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Huawei‘s Supplier WeEn Semiconductors Files for IPO in Shanghai
COVID-19 and China
Image credit: WeEn Semiconductors website

The offspring of a collaboration between three companies, including NXP Semiconductors (NXPI:NASDAQ), WeEn Semiconductors is a supplier of thyristors and power diodes, applied to consumer electronics, NEV and industrial manufacturing fields.

WeEn plans to go public on the Star Market, and the raised funds will be invested in the C-MOS/IGBT-IPM product platform construction project, the Nanchang laboratory expansion project, the R&D center construction project and supplementary development and technology reserves.

The latest prospectus shows that, from 2017 to 2019, its revenues were CNY 617.21 million, CNY 664.60 million and CNY 587.27 million, and over 70% of their products were applied to consumer electronics. In line with revenue trends, the net profit of the company was CNY 87.76 million, CNY 94.93 million and CNY 86.11 million.

In the first quarter of 2020, Huawei became its fourth-largest client, contributing 5.63% of revenues, and the proportion of each top three customers exceeded 20% in the same period.

In addition to Huawei, Midea (000333:SZ), Gree (000651:SZ), Samsung (005930:KR) and GE (GE:NASDAQ) are using the company's products. A high-quality customer pool and going public on the Star Market will improve its competitiveness and profitability.

*Contributor: Ivan Platonov | Editor: Luke Sheehan
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