LED company Weizhi Holdings received support from CICC Zhanxin Venture Capital Fund

On August 11, Weizhi Holdings Co., Ltd. (hereinafter referred to as "Weizhi Holdings") issued a voluntary announcement, announcing that its indirect wholly-owned subsidiary Weichi Optoelectronics (Shenzhen) Co., Ltd. (hereinafter referred to as "Shenzhen Weichi") and CICC Zhanxin Venture Capital (Heshan) Partnership (Limited Partnership) signed an investment letter of intent.

According to the announcement, funds managed by Jinzhanxin Venture Capital or its related parties plan to invest RMB 30 million to RMB 50 million to strengthen the business development of Shenzhen Weizhi.

Weizhi Holdings has production facilities in Shenzhen and Huizhou, Guangdong Province. Its products are mainly divided into two categories: LED backlight products and LED lighting products. LED backlight products include three major categories: vehicle displays, TV displays and other industrial equipment displays. LED lighting business is divided into two major categories, namely commercial lighting and public lighting.

Before December 31, 2024, revenue from vehicle monitors will be approximately HK$1.828 billion, TV monitors will be approximately HK$28.03 million, and industrial equipment will be approximately HK$103 million. Demand for automotive display backlights was strong, with sales increasing by 22.6%, accounting for 93.3% of total LED backlight sales. Demand for TV backlights increased slightly, with sales increasing by 13.2%.

As an indirect wholly-owned subsidiary of Weizhi Holdings, Shenzhen Weizhi is mainly responsible for the manufacturing, sales and procurement of LED lighting products.

Weizhi Holdings stated that this investment will provide financial support to the group to increase production capacity, introduce advanced production technology and new production lines, and strengthen procurement and sales to promote continued business growth.