Draft:Linxens




Linxens
TypeSociété par actions simplifiée
IndustrySmart card components, RFID, Electronic identity documents
Founded1980s
HeadquartersMantes-la-Jolie, France
ProductsMicroconnectors, RFID antennas and inlays, Module packaging, eCover, Prelam
Number of employees
~3,000
Websitewww.linxens.com

Linxens is a French company headquartered in Mantes-la-Jolie, France, that designs and manufactures electronic components for smart cards, including microconnectors, RFID antennas and inlays, and module packaging for contact, dual-interface, and contactless modules. The company supplies RFID components used in electronic passports, national identity cards, payment cards, SIM cards, and access control systems. It operates production facilities and research and development centers across Europe, Asia, and the Americas, with the main production hubs across Asia.

History

Origins and early development (1980s–2000s)

Linxens was founded in the 1980s by three engineers who developed flexible etched circuits based on a laminate of copper and epoxy for the first commercial smart card, drawing on technology derived from cinema projection.[1] The company established itself as a leading manufacturer of microconnectors for the smart card industry and played a leading role in the development of phonecard in 1983, as well as in the development of connectors for dual-interface cards (banking & ID applications), GSM cards, and near-field communication (NFC) technology.

Acquisition by Astorg Partners and expansion

Under the ownership of private equity firm Astorg Partners, Linxens' strategy was the geographical and product expansion to extend the value chain. In May 2015, the company acquired KnL Group, a Thailand-based manufacturer of RFID inlays, to get a foothold in RFID antenna manufacturing. The company was founded in 2010 and headquartered in Bangkok.[2] KnL's components were used in transit and banking cards, national identity documents, and passports across Asia. The acquisition provided Linxens with the entry ticket into manufacturing in Thailand.

Subsequently, in November 2016, Linxens acquired the Secure ID and Transaction (SIT) division of Smartrac, a Dutch company and the largest RFID inlay manufacturer for public transport, banking and ID inlays.[3] Combining the revenue of Linxens and the Smartrac division, the group generated revenues of more than 500 million euros and employed approximately 3,500 people worldwide, with operations in China, France, Germany, Singapore, Thailand, and the United States.

Acquisition by Tsinghua Unigroup (2018)

In 2018, Chinese state-linked technology conglomerate Tsinghua Unigroup announced the acquisition of Linxens for approximately 2 billion euros.[4] Tsinghua Unigroup, affiliated with Tsinghua University in Beijing, was one of China's largest semiconductor and technology groups. The transaction was among the most significant Chinese acquisitions of a European smart card and identity technology company. Following the acquisition, Linxens continued to operate as a standalone entity under Tsinghua Unigroup's ownership structure, with the holding company incorporated in the British Virgin Islands as Tsinghua Unigroup International Co., Ltd.

Tsinghua Unigroup financial difficulties and defaults (2020–2022)

Tsinghua Unigroup encountered severe financial difficulties starting in 2020. In November 2020, Reuters reported that the group defaulted on a US$198 million domestic bond.[5] Shortly after, a second bond of US$450 million, issued through its subsidiary Unigroup International Holdings Ltd, was due on 10 December 2020.[6]

However, on 7 December 2020, three days before the bond maturity date, Tsinghua Unigroup International Co., Ltd made a partial loan repayment of US$125.9 million to Linxens Holding SAS. Two days later, on 9 December 2020, it was publicly announced that neither UIH nor TUI would be able to meet the bond repayment obligations due the following day. Following the default, provisional liquidators were appointed in April 2022, and joint liquidators from Ernst and Young were subsequently appointed over TUI and UIH in November 2022.

BVI court ruling on unfair preference (2025–2026)

In proceedings before the Commercial Division of the High Court of Justice of the Virgin Islands, the joint liquidators challenged the US$125.9 million repayment to Linxens Holding SAS as an unfair preference under sections 245 and 249 of the BVI Insolvency Act 2003. The liquidators were represented by Ogier.[7] Following a three-day trial concluding in October 2025, Justice Gerhard Wallbank KC handed down judgment in May 2026 granting the application to set aside the payment. The judgment found that TUI was "plainly hopelessly cashflow insolvent" as at 7 December 2020, and that the repayment "was positively intended to frustrate other, external, creditors' rights in the likely imminent event of TUI's insolvency." The ruling was the first written judgment in the BVI to consider the law on unfair preference claims in detail.

Restructuring and new ownership (2021–2022)

Following Tsinghua Unigroup's insolvency proceedings, the group was restructured. In December 2021, a consortium of state-backed investors was brought in, with Alibaba Group exiting the deal.[8] In July 2022, a new chairman was appointed for Tsinghua Unigroup, signalling a state-backed fresh start for the conglomerate.[9] The restructured ownership resulted in Linxens' holding company being controlled by a group led by Wise Road Capital and JAC Capital, two Beijing-based private equity firms. Both firms have been placed on the United States Department of Commerce Entity List, which restricts exports of certain technology to listed companies.[10]

In May 2025, a Chinese court in Jilin province sentenced Zhao Weiguo, the former chairman of Tsinghua Unigroup, to a suspended death sentence after he was found guilty of corruption, and fined him 12 million yuan (US$1.67 million) for illegally earning profits for his family and friends.[11]

National security concerns (2026)

In May 2026, the Financial Times reported that Linxens, which supplies RFID inlays to Thales, the main passport contractor contracted by the UK Home Office for British passports, is owned by an investor group of Chinese companies Wise Road Capital and JAC Capital, two Beijing-based private equity firms on a US restricted entities list.[12] The article raised concerns around critical national infrastructure and the potential for counterfeiting.

Liam Byrne, the Labour chair of the House of Commons Business and Trade Committee, said Linxens' role poses a risk to "the integrity of critical national infrastructure" and that the FT findings would be addressed by his committee regarding China's role in the UK economy.[12] The Home Office said Linxens' role posed no security risk, because the passport encryption technologies are controlled by the Passport Office and that personalization takes place entirely within the UK.[12] According to the Financial Times, Linxens also supplies electronic inlays to France's Imprimerie Nationale, and the Czech Republic's state printer.[12]

The former head of the UK's National Cyber Security Centre, Ciaran Martin, said that, because the inlay manufacturer has no access to the inlays after personalization, the relevant risk is potential fraud and counterfeiting rather than unauthorized access to personalized data.[12]

According to The FT, Wise Road and JAC Capital's combined shareholding in Linxens is below 50 percent, meaning the company still falls outside the scope of a 2024 rule that automatically extends US export restrictions to majority-owned subsidiaries of listed entities.[12] Linxens said its inlays are manufactured at a certified, independently audited facility in Thailand and that it has introduced technology to detect chip tampering.[12]

Products and operations

Linxens' core products include microconnectors for smart card chip modules, RFID antennas and inlays for contactless applications, pre-laminated inlays for electronic passports and identity documents, electronic covers for biometric passports, module packaging for chip integration, and biosensor patches for healthcare wearables through its Linxens Healthcare division. The company serves customers in the government identity, payment, telecommunications, healthcare, transportation, and access control sectors. Linxens operates production sites and research and development centers in France, Germany, China, Singapore, Thailand, and the United States, and employs approximately 3,000 people across multiple countries.

Corporate structure and ownership

Linxens SAS is a French company headquartered at 37 Rue des Closeaux, 78200 Mantes-la-Jolie, France. In 2015, Astorg Partners sold the company to CVC Capital Partners. Three years later, it was acquired for €2.2 billion by Ziguang Liansheng, a company set up specifically for the transaction.[13] Research by Datenna links the ultimate ownership of the acquisition, through several intermediary holding companies, to Tsinghua University and ultimately to China's Ministry of Education, which oversees the university.[13]

As part of the 2022 restructuring, a group of investors headed by the Beijing-based private equity firms Wise Road Capital and JAC Capital acquired Linxens' parent company.[12] In 2024, the US Department of Commerce added both firms to its Entity List.[12]

KnL Group acquisition dispute

The acquisition of KnL Group in Thailand gave rise to legal disputes, which were addressed in proceedings before the French Court of Cassation.[14]

Patent litigation with Thales

Linxens was involved in patent litigation in France against Thales, including proceedings before the French patent office and on appeal, concerning opposition decisions and the admissibility of new claims.[15]

Labour unrest

In April and May 2026, around 100 of the approximately 188 employees at Linxens' Buchelay site took part in a two-week strike, bringing production to an almost complete standstill.[16] Workers cited management pressure, demands to take on multiple roles, and psychosocial risks. The strike followed an incident in which an employee attempted suicide in the factory's locker room.[17] Strikers called for the withdrawal of proposed changes to a 1999 working-time agreement, a one-off payment of €2,000 for each employee, and guarantees to protect local jobs.[18] After more than two weeks of negotiations, the parties reached an agreement that retained reduced-working-time days for 2026, established an anti-harassment commission, and restored a clause protecting jobs in the event of layoffs.[19]

References

  1. ^ "Linxens' History". Linxens. 2026. Retrieved 2026-05-29.
  2. ^ "Linxens acquires KnL Group (Thailand)". Clipperton Finance. 2015. Retrieved 2026-05-29.
  3. ^ "Linxens Acquires Smartrac's Secure ID and Transaction (SIT) Division". PR Newswire. 4 November 2016. Retrieved 2026-05-29.
  4. ^ "Chinese chipmaker Tsinghua Unigroup to buy France's Linxens for 2 billion euros". Reuters. 2018. Retrieved 2026-05-29.
  5. ^ "China's Tsinghua Unigroup defaults on $198 mln bond". Reuters. 17 November 2020. Retrieved 2026-05-29.
  6. ^ "China chip maker Tsinghua Unigroup to default on US$450 million bond". Yahoo Finance. 2020. Retrieved 2026-05-29.
  7. ^ "Ogier secures BVI ruling setting aside US$125.9 million repayment as an unfair preference". Ogier. 15 May 2026. Retrieved 2026-05-29.
  8. ^ "China's chip conglomerate Unigroup gets state-backed investors, Alibaba out of deal". Reuters. 10 December 2021. Retrieved 2026-05-29.
  9. ^ "New Tsinghua Unigroup chairman promises fresh start for Chinese chip company". Euronews. 13 July 2022. Retrieved 2026-05-29.
  10. ^ "US targets China's chip industry with new restrictions". Reuters. 2 December 2024. Retrieved 2026-05-29.
  11. ^ "China hands Tsinghua Unigroup's former chairman suspended death sentence over corruption". Reuters. 14 May 2025. Retrieved 2026-08-12.
  12. ^ a b c d e f g h i Rees, Rachel; Fisher, Lucy (29 May 2026). "UK and European passports linked to restricted Chinese investors". Financial Times. Retrieved 2026-08-12.
  13. ^ a b "French semiconductor company Linxens indirectly acquired by Chinese Ministry of Education". Datenna. Retrieved 2026-08-12.
  14. ^ "Decision 6672747a36f1fc00083aac21". Cour de Cassation. 2024. Retrieved 2026-05-29.
  15. ^ "Appeal against French patent office's opposition decisions". August Debouzy. 2023. Retrieved 2026-05-29.
  16. ^ "A l'usine Linxens de Buchelay, une semaine de greve contre la violence manageriale". Actu.fr. 2026. Retrieved 2026-05-29.
  17. ^ "Buchelay : une semaine de grève chez Linxens contre la violence managériale et la régression sociale". Infos Yvelines. 25 April 2026. Retrieved 2026-08-12.
  18. ^ "Grève chez Linxens à Mantes-la-Jolie : près de 100 salariés dénoncent une dégradation brutale de leurs conditions de travail". Mantes Actu. 24 April 2026. Retrieved 2026-08-12.
  19. ^ "Après plus de deux semaines de grève, vers une reprise du travail pour les salariés de Linxens ?". La Gazette en Yvelines. 6 May 2026. Retrieved 2026-08-12.

Category:Electronics companies of France

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