Dutch company Anteryon acquired by state-owned investor

At Datenna, our China experts continuously track and conduct detailed investigations into the acquisitions of European and US firms by Chinese entities. Through a series of articles in our resource library, we highlight striking acquisition case studies, analysed based on Datenna’s in-depth, unique data on China’s techno-economic landscape. This article elaborates on the acquisition of  the Dutch company Anteryon.

Short read

  • Netherlands-based Anteryon sold for 32,25 million in January 2019;
  • Key semiconductor technology was acquired by Chinese investors;
  • The acquisition was claimed by stock-listed China Wafer;
  • At the time of acquisition, the relevant investment vehicle was 66% funded by the Chinese government;
  • China Wafer’s largest investors also had connections to the Chinese central government.

The sale of Anteryon

Jingfang Optoelectronics (WLOPT), in collaboration with Beauchamp Beheer, acquired the Dutch semiconductor company Anteryon. WLOPT is based in Suzhou (China), while Beauchamp Beheer is a Dutch investment company. Anteryon was spun off from Philips in 2006 with the intention to mass produce wafer level optics and mobile phone camera modules. In January 2019 the acquisition of Anteryon by WLOPT was completed. In exchange for 73% of the shares, WLOPT paid €32.25 million.

 

Acquisition funded by the Chinese government

 

According to official statements Anteryon was acquired by the Chinese company Jingfang Optoelectronics (WLOPT). Chinese sources report China Wafer Level CSP (a stock-listed company) as the acquirer. Suzhou Jingfang (WLOPT) is in fact a holding company owned by the Suzhou Jingfang Integrated Circuit Fund (99,99% of the shares). The largest shareholder of the fund at the time was the ‘Investment Fund for Major Industrial Projects in Suzhou Industrial Park’ with 66% of the shares. The second shareholder was China Wafer, with 33% of the shares. The Suzhou Jingfang Integrated Circuit Fund, as well as WLOPT, were established in August 2018, shortly before the acquisition of Anteryon.

Based on the actual ownership we can conclude that, in 2019, the acquisition of Anteryon was majority (66%) financed by the Chinese government. The actual influence of the government was even higher, as China Wafer’s largest shareholders were also government entities. The largest shareholder of China Wafer was also owned by the Suzhou Industrial Park. Another large investor in China Wafer at the time, owning 9,5% of the shares, was the National IC Fund (‘The Big Fund’), a strategic fund under China’s Made in 2025 industrial strategy, aimed at accelerating the indigenous chip industry in China.

 

Investment fund for major industrial projects in Suzhou Industrial Park

 

At the time of the acquisition, the ‘Investment Fund for Major Industrial Projects in Suzhou Industrial Park’, which (indirectly) owned 66% of the shares in Anteryon, was controlled by Suzhou Industrial Park (SIP), a government entity in China. 79,9% of the shares were owned by the SIP Financial Bureau. The other 20,1% were owned by the SIP Economic Development Co., Ltd. This state-controlled investment company was owned by the SIP Management Committee and was also the largest shareholder in China Wafer. As a further indication of the connection with the (central) government, the Joint Steering Committee of the SIP was chaired by vice-premier Han Zheng, a member of the Politburo Standing Committee and thus a top-level politician in China.

In 2021 China Wafer took over all the Investment Fund for Major Industrial Projects in Suzhou Industrial Park’s 66% shares, becoming the 99% (indirect) owner of Anteryon’s shares through WLOPT and the Suzhou Jingfang Integrated Circuit Fund. China Wafer’s connections to government through the SIP remain.

Access to key technologies

“This acquisition is an important milestone in WLOPTs long-term growth strategy and provides WLOPT with access to key technologies for the development of miniaturized optical solutions for high-volume consumer applications, such as smartphones, next-generation security and automotive applications.”

– Wang Wei (CEO China Wafer)

Anteryon delivers optical components and related services for business and consumer markets. Its core technologies comprise of a proprietary world class replication technique to produce high end hybrid optical lenses combined with ultraprecise glass and surface structuring, optical and mechanical coatings and opto-mechanical and electronic assemblies including Hyper Spectral Imaging. Industrial applications range from semiconductors, industrial sensing/scanning, construction, agriculture, medical and security. Consumer applications range from 3D scanning, AR/VR, Internet of Things, imaging and automotive.

 

Large-scale production in China

 

“They already have a few designs, for which they need our production technology to bring them to the market.”
– Gert-Jan Bloks (CEO Anteryon)​ (Mechatronics Machine Building)

With this acquisition Anteryon expects to grow their sales significantly. With access to Anteryon’s technology, new products can be brought to the Chinese market. Currently Anteryon is mainly focussed on industrial applications, however with the cooperation of China Wafer, they expect to enter a new market of consumer electronics such as optical applications in the automotive sector, but also more sensitive technologies such as fingerprint scanners and facial recognition in mobile phones and tablets.

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