XMax Inc. Acquires Hexa Creation for $4.1 Million to Expand AI Power Semiconductor Reach

Key numbers

Deal value	$4M
Share of market cap	0.7%
Share of annual revenue	24.7%

Key highlights

• Total acquisition price of approximately $4.12 million payable in cash
• Payment structured in two tranches with $2.06 million deferred until December 2027
• Hexa Creation specializes in 1200V vertical gallium nitride trench MOSFET technology
• Target holds exclusive IP licenses from a major US public university for high-voltage GaN
• Transaction supports XMax’s diversification from furniture into AI hardware and software

What Is the Deal?

XMax Inc. entered a definitive share purchase agreement on October 5, 2026, to acquire all outstanding shares of Hexa Creation Inc. The transaction involves a total consideration of $4,123,711.34, split between majority owner Professor Yuji Zhao and Skysong Innovations, LLC. The deal grants XMax full control of Hexa’s proprietary high-voltage power semiconductor technology, specifically its 1200V vertical GaN platform. Completion is subject to customary conditions and the continued validity of Hexa’s exclusive patent licenses. This move follows a series of recent asset acquisitions by XMax targeting private technology leaders such as SpaceX and xAI.

Down 1.9% since our story on 9 Oct: $8.74 when we broke it → $8.57 at the close on 13 Oct. Daily closing prices. Source: Yahoo Finance.

Show the prices

14 Sep	$8.83
15 Sep	$8.88
16 Sep	$8.78
17 Sep	$8.74
18 Sep	$8.69
21 Sep	$8.71
22 Sep	$8.87
23 Sep	$8.71
24 Sep	$8.75
25 Sep	$8.71
28 Sep	$8.76
29 Sep	$8.65
30 Sep	$8.63
1 Oct	$8.49
2 Oct	$8.59
5 Oct	$8.71
6 Oct	$8.76
7 Oct	$8.74
8 Oct	$8.82
9 Oct	$8.74
12 Oct	$8.63
13 Oct	$8.57

Deal Structure & Terms

• Initial payment includes a $500,000 deposit and $1.56 million net cash at closing.
• Deferred consideration of approximately $2.06 million is due by December 31, 2027.
• Unpaid deferred amounts will bear interest at the applicable federal rate.
• XMax is prohibited from encumbering Hexa shares until the deferred amount is settled.
• A 5% change-of-control payment is due to the university licensor within 30 days of closing.

Strategic Rationale

The acquisition aims to bridge the gap between AI software services and the physical power requirements of modern data centers. As AI workloads increase, infrastructure is transitioning toward 800VDC power architectures, creating demand for 1200V-class power semiconductor devices that offer higher efficiency than standard 650V GaN solutions. Hexa Creation’s technology roadmap targets these emerging needs along with the electric vehicle and ultra-fast charging markets. Management intends to leverage these capabilities through existing subsidiaries, XMax AI Inc. and Elonx AI Holdings, to provide an integrated suite of GPU and power management services for high-density computing environments.

Business Context

• XMax is diversifying its operations from its legacy business as a furniture distributor.
• The company secured AI model API service contracts valued at up to $25 million in June 2026.
• Recent investments include a $12 million stake in Aerora Technology finalized in August 2026.
• A regulatory deadline of October 26, 2026, has been set for a Nasdaq listing compliance plan.
• Stockholders will vote on November 2, 2026, regarding potential equity financings up to $170 million.

Strategic Entry into AI Infrastructure

“This acquisition marks XMax’s entry into high-voltage power semiconductors, a field closely tied to the growing power demands of AI infrastructure. The acquisition of Hexa Creation diversifies our business opportunities and complements XMax’s growing AI business as XMax builds out AI software, platform-based and GPU services through our wholly owned subsidiaries XMax AI Inc. and Elonx AI Holdings PTE. LTD.”

Management commentary

“This acquisition marks XMax’s entry into high-voltage power semiconductors, a field closely tied to the growing power demands of AI infrastructure. The acquisition of Hexa Creation diversifies our business opportunities and complements XMax’s growing AI business as XMax builds out AI software, platform-based and GPU services through our wholly owned subsidiaries XMax AI Inc. and Elonx AI Holdings PTE. LTD.”

“We believe the acquisition by XMax would give our 1200V vertical GaN work a path toward commercialization. We believe vertical GaN can bring higher efficiency and power density to high-voltage applications, and XMax’s support allows us to focus on advancing that technology.”

XMax Inc. · financial snapshot

Share price	$8.74
Market cap	$564M
Revenue (annual)	$17M
P/E (TTM)	16.8×
1-month price change	+2.82%
Sector	Consumer CyclicalFurnishings, Fixtures & Appliances

Reference market data from a third-party provider, as of the story. Not a valuation or a recommendation.