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Imagination’s owners are the Chinese-backed private equity company Canyon Bridge which bought Imagination in 2017 for about $760 million.
Imagination’s share price had been slashed in 2017 when Apple, which was providing half its revenues, announced it would be reducing its business with Imagination.
Last year, Apple signed a new licensing agreement with Imagination.
China Reform Fund Management, the China state-owned asset manager, is the principal investor in Canyon Bridge.
Last year a move by China Reform to put more of its people on the Imagination board, seen as a move towards transferring the company’s HQ and technology to China, was thwarted by the UK government.
Just a month ago the company revealed an incredible growth on the market, I copy here below just the “incipit”:
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Imagination, update on 2021 progress
Imagination revenues rise 55% in H1 2021 compared to H1 2020
London, UK — August 24, 2021 – Imagination Technologies today announces initial unaudited results for the first half of 2021 (H1/2021), where overall revenues increased by 55% to $76m (H1/2020: $49m).
Based on strong first half bookings and revenues, together with a robust pipeline of sales opportunities, the Company now expects full-year revenues to grow by around 25% relative to 2020. It expects the growth to be broad-based across key strategic market segments.
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So there is something weird here …