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United Nova Technology

United Nova Technology Co., Ltd.
UNT
Native name
芯联集成电路制造股份有限公司
FormerlySemiconductor Manufacturing Electronics (Shaoxing) Corporation
Company typePublic; State-owned enterprise
SSE: 688469
IndustrySemiconductors
FoundedMarch 9, 2018; 6 years ago (2018-03-09)
HeadquartersShaoxing, Zhejiang, China
Key people
Ding Guoxing (Chairman)
Zhao Qi (CEO)
RevenueIncrease CN¥5.32 billion (2023)
Decrease CN¥−2.94 billion (2023)
Total assetsIncrease CN¥31.57 billion (2023)
Total equityIncrease CN¥15.85 billion (2023)
OwnerSMIC (14.10%)
Number of employees
4,324 (2023)
Websitewww.unt-c.com
Footnotes / references
[1]

United Nova Technology (UNT; Chinese: 芯联集成; pinyin: Xīnlián Jíchéng) is a partially state-owned publicly listed Chinese semiconductor company headquartered in Shaoxing, Zhejiang. It provides wafer foundry and module packaging solutions.

Background

On 9 March 2018, the company was founded as a joint venture between Semiconductor Manufacturing International Corporation (SMIC) and the government of Shaoxing. It went by the name Semiconductor Manufacturing Electronics (Shaoxing) Corporation or SMEC.[2][3][4]

On 10 May 2023, SMEC helds its initial public offering (IPO) by becoming a listed company on the Shanghai Stock Exchange STAR Market. The IPO raised 10 billion yuan (US$1.4 billion) making it one of the largest offerings in 2023.[2][3][4]

By the end of 2023 it had become China largest foundry as well as the world's fifth largest in terms of MEMS.[2]

In November 2023, the company was rebranded to United Nova Technology.[5]

In January 2024, UNT announced it signed an agreement today with Nio for the production of silicon carbide modules[6]

Financial performance

UNT so far has not made a net profit and as of April 2024 has seen its share price drop below IPO levels which has attracted criticism. UNT predicted in the worst-case scenario where SMIC terminates its licensed technology agreement with UNT, the company would achieve profitability in 2025. However its 2023 annual report unveiled that net profit losses were twice the amount that was initially predicted. Institutions such as CITIC Securities still believe UNT will be loss-making in 2025.[4]

The quality of the disclosures in UNT's reporting have also been questioned. UNT has stated it adopts an accelerated depreciation policy which has a greater impact on cost that affects its profit but its annual report showed a straight-line depreciation method being used instead. In addition figures related to items such as investment projects, non-operating expenses and patents were found under scrutiny to be nonsensical .[4]

See also

References

  1. ^ "2023 Annual Report" (PDF). UNT. Archived (PDF) from the original on 15 June 2024. Retrieved 15 June 2024.
  2. ^ a b c Lu, Misha (4 January 2024). "Arm, United Nova Technology and Nexchip joined the rank of the world's top 100 highest-valued chip companies in 2023". DIGITIMES. Archived from the original on 29 March 2024. Retrieved 15 June 2024.
  3. ^ a b Li, Jiaxing (26 April 2023). "SMIC-backed Chinese contract chip maker seeks US$1.4 billion in Shanghai IPO". South China Morning Post. Archived from the original on 15 June 2024. Retrieved 15 June 2024.
  4. ^ a b c d "芯联集成2023年大幅增亏，股价已持续破发超7个月_制造_项目_公司". www.sohu.com. 8 April 2024. Archived from the original on 15 June 2024. Retrieved 15 June 2024.
  5. ^ "United Nova Technology Co., Ltd. (688469.SS)". Yahoo Finance. 14 June 2024. Archived from the original on 11 May 2024. Retrieved 15 June 2024.
  6. ^ Zhang, Phate (30 January 2024). "Nio reaches deal with local firm for production of SiC modules". CnEVPost. Archived from the original on 24 February 2024. Retrieved 15 June 2024.
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