Apex Microelectronics (Apexmic), a semiconductor subsidiary of printing and imaging product maker Ninestar Corporation, secured RMB3.2bn ($489m) last week from investors including home appliance manufacturer Gree Electric Appliance, DealStreetAsia reported today.
Gree Electric invested through its Zhuhai Gree Financial Investment Management unit, joining 11 others including China Integrated Circuit Industry Investment Fund (ICF) II, which led the round, Goldstone Investment and Hengqin Financial Investment.
Formed in 2004 in the city of Zhuhai, Apexmic produces microcontrollers, chips for smart printers and internet-of-things systems, and secure system-on-chip technology for network communication.
The company provides its technology for customers in industries including defence, aerospace, healthcare, semiconductor, cybersecurity and connected IT. It recently launched a chip that will be used in the cartridges of Epson’s EW-M530F printers.
Gree Financial Investment Management is paying $53.5m for a 1.8% stake in the spinoff while ICF II has committed $229m in return for 7.9% of its shares, according to a securities filing cited by DealStreetAsia. Ninestar will retain an 83.2% stake.
Limited partners for the $31bn ICF II fund include China’s Ministry of Finance, economic development agency Beijing E-Town and China Development Bank Capital. Its predecessor’s backers included corporates China Tobacco and China Mobile.
