Leading low‑power Bluetooth chipmaker Telink has announced it will acquire Shanghai PanQi Microelectronics Co., Ltd. for RMB 850 million, expanding its product lineup in the IoT wireless communication chip sector. Under the transaction, Telink will issue approximately 20.9088 million shares at RMB 33.98 per share to cover part of the consideration, representing 7.99% of its post‑deal equity, and will also raise RMB 180 million in supporting funds to cover the cash portion of the acquisition.
Notably, the acquisition carries a significant valuation premium. As of August 31, 2025, PanQi’s 100% equity was valued at RMB 761 million, including a synergy assessment of RMB 396 million. The final transaction price of RMB 850 million represents an appreciation rate of 571.99%. Telink has set clear performance commitments: PanQi must achieve cumulative net profit of no less than RMB 114 million from 2026 to 2028, or if the evaluation period is extended to 2029, no less than RMB 152 million over four years.
From a business synergy perspective, Telink focuses on short‑range wireless communication chips such as low‑power Bluetooth, Zigbee, and Matter, while PanQi specializes in long‑range, low‑power wireless chips like Sub‑1G and 5G‑A passive cellular IoT. Post‑merger, the combined technologies are expected to create a complementary, ultra‑low‑power, full‑scenario IoT wireless connectivity platform covering both near‑field and far‑field applications, significantly enhancing overall competitiveness.
Although PanQi is currently operating at a loss—reporting net losses of RMB 44.7998 million in 2023, RMB 43.6462 million in 2024, and RMB 14.297 million from January to August 2025—Telink itself has delivered strong performance: revenue for the first three quarters of 2025 reached RMB 766 million, up 30.49% year‑over‑year, while net profit attributable to shareholders surged 117.35% to RMB 140 million.
At the recent CES 2026, Telink showcased its next‑generation chip upgrades, highlighting two key products: the TL721X and TL751X. The TL721X is an ultra‑low‑power multi‑protocol IoT wireless SoC with operating current reduced to the mA level, significantly extending battery life in powered devices. The TL751X targets high‑performance applications with a multi‑core architecture and integrated HiFi‑5 DSP, delivering strong computing and audio‑processing capabilities for scenarios such as wireless audio. Both chips incorporate edge‑AI computing and are supported by Telink’s in‑house TL‑EdgeAI platform, enabling mainstream on‑device AI models while maintaining low power consumption, driving smart upgrades in smart home, wearable, and industrial sensing applications.
ICgoodFind : This acquisition is a strategic move for Telink to complete its IoT chip portfolio. The combination of technological synergy and performance growth is poised to further consolidate its market position in the low‑power wireless chip segment.
