By Greg Gao
Chinese home appliances vendor Hisense Visual(海信视像) has obtained control of Xiamen Changelight(厦门乾照光电), becoming itself controlling shareholder, Hisense announced on January 31.
Hisense Visual said its object in acquiring Xiamen Changelight was to further strengthen the strategic layout in the display industry chain, accelerate the R&D and enhance its in-house developed miniLED and microLED technologies.
Hisense Visual has invested a total of RMB1.605 billion($238 million) in Xiamen Changelight as of January 31, holding 206,768,632 ordinary shares of the company, accounting for 22.88% of the total share capital.
Changelight was founded in 2006 and is based in Xiamen, southeast China’s Fujian Province. It became a listed company on GEM on Shenzhen Stock Exchange in August 2010.
Changelight mainly produces LED lighting products and provides energy-saving lighting application solutions. It also actively expands in the second-generation and third-generation semiconductor industries, such as VCSEL lasers, Mini LEDs, Micro LEDs, ultraviolet UV LEDs, infrared detectors, and gallium arsenide substrates through investment, incubation, and internal research and development.