Dutch company Anteryon acquired by state-owned investor

At Datenna, our China experts continuously track and conduct detailed investigations into the acquisitions of European and US firms by Chinese entities. Through a series of articles in our resource library, we highlight striking acquisition case studies, analysed based on Datenna's in-depth, unique data on China's techno-economic landscape. This article elaborates on the acquisition of the Dutch company Anteryon.

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The Sale of Anteryon

Jingfang Optoelectronics (WLOPT), in collaboration with Beauchamp Beheer, acquired Dutch semiconductor company Anteryon. WLOPT is based in Suzhou, China, while Beauchamp Beheer is a Dutch investment company. Anteryon was spun off from Philips in 2006 with the intention to mass produce wafer level optics and mobile phone camera modules. The acquisition was completed in January 2019, with WLOPT paying €32.25 million in exchange for 73% of the shares.

Acquisition Funded by the Chinese Government

According to official statements, Anteryon was acquired by the Chinese company Jingfang Optoelectronics (WLOPT). Chinese sources report China Wafer Level CSP — a stock-listed company — as the acquirer. Suzhou Jingfang (WLOPT) is a holding company owned by the Suzhou Jingfang Integrated Circuit Fund (99.99% of shares). The largest shareholder of the fund at the time was the Investment Fund for Major Industrial Projects in Suzhou Industrial Park with 66% of shares, with China Wafer holding 33%. Both the Suzhou Jingfang Integrated Circuit Fund and WLOPT were established in August 2018 — shortly before the acquisition of Anteryon.

Based on the actual ownership structure, the 2019 acquisition of Anteryon was majority (66%) financed by the Chinese government. The actual level of government influence was even higher, as China Wafer's largest shareholders were also government entities. The largest shareholder of China Wafer was owned by the Suzhou Industrial Park. A further large investor in China Wafer at the time — owning 9.5% of shares — was the National IC Fund ("The Big Fund"), a strategic fund under China's Made in China 2025 industrial strategy aimed at accelerating the indigenous chip industry.

Investment Fund for Major Industrial Projects in Suzhou Industrial Park

At the time of acquisition, the Investment Fund for Major Industrial Projects in Suzhou Industrial Park — which indirectly owned 66% of Anteryon's shares — was controlled by Suzhou Industrial Park (SIP), a Chinese government entity. Of its shares, 79.9% were owned by the SIP Financial Bureau and 20.1% by SIP Economic Development Co., Ltd. As a further indication of connections to the central government, the Joint Steering Committee of the SIP was chaired by vice-premier Han Zheng — a member of the Politburo Standing Committee and a top-level Chinese politician.

In 2021, China Wafer took over all of the Investment Fund's 66% shares, becoming the 99% indirect owner of Anteryon's shares through WLOPT and the Suzhou Jingfang Integrated Circuit Fund. China Wafer's connections to the Chinese government through the SIP remain in place.

Access to Key Technologies

"This acquisition is an important milestone in WLOPT's long-term growth strategy and provides WLOPT with access to key technologies for the development of miniaturized optical solutions for high-volume consumer applications, such as smartphones, next-generation security and automotive applications."— Wang Wei, CEO China Wafer

Anteryon delivers optical components and related services for business and consumer markets. Its core technologies include a proprietary world-class replication technique for producing high-end hybrid optical lenses, combined with ultraprecise glass and surface structuring, optical and mechanical coatings, and opto-mechanical and electronic assemblies including Hyper Spectral Imaging. Industrial applications range from semiconductors, industrial sensing and scanning, construction, agriculture, medical, and security. Consumer applications include 3D scanning, AR/VR, Internet of Things, imaging, and automotive.

Large-Scale Production in China

"They already have a few designs, for which they need our production technology to bring them to the market."— Gert-Jan Bloks, CEO Anteryon (Mechatronics Machine Building)

With this acquisition, Anteryon expects to grow its sales significantly. Access to Anteryon's technology enables new products to be brought to the Chinese market. Currently focused primarily on industrial applications, Anteryon expects — through cooperation with China Wafer — to enter the consumer electronics market, including optical applications in the automotive sector and more sensitive technologies such as fingerprint scanners and facial recognition systems in mobile phones and tablets.