Songsheng and Halco take action, a list of 17 acquisitions in the lighting industry in 2025

As 2025 comes to an end, the capital operation of the lighting industry continues to advance and has not slowed down due to the year-end node. Recently, Songsheng Shares and Halco Lighting have announced their respective acquisitions.

Songsheng Co., Ltd. plans to acquire Xinshen Technology

On December 23, Songsheng Co., Ltd. announced that the company had signed an acquisition agreement with Guangdong Xinshen Technology Co., Ltd. (hereinafter referred to as "Xinshen Technology"), Jin Haifeng, Jin Haicheng, etc., and planned to use its own funds of 16.5 million yuan to purchase a total of 55% of the equity of Xinshen Technology held by Jin Haifeng and Jin Haicheng. After the transaction was completed, Xinshen Technology became a holding subsidiary of Songsheng Co., Ltd.

According to the announcement, Xinshen Technology is mainly engaged in the research and development, production and sales of intelligent lighting control products. The products are used in many tunnels, street lights, airports, many power plants including four nuclear power plants, and many other factory and mine projects across the country. It has a high market share in road lighting, industrial lighting, station lighting, ship lighting and other fields.

Songsheng Co., Ltd. mainly deploys two major business segments: LED drive power supply and energy storage inverter. Xinshen Technology's products are also mainly used in the field of LED lighting. They belong to the same industry as Songsheng Co., Ltd.'s main business, LED drive power supply, and have overlapping characteristics of downstream customers.

Songsheng shares said that the acquisition will help integrate the superior resources of the two companies, realize product innovation of the next generation of intelligent control power supply through the complementation of technology and products, strengthen the company's technical barriers in the field of LED lighting drive, and make the company become a solution provider integrating power supply, intelligent control and communication.

Halco acquires Southwire’s Topaz fixed lighting product line

None exclusive Coincidentally, on the other side of the ocean, Halco Lighting has also made new capital moves. According to industry news, Halco Lighting has acquired the Topaz fixed lighting (Permanent Lighting) product line of electrical giant Southwire.

For cable giant Southwire, its annual revenue is as high as US$8.4 billion. The acquisition of Topaz Lighting in 2021 was once regarded as an attempt to diversify products. However, just four years later, Southwire chose to spin off Topaz's "fixed lighting business." According to disclosures, Southwire only retains the "electrical components" and "temporary lighting" businesses that are strongly related to engineering construction, and will divest commercial and industrial lighting products (such as high ceiling lights, wall lights, panel lights, etc.).

For the buyer Halco Lighting, it divested its swimming pool and landscape lighting business in 2022, intending to focus on the main channel of commercial and industrial lighting. Products sold by Topaz The portfolio includes a large number of "workhorse products", such as modification kits, tri-proof lights and general-purpose LED light sources. This is in line with Halco’s pragmatic market strategy.

Through this transaction, Halco Lighting has enriched its commercial and industrial lighting product array, while Southwire has divested its highly competitive finished lighting business and refocused on its core electrical infrastructure track.

Competition for lighting segmentation tracks

Based on industry trends, according to TrendForce Consulting analysis, in the first half of 2025, the LED general lighting industry did not recover as expected, the new installation market continued to be weak, the growth rate of the stock replacement market slowed down, the overall market size continued to shrink, and corporate revenue performance was poor. Looking forward to the second half of the year, changes in the international situation have heightened the market's wait-and-see sentiment, leaving uncertainty in the outlook. TrendForce estimates that the full-year LED lighting market size will decline by 4.4% to US$53.573 billion.
< br /> Faced with involution, some companies choose to "go deeper and deeper" on the existing track, increase the added value of their products through vertical integration, try to evolve from a single "component supplier" to a "solution supplier", or strengthen their dominance in the existing market by integrating resources. Songsheng Holdings and Halco Lighting mentioned above are representatives of this path.

In addition, in order to avoid the fiercely competitive and meager profit general lighting market, segmented lighting tracks with high technical barriers, large profit margins and good growth potential have become new competition targets, including automotive lighting, professional lighting, health lighting, special lighting and other fields.

Specifically, in August this year, Sanan Optoelectronics announced that it planned to join forces with foreign investor Inari Amertron Berhad to acquire 100% equity in the Dutch LED company Lumileds Holding B.V., with an enterprise value of US$239 million. This acquisition will help expand the high-end international market and enhance its competitiveness in the automotive and special lighting fields.

In the same month, Debon Lighting issued an announcement stating that the company planned to acquire no less than 51% of Jiali's shares through share transfers and capital increases, and then gain control of it. Jiali Co., Ltd. specializes in the research and development, design, manufacturing and sales of automotive lamps. Through this merger, Debang Lighting will acquire the manufacturing capabilities of passenger car/commercial vehicle lamps.

In April, Jingfeng Mingyuan announced that it planned to acquire Yichong Technology for 3.28 billion yuan. Yichong Technology is one of the few suppliers of smart headlight driver ICs for mass-produced automobiles in China. Its technology has formed a strong synergy with Jingfeng Mingyuan’s power management chips, complementing the shortcomings of Jingfeng Mingyuan’s automotive-grade chips and accelerating its penetration in the automotive market.

Yachuang Electronics also has a very intensive layout. This year, through the acquisition of Ou Chuangxin and Yihai Nengda and its participation in Shanghai Analog Semiconductor, it has built a full chain of capabilities from analog integrated circuit research and development to electronic component distribution, covering the aftermarket of car lights and two-wheeled electric vehicles.

In the field of professional and health lighting, Mulinsen has made progress. At the beginning of this year, Mulinsen announced its intention to acquire SIA Technology to explore the fields of low-altitude and aviation lighting. , German subsidiary LEDVANCE plans to acquire LOBLICHT of Germany, strengthening its capabilities in the field of modern office and public space lighting engineering; in July, LEDVANCE plans to acquire 18.77% of Bridgelux's equity to deepen technological synergy in the field of healthy light environments such as "full spectrum/aging-friendly lighting".

YiRi Technology focuses on the field of entertainment lighting. In May this year, it announced the acquisition of equity interests in Claypaky, a well-known Italian entertainment lighting brand. After the acquisition, Yiri Technology will strengthen its competitiveness in the European market and consolidate its position in the field of high-end professional lighting.

It is worth noting that other corporate actions have taken place in the European entertainment lighting market. In July this year, ams OSRAM announced that it would sell its entertainment and industrial lighting business to the Japanese optical technology company Ushio for 114 million euros (approximately RMB 900 million). The ENI business sold this time covers specialty lamps for infrastructure and cinema applications, as well as high-end light sources for semiconductor wafer manufacturing equipment.

Lighting companies’ rush for cross-border transformation

In addition, some companies have taken advantage of the capital advantages of listed companies to enter popular tracks such as AI, computing power, and energy storage.

As a company with 99% of its revenue coming from landscape lighting, Roman Holdings announced in August that it planned to acquire Wutong High-tech and cross-border into the AIDC computing power server field, trying to hedge the fluctuations of traditional engineering business through new computing power infrastructure.

Spacetime Technology, which also specializes in the night economy, planned to acquire Jiahe Jinwei in October, intending to use capital operations to enter the storage and electronic technology fields and achieve business diversification. In addition, public information shows that Spacetime Storage (Shenzhen) Semiconductor Co., Ltd. was recently established, and its business scope includes the manufacturing of semiconductor discrete devices. The company is wholly owned by Spacetime Technology.

Through the acquisition of Huayi Microelectronics, Huatian Technology has extended its business reach to independent research and development of power devices, covering high-growth areas such as automotive and industrial grades, and opened up a second growth curve.

Hongguang Semiconductor focuses on the research and development of SMD LED devices and commercial and residential lighting products. This year In December, the company announced that it planned to acquire approximately 12.98% of Shenzhen Gallium's shares for a total transaction price of approximately HK$114 million. Shenzhen Gahong, the target of this acquisition, is mainly engaged in the R&D and manufacturing of GaN power chips and GaN radio frequency epitaxial wafers. In the first half of 2025, the company's LED lamp bead revenue was 24.93 million yuan, while GaN and fast charging product revenue was 8.13 million yuan, a year-on-year increase of approximately 8 times.

AICA Co., Ltd. is focusing on the new energy field. In November, the company suspended trading and planned to acquire Dongguan Silicon Xiang, which focuses on new energy battery thermal management solutions. In recent years, AICA has accelerated its expansion from the LED lighting business to the new energy field. Today, the new energy sector has become another important performance growth point for AICA in addition to the LED lighting sector.

It is worth mentioning that not all mergers and acquisitions will be completed. While running wild, some companies choose to stop losses in time and return to their core strengths. In June, Xingguang Co., Ltd. announced the termination of its acquisition of the "Cost Tong" platform assets owned by China Construction Pulian. Although the concepts of big data and AI have great development prospects, in actual advancement, Starlight Shares finally chose Give up on this huge undertaking.

In order to more intuitively review the capital flow of the lighting industry in 2025, LEDinside has sorted out the above key acquisitions/mergers and acquisitions cases as follows:

Conclusion

Whether it is the vertical integration of the industrial chain between Songsheng Co., Ltd. and Halco Lighting, or the precise positioning of Mulinsen, Sanan Optoelectronics, Debang Lighting in subdivided tracks, or the cross-border breakthrough of Lohman Co., Ltd. and Spacetime Technology, these are essentially the redefinition of the core competitiveness of enterprises under the inventory cycle. In the future, industry differentiation will further intensify. Only those companies that can accurately identify their own endowments and use capital means to complete strategic restructuring can transcend the cycle and occupy a place in the new industrial structure.