above market areas.

It is worth noting that Jingyi Semiconductor is one of Kaiweit’s major customers. Kaiweit said that, based on the existing business relationship and the link created by capital ties, both parties can expand market coverage through cross-selling and channel sharing.

Specifically, Kaiweit’s power devices are sold to Jingyi Semiconductor and then encapsulated with power control ICs independently developed by Jingyi Semiconductor to become IPM smart power module products. These products have already entered domestic home appliance industry leading companies such as Midea, Xiaomi, and Gree, and have achieved mass production.

Regarding the transaction plan, this transaction consists of two parts: purchasing assets through issuing shares and paying cash, and raising supporting funds through a separate offering. The share issuance counterparties for purchasing assets include 26 transaction counterparties such as Yi Kun, Jingge Gongzhi, Jingge Gongchuang, Jingge Gongying, Jingge Dingfeng, Jingge Future, and others.

Jingyi Semiconductor’s actual controller is Yi Kun. Yi Kun directly holds 13.68% equity in Jingyi Semiconductor, and by controlling entities such as Jingge Gongzhi and Jingge Gongchuang, Yi Kun controls 28.98% equity in Jingyi Semiconductor in total, resulting in an aggregate control of 42.67% equity in Jingyi Semiconductor, making Yi Kun the company’s largest shareholder.

Kaiweit stated that after this transaction is completed, major financial indicators of the listed company such as total assets and operating revenue are expected to further grow.

Kaiweit’s performance quick report shows that in fiscal year 2025, the company achieved revenue of approximately RMB 255 million, up 95.62% year over year. The net profit attributable to shareholders was -RMB 91.26 million, with the loss narrowing by RMB 5.9258 million. The company said that, affected by a combination of factors such as increased investment, ongoing adjustments to product mix, and intensified industry market competition, the company’s performance for the current period is still in a loss position.

In the past two years, Jingyi Semiconductor’s performance has shown a positive growth trend, but its net profit has declined significantly. The company’s operating revenue from 2024 to 2025 was RMB 400 million and RMB 515 million, respectively, and its net profit was RMB 46.9186 million and -RMB 27.77176 million, respectively. However, if share-based payments are excluded, the company’s 2025 net profit would be RMB 90.1054 million.

At present, Kaiweit’s audit and appraisal work has not yet been completed, so the changes in Kaiweit’s key financial indicators before and after this transaction cannot yet be accurately calculated.

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