Singapore's Mi Technovation Expands Investments in China

21 Oct, 2023

Singapore's Mi Technovation Expands Investments in China

Mi Technovation Bhd's wholly-owned subsidiary, Mi Semiconductor Pte Ltd (MiSE Singapore), has recently inked a significant US$30 million investment deal with the Xiaoshan Economic and Technological Development Zone Administration Committee. This substantial investment is primarily dedicated to research and development (R&D) as well as manufacturing facilities for power modules and devices. The focal point of this venture is Xiaoshan, located in Hangzhou City.

The company officially disclosed this strategic move in a filing with Bursa Malaysia. Under the terms of the agreement, MiSE Singapore is set to channel the earmarked capital into its subsidiary, Mi Semiconductor (Hangzhou) Co Ltd. This subsidiary boasts a core R&D team comprising graduates from esteemed universities, with its key management team comprising experienced professionals from leading multinational companies in Europe, the United States, and Taiwan.

This investment is characterized as a strategic business collaboration between MiSE Singapore and the prominent intellectual groups associated with Xi'an and Hangzhou cities. It signifies a significant step for the semiconductor solutions division, allowing it to become an active part of the domestic Chinese ecosystem, particularly in the wide bandgap semiconductor segment within the renewable energy sector.

The board of Mi Technovation Bhd pointed out the promising prospects of the global wide bandgap semiconductor market, with expectations of substantial growth over the next decade. This growth is driven by various industries seeking energy-efficient and high-performance electronic solutions.

The earmarked investment sum will be sourced from internally generated funds, and the first production line is anticipated to commence operations by the end of 2024.