Dongfang Jingyuan Electron is considering an IPO, insiders told Bloomberg. The company based in Beijing is associated with the now defunct US company XTAL, which has been ordered to pay 845 million dollars in damages for stealing intellectual property from ASML Brion. XTAL founder and former Brion employee Yu Zongchang evaded criminal prosecution by moving to China, where he started a new company. ASML has previously reached out to customers urging them not to do business with Dongfang.
The stolen IP concerns yield-enhancing optical proximity correction software developed by Brion before its acquisition by ASML in 2007. Dongfang is reportedly still selling this software, although it’s not listed among the offerings on its website. The Chinese company currently also focuses on electron-based inspection equipment.