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WillSemi's Acquisition of OmniVision: Conditional Approval Granted

2019.05.06 CoStone Capital Views:


May 6th 2019, the Review Board for Mergers, Acquisitions and Restructurings of Listed Companies of China Securities Regulatory Commission (CSRC) has granted the conditional approval for WillSemi’s application for acquiring OmniVision Co., Ltd.


May 6th 2019, the Review Board for Mergers, Acquisitions and Restructurings of Listed Companies of China Securities Regulatory Commission (CSRC) has granted the conditional approval for WillSemi’s application for acquiring OmniVision Co., Ltd.


CoStone Capital has been focusing its investment and take big positions in the field of integrated circuit (IC), and OmniVision is one of its representative projects. Chips manufactured by OmniVision are widely applied in iPhones and tablet PC cameras.

About OmniVision

The company is dedicated to design, develop and sell CMOS image sensors (CIS) and relevant accessories. OmniVision, SONY and Samsung are currently the three global leading suppliers of image sensors, the company has a high market acceptance and a promising potential. 13.png

Product of OmniVision: the world’s smallest medical sensor.

Bright future of the Acquisition

The acquisition has previously been reviewed and approved by CFIUS on April 16th, now with CSRC’s conditional approval, the deal looks very promising.

The synergy between WillSemi and OmniVision has created favorable conditions for the future operation, which mainly embodies in the following respects:

  • Business Collaboration: The clients of the two companies are mainly from the field of mobile telecommunication, tablet PC, security precaution, automobile electronics, the similar termial client base allows further business collaboration.

  • Sales&industrial chain: With the advantage of WillSemi’s distribution channel, OmniVision can acquire market information more comprehensively and develop more targeted product , providing customers with better solutions and professional guidance.

  • Technology R&D: The R&D and sales of CMOS image sensors will be incorporated into WillSemi’s business, by doing so, WillSemi’s designing of semiconductor will improve rather quickly. In addition, this will also bring quality customers in new fields to the company.

The outlook of the acquisition is very promising: According to WillSemi’s announcement, the expected real revenue of OmniVision from 2019 to 2021 is ¥700 million,¥1 billion and ¥1.3 billion respectively.

Rewritten by Xue Guanda, Edited by Du Zhixin,  Li Yunzhen

The year 2019 marks the fortieth anniversary of China’s Reform &Opening-Up, once again, we meet at the turning point of history. What’s the next step for the game, is there any clear guidance? The answer is affirmative.

Our country is enjoying a good momentum of development, which does not come from the Washington Consensus nor the Beijing Consensus. China’s experience has proved that both the visible hand and the invisible hand are crucial: the visible hand, stands for the government-led reform, and would yield benefits for reform and opening up; the invisible hand, stands for the Marginal Power represented by the private sector, and would improve economic efficiency and tax collection, create jobs and employment opportunities.

Provided that we want to protect and expand the benefits form reform, three simple but mandatory agreements are to be made and followed: No.1 Private ownership must be recognized, protected and treated equally with public ownership constitutionally, both ownerships are scared and inviolable;No.2 Make further clarification of the principal position of market economy, “deepen economic system reform by centering on the decisive role of the market in allocating resources”, as President Xi addressed in the third Plenary Session of the 18th CPC Central Committee;No.3 Implement the guiding principles of “comprehensively promoting law-based governance” of the fourth plenum. The rule of law is essential for economic growth, irreplaceable to protect private ownership, and necessary to encourage innovation and entrepreneurship.

Above are three rules for us to avoid falling into the Middle-income Trap. Assuming that we are breaking systematic barriers to private enterprises’ participation in market economy, and boosting innovation and entrepreneurship of our society, then we are heading towards a promoting direction. We are marching in the path of light, regardless of the ups and downs of Sino-US relationship, the drop in GDP growth rate, or the monetary policy.

These principals also apply on knowing how better to run a business: don’t be hedged by rules and regulations at the beginning, pay more attention to your survival, and you’ll learn more when you start your second business.

For many years, Huawei has been the only Chinese company on the list of the Top 50 R&D Spenders. Regardless of the economy and its income, what Huawei has been doing is investing in its future, dedicated to R&D, continuously and resolutely. This provisional work underscores Huawei’s accomplishments, makingHuawei anindustry leader.

So, there are standard answers on how to run a company,which could be summarized as concentration and professional dedication, continuous investment on innovation and trying harder in R&D. Entrepreneurship is also important, every single company needs entrepreneurs to push aside all obstacles and difficulties, to implement strategies and ideas. We, as investors, are destined to look for such outstanding entrepreneurs and their companies, invest in them and partner with them.

At this key point of history, a country, a company, or asingle individual, will all need to find the right path. Four decades after the Reform and Opening-up, it’s time to learn from our experience and stop “wadding across


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