Hisense Video: Subsidiary Xinxin Micro’s listing application was accepted

On June 14, Hisense Video announced that its subsidiary Qingdao Xinxin Microelectronics Technology Co., Ltd. ("Xinxin Micro")'s application for listing on the Science and Technology Innovation Board has been accepted by the Shanghai Stock Exchange.

It is reported that in January this year, Hisense Video announced that it plans to spin off its holding subsidiary Xinxinwei, expand financing channels through independent listing, and enhance Xinxinwei's sustainable profitability and core competitiveness. It will also further deepen Hisense Video's comprehensive layout in the upstream and downstream industries, and strengthen the company's market and technological advantages. After the spin-off is completed, Hisense Video will still maintain control of Xinxin Micro.

According to data, Xinxinwei is a chip design company specializing in display chips and AIoT intelligent control chips. Its main products include TCON chips (Timing Controller, display timing control chips) and image quality chips, which are widely used in TVs, monitors, commercial displays, medical displays and other application scenarios.

At present, Xinxinwei has independently developed mature semiconductor IP libraries and systematic technology development platforms under different processes, forming a complete array of medium and large-sized TCON chip products, and occupies a leading position in the market in niche application fields such as TVs and monitors. At the same time, Xinxinwei is also one of the few domestic frequency conversion MCU suppliers that has passed the system verification of leading home appliance manufacturers.

In terms of performance, Xinxinwei’s revenue and net profit have continued to grow in the past three years. In 2020, 2021, and 2022, Xinxinwei's revenue was 256 million yuan, 474 million yuan, and 535 million yuan respectively; the net profits attributable to the parent company were -13 million yuan, 75 million yuan, and 84 million yuan respectively.

It is worth noting that Hisense Vision is continuously expanding its layout in the new display field. Its display product business currently covers TVs, commercial displays, vehicle displays, AR/VR, etc. Its new display technologies include laser displays, ULED, OLED, MiniLED and Micro LED.

In the field of LED display, Hisense Vision continues to increase its presence in upstream LED manufacturers Qianzhao Optoelectronics and further expands its LED display technology capabilities including Mini/Micro LED. At present, Hisense Video has become the controlling shareholder of Qianzhao Optoelectronics, holding 22.88% of the shares.