A major strategic move into chip industry! A semi-conductor technology company of Midea was born.

On January 26, 2021, Meiken Semiconductor Technology Co., Ltd. (hereinafter referred as Meiken) was established, powered up with a registered capital of 200 million yuan. As shown on Qcc.com, a Chinese local corporate credit management system, the new-born firm is jointly owned by Midea Group Co., Ltd. and Foshan Midea Air Conditioning Industry Investment Co., Ltd., with shares of 95% and 5% respectively.

Midea focuses on diversified business (Photo by Gao Huichao)

Meiken operates mainly in services such as manufacturing and selling integrated circuit chip and products, manufacturing power electronic component, producing semiconductor discrete device, and R&D in emerging energy technologies. Such endeavor can be seen as Midea’s strategic move into chip industry – another epic decision after a few since 2020 in an ambition to become a multi- focused tech company.

Ever since 2020, Midea Group has decided on the following strategies:

First, enter automobile industry with a large-scale acquisition. In 2020, Midea acquired partial shares of Beijing Hekang New Energy Technology Co., Ltd. for 740 million yuan. To this date, Midea has built a car-home interconnection system with 5 car brands worldwide, and realized remote control of smart home appliances.

Second, actively lay out smart building system through acquisition. Midea has now become the owner of Winone Elevator Co., Ltd. The two seek to improve their industrial layout by integrating the elevator product line into the overall solution of smart buildings.

Third, make timely adjustment to its business portfolio. Due to rapid business expansion and strategic focus, Midea now has five major business branches: smart home business, electro-mechanical operation, HVAC and building service, robotics and automation business unit, and digitalization.

Midea’s appearance on Internet+ Expo (Photo by Gao Huichao)

Author | Jersey

Photo | Gao Huichao Foshan Daily