China-based Huaqin Technology has extended ODM production from smartphones, notebooks, and tablets to smart wearable devices, servers, automotive electronics, and A+IoT devices and will enhance development of technology and products for the latter, according to the company.
Huaqin will strengthen R&D to maintain its market status for ODM production of smartphones, notebooks and tablets, with main clients for these product lines being Samsung Electronics, Oppo, Xiaomi, Vivo, Amazon, Lenovo, LG Electronics, Acer, Asustek Computer and Sony.
Huaqin has applied for an IPO listing on the Shanghai Stock Exchange with up to 88.88 million new shares.
Huaqin began ODM production of smartphones for Samsung in 2019 and surpassed China-based Wingtech Technology to become the largest China-based smartphone ODM in 2020. Huaqin shipped more than 200 million smartphones, notebooks and tablets on an ODM basis in 2021.
For smart wearable devices, in particular, Huaqin recorded sales revenues of CNY856 million (US$124 million), CNY2.680, and CNY3.282 billion in 2019, 2020 and 2021 respectively, with a compound annual growth rate for the period being nearly 100%.
According to Counterpoint Research, Huaqin shared 31% of global ODM and IDH (independent design house) smartphone shipments to rank first in 2021, followed by China-based Shanghai Longcheer Technology with 21% and Wingtech with 18%.
