SHENZHEN, China, Oct. 13, 2023 /PRNewswire/ -- On October 1, Shenzhen Longsys Electronics Co., Ltd.(301308.SZ) (hereinafter referred to as "Longsys") acquired a 70% equity stake in Powertech Technology (Suzhou) Limited. The transaction has been officially completed and will be included in the consolidated statements of Longsys from now on.

Powertech Technology (Suzhou) Limited has been rebranded as Longforce (Suzhou) Limited (hereinafter referred to as "Longforce"), and will be directly controlled by Longsys Electronics (Suzhou) Co., Ltd., a new wholly-owned subsidiary of Longsys.

Powertech Technology Inc. (PTI) and its affiliated companies remain dedicated to providing unwavering support, as per the service agreement signed, to ensure the continued operation of Longforce.

Longforce, formerly known as Spansion, became a wholly-owned subsidiary of PTI in 2009. Its main services cover chip packaging, testing, and SMT, and its main products include flash memory chips, memory chips, and logic chips.

With the successful conclusion of this transaction, Longforce is now prepared to operate autonomously and committed to servicing its existing clientele in the packaging and testing sphere. Notably, Longforce is embarking on a journey of increased investment in R&D and packaging & testing processes, active introduction of state-of-the-art packaging testing equipment and top talents from the industry, and continuous improvement of packaging and testing capabilities to establish a high-end packaging testing hub. Longforce is dedicated to providing top-tier services to clients across various sectors, such as artificial intelligence, high-performance computing, smart vehicles, smartphones, and wearables.

In addition, this acquisition stands as a pivotal move by Longsys to fortify its manufacturing footprint. It envisions substantial enhancements to its storage chip packaging and testing capabilities, optimized capacity utilization, perfection of its industrial chain layout, and strengthened business collaboration with storage wafer foundries. This multifaceted approach extends to enhancing product quality, ensuring rapid response to customer needs, tailoring product specifications to meet market demands, and maintaining a steady production capacity. Collectively, these initiatives will significantly bolster the company's market presence, core competitiveness, and ultimately elevate long-term profitability, aligning seamlessly with the company's overarching strategy in the realm of semiconductor storage brands.

It's worth highlighting that the company has consistently underscored the importance of a global presence for its storage business. Active implementation of a domestic-international dual circulation has been at the heart of its operations. Since the cross-border acquisition of Lexar in 2017 and global operational success, the company has continually explored ways to enhance international operation capabilities, create a flexible supply chain, develop a robust business system, and more. Leveraging its proximity to local customers, proprietary technologies, comprehensive storage product offerings, and local manufacturing advantages, its commitment in delivering premium services to its esteemed global clientele remains steadfast.

This year, the company has made groundbreaking achievements with self-developed main control chips. When combined with its advanced packaging and testing capabilities, these breakthroughs will empower its core storage products comprehensively, effectively enhance product quality, performance, and security across all product lines, and further solidify its core competitiveness within the storage sector.