① By penetrating equity relationships, Wang Lin and Huang Qing currently serve as partners and managing directors of Hualden International respectively; ② Shenzhen Yanmade Technology Inc. stated that Hualden International is also one of the original shareholders before the company's IPO.
On April 3, the Star Daily reported (Journalist Wu Xuguang) that establishing an investment fund together with private equity investment platforms is becoming a new measure for semiconductor listed companies to integrate resources.
Recently, six listed companies including Ge Ke Wei, Xing Chen Technology, An Kai Wei, 3peak Incorporated, Feng Yan Technology, and Shenzhen Yanmade Technology Inc. successively announced participation in investing in Shanghai Huarun Zhi Xin Venture Capital Partnership (Limited Partnership) (hereinafter referred to as "Huarun Zhi Xin" or "target fund"). After this capital increase is completed, Huarun Zhi Xin will also welcome several new shareholders.
According to the announcement, Huarun Zhi Xin mainly invests in the semiconductor industry and fields such as industrial, Autos, New energy Fund, high technology, and electronics, which have synergy with the main businesses of the above companies.
Currently, the partnership agreement and other documents related to this external investment have not yet been signed.
Focusing on investing in both upstream and downstream of the semiconductor industry chain.
The Star Daily reporter noted that after the completion of this round of fundraising, the total committed capital of Huarun Zhi Xin will increase to 0.309 billion yuan.
Among them, Ge Ke Wei subscribed the most with 50 million yuan, accounting for 16.18%; 3peak Incorporated and Xing Chen Technology each contributed 30 million yuan, accounting for 9.71%, ranking second; in addition, Feng Yan Technology and Shenzhen Yanmade Technology Inc. contributed 28 million yuan and 20 million yuan respectively, accounting for 9.06% and 6.47%.
A person from the Secretary's Office of Shenzhen Yanmade Technology Inc. stated, "This capital increase is the company's first external investment, and the investment period for Huake Zhixin is four years, which is relatively long and may have uncertainties, so the company's investment is relatively cautious."
A representative from 3peak Incorporated's securities department indicated, "The company's aspect is purely financial investment, while sharing investment returns, it will also consider sharing or cooperating at the strategic resource level."
"After all, investment carries risks and requires comprehensive determination." The peak pinch technology side stated.
In terms of fund allocation, the target fund will focus on investing in companies engaged in the semiconductor industry and its upstream and downstream related fields, including industrial, Autos, new energy, high-tech, and electronics, both within China and overseas, but primarily located in China or those whose main operating locations will be transferred to China after investment.
"Ultimately, the target fund's investment scope mainly revolves around companies in the semiconductor industry chain," a representative from Shenzhen Yanmade Technology Inc. stated. The company focuses on FPC automation and intelligent testing in the Consumer Electronics field and is also extending downstream in the industry, exploring MEMS Sensor testing equipment in the semiconductor testing equipment sector. The capital increase to Huake Zhixin is primarily aimed at expanding customer resources in the semiconductor field and deepening the company's layout in that area.
The reporter from the Star Daily noted that from the main business positioning of the aforementioned listed companies increasing their capital, they involve display driver chips, audio and video processing chips, SoC chips, signal chain Analog Chips, Electric Machine driver chips, and automated testing equipment, among several semiconductor products.
Logic, a partner at the investment bank institution Pulikangtu, told reporters from the Star Daily that the advantages and purposes of multiple listed companies participating in establishing private equity funds simultaneously are multi-faceted: first, compared to general PE/VCs, listed companies have stronger funding capacity; second, listed companies have industry resources that can provide synergistic resources for post-investment operations of fund investment projects; finally, the joint participation of several listed companies in the semiconductor industry chain not only helps broaden the scope of investment options for fund projects, the capability of post-investment empowerment, and the range of post-investment exit choices, but also entails longer investment coverage of the industry chain, thus reducing investment risks.
Regarding the collective action of several Integrated Circuits listed companies to increase capital as fund LPs, a representative from Geke Micro's Secretary's Office stated that the main consideration is to look for high-quality investment projects in the upstream and downstream of the industry chain so that everyone can focus on large tasks and jointly promote industry development.
The venture capital company Walden International is emerging.
Speaking of Huake Zhixin, it has quite a remarkable background.
According to relevant information, in February 2025, Huake Zhixin was established by general partner Shanghai Huake Zhiyuan Consulting Management Partnership (Limited Partnership) and limited partner Shenzhen Taike Yuan Trade Co., Ltd. This fund is managed by Shanghai Walden High-Tech Private Fund Management Co., Ltd.
It is worth mentioning that in this capital increase transaction, director Wang Lin from 3peak Incorporated is also one of the management staff at Shanghai Walden High-Tech Private Fund Management Co., Ltd., the fund manager of Huake Zhixin. Another former director of 3peak Incorporated, HING WONG (Huang Qing), currently serves as a director for the parent company of Ankai Micro and Ge Ko Microelectronics (Shanghai) Co., Ltd.
Reporters from the Star Daily observed through penetrating equity relationships that Wang Lin and Huang Qing currently also serve as partners and managing directors at Walden International, respectively.
Public information shows that Walden International, founded by Chen Liwu in 1987 in Silicon Valley, specializes in high-tech fields such as Semiconductor and Electronics Industry Chain, Automotive Intelligence, AI, Big Data, Cloud Computing, and innovations in New Economic Models. It is regarded as the flagship of the Silicon Valley industry investment sector and is one of the most influential investment institutions in the global electronics industry chain, especially in the semiconductor industry. "Walden International is also one of the original shareholders before Shenzhen Yanmade Technology Inc.'s IPO," a representative from the Yanmade Technology Board of Directors added.
Angel investor Guo Tao stated in an interview with reporters from the Star Daily that this phenomenon of "early investment - reinvestment after listing" is essentially a reflection of the semiconductor industry’s transition from "technology catching up" to "ecological dominance." Walden International, through localized fund managers (Walden High-Tech), builds an industrial resource network that complements the technical capabilities of public companies, jointly promoting the upgrade of the industry chain. For listed companies, this is both a strategy for positioning in the industry and a defensive strategy to cope with industry cycle fluctuations.
A representative from Fengqian Technology's Board of Directors further stated, "Through this capital increase, we can leverage the resource advantages of professional private equity institutions to broaden Fengqian Technology’s investment channels in the semiconductor field, empowering the company's business."
