Huatian Technology has received regulatory approval for its acquisition of Huayi Microelectronics, valued at 2.996 billion yuan (about $420 million), with up to 400 million yuan in supporting fundraising. Both companies are currently in recovery, making this a strategic integration rather than a rescue.
In H1 2026, Huatian posted 10.511 billion yuan in revenue, up 35.09% year over year, and 813 million yuan in net profit, up 259.15%. In 2025, it completed 62.88 billion IC packages and 2.1199 million wafer-level packages, ranking top three in China and fifth globally in OSAT. Huatian's core business is IC packaging and testing for memory, CPU/GPU, and automotive chips. It does not lack packaging capacity—it lacks power device productization capability.
Huayi Microelectronics operates a design-plus-OSAT dual model. Its OSAT business covers silicon-based MOSFETs, IGBTs, and diodes, while it also develops proprietary SGT MOSFETs and Trench MOSFETs. Customers include Silan Microelectronics, CR Micro, Infineon, and STMicroelectronics. In H1 2026, Huayi's design group revenue reached 594 million yuan, up 46.63%, with 99.02 million yuan net profit, while its OSAT group posted 5.49 million yuan net profit. Proprietary power devices are its core profit driver.
Huayi's 40V MOSFETs are already in volume supply to BYD, with sales exceeding 50 million yuan in 2024. It also supplies GAC, DJI, H3C, and Ampace, covering automotive, server, and industrial power applications. Huayi uses a fab-lite model, outsourcing wafer manufacturing while partnering with Silan and CR Micro on both wafer procurement and OSAT orders. Its OSAT business also serves onsemi, Oriental Semiconductor, and Innoscience.
Huayi filed for a STAR Market IPO in June 2023 but withdrew in June 2024 after losses of 149 million yuan in 2023. As the industry recovered, profits improved to 14.53 million yuan in 2024 and 50.13 million yuan in the first three quarters of 2025. Joining Huatian's listed platform offers greater certainty than a lengthy IPO and faster access to capital, supply chain, and customers. The deal is an intra-group asset integration, with Huatian Electronics Group as common controlling shareholder. Huayi's 100% equity is valued at 2.996 billion yuan, a 166.17% premium over net assets attributable to parent. Most consideration is paid in shares, with the major shareholder retaining listed company equity rather than cashing out.
The deal includes performance commitments: Huayi's design group promises net profit of at least 139 million, 166 million, and 189 million yuan for 2026–2028. In H1 2026, the design segment already achieved 71.12% of its full-year target. The key value lies in supply chain synergy: Huayi's power device resources can scale through Huatian's OSAT platform, while Huatian can enter the power device product business, moving from pure packaging fees to device sales. Synergy results remain to be validated.
ICgoodFind: Huatian Technology has completed its acquisition of Huayi Microelectronics, connecting power device design and OSAT and accelerating vertical integration in China's power semiconductor supply chain.
