Jingwei Technology, which holds a 36.34% stake in its joint ventures (with 33.87% direct ownership and 2.47% indirect), is actively expanding its presence in the LED industry to align with strategic development goals. The company aims to strengthen its position in the LED market, enhance the growth of Jingji Capital, and accelerate the cultivation of key market segments. In preparation for potential future listings, the company has decided to introduce new investors—Guolian Industry and its subsidiary Guolian Upgrade Fund—through a capital increase and share expansion.
On December 25, 2017, the parties signed a "Capital Increase and Share Expansion Agreement." Guolian Industry and Guolian Upgrade Fund collectively invested RMB 80 million, acquiring a 31.01% stake in the company, making them the largest shareholders. Specifically, Guolian Industry contributed RMB 705.854 million, securing a 27.53% equity stake, while Guolian Upgrade Fund invested RMB 94.134 million, holding a 3.66% stake. Following this capital raise, Jingwei Technology’s ownership was diluted to 25.07% (23.37% direct and 1.70% indirect).
Development Crystal, a key subsidiary, specializes in the research, development, manufacturing, and sales of LED epitaxial wafers, package modules, and other light source products, along with comprehensive after-sales services. Its business spans the entire LED supply chain, including epitaxial chips, packaging modules, and lighting applications. The company benefits from a cost-effective and efficient production model, enabling it to collaborate with both upstream and downstream partners to deliver integrated LED solutions.
Currently, Development Crystal operates 87 MOCVD machines, capable of producing over 1.6 million 4-inch epitaxial wafers annually. It also maintains 8 COB packaging lines and 31 EMC packaging lines, with monthly capacities of 800,000 units of 20W COB packages and 178,000 units of EMC packages. The production yield meets international standards, and the facility is operating smoothly, with output increasing in response to growing demand from major clients.
Looking ahead, the company plans to build a complete domestic LED industry chain, integrating chip production, module manufacturing, packaging, and lighting applications, including high-brightness COB lighting products. To further expand its capabilities, Development Crystal will increase its investment in advanced LED technologies and focus on emerging markets such as automotive lighting, small-pitch LED displays, MicroLED, UVC, full-spectrum LEDs, and mobile flash LEDs.
Given the intense competition and high capital requirements in the LED industry, the introduction of strong new shareholders like Guolian Industry and Guolian Upgrade Fund through capital expansion is expected to significantly bolster the company's financial strength and support long-term sustainable growth.
Additionally, Shenzhen Technology relinquished its right to subscribe for additional capital, leading to further dilution of its equity. This move allows non-listed entities to take over the role of major shareholder, helping Development Crystal comply with listing regulations and laying a solid foundation for its future IPO.
The successful execution of this capital increase is expected to positively impact the company’s future growth. Moreover, the decision to waive the priority subscription right has no material effect on the company’s financial condition or operational performance.
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