Leading Chinese analog and mixed-signal IC company Bright Power Acquisition (BPSemi, stock code 688368) has issued a revised draft of its major asset restructuring plan, further detailing the RMB 3.283 billion acquisition of Yichong Technology. The revised proposal advances this significant industry merger toward final completion.
Under the updated terms, BPSemi will acquire 100% of Yichong Technology through a combination of cash and share issuance. The total payment will consist of RMB 1.249 billion (38.05%) in cash and RMB 2.033 billion (61.95%) in newly issued shares priced at RMB 50.39 per share, resulting in the issuance of approximately 40.3524 million shares. Additionally, the company plans a private placement to no more than 35 specific investors to raise up to RMB 1.8 billion in supporting funds, which will be used to cover cash payments, replenish working capital, and pay intermediary fees.
The revision focuses on refining details and enhancing risk disclosures in response to regulatory requirements, without altering core transaction parties, target assets, or funding arrangements. Updates include enhanced protections for minority investor rights, disclosure of post-reporting-period operations at Yichong Technology, supplementary warnings about cyclical fluctuations in the analog chip industry, and additional lock-up commitments from certain indirect holders of partnership interests among the transaction counterparts.
Yichong Technology, the acquisition target, boasts impressive credentials. With nearly a decade of experience in analog chips, it specializes in wireless charging chips, universal charging chips, and automotive power management ICs, holding key patents in system architecture and foreign object detection. Its products are already included in reference designs for Qualcomm’s mobile and wearable platforms, covering charge pump fast charging and full-chain battery management solutions, and have successfully entered the high-growth automotive electronics segment. Financially, Yichong reported year-over-year revenue growth of 45.02% in 2023 and 47.04% in 2024, with 2024 revenue approaching the top ten listed companies in China’s power management and signal chain chip sector.
BPSemi highlights strong synergies from the merger, which will enhance its hard-tech capabilities and global competitiveness. The deal will extend BPSemi’s product coverage into mobile and automotive applications, forming a complete adapter solution portfolio, and expand its market reach, potentially propelling it into the industry’s top five. Yichong has committed to achieving net profit of no less than RMB 92 million, 120 million, and 160 million from its charging chips for 2025–2027, along with revenue of no less than RMB 190 million, 230 million, and 280 million from other power management chips, with compensation clauses if targets are not met.
This acquisition aligns with the ongoing trend of consolidation in the semiconductor industry, allowing BPSemi to enter high-growth markets leveraging Yichong’s technical strengths while boosting competitiveness through scale. As of January 9, BPSemi’s stock closed at RMB 123.07 per share with a market cap of RMB 10.9 billion. Upon completion, the transaction is expected to optimize the company’s equity structure and support long-term growth.
ICgoodFind : This acquisition will expand BPSemi’s product portfolio and strengthen its position in the analog chip sector, creating new collaboration opportunities across the industry chain.
