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WINGTECH’s recombination is finally settled with 26.79 billion yuan and Join-in people completely quit

2019-03-25

News from Securities Daily


The latest development in Chinese semiconductor merger came on March 21.WINGTECH plan to purchase the Nexperia group's draft with a total of 26.79 billion yuan has settled. On the same day, the company also disclosed that the former Join-in directors and supervisors all quit, Zhang Xuezheng and the new shareholders have achieved full control of the company. The transaction is finished a year before 5G was officially commercialized, WINGTECH will greet 5G and semiconductor dual-wheel drive development pattern.

Recombination is finally settled with 26.79 billion yuan

For the draft of the recombination settled, industry analysts told the "Securities Daily" that the details of the recombination plan after repeated deliberation and revision until the release of the draft, which means the listed company's acquisition plan has been finalized. If the draft is approved at the shareholders' meeting, it will be submitted to the China securities regulatory commission for auditing, that will be a significant development for the acquisition case.

The target company of this acquisition is Nexperia group, which headquartered in Nijmegen, Netherlands and holds 100% equity in Nexperia semiconductor. It is a leading supplier of semiconductor standard devices with global comprehensive strength, focusing on the design, production and sales of discrete devices, logic devices and MOSFET devices. In 2018, the total profit and net profit of Nexperia group's simulated consolidated financial statements are 1.67 billion yuan and 1.34 billion yuan respectively, according to the draft recombination.

Through this transaction, WINGTECH will achieve control of Nexperia Group. In view of the listed company and Nexperia Group in the same industrial chain, customers, technology, products and other aspects have a synergistic effect, both sides can exchange resource in the integration process, accelerate the Nexperia Group business in Chinese market. And through the resources of listed companies to extend its market in the field of consumer electronics.

It is worth noting that WINGTECH conducted the election of the board of directors and the board of supervisors. Due to the resignation of former Join-in director Xu Qinghua, supervisor Mao Shujie, supervisor Chen Jian and supervisor Wei Rongliang, the company's board of directors nominated Zhang Xuezheng, vice President of Wingtech Communication’s Zhang Qiuhong, and Yunnan city investment nominated Zhang Xunhua as non-independent director candidates. And nominated Wang Yanhui and Xiao Jianhua as independent director candidates. The board of supervisors of the company nominated vice President of Wingtech Communication’s Xiao Xuebing and vice President of finance of Wuyuefeng capital platform’s Zhang Jiarong as candidates for the board of supervisors. Additional, representative of worker of WINGTEC still will hold the post of worker supervisor.

The relevant people who is close to WINGTECH expresses, "which means that the Join-in system all exit WINGTECH management, the original announcement earlier in the real estate business to spin off to Yunnan city investment , the exit also means that both parties agree on delivery of new and old business, which is expected  is expected to be completed soon".

The comprehensive integration of WINGTECH system and the appointment of directors and supervisors recommended by the new shareholders, such as Yunnan City Investment, a large state-owned investment platform, and Wuyuefeng, a well-known semiconductor investment fund in China, also means that Zhang Xuezheng has completed the optimization of the shareholder structure and corporate governance structure and formally started a new journey.

Cooperate with Qualcomm to Launch 5G Terminal

2019 is the first year of 5G, with the commercial trial of 5G products, WINGTECH also helped Qualcomm start the research and development of 5G test mobile phones, and began to plan 5G products with domestic and foreign customers to make adequate preparations for the arrival of 5G and realize the strategic superiority of China’s 5G industry. At present, WINGTECH has signed Snapdragon X55 baseband license with Qualcomm, and the first batch of Snapdragon X5 baseband 5G mobile phones have been released.

WINGTECH also joined "5G Pioneer Initiative" with Qualcomm, Lenovo, OPPO, vivo, MI and other companies to jointly develop 5G products, which will bring great opportunities in the world. At the same time, WINGTECH has become 5G Alpha customer of Qualcomm; R&D of 4G products 5G products will get strong support from Qualcomm. " In terms of the layout of 5G, terminal R&D and the acquisition of Nexperia will help WINGTECH use 5G platform to fully enter automotive electronics and IoT. WINGTECH will usher in the development pattern of 5G and Semiconductor together in the future." Zhang Xuezheng, chairman of WINGTECH, told the reporters of Securities Daily.

WINGTECH said that based on its own technology and deep understanding of downstream smart terminals, automobiles and other applications, it can integrate with Nexperia on chip-level packaging technology, develop innovative products such as 4G/5G, IoT modules, and greatly improve profitability. In the future, WINGTECH will develop module products based on Nexperia’s chips. With WINGTECH’s software, server, driver and cloud service capabilities, it can provide complete system solutions in the era of interconnection of all things. It has great development potential in the fields of smart cars, smart hardware and smart cities.

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