Mulinsen plans to acquire 18.77% stake in Bridgelux

On July 5, Mulinsen issued an announcement on foreign investment and equity purchase, saying that its German subsidiary LEDVANCE GmbH planned to purchase 18.7722% of the equity of the company's joint-stock company Bridgelux Optoelectronics (Xiamen) Co., Ltd. (hereinafter referred to as "Pridge Optoelectronics") with its own funds or self-raised funds of approximately 256 million yuan.

Plans to acquire 18.77% equity of Bridgelux for RMB 256 million

Specifically, Bridgelux, formerly known as Kaifajing Lighting (Xiamen) Co., Ltd. (hereinafter referred to as "Kadajing"), was founded in 2011 with a registered capital of RMB 300 million. The company is positioned as a leading enterprise in the LED patented device industry and an important supplier of semiconductor power devices.

Bridgelux's business scope covers the R&D, manufacturing and sales of LED epitaxial chips, packaging (SMD, COB), phosphors, power devices, lighting modules and other products. It owns two well-known international LED brands, "Bridgelux" and "Intematix". In the first quarter of this year, Bridgelux achieved revenue of approximately 448 million yuan and net profit of approximately 11.0362 million yuan.

In terms of products, Bridgelux has also laid out the field of aging lighting that is currently the focus of the LED lighting industry. At the Guangya Exhibition in June this year, it created a wellness lighting experimental space and adopted an upgraded version of Thrive™ natural spectrum technology. By optimizing chips, phosphors and packaging processes, it achieved close to natural light. spectrum to reduce blue light hazards.

The buyer LEDVANCE GmbH was established on August 6, 2015. Its main business includes the development and manufacturing of lamps, lighting equipment and optoelectronic products. After the completion of this transaction, LEDVANCE GmbH will hold 18.7722% equity of Bridgelux and become the third largest shareholder of Bridgelux.

Mulinsen said that through this equity purchase, the company and Bridgelux will deepen the technological synergy, industrial chain integration and market linkage, improve the technical content and market competitiveness of the products, and lay a solid foundation for the company's sustainable development.

Mulinsen has repeatedly increased capital investment in Bridgelux (developing crystal)

A deeper look shows that there is a relatively close equity partnership between Bridgelux and Mulinsen.

As early as July 20, 2015, Puhua Rui, a holding subsidiary of Kaifa Crystal, signed an agreement with FORTIS ADVISORS LLC to acquire 100% of the equity of BridgeLux in the United States for US$130 million. After the acquisition was successful, Kaifajing indirectly controlled Bridgelux Optoelectronics in the United States by controlling it. Patents and Technology.

In September of the same year, Mulinsen issued an announcement announcing an investment of 180 million yuan in the development of Jing, acquiring 10.91% of its equity.

According to Mulinsen's announcement at that time, Bridgelux of the United States has more than 750 technology patents in LED chips and packaging worldwide. It also has patent cross-licensing with Cree (CREE.O). Its high-power and high-brightness LED packaging technology is as famous as Cree, Philips, Citizen, etc. This investment will play a positive role in improving the company's brand effect.

In June 2016, Mulinsen once again invested 300 million yuan in Kaifajing, raising its shareholding ratio to 25.50%.

Currently, Mulinsen is the fourth largest shareholder of Bridgelux, holding 17.3369% of the equity. If the additional 18.7722% equity held by LEDVANCE GmbH’s acquisition is added, Mulinsen will hold a total of 36.1091% of Bridgelux’s equity.

Bridgelux’s shareholding structure after the transaction

After the transaction is completed, Mulinsen is expected to better develop overseas markets and further enhance its competitiveness in the global market by leveraging Bridgelux's technology and patent advantages, as well as LEDVANCE's channels and brand influence in overseas markets.

In 2025, Mulinsen conducted multiple acquisitions

Mulinsen is engaged in the LED packaging and lighting application business in the semiconductor lighting industry. Its products cover general lighting, intelligent lighting, landscape lighting, vehicle lighting and other fields. In terms of brand layout, Mulinsen owns two major international brands, "LEDVANCE" and "SYLVANIA", as well as multiple brands such as "Mulinsen", Light Source Family, and Air Purification Vision.

In 2017, Mulinsen acquired LEDVANCE (formerly Osram's general lighting business), the world's second-ranked general lighting brand. In the second year after the acquisition (2018), Mulinsen's total operating income and total assets increased significantly, achieving revenue of 17.952 billion yuan, a year-on-year increase of 119.76%, and net profit of 720 million yuan, a year-on-year increase of 7.75%.
Today, Mulinsen has achieved a global strategic layout, with overseas revenue of 10.015 billion yuan last year (2024), accounting for nearly 60% of total revenue. Among them, the "LEDVANCE" brand accounted for the largest share, accounting for 9.647 billion yuan.

In early 2025, LEDVANCE announced that it had signed an acquisition agreement with the German lighting brand LOBLICHT. LOBLICHT is a German lighting company known for its high-quality design products. It mainly provides solutions for work spaces, modern office environments and public spaces. This acquisition means that LEDVANCE has taken a key step in the field of lighting engineering.

In addition, in order to seize the emerging market of aviation lighting, Mulinsen established the Aviation Lighting Division in December 2024 to extend the company's technical advantages in the field of LED lighting to the aviation field.

In January this year, Mulinsen announced its intention to acquire 51% of the equity of SIA Technology. The two parties will jointly carry out cooperation in low-altitude lighting and aviation lighting. After the acquisition is completed, Mulinsen will support the independent listing of SIA Technology when conditions are mature.

Come back again In retrospect, this move by Mulinsen is closely related to the development of the LED lighting industry in recent years.

TrendForce's "2024 Global LED Lighting Market Analysis-2H24" analysis points out that the LED general lighting industry is experiencing "consumption downgrade". The current situation of falling volume and price not only affects the growth expectations of the LED general lighting industry, but also forces traditional lighting industry players to re-examine their market strategies and focus on segmented application areas with greater growth potential.

It is obvious that Mulinsen’s series of actions are actively responding to changes in the industry and looking for new growth points. With the popularity of low-altitude flying equipment such as drones and small aircraft, and the aviation industry's increasing demand for efficient and safe lighting equipment, the low-altitude lighting and aviation lighting markets are gradually developing, leaving a lot of room for development for companies with technical strength.

Summary

In fact, this series of acquisitions by Mulinsen is an active attempt to achieve transformation and upgrading and expand into emerging markets in the current market environment. If all parties can be effectively integrated resources and giving full play to synergy effects, these acquisitions will bring new growth opportunities to Mulinsen and further consolidate its position in the LED lighting industry. (Text: LEDinside Mia)

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