Raising 590 million yuan, Weishi Electronics adds new vehicle display and other projects

On March 16, Weishi Electronics announced that the company plans to publicly issue convertible bonds to raise no more than 590 million yuan, and the funds raised will be used for lightweight new vehicle display component projects and supplement working capital.

The lightweight vehicle-mounted new display component project plans to use 490 million yuan of raised funds to be implemented by Huai'an Weish Technology Co., Ltd., a wholly-owned subsidiary of Weish Electronics. The project construction period is 24 months. After completion, it will have an annual production capacity of 4.33 million pieces of lightweight structural parts and 1.85 million pieces of display modules.

In addition, Weishi Electronics plans to use no more than 100 million yuan of the funds raised in this issuance to supplement working capital to better meet the company's working capital needs for the expansion of its business scale.

Weishi Electronics stated that the investment project raised this time focuses on new lightweight vehicle-mounted display components. It plans to expand the product line of lightweight vehicle-mounted display structural parts, and on this basis, increase the production capacity of new vehicle-mounted backlight display modules. The product solution is in line with the current mainstream development trend of intelligence and lightweight in the automotive industry, and has considerable market space and business growth prospects.

Data show that Vise Electronics is a leading company in the field of global automotive backlight display modules. It has been deeply involved in the automotive display industry for a long time. The company maintains long-term good business relationships with leading downstream companies such as JDI, Sharp, Tianma, LGD, Kyocera, Panasonic, Mitsubishi, CSOT, and AUO, and has a sustained and stable order share.

Weishi Electronics said,The implementation of the investment project with raised funds is based on customer demand, and on the basis of order promotion, the company will strategically lay out the new lightweight vehicle display component market. The company relies on its in-depth bonding with customer groups to promptly understand industry trends and customer product lightweight demands, ensuring that the product solutions of the investment projects raised with funds are in-depth matching with customer needs, and providing order demand guarantee for the effective digestion of project production capacity.

The new lightweight vehicle-mounted display components produced by this raised-funded investment project are a combination of new backlight display modules and lightweight magnesium-aluminum structural parts. The products mainly adopt production technologies and production processes such as semi-solid injection molding, CNC, encapsulation, chemical formation, painting, solid crystal, electrical testing, curing, and assembly, and are produced using integrated molds developed and produced by the company itself. The company's technology accumulation and talent reserves have laid the foundation for the implementation of this raised-funded investment project.

In terms of technology accumulation, Weishi Electronics has profound technology accumulation in the field of new automotive display modules and related structural parts, and has mastered the high-precision and high-consistency production process adapted to the automotive field. At the same time, based on in-depth cooperation with customers and a pre-positioned product development model, the company's technical achievements are based on mainstream market needs and meet industry development trends.

In terms of talent reserve, Weishi Electronics has a high-quality and professional management team. The team members have focused on the field of automotive display for many years and have accumulated rich industry experience.He has a deep understanding and rich experience in product research and development, production management, quality control, market development and other aspects.

Weishi Electronics said that the investment project with raised funds combines market demand and future development trends, and is in line with the future development direction of the automotive lightweight development and vehicle-mounted display intelligence. It will help the company give full play to its scale advantages, thereby improving the company's overall competitiveness and risk resistance, maintaining and consolidating the company's market leading position in the vehicle-mounted display industry, and meeting the company's long-term development needs and shareholders' interests.