Bankrupt HiDM is Acquired by Rongxin Semiconductor

JW Insights reports that Rongxin Semiconductor acquired through an auction the bankrupt HiDM (Huaian Imaging Device manufacturing Corporation) in Huaian, Jiangsu province. Rongxin Semiconductor was founded in April 2021 in Ningbo, Jiangsu province. Rongxin paid RMB1.666 billion ($262.1 million) for HiDM assets.

As a private capital, Rongxin’s participation in wafer manufacturing by rescuing HiDM represents a new source of solutions to failed mega semiconductor projects that had occurred over the last several years. It is also regarded as a new force in improving China’s foundry capacity.

Rongxin mainly focuses on 90-55nm 12-inch chip production lines of CIS and other semiconductors. The company's WLCSP TSV packaging focuses on advanced packaging and testing of CIS products.

RongSemi has formed strategic cooperation partnerships with several companies, including OmniVision. Currently, Rongxin is completing the fab construction and hiring its personnel now. The company needs a total of about 1,500 employees, including 70 management personnel, 650 technical personnel, and 780 production personnel.