Recently, Taiwan storage module manufacturer Pinan Technology announced that it would lay off about 250 foundry-related employees in November, which is about half of the company's total number of employees. In addition, Pinan's major shareholder and director Kingston also completely withdrew from the board of directors.
Pinan previously held a press conference on important information in September and announced that due to the termination of customer commissions, business had been reduced. On September 6, it declared a large-scale layoff plan and expected to lay off approximately 250 OEM business colleagues in November in accordance with the law.
According to Pinan’s annual report this year, as of the end of March this year, the total number of employees was 541. This time, 250 people were laid off, which is close to half of the company’s total number of employees.
It is reported that Pinan's main businesses include storage modules, integrated circuits, flash memory foundry, etc. Pinan's revenue in the first half of the year was NT$473 million, a 37% decline from the same period last year, and a loss of NT$12.35 million after tax, turning from profit to loss compared with last year, with a loss of NT$0.34 per share.
The report said that in the past, the most obvious characteristic of the storage industry was the cyclical cycle. But after the storage industry encountered a rare low point in the past 10 years last year, the storage supply chain in mainland China expanded much faster than its competitors in Taiwan. In the first half of this year, Longsys' revenue was RMB 9 billion, a 143% increase over the same period last year. Lanqi Technology's revenue in the first half of the year reached RMB 1.6 billion, a 79% increase over the same period last year, and its net profit increased by 624% over the same period last year.
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