Cross-industry investment in the optical communication chip field, JINZI HAM plans to acquire no more than 20% equity in Zhongzhengwei for no more than 300 million yuan

According to the Zhitong Finance APP, JINZI HAM (002515.SZ) announced that its wholly-owned subsidiary Fujian JINZI Semiconductor Co., Ltd. ("Fujian JINZI") is optimistic about the AI industry trend and the market prospects of the optical communication industry. It recognizes the domestic substitution capability of Zhongsheng Microelectronics (Hangzhou) Co., Ltd. ("Zhongsheng Micro") in the field of optical communication chips and plans to acquire no more than 20% of the equity of the target company through capital increase and expansion with its own or self-raised funds not exceeding RMB 300 million. The announcement shows that the target company focuses on the research and design of core chips for high-speed optical modules of 400G/800G/1.6T and above, covering high-speed core chips such as TIA and Driver. Its products are widely used in various high-speed interconnection system devices in data centers and computing power centers, including artificial intelligence (AI), cloud computing, 5G/5.5G access networks, telecommunications metropolitan area networks, and backbone networks. The target company has a world-class optical communication chip design team. This core team has been focusing on the research and design of high-speed module core chips for over twenty years, with a deep technical accumulation. The company has consistently adhered to the development philosophy of deepening research and development, serving customers, and innovating excellence. As of now, the company has successfully completed the research and design, mass production testing, and market operation of the core chips (including key components such as TIA and Driver chips) required for 400G/800G high-speed optical modules, and has successfully completed the research and design of the core chips required for high-speed optical modules with a rate of 1.6T and above. The target company is currently not profitable, and its future profitability remains uncertain. This transaction will be conducted in two rounds, with the first round of capital increase based on a pre-investment valuation of the target company of RMB 1 billion to 1.3 billion. If calculated based on a pre-investment valuation of RMB 1 billion for the target company, with December 31, 2024, as the benchmark date, the appreciation rate would be 9710%. Therefore, there may be a risk of overvaluation in this transaction, leading to the need for impairment provisions for long-term equity investments in the future. The announcement states that this external investment is based on the company's overall development strategy, which can utilize idle funds more efficiently and fully, align with the development trend of the digital economy era, and provide better development opportunities for the company's future business enhancement