On September 19th, 2024, Jinghua Microelectronics (688130.SH) announced that the company signed an "Intention Agreement" with the trading partner Core State Technology. The company plans to purchase 60% to 70% of the shares and acquire control of Shenzhen Core State Zhixin Microelectronics Co., Ltd., a wholly-owned subsidiary of Core State Technology owning the assets of the smart home appliance control chip business (referred to as the "target assets") with no more than RMB 0.14 billion in cash.

Core State Technology is a technology platform-oriented integrated circuit design company focused on SoC design. Currently, the company has achieved large-scale sales of products including smart home appliance control chips and mobile storage control chips. Among them, the smart home appliance control chip serves as the core of smart home appliances, enabling control of home appliances through precise sensing of external commands and a series of signal transmissions. Currently, smart home appliance products offer human-machine interaction methods such as mechanical, touch button, and voice interaction. Core State Technology's smart home appliance control chip products are used for touch button interaction, with product series including the 70 series, 73F, 73D series. This product is adopted by well-known brand manufacturers such as Midea, Zhejiang Supor, Changhong Meiling, Ecovacs Robotics, Vatti Corporation, Siemens, Royal Philips, Sunbright Electrical, Skyworth Electrical, Aucma Co.,Ltd., Hangzhou Robam Appliances, used in various home appliances including refrigerators, washing machines, cooker hoods, floor scrubbers, ovens, microwaves, rice cookers, and more. The target company will become the main operator of Core State Technology's smart home appliance control chip business assets.