公司拟通过发行股份等方式购买广东先导稀材股份有限公司持有 的先导电子科技股份有限公司（以下简称"先导电科"）的股份，有 意购买先导电科其他股东持有的股份并募集配套资金（以下简称"本 次交易"）。根据上海证券交易所的相关规定，经公司申请，公司 A 股股票（证券简称：衢州发展，证券代码：600208）自 2025 年 7 月 30 日（星期三）开市起停牌，预计停牌时间不超过 10 个交易日，详 见公司公告临 2025-042。 证券代码：600208 证券简称：衢州发展 公告编号：临 2025-043 衢州信安发展股份有限公司 关于筹划重大事项的停牌进展公告 本公司董事会及全体董事保证本公告内容不存在任何虚假记载、误导性陈述或者 重大遗漏，并对其内容的真实性、准确性和完整性承担法律责任。 衢州信安发展股份有限公司董事会 截至本公告披露之日，公司及有关各方正在积极推进本次交易相 关工作，相关各方正在就本次交易方案等进行沟通、协商和论证。鉴 于本次交易的相关事项存在重大不确定性，为保证公平信息披露，维 护投资者利益，避免造成公司股价异常波动，根据上海证券交易所相 关规定，公司股票将继续停牌。 停牌期间，公司将积极推进 ...

公司拟通过发行股份等方式购买广东先导稀材股份有限公司持有的先导电子科技股份有限公司的股份， 有意购买先导电科其他股东持有的股份并募集配套资金。截至本公告披露之日，公司及有关各方正在积 极推进本次交易相关工作，相关各方正在就本次交易方案等进行沟通、协商和论证。鉴于本次交易的相 关事项存在重大不确定性，为保证公平信息披露，维护投资者利益，避免造成公司股价异常波动，根据 上海证券交易所相关规定，公司股票将继续停牌。待相关事项确 定后，公司将及时发布相关公告并申 请公司股票复牌。 ...

Core Viewpoint - The announcement by Quzhou Development (600208.SH) regarding the acquisition of shares in Xian Dao Electronic Technology Co., Ltd. (Xian Dao Electric) marks a significant shift in the investment landscape, especially following the recent termination of a similar acquisition by Guangzhi Technology (300489.SZ) [1][2]. Group 1: Acquisition Details - Quzhou Development plans to acquire shares from both Guangdong Xiandao Rare Materials Co., Ltd. and other shareholders of Xian Dao Electric, while also raising matching funds [1]. - The controlling shareholder of Quzhou Development is the Quzhou State-owned Assets Supervision and Administration Commission, which indirectly holds 28.83% of the company [2]. Group 2: Financial Comparison - In 2024, Quzhou Development reported revenues of 16.485 billion yuan and a net profit of 1.016 billion yuan, while Xian Dao Electric had total assets of 15.33 billion yuan and net assets of 8.61 billion yuan as of June 30, 2024 [3][4]. - The financial metrics for 2023 show that Quzhou Development, Xian Dao Electric, and Guangzhi Technology had revenues of 17.21 billion yuan, 2.88 billion yuan, and 1.01 billion yuan, respectively, indicating a hierarchy in company size [3][4]. Group 3: Market Position and Growth - Xian Dao Electric has established itself as a leader in the global ITO target material market, achieving over 30% market share since 2022 [7][8]. - The domestic market for planar display sputtering target materials has seen significant growth, with a compound annual growth rate of 18.2% from 2014 to 2020, and the market size reaching 24.6 billion yuan in 2023 [8]. Group 4: Investment Implications - The acquisition by Quzhou Development is characterized as a "reverse merger" due to the size disparity between the companies, which may lower regulatory scrutiny compared to Guangzhi Technology's previous attempt [6][5]. - Xian Dao Electric's financial performance shows a trend of increasing revenue but declining net profit, raising questions about its asset quality [6][10].

Core Viewpoint - The acquisition of Xian Dao Electronics Technology Co., Ltd. (Xian Dao Dian Ke) by Quzhou Development (600208.SH) is in the planning stage, following the termination of a previous acquisition attempt by Guangzhi Technology. This transaction could transform Quzhou Development from a traditional real estate company into a high-tech enterprise, while Xian Dao Dian Ke aims for a backdoor listing [1][2][10]. Group 1: Acquisition Details - Quzhou Development plans to acquire shares of Xian Dao Dian Ke held by Guangdong Xian Dao Rare Materials Co., Ltd. and other shareholders, along with raising matching funds [2][3]. - The stock of Quzhou Development has been suspended since July 30, 2025, due to the planning of this significant transaction [2][3]. - The previous acquisition attempt by Guangzhi Technology was labeled a "snake swallowing an elephant" deal, which significantly impacted Guangzhi's stock price [6][7]. Group 2: Company Background - Quzhou Development, previously known as Xinhuhongbao, primarily operates in the real estate sector and has undergone ownership changes, with Quzhou State-owned Assets Supervision and Administration Commission becoming the actual controller [9][10]. - As of July 30, 2025, Quzhou Development's market capitalization is approximately 35.06 billion yuan, with a reported revenue of 16.485 billion yuan and a net profit of 1.016 billion yuan for 2024 [9][10]. Group 3: Xian Dao Dian Ke Overview - Xian Dao Dian Ke, established in 2017, specializes in the research and manufacturing of sputtering targets and evaporation materials, with applications in various high-tech fields [10][11]. - The company holds a leading position in the ITO target market, achieving over 30% market share globally since 2022, despite the market being dominated by American and Japanese firms [10][11]. - Xian Dao Dian Ke has attracted significant investment from various capital entities, achieving a valuation of approximately 20.9 billion yuan as of June 2023 [10].

Group 1 - Quzhou Development plans to acquire shares of Xian Dao Electronic Technology Co., Ltd. from Guangdong Xian Dao Rare Materials Co., Ltd. and other shareholders, raising supporting funds through share issuance [1][3] - The company has been suspended from trading since July 30, with an expected suspension period of no more than 10 trading days [1] - Xian Dao Electronic Technology is the only domestic supplier in the magnetic storage target material field, focusing on advanced PVD sputtering targets and evaporation materials [3] Group 2 - Previous attempts at securitization by Xian Dao Electronic Technology include an IPO application submitted in February 2024, which has not progressed since [3] - A proposed acquisition by Guangzhi Technology was terminated in June 2024 due to prolonged planning and failure to reach agreement on commercial terms [3] - The acquisition is notable for being an "elephant swallowing snake" deal, as Guangzhi Technology's market value was only over 3 billion while Xian Dao Electronic Technology was valued at 20 billion [3] Group 3 - Quzhou Development's main business is investment and real estate development, having undergone a change in control to Quzhou Industrial Group [4] - The company previously known as Xinhu Zhongbao transferred 18.43% of its shares to Quzhou Zhihui for a total cash consideration of 3 billion [4][5] - The real estate sector has faced significant challenges, with Quzhou Development's sales declining sharply from 29.73 billion in 2021 to 2.93 billion in 2023 [5] Group 4 - The company reported a projected net profit of 210 million for the first half of 2025, a decrease of 86% year-on-year, with a projected non-net profit decline of 75% [5] - Successful acquisition of Xian Dao Electronic Technology could lead to a diversified business model combining real estate, high-tech investment, and semiconductors [5]

Core Viewpoint - Quzhou Development plans to acquire shares of Xian Dao Electronics Technology Co., Ltd. through issuing shares and intends to purchase shares from other shareholders, while raising matching funds [1][2] Group 1: Company Overview - Quzhou Development is primarily engaged in technology investment and real estate development, with a focus on high-tech sectors such as blockchain, big data, artificial intelligence, smart manufacturing, and new materials [2] - The company is controlled by the Quzhou State-owned Assets Supervision and Administration Commission [2] Group 2: Investment Strategy - Quzhou Development has accelerated investments in domestically controlled high-tech projects, including investments in companies like Hangzhou Fujia Gallium Technology Co., Ltd. and Hangzhou Hengying Technology Co., Ltd. [2] - The company has established long-term partnerships with various organizations, including China Electronics Technology Group and China Aerospace Industry Group [2] Group 3: Future Plans - Quzhou Development aims to further support and cultivate the development of invested enterprises, fostering new business models and assisting in the company's transformation and upgrading [3]

Core Viewpoint - Quzhou Development plans to acquire shares of Xian Dao Electronic Technology Co., Ltd. from its parent company, aiming to raise supporting funds through this transaction [1][6]. Group 1: Acquisition Details - Quzhou Development announced its intention to purchase shares of Xian Dao Electronic Technology, including those held by other shareholders, through a share issuance [1]. - The acquisition is significant as it constitutes a related party transaction and is characterized as a "snake swallowing an elephant" deal, given the valuation disparity between the companies involved [6]. Group 2: Company Background - Quzhou Development primarily focuses on investment and real estate development, having undergone a change in control to Quzhou Industrial Group, a state-owned entity [10]. - The company has faced declining real estate sales, with contract sales dropping from 297.36 billion in 2021 to 29.25 billion in 2023, indicating a severe downturn in its core business [11]. Group 3: Financial Performance - The company's revenue has fluctuated over the years, with total revenues of 137.92 billion, 168.91 billion, 128.99 billion, 172.10 billion, and 164.85 billion from 2020 to 2024, while net profits have also shown a downward trend [11]. - Quzhou Development's forecast for the first half of 2025 indicates a significant decline in net profit, expected to be 2.1 billion, down 86% year-on-year [11]. Group 4: Strategic Implications - If the acquisition of Xian Dao Electronic Technology is successful, it could lead to a diversified business model for Quzhou Development, combining real estate, high-tech investments, and semiconductor operations [12].

Core Viewpoint - The company Xian Dao Electronic Technology Co., Ltd. (referred to as "Xian Dao Electric") is seeking acquisition opportunities shortly after terminating a previous merger attempt, indicating potential financial distress or strategic shifts in its business model [1][2][4]. Group 1: Acquisition Attempts - Xian Dao Electric has recently engaged in discussions with Chuzhou Development (600208.SH) to acquire shares from Guangdong Xian Dao Rare Materials Co., Ltd. and other shareholders, while also planning to raise supporting funds [1][2]. - Prior to this, Xian Dao Electric was involved in a failed acquisition attempt by Guangzhi Technology (300489.SZ), which was announced in October 2023 but terminated in June 2024 due to external environmental changes and unresolved terms [4][5]. Group 2: Financial Performance - The financial performance of Xian Dao Electric has shown a significant decline, with revenues dropping from 21.9 billion in 2022 to 15.9 billion in the first half of 2024, and net profits decreasing from 4.66 billion to 2.61 billion during the same period [8]. - The company's gross margin has also decreased, with figures reported at 21.28% in 2022, 14.27% in 2023, and 16.4% in the first half of 2024, indicating volatility in profitability [8]. Group 3: IPO and Regulatory Challenges - Xian Dao Electric has been undergoing IPO guidance for approximately 18 months, with the latest report submitted by Guo Xin Securities on July 9, 2024, highlighting unresolved issues related to related-party transactions [3][6]. - The prolonged IPO guidance period suggests potential issues with the company's financial health or regulatory compliance, which may have contributed to its urgency in seeking acquisition [3][6].

新湖中宝易主国资并改名为衢州发展（SH600208，停牌）一年后，又宣布了重大的并购计划。 7月29日晚间，衢州发展公告称，公司拟通过发行股份等方式购买广东先导稀材股份有限公司持有的先 导电子科技股份有限公司（以下简称先导电科）的股份，有意购买先导电科其他股东持有的股份，同时 募集配套资金。本次交易处于筹划阶段，目前尚未签署意向性文件，能否实施存在不确定性。为维护投 资者利益，公司股票自2025年7月30日起停牌，预计停牌时间不超过10个交易日。 《每日经济新闻》记者注意到，光智科技去年10月就宣布拟收购先导电科100%股份，其复牌后曾连续 收获8个"20CM"涨停板，但今年6月27日，光智科技决定终止本次重组事项。 衢州发展股价此前大涨 在实控人变更为衢州工业集团（浙江省衢州市国资）并更名为衢州发展之前，新湖中宝曾是浙江知名民 企浙江新湖集团股份有限公司（以下简称新湖集团）旗下房地产开发企业。 2006年，新湖集团将旗下14家房地产公司通过定向增发的方式装入中宝股份，此后中宝股份改名为新湖 中宝，并踩着房地产市场加速向前的风潮开启了10余年的快速发展期。但在2016年前后，房地产行业逐 渐进入调整期，新湖中 ...

Core Viewpoint - The company Quzhou Development plans to acquire shares of Xian Dao Electronics Technology Co., Ltd. through issuing shares and intends to purchase remaining equity from other shareholders, marking its first acquisition since rebranding [2][6]. Group 1: Acquisition Details - Quzhou Development announced the acquisition plan on July 29, with stock suspension starting from July 30, expected to last no more than 10 trading days [2]. - Xian Dao Electronics is a core subsidiary of Xian Dao Group, focusing on the R&D, production, and recycling of sputtering targets and evaporation materials for vacuum coating [6]. - Guangdong Xian Dao Rare Materials Co., Ltd. holds 46.957% of Xian Dao Electronics, with other shareholders including BYD and Shanghai Semiconductor Equipment Materials Industry Investment Fund [6]. Group 2: Financial Background - Xian Dao Electronics has completed two significant financing rounds, raising 1.4 billion yuan in 2021 and 4.5 billion yuan in 2022, with a post-investment valuation exceeding 14 billion yuan and 21 billion yuan respectively [6]. - The latest valuation of Xian Dao Electronics in 2024 is reported to be 21 billion yuan [6]. - Quzhou Development's recent financial performance has been underwhelming, with a revenue of 16.485 billion yuan in 2024, down 4.21% year-on-year, and a net profit of 1.016 billion yuan, down 37.74% year-on-year [7]. Group 3: Market Reactions and Previous Attempts - A previous attempt by Guangzhi Technology to acquire Xian Dao Electronics in October 2024 was terminated, which had led to a significant stock price increase for Guangzhi Technology [6][7]. - The termination of the previous acquisition was attributed to factors such as pricing and market valuation [7]. - Quzhou Development's management indicated that the previous acquisition's valuation may not significantly impact the current transaction, as it requires further confirmation [7].