In-Depth Analysis of Chipown Microelectronics' Equity Transfer of Shanghai Analog Semiconductor Technology Co., Ltd.

Based on the collected information, I hereby provide you with a systematic and comprehensive analysis report:

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According to public disclosures, Chipown Microelectronics (688368) issued an announcement on January 19, 2026, planning to transfer its

to Yachuang Electronics (301099) at a price of . Upon completion of the transaction, Chipown Microelectronics will no longer hold any equity stake in Shanghai Analog [1][2][3].

Several key features of this transaction deserve attention:

• No Connected Transaction
  : There is no associated relationship between the counterparty Yachuang Electronics and Chipown Microelectronics
• Not a Material Asset Restructuring
  : The transaction amount is small and does not meet the criteria for material asset restructuring
• No Impact on Consolidated Financial Statement Scope
  : Shanghai Analog Semiconductor was not included in Chipown Microelectronics’ consolidated financial statements previously

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Founded in October 2008, with its headquarters in Pudong New Area, Shanghai, Chipown Microelectronics is a domestic semiconductor enterprise specialized in

, and it was listed on the STAR Market in October 2019 [4]. The company adopts a Fabless operating model, focusing on four core product lines:

Product Line	Application Field
LED Lighting Driver Chips	General Lighting, Smart Lighting
DC/DC Power Management Chips	Consumer Electronics, Industrial Applications
AC/DC Power Management Chips	Adapters, Chargers
Motor Control Chips	Power Tools, Automotive Electronics

The company’s actual controllers are the couple Hu Liqiang and Liu Jiexi, who have educational backgrounds from Zhejiang University. As of the end of 2022, they held a combined 42.61% stake [5].

Since its listing, Chipown Microelectronics has adopted an active external expansion strategy, and is known as the “M&A Maniac” in the industry [5][6]:

Time	Target	Purpose
Early 2020	100% Equity Stake of Shanghai Lion Semiconductor	Strengthen analog chip capabilities
2020-2021	100% Equity Stake of Shanghai Xifei Semiconductor	Expand product lines
2023-2025	100% Equity Stake of Lingou Microelectronics	Enhance motor control MCU capabilities
2025-2026	100% Equity Stake of Echiptek Technology (In Progress)	Lay out wireless charging chip business

The most significant capital operation currently is the planned acquisition of Echiptek Technology for

, which aims to quickly enter the wireless charging chip track and integrate into the supply chain of high-end mobile phones and smart hardware [6][7][8].

After three consecutive years of losses from 2022 to 2024, Chipown Microelectronics returned to profitability in 2025 [8][9]:

Indicator	2024	First Three Quarters of 2025
Operating Revenue	RMB 1.504 billion	RMB 1.117 billion (+2.67% YoY)
Net Profit Attributable to Shareholders	-RMB 33.05 million	RMB 23.33 million (Returned to Profitability)
Non-Recurring Net Profit	-RMB 9.01 million	RMB 13.73 million (Returned to Profitability)

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Based on comprehensive analysis, this equity transfer is

, for the following reasons:

A 1.7778% stake means this is only a financial investment, not a strategic business layout. Shanghai Analog Semiconductor is not a core link in Chipown Microelectronics’ supply chain system, and its technical direction has limited synergy with Chipown’s main business.

Chipown Microelectronics is currently fully promoting the material asset restructuring of acquiring Echiptek Technology for RMB 3.283 billion, which requires concentrated capital and management resources. Selling the equity stake of non-core assets helps optimize resource allocation and support the advancement of strategic-level M&A [7][8].

The semiconductor industry is in a period of accelerated integration, with leading enterprises growing stronger through M&A, while small and medium-sized enterprises face integration or exit. As an important player in the analog chip field, Chipown Microelectronics needs to focus on core tracks and withdraw from investments with low relevance to its main business.

It is worth noting that Yachuang Electronics (301099) plans to acquire a

[10], demonstrating its strategic layout in the analog chip track. As a leading enterprise in the semiconductor distribution field, Yachuang Electronics has actively expanded into the IC design field in recent years, and taking a stake in Shanghai Analog is an important part of its automotive analog chip layout. This transaction achieves optimal resource allocation for both parties.

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This equity transfer has extremely limited impact on Chipown Microelectronics’ main business, mainly reflected in the following aspects:

Impact Dimension	Analysis Conclusion
Business Synergy	Shanghai Analog has weak synergy with Chipown’s main business; the transfer does not affect the integrity of core businesses
Technical Capabilities	The company’s core technologies remain focused on LED drivers, DC/DC, AC/DC, and motor control chips
Customer Relationships	No customer resource loss involved
Supply Chain Security	No impact on procurement and production

From a positive perspective, this transaction reflects the clarity of the company’s strategy:

1. Clarify Development Focus
   : The company is currently fully promoting the acquisition of Echiptek Technology and has no time for non-core investments. Selling the equity stake of Shanghai Analog sends a clear signal that the company’s resources will be concentrated in high-growth fields such as wireless charging and motor control.
2. Free Up Management Energy
   : Reducing financial investments allows the management to focus more on core business integration and new product R&D.
3. Optimize Investment Portfolio
   : Withdraw from investments with low relevance to the main business and focus on strategic assets that can form synergies.

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Financial Item	Impact Analysis
Cash Inflow	Receive approximately RMB 3.98 million in equity transfer proceeds, increasing monetary funds
Investment Income	Investment income needs to be confirmed based on the original investment cost, with a limited amount
Asset-Liability Ratio	Negligible impact
Income Statement	Generate a small amount of non-recurring gains and losses

• Helps concentrate capital to promote the RMB 3.283 billion M&A plan
• Optimizes asset structure and focuses on core business assets

• Chipown Microelectronics suffered consecutive losses for three years from 2022 to 2024, with a cumulative loss of approximately RMB 328 million [9]
• The acquisition of Echiptek Technology will form approximately RMB 1.997 billion in goodwill, accounting for 36.58% of the pro forma total assets and 65.54% of net assets [8]
• The risk of inventory impairment increases; the proportion of inventory impairment provision to the balance rises from 11.57% to 23.88% [8]

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1. Uncertainty of Echiptek Technology Acquisition
   : The RMB 3.283 billion M&A case is still in progress, with approval and integration risks
2. Risk of Unfulfilled Performance Commitments
   : Echiptek Technology recorded losses of RMB 502 million and RMB 512 million in 2023 and 2024 respectively, casting doubt on its ability to fulfill future performance commitments [8]
3. Goodwill Impairment Risk
   : Goodwill will remain high after the acquisition is completed; if the target’s performance fails to meet expectations, it will face impairment pressure
4. Customer Concentration Risk
   : The revenue from the top five customers accounts for as high as 62% of the total, indicating high customer dependence [8]

Dimension	Evaluation
Strategic Rationality	Reasonable —— Focus on core business and optimize resource allocation
Transaction Price	Reasonable (the valuation corresponding to 1.7778% equity stake is approximately RMB 224 million)
Impact on Listed Company	Neutral to Positive —— Exit non-core assets to concentrate resources on key initiatives
Investment Value	Needs to be combined with the overall assessment of the RMB 3.283 billion M&A case

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Chipown Microelectronics’ transfer of a 1.7778% equity stake in Shanghai Analog Semiconductor is

, rather than a passive strategic contraction. At the critical period when the company is fully promoting the RMB 3.283 billion acquisition of Echiptek Technology, withdrawing from financial investments with low relevance to the main business helps to:

1. Concentrate capital and management resources to support strategic-level M&A
2. Clarify the company’s development direction of focusing on the core track of power management chips
3. Send a positive signal of clear strategy to the market

This transaction has

on Chipown Microelectronics’ main business and financial status, but it reflects the company’s strategic intention to optimize resource allocation and focus on core businesses. Investors should pay more attention to the progress of the company’s RMB 3.283 billion acquisition of Echiptek Technology, as well as the actual effect of business integration after the acquisition is completed.

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[1] Eastmoney - Chipown Microelectronics: Plans to Transfer 1.7778% Equity Stake of Shanghai Analog to Yachuang Electronics for RMB 3.98 Million (https://finance.eastmoney.com/a/202601193623527938.html)

[2] Sina Finance - Chipown Microelectronics: Plans to Transfer 1.7778% Equity Stake of Shanghai Analog to Yachuang Electronics for RMB 3.98 Million (https://finance.sina.com.cn/stock/relnews/cn/2026-01-19/doc-inhhwavt9666938.shtml)

[3] Eastmoney (Mobile Version) - Chipown Microelectronics: Plans to Transfer 1.7778% Equity Stake of Shanghai Analog to Yachuang Electronics for RMB 3.98 Million (https://wap.eastmoney.com/a/202601193623527938.html)

[4] Baidu Encyclopedia - Shanghai Chipown Microelectronics Co., Ltd. (https://baike.baidu.com/item/上海晶丰明源半导体股份有限公司/24550458)

[5] Tencent News - Chipown Microelectronics’ RMB 3.2 Billion Acquisition of a Leading Chip Enterprise: A “Risky” Transaction Led by Hu Liqiang (https://news.qq.com/rain/a/20260116A05TNW00)

[6] EET China - RMB 3.283 Billion! Chipown Microelectronics Plans to Acquire Echiptek Technology (https://www.eet-china.com/mp/a466653.html)

[7] ESM China - Chipown Microelectronics Acquires Echiptek Technology for RMB 3.28 Billion, Fully Entering the First Echelon of Analog Chips (https://www.esmchina.com/news/13832.html)

[8] Eastmoney Caifuhao - Chipown Microelectronics’ RMB 3.283 Billion Acquisition of Echiptek Technology: A Breakthrough or a Risk? (https://caifuhao.eastmoney.com/news/20260114114139051599130)

[9] China Economic Net - Chipown Microelectronics’ RMB 3.28 Billion Acquisition of Echiptek Technology Approved by SSE (http://finance.ce.cn/stock/gsgdbd/202601/t20260118_2710425.shtml)

[10] Eastmoney - Yachuang Electronics (301099) Stock Page (http://quote.eastmoney.com/sz301099.html)