Caixin
Apr 13, 2021 07:50 PM
BUSINESS & TECH

U.S.-Blacklisted Ofilm Finds Buyers for Its Camera Unit

What’s new: Semiconductor-maker Wingtech Technology Co. Ltd. (600745.SH) said it will establish a joint venture with a subsidiary of state-owned Zhuhai Gree Group Co. Ltd. to acquire the camera module unit of backlisted Ofilm Group Co. Ltd. (002456.SZ), according to a filling by Wingtech to the Shanghai Stock Exchange Monday. Ofilm’s camera module unit’s clients include Apple Inc.

The joint venture will have a registered capital of 3 billion yuan ($457.9 million), with Wingtech investing 2.1 billion yuan, the filing said. Wingtech announced last month that it will buy the business for 2.4 billion yuan.

What’s the background: Gree Group will work with Wingtech to develop an optoelectronics industrial zone in the southern city of Zhuhai via the joint venture, the company said in a statement released Tuesday.

Ofilm has been seeking to offload its camera module unit, based in the southern city of Guangzhou, after it became one of the 11 companies put on a blacklist barring it from accessing U.S. technologies by the Trump administration. The company said last month that it had lost a major client, thought to be Apple.

Quick Takes are condensed versions of China-related stories for fast news you can use.To read the full Caixin article in Chinese, click here.

Contact reporter Lu Yutong (yutonglu@caixin.com) and editor Marcus Ryder (marcusryder@caixin.com)

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