Nationstar Optoelectronics’ 970 million yuan private placement was approved

On the evening of May 18, Nationstar Optoelectronics announced that the company had officially received the "Approval for Registration of Foshan Nationstar Optoelectronics Co., Ltd.'s Issuance of Stocks to Specific Objects" issued by the China Securities Regulatory Commission, and approved the company's registration application for issuance of stocks to specific objects. The approval will be valid for 12 months from the date of approval of registration.

This means that Nationstar Optoelectronics’ refinancing project has passed the last administrative hurdle and is about to enter the issuance implementation stage.

According to the prospectus, the number of shares issued by Nationstar Optoelectronics to specific targets will not exceed 30% of the total pre-issuance share capital (i.e. no more than 186 million shares), and the total amount of funds raised will not exceed 970 million yuan, of which the controlling shareholder Foshan Lighting promises to subscribe for 116 million yuan at the lowest issuance price of this issuance.

The funds raised, after deducting the issuance fees, will be used for the production and construction of ultra-high-definition display Mini/Micro LED and display module products, the industrialization of photoelectric sensing and smart health devices, the construction of smart home displays and Mini backlight modules, the construction of smart vehicle devices and applications, the construction of R&D laboratories, and supplementary working capital.

In terms of specific investment direction, the funds raised this time will fully focus on emerging high value-added fields. Among them, Mini/Micro LED and display module projects plan to raise approximately 362 million yuan, accounting for 37.3% of the total raised amount, and are the core focus of this production capacity upgrade.

As the leader in the domestic LED packaging industry, Nationstar Optoelectronics is successfully upgrading from a single device supplier to a provider of ultra-high-definition display panels and complete module solutions, significantly increasing the added value of its products. In the field of Mini/Micro LED direct display, the company has currently established a relatively complete MIP (Mini/Micro LED in Package) technology layout. With the completion and commissioning of the Geely Industrial Park, the company's new production capacity will reach 2,000KK/month in 2025, including 1,200KK/month of new MIP production capacity, which has greatly improved the order-taking capabilities for RGB and MIP packaging.

According to experts, the "2026 COB/MIP Display Research (Report)" shows that MIP is one of the important technical routes for Mini/Micro LED. It is expected that in 2027~2028, MIP production capacity will be released on a large scale, and the market size will be significantly increased, reaching a scale of approximately 4 billion. It will continue to grow in the future and is expected to approach the 8 billion scale level in 2030.

Latest news, experts say that the "2026 COB/MIP Display Survey (Report)" compiled by Research will be launched in May. This special issue focuses on MIP market and technology progress, COB/MIP technology route relationship and trend analysis, MIP production capacity structure and trend analysis, COB/MIP supply and demand situation and trend analysis, COB/MIP output value and trend analysis and other industry data and market estimates. Welcome to subscribe.

With the implementation of Nationstar Optoelectronics’ investment project this time, it will effectively undertake the expansion of demand for ultra-high-definition display terminals, commercial large screens and other scenarios in the future.

In addition to the main display business, this private placement also focuses on fast-growing segmented tracks such as smart vehicles and photoelectric sensing. Under the wave of automotive intelligence, Nationstar Optoelectronics has built a full industry chain layout of "outside vehicle interaction + inside vehicle backlight + intelligent lighting". Relevant automotive grade devices have been introduced into the supply chains of many mainstream car companies and have fully passed AEC-Q102 certification.

Nationstar Optoelectronics stated in the expert white paper survey that in 2026, while consolidating the basics of the high-end TV market, Nationstar Optoelectronics will strive to seize the strategic high ground of automotive Mini LED and build a long-term technology moat and profitability resilience through a dual-track development model. Among them, Nationstar's specific goal in the automotive field is to improve its Mini LED manufacturing process capabilities and develop Mini LED products with large angles, uniform light emission, and cost-effectiveness. (details)

At the same time, Nationstar Optoelectronics’ production capacity expansion in the fields of photoelectric sensing, smart health devices and smart home Mini backlight modules will further enrich its differentiated product matrix. As the demand for downstream displays, lighting and vehicle-mounted terminals gradually recovers, high-end devices usually have higher gross profit margins and broad market space, which is expected to provide new support for the company's performance