Core Viewpoint - The article discusses the recent approval of a significant asset swap and capital raising transaction by Zhizheng Co., which marks the first cross-border share swap case following the implementation of new regulations for foreign investors in December 2024. This transaction is expected to enhance collaboration between domestic and international semiconductor industries and attract more quality foreign investment into the A-share market [2][3]. Group 1: Regulatory Changes - The new regulations, effective from November 2024, facilitate strategic investments by foreign investors in listed companies by relaxing cross-border share swap conditions [3]. - The revised regulations allow foreign investors to use shares of non-listed overseas companies as payment for strategic investments, which was not permitted under the previous rules [3][4]. Group 2: Transaction Details - Zhizheng Co. plans to acquire approximately 99.97% of Advanced Assembly Materials International Limited (AAMI), a leading global semiconductor lead frame supplier, through a combination of asset swaps, share issuance, and cash payments [5][6]. - The total valuation of the target asset AAMI is set at 3.526 billion yuan, with the total consideration for the transaction being 3.069 billion yuan [8]. Group 3: Financial Performance - AAMI reported revenues of 2.205 billion yuan and 2.486 billion yuan for the fiscal years 2023 and 2024, respectively, with net profits of 20.18 million yuan and 55.19 million yuan [7].

Core Viewpoint - Shenzhen Zhizheng High Polymer Materials Co., Ltd. plans to conduct a major asset swap, issue shares, and pay cash to acquire the equity and control of Advanced Assembly Materials International Limited, while divesting 100% of Shanghai Zhizheng New Materials Co., Ltd. and raising supporting funds [1][2]. Group 1 - The Shanghai Stock Exchange's M&A Restructuring Review Committee approved the company's transaction application, confirming it meets restructuring conditions and information disclosure requirements [2]. - The company revised its restructuring report based on the review committee's approval and disclosed the updated draft [2]. - Key revisions in the restructuring report include updates on the decision-making process and approval status of the transaction [2][3]. Group 2 - The valuation analysis of the assets to be acquired and divested has been supplemented in the revised report [3]. - The financial condition analysis of the target company has been enhanced, including supplementary financial information and key operational status post the audit cutoff date [3].

Core Viewpoint - The document outlines the legal opinions regarding the major asset restructuring, issuance of shares, and cash payment for asset acquisition by Shenzhen Zhizheng High Polymer Materials Co., Ltd, indicating compliance with relevant laws and regulations [1][2][3]. Group 1: Transaction Overview - The law firm Shanghai Zechang has been appointed as a special legal advisor for the restructuring of Shenzhen Zhizheng High Polymer Materials Co., Ltd [1]. - A series of legal opinions have been issued, including the initial legal opinion and several supplementary opinions, detailing the transaction's progress and compliance with regulatory requirements [2][3]. Group 2: Approval and Authorization - The transaction has undergone various decision-making and approval processes, including multiple board meetings and supervisory committee reviews, confirming that the necessary approvals are in place [6][7][8]. - The Shanghai Stock Exchange's M&A Review Committee has approved the transaction, affirming that it meets restructuring conditions and information disclosure requirements [8][9]. Group 3: Information Disclosure - The company has fulfilled its legal disclosure obligations regarding the transaction, ensuring that all necessary announcements and reports have been made in accordance with regulations [9][10]. - The law firm confirms that there are no undisclosed contracts or agreements related to the transaction, and the company will continue to meet ongoing disclosure requirements as the transaction progresses [9][10]. Group 4: Substantive Conditions - The substantive conditions for the transaction have been verified, and no changes have occurred since the last legal opinion, indicating that the transaction remains compliant with relevant legal frameworks [10].

华泰联合证券有限责任公司 关于深圳至正高分子材料股份有限公司 重大资产置换、发行股份及支付现金购买资产并募集 配套资金暨关联交易 之 独立财务顾问报告 （注册稿） 独立财务顾问 签署日期：二〇二五年八月 华泰联合证券有限责任公司 独立财务顾问报告 一、独立财务顾问承诺 本独立财务顾问在充分尽职调查和内核的基础上，作出以下承诺： 1、本独立财务顾问已按照相关法律法规履行尽职调查义务，有充分理由确 信所发表的专业意见与上市公司和信息披露义务人披露的文件内容不存在实质 性差异； 2、本独立财务顾问已对上市公司和信息披露义务人披露的文件进行充分核 查，确信披露文件的内容与格式符合要求； 3、本独立财务顾问有充分理由确信上市公司委托本独立财务顾问出具意见 的交易方案符合法律、法规和中国证监会及证券交易所的相关规定，所披露的信 息真实、准确、完整，不存在虚假记载、误导性陈述或者重大遗漏； 4、本独立财务顾问有关本次交易的专业意见已提交本独立财务顾问内核机 构审查，内核机构同意出具此专业意见； 2-1-1 华泰联合证券有限责任公司 独立财务顾问报告 独立财务顾问声明和承诺 华泰联合证券有限责任公司（以下简称"华泰联合证券" ...

上海泽昌律师事务所 关于 深圳至正高分子材料股份有限公司 重大资产置换、发行股份及支付现金购买 资产并募集配套资金暨关联交易 之 补充法律意见书（六） 上海市浦东新区世纪大道 1589 号长泰国际金融大厦 11 层 电话：021-61913137 传真：021-61913139 邮编：200120 二零二五年八月 上海泽昌律师事务所 法律意见书 上海泽昌律师事务所 关于深圳至正高分子材料股份有限公司重大资产置换、发 行股份及支付现金购买资产并募集配套资金暨关联交易之 补充法律意见书（六） 编号：泽昌证字 2025-03-02-24 致：深圳至正高分子材料股份有限公司 根据《中华人民共和国公司法》《中华人民共和国证券法》《上市公司重大 资产重组管理办法》等法律、行政法规、规章和规范性文件的相关规定，上海泽 昌律师事务所接受深圳至正高分子材料股份有限公司委托，作为本次重组事宜的 专项法律顾问。 为本次重组之目的，本所已于 2025 年 2 月 28 日出具了《上海泽昌律师事务 所关于深圳至正高分子材料股份有限公司重大资产置换、发行股份及支付现金购 买资产并募集配套资金暨关联交易之法律意见书》（以下简称"《法律意见 ...

股票代码：603991 股票简称：至正股份 上市地点：上海证券交易所 深圳至正高分子材料股份有限公司 重大资产置换、发行股份及支付现金购买资产 并募集配套资金暨关联交易报告书（草案）摘要 （注册稿） | 项目 | 交易对方 | | --- | --- | | 重大资产置换 | 南宁市先进半导体科技有限公司 | | 发行股份及支付现金 购买资产 | Limited、通富微电子股 ASMPT Hong Kong Holding 份有限公司、深圳市领先半导体发展有限公司、南 | | | 宁市先进半导体科技有限公司等 11 名交易对方 | | 募集配套资金 | 不超过 35 名特定投资者 | 独立财务顾问 签署日期：二〇二五年八月 深圳至正高分子材料股份有限公司重大资产置换、发行股份及支付现金购买资产并募集配套资金暨关联交易报告书（草案）摘要 声 明 本部分所述词语或简称与本报告书摘要"释义"所述词语或简称具有相同含义。 一、上市公司声明 本公司及本公司全体董事、监事及高级管理人员保证上市公司及时、公平地披露 信息，保证本报告书摘要内容的真实、准确、完整，不存在虚假记载、误导性陈述或 者重大遗漏，保证本报告书摘要所引 ...

股票代码：603991 股票简称：至正股份 上市地点：上海证券交易所 深圳至正高分子材料股份有限公司 重大资产置换、发行股份及支付现金购买资产 并募集配套资金暨关联交易报告书（草案） （注册稿） | 项目 | 交易对方 | | --- | --- | | 重大资产置换 | 南宁市先进半导体科技有限公司 | | 发行股份及支付现金 购买资产 | ASMPT Hong Kong Holding Limited、通富微电子股 份有限公司、深圳市领先半导体发展有限公司、南 | | | 宁市先进半导体科技有限公司等 名交易对方 11 | | 募集配套资金 | 不超过 名特定投资者 35 | 独立财务顾问 签署日期：二〇二五年八月 声 明 本部分所述词语或简称与本报告书"释义"所述词语或简称具有相同含义。 一、上市公司声明 本公司及本公司全体董事、监事及高级管理人员保证上市公司及时、公平地披露 信息，保证本报告书及其摘要内容的真实、准确、完整，不存在虚假记载、误导性陈 述或者重大遗漏，保证本报告书所引用的相关数据的真实性和合理性，并对所提供信 息的真实性、准确性、完整性负相应的法律责任。 如本次交易所披露或提供的信息涉嫌 ...

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。 证券代码：603991 证券简称：至正股份 公告编号：2025-049 深圳至正高分子材料股份有限公司 关于重大资产置换、发行股份及支付现金购买资产并 募集配套资金暨关联交易报告书（草案）（注册稿） 修订说明的公告 深圳至正高分子材料股份有限公司董事会 深圳至正高分子材料股份有限公司（以下简称"公司"）拟通过重大资产置 换、发行股份及支付现金的方式取得先进封装材料国际有限公司（Advanced Assembly Materials International Limited）的股权及其控制权、置出上海至正新材 料有限公司 100%股权并募集配套资金（以下简称"本次交易"）。 2025 年 8 月 15 日 上海证券交易所并购重组审核委员会（以下简称"上交所重组委"）于 2025 年 8 月 11 日召开 2025 年第 10 次并购重组审核委员会审议会议，对公司本次交 易的申请进行了审议。根据上交所重组委发布的《上海证券交易所并购重组审核 委员会 2025 年第 10 次审议会议 ...

Core Viewpoint - The article discusses the approval of a significant asset swap and share issuance by Zhizheng Co., which will acquire 87.47% of AAMI, a leading semiconductor lead frame supplier, marking a notable cross-border share swap case under new regulations [2][11]. Group 1: Transaction Structure - The transaction involves a combination of asset swaps, share issuance, and cash payments to acquire AAMI's equity, with the company aiming to hold approximately 99.97% of AAMI post-transaction [5][6]. - The asset swap includes the exchange of Zhizheng's 100% stake in Zhizheng New Materials and cash payments to various stakeholders, including Advanced Semiconductor and others [5][10]. - The total consideration for the transaction is approximately 306,870.99 million yuan, with a significant portion allocated to cash payments and share issuance [12][10]. Group 2: Financial Performance - Zhizheng Co. has been transitioning towards the semiconductor industry, with its semiconductor equipment business expected to account for over 30% of revenue in 2024 [16]. - The company has reported continuous losses over the past three years, with a net loss of 1,785.03 million yuan in 2024, although revenue has increased significantly [17][18]. - Post-transaction, the total assets of Zhizheng Co. are projected to increase by 649.41%, with a substantial rise in equity and a shift from negative to positive net profit [18][19]. Group 3: AAMI Overview - AAMI, previously a division of ASMPT, is among the top five suppliers of lead frames globally, with operations in China and Malaysia [19]. - AAMI's revenue for 2023 and 2024 is reported at 220,530.39 million yuan and 248,621.11 million yuan, respectively, with net profits showing significant growth [19][20]. - The company has experienced a slight decline in gross margin, attributed to various market factors affecting the semiconductor industry [19]. Group 4: Control and Governance - The actual controller of Zhizheng Co. remains Wang Qiang, with his shareholding decreasing to 23.23% post-transaction, while ASMPT Holding becomes a significant shareholder [11][22]. - The transaction does not alter the control of the company, as ASMPT has committed not to seek control over Zhizheng Co. [11][22]. - The governance structure post-transaction will include key personnel from both Zhizheng and AAMI to ensure effective management and integration [25].

Group 1 - The core viewpoint of the news is that Zhizheng Co. has received approval for a significant asset restructuring plan, marking a key advancement in a nearly year-long cross-border acquisition transaction [1] - Zhizheng Co. plans to invest over 3.5 billion yuan to acquire 99.97% of AAMI, a leading global semiconductor lead frame supplier, while divesting its traditional cable materials business [1] - The restructuring involves complex domestic and international operations, including asset swaps, share issuance, and cash payments, optimizing the company's equity and governance structure [1][2] Group 2 - The transaction is expected to lead to a qualitative leap for Zhizheng Co., with AAMI's revenue exceeding 7 billion yuan from 2022 to the first three quarters of 2024 [2] - After the transaction, Zhizheng Co. will establish a dual-driven business model of "semiconductor materials + equipment," with semiconductor business revenue expected to exceed 30% in the first half of 2024 [2] - The collaboration between ASMPT's advanced packaging technology and AAMI's lead frame process will create significant industrial synergy, benefiting high-growth sectors like automotive electronics and AI computing [2] Group 3 - The transaction is significant for supply chain security, as lead frames are critical materials for semiconductor packaging, directly affecting chip reliability and heat dissipation [3] - AAMI's integration will help address domestic technology and capacity gaps in the high-end lead frame market, which is currently dominated by Japanese and Korean companies [3] - Zhizheng Co. aims to focus on high-end applications in automotive electronics and AI computing post-transaction, supporting the advancement of domestic semiconductors into higher-end fields [3]