Goerwei shares to promote new strategy, subsidiary Goerwei plans to independently list on the Hong Kong Stock Exchange.
On the evening of September 13, Goerg Shares (002241.SZ) issued a notice that it plans to split its subsidiary Goerg Microelectronics Co., LTD. (referred to as "Goerg Micro") to achieve a separate listing on the Main Board of the Hong Kong Stock Exchange. After the spin-off, the shareholding structure of Goerwei shares will remain stable and continue to retain a controlling position in Goerwei.
Goerwei (together with its controlling subsidiaries) is the only entity within Goerwei Group focused on the development, production and sale of MEMS (micro-electro-mechanical system) devices and microsystem modules. In terms of equity allocation, Goerwei shares, as the main shareholder of Goerwei, hold 87.75% of its shares.
Restart the spin-off had terminated the GEM listing in the first half of the year
The author has previously been concerned that Goerg shares have planned the spin-off listing of Goerwei for many years.
Since 2021, Goerwei has begun to prepare for the listing of A-share GEM, although it passed the audit on October 19, 2022, but did not advance to the registration stage. Until May 2024, Goerwei shares announced the suspension of the listing plan of Goerwei. In response to this decision, Goerwei Shares stated that in view of the current market environment and overall consideration of capital operation, after in-depth discussion and careful evaluation of many parties, the company decided to withdraw the listing application of Goerwei on the GEM and terminate the relevant spin-off process.
Goermicro is the only company engaged in the research and development, production and sales of MEMS sensing and interaction devices and microsystem modules within GoerMicro. The strategy focuses on MEMS sensing and interaction devices, systems and integrated vertical industry ecology.
According to Yole data, from 2020 to 2022, Germicro ranks 6th, 8th and 9th among global MEMS manufacturers, and is the only Chinese enterprise on the list of the top 10 global MEMS manufacturers. From 2020 to 2022, Goermicro MEMS acoustic sensor market share continues to rank first in the world.
Although the performance of the MEMS acoustic sensor chip developed by Goerwei is comparable to that of the purchased chip, after the customer comprehensively evaluates the product performance, stability, supply continuity and past supply record, the process of the self-developed chip entering the customer's supply chain is more complicated and takes longer, resulting in a relatively low revenue contribution from the self-developed chip. The proportion of the total shipment of Goermicro MEMS products is still not high. To this end, Goerwei needs to continue to enhance the technical strength and performance indicators of self-developed chips, and optimize the customer import process. If the self-developed chip is difficult to meet the market demand or the customer import process is slow, it will have an adverse impact on the company's operating results and long-term development.
In addition, Galwee also faces the risk of dependence on a single supplier and a high degree of dependence on a small number of customers, especially a large number of purchases from Infineon, accounting for a large proportion of the total procurement. Although the two sides have established a solid long-term cooperative relationship, once the cooperation changes and the lack of effective alternatives, it will pose a major threat to Galwee's business performance. At the same time, Germicro's customer base is relatively concentrated, especially its dependence on Apple's industrial chain is significant. At present, it mainly serves the world's leading consumer electronics and automotive electronics brands and their core suppliers, which are highly competitive in the market and have a long and stable history of cooperation with Golvie. However, if the relationship with these key customers, especially Apple, fluctuates, it will have a serious impact on the operating results of the company.
As an important participant in the global MEMS acoustic sensor market, after the spin-off and listing, Germicro will increase investment with the help of capital market resources, seize the development opportunities of AI intelligent hardware, and create greater value for shareholders.
Conclusion
In recent years,AI large model and voice interaction technology has developed rapidly, core devices such as high-performance MEMS acoustic sensors have ushered in new opportunities, and new products such as AI smart glasses and AR will also explode in growth, promoting SIP microsystem module applications. Goerwei, as the domestic MEMS and microsystem module leader, intends to seize the industry opportunity by independent listing financing.
The independent listing will enable Goer Shares to focus more on resources, deepen optics, acoustics and other fields, and form a positive interaction with Goer micro business for collaborative development.
This paper is from Ulink Media, Shenzhen, China, the organizer of IOTE EXPO (IoT Expo in China)
