Fangda Partners has acted for iPhone assembler Luxshare Precision to acquire US wireless connectivity chip manufacturer Qorvo’s assembly and test facilities in Beijing and Dezhou. The transaction is expected to be completed in the first half of 2024.
Fangda partners Ma Qiang and Susie Shi led the team. Wang Jin, an anti-trust partner, advised on matters related to the declaration of operator concentration, while corporate partner Joe Zhou offered legal advice on Hong Kong law, and partner Lisa Zhao advised on labour-related matters.
After completion of the transaction, Luxshare will be responsible for the assembly and testing of Qorvo’s products. Qorvo will continue to maintain its sales, engineering and customer support employees in China to continue serving clients.
Luxshare is one of the three major iPhone assembly manufacturers and has maintained rapid revenue and net profit growth since its listing on the Shenzhen Stock Exchange in 2010. According to the company’s financial forecast, this year’s net profit attributable to shareholders is expected to increase by 17.5% to 22.5% compared to last year. Meanwhile, Qorvo reported that Apple is its largest customer, accounting for 37% of the company’s total revenue in 2023.
