Core Viewpoint - The rapid development of the private equity investment sector has led to A-share listed companies engaging in various forms of private equity investments to discover and incubate quality targets within their industry and supply chains, while also expanding their investment paths. CVC funds led by listed companies have become a crucial force in the private equity market, but they face scrutiny due to potential conflicts of interest and regulatory restrictions, particularly after the implementation of the "Private Investment Fund Registration and Filing Measures" on May 1, 2023 [1][14]. Pathways for Establishing Private Fund Managers - A total of 16 private fund managers related to A-share listed companies have been approved by the Asset Management Association of China (AMAC) from May 1, 2023, to May 1, 2025. These include 1 wholly-owned subsidiary, 4 controlled by listed companies, 10 directly or indirectly invested by listed companies, and 1 established by the actual controller of a listed company [2]. Pathway One: Wholly Owned Establishment - Listed companies can establish private fund managers wholly owned by themselves. This pathway is subject to strict regulatory scrutiny due to the potential classification as "quasi-financial" businesses [3][6]. Pathway Two: Controlling Establishment - Listed companies can also establish controlling private fund managers where they hold more than 50% of the shares. However, this pathway has seen limited success due to regulatory concerns, with only 4 such managers registered since the new regulations [3][4]. Pathway Three: Joint Establishment with Third Parties - This pathway involves listed companies partnering with third parties to establish private fund managers, where the listed company acts as a financial or strategic investor. This has proven to be a more viable option, with 10 managers established under this model since the new regulations [4][5]. Pathway Four: Establishment by Actual Controllers - Actual controllers of listed companies can establish private fund managers directly. This pathway is less restricted, provided that the listed company does not directly invest in the fund manager [6][10]. Compliance Points for Each Pathway - Pathways one and two face stricter regulatory requirements due to the direct control by listed companies, necessitating good financial health and adherence to internal decision-making and disclosure procedures [7][8]. - Pathway three requires careful attention to the legitimacy of the investment purpose and compliance with disclosure obligations, especially regarding related party transactions [10][11]. - Pathway four mandates that the actual controller disclose their relationship with the fund manager and comply with related party transaction regulations if the listed company invests in the fund [12][13]. Risk Prevention Measures - Listed companies and their affiliates must be vigilant against risks such as insider trading, conflicts of interest, and the misuse of non-public information. Establishing robust internal controls and compliance mechanisms is essential to mitigate these risks [12][13]. Conclusion - The article summarizes four pathways for listed companies to establish private fund managers, highlighting the regulatory landscape and compliance requirements. The core controversy revolves around the "quasi-financial" risks associated with these activities, emphasizing the need for a balance between industrial investment demands and financial regulatory boundaries. Future policies may exhibit flexibility, recognizing the value of supporting the real economy while preventing unchecked capital expansion [14].

Group 1 - The core transaction involves issuing shares and cash to acquire a 72.33% stake in ChipLink Yuezhou Integrated Circuit Manufacturing Co., Ltd for a total price of 589,661.33 million yuan [11][12][14] - The transaction is expected to enhance the company's capabilities in power semiconductors and MEMS, leveraging advanced production lines and technology [14][19] - ChipLink Yuezhou is positioned to capitalize on the growing demand for SiC MOSFETs and high-voltage analog ICs, particularly in the automotive and industrial control sectors [14][19] Group 2 - The transaction will increase the company's total share capital from 7,069,085,200 shares to 8,382,687,172 shares, with no change in control or actual controller [15][17] - Post-transaction, the company's equity attributable to shareholders is expected to rise, although the net profit may be impacted due to the current losses of the acquired company [18][19] - The acquisition is anticipated to improve the overall asset quality and financial condition of the company in the long term [19]

证券代码：688469 证券简称：芯联集成 上市地：上海证券交易所 芯联集成电路制造股份有限公司 发行股份及支付现金购买资产 暨关联交易报告书（草案）摘要 （修订稿） | 项 目 | 名 称 | | --- | --- | | 购买资产交易对方 | 绍兴滨海新区芯兴股权投资基金合伙企业（有限合伙）、深圳 | | | 市远致一号私募股权投资基金合伙企业（有限合伙）、厦门辰 | | | 途华辉创业投资合伙企业（有限合伙）、厦门辰途华明创业投 | | | 资基金合伙企业（有限合伙）、厦门辰途华景创业投资基金合 | | | 伙企业（有限合伙）、珠海横琴强科二号股权投资合伙企业 | | | （有限合伙）、张家港毅博企业管理中心（有限合伙）、尚融 | | | 创新（宁波）股权投资中心（有限合伙）、井冈山复朴新世纪 | | | 股权投资合伙企业（有限合伙）、华民科文（青岛）创业投资 | | | 基金合伙企业（有限合伙）、无锡芯朋微电子股份有限公司、 | | | 广东导远科技有限公司、广东辰途十六号创业投资合伙企业 | | | （有限合伙）、广州辰途十五号创业投资基金合伙企业（有限 | | | 合伙）、锐石创芯（重庆）科技股 ...

证券代码：688469 证券简称：芯联集成 上市地：上海证券交易所 芯联集成电路制造股份有限公司 发行股份及支付现金购买资产 暨关联交易报告书（草案） （修订稿） | 项 目 | 名 称 | | --- | --- | | 购买资产交易对方 | 绍兴滨海新区芯兴股权投资基金合伙企业（有限合伙）、深圳 | | | 市远致一号私募股权投资基金合伙企业（有限合伙）、厦门辰 | | | 途华辉创业投资合伙企业（有限合伙）、厦门辰途华明创业投 | | | 资基金合伙企业（有限合伙）、厦门辰途华景创业投资基金合 | | | 伙企业（有限合伙）、珠海横琴强科二号股权投资合伙企业 | | | （有限合伙）、张家港毅博企业管理中心（有限合伙）、尚融 | | | 创新（宁波）股权投资中心（有限合伙）、井冈山复朴新世纪 | | | 股权投资合伙企业（有限合伙）、华民科文（青岛）创业投资 | | | 基金合伙企业（有限合伙）、无锡芯朋微电子股份有限公司、 | | | 广东导远科技有限公司、广东辰途十六号创业投资合伙企业 | | | （有限合伙）、广州辰途十五号创业投资基金合伙企业（有限 | | | 合伙）、锐石创芯（重庆）科技股份有 ...

芯联集成电路制造股份有限公司 关于发行股份及支付现金购买资产暨关联交易 报告书（草案）修订说明的公告 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。 芯联集成电路制造股份有限公司（以下简称"公司"）拟发行股份及支付现 金购买绍兴滨海新区芯兴股权投资基金合伙企业（有限合伙）、深圳市远致一号 私募股权投资基金合伙企业（有限合伙）等 15 名交易对方合计持有的芯联越州 集成电路制造（绍兴）有限公司 72.33%股权（以下简称"本次交易"）。 | | 章节 | 修订情况 | | --- | --- | --- | | | 重大事项提示 | 更新本次重组交易对方的锁定期安排 | | 第一章 | 本次交易概况 | 更新本次重组交易对方的锁定期安排 | | 第二章 | 上市公司基本情况 | 更新上市公司前十大股东信息；更新上市公司主要财务数据 | | | | 及财务指标 | | 第五章 | 发行股份情况 | 更新本次重组交易对方的锁定期安排 | 证券代码：688469 证券简称：芯联集成 公告编号：2025-030 2025 年 1 月 1 ...

Core Viewpoint - The company, ChipLink Integrated Circuit Manufacturing Co., Ltd., is undergoing a name change and has recently experienced a decline in stock price since its IPO, which has led to a state of underperformance in the market [1][2]. Group 1: Company Name Change and Stock Performance - The company announced a change in its Chinese name from "绍兴中芯集成电路制造股份有限公司" to "芯联集成电路制造股份有限公司," with the stock abbreviation changing from "中芯集成" to "芯联集成" effective December 6, 2023 [1]. - As of June 12, 2023, the stock price closed at 4.52 yuan, reflecting a decline of 1.31% [1]. - The stock reached a peak price of 6.96 yuan on its first trading day but is currently in a state of decline [2]. Group 2: IPO and Fundraising Details - The company completed its IPO on May 10, 2023, issuing 169,200,000 shares initially, with a total fundraising amount of 962,748,000 yuan before the exercise of the over-allotment option [2][3]. - After fully exercising the over-allotment option, the total number of shares issued increased to 194,580,000, raising a total of 1,107,160,200 yuan [2][4]. - The net proceeds from the IPO, after deducting issuance costs, were 937,276,550 yuan before the over-allotment and 1,078,341,700 yuan after [2][4]. Group 3: Use of Proceeds - The company plans to use the raised funds for projects including the technological transformation of MEMS and power device chip manufacturing and packaging testing production bases, as well as for working capital [2].

Investment Rating - The report assigns an "Outperform the Market" rating for the company, marking its first coverage [6][41]. Core Insights - The company is expected to achieve a revenue growth of 22.25% year-on-year in 2024, reaching 6.51 billion yuan, with a significant contribution from the automotive sector, which accounts for over 50% of its revenue [1][4]. - The automotive business is accelerating, with a year-on-year growth of over 40% in 2024, and the company has established itself as a leading player in the domestic market for automotive power modules [2][16]. - The company has become a major player in the MEMS wafer foundry market, ranking fifth globally and the only one from mainland China in the top five [3][10]. Revenue and Profitability Forecast - The company is projected to achieve revenues of 8.12 billion yuan in 2025, with a compound annual growth rate (CAGR) of approximately 89% from 2019 to 2024 [16][31]. - The EBITDA is expected to reach 2.15 billion yuan in 2024, reflecting a year-on-year increase of 131.86% [1]. - The net profit forecast for 2025-2027 is estimated at -334 million yuan, 670 million yuan, and 2.43 billion yuan respectively, with corresponding price-to-book ratios of 2.80, 2.78, and 2.73 [4][41]. Business Segments - The automotive segment is a key growth area, with the company achieving a revenue of 1.016 billion yuan from SiC MOSFET chips and modules in 2024, marking a year-on-year growth of over 100% [2][16]. - The company's module packaging revenue reached 602 million yuan in 2024, a year-on-year increase of 54.54%, indicating strong demand in the automotive sector [3][30]. - The company has made significant advancements in its product offerings, including high-voltage BCD SOI integration solutions and laser radar core chips, which are now in mass production [2][16]. Market Position and Competitive Advantage - The company is recognized as one of the largest domestic manufacturers of automotive-grade IGBT and has a leading position in the production of SiC MOSFETs in Asia [3][20]. - The company has established a comprehensive system foundry solution with automotive-grade features, catering to major domestic automotive clients [4][41]. - The report highlights the company's strong R&D capabilities, with a focus on power, MEMS, BCD, and MCU technologies, which are crucial for maintaining its competitive edge in the semiconductor industry [28][39].

上海市锦天城律师事务所 关于芯联集成电路制造股份有限公司 第一期股票期权激励计划第二个行权期 注销部分股票期权相关事宜之 法律意见书 地址：上海市浦东新区银城中路 501 号上海中心大厦 11/12 层 电话：021-20511000 传真：021-20511999 邮编：200120 上海市锦天城律师事务所 法律意见书 上海市锦天城律师事务所 关于芯联集成电路制造股份有限公司 第一期股票期权激励计划第二个行权期 注销部分股票期权相关事宜之 法律意见书 案号：01G20231137 致：芯联集成电路制造股份有限公司 敬启者： 上海市锦天城律师事务所（以下简称"本所"）接受芯联集成电路制造股份 有限公司（以下简称"芯联集成"或"公司"）的委托，指派杨继伟律师和徐启 捷律师作为公司特聘专项法律顾问，根据《中华人民共和国公司法》（以下简称 "《公司法》"）、《中华人民共和国证券法》《上市公司股权激励管理办法》 （以下简称"《管理办法》"）、《上海证券交易所科创板股票上市规则》《科 创板上市公司自律监管指南第 4 号——股权激励信息披露》等有关法律、行政法 规和规范性文件（以下简称"法律法规"）及《芯联集成电路制造股 ...

芯联集成电路制造股份有限公司 证券代码：688469 证券简称：芯联集成 公告编号：2025-026 关于开展以套期保值为目的的外汇衍生品交易的公告 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、准确性和完整性依法承担法律责任。 重要内容提示： 交易目的、交易品种、交易场所：为防范汇率大幅波动对公司造成不良 影响，提高外汇使用效率，合理降低财务费用，芯联集成电路制造股份有限公司 （以下简称"公司"）及子公司拟与银行等金融机构开展外汇衍生品交易业务， 拟开展的外汇衍生品交易业务包括但不限于外汇远期结售汇业务、外汇掉期业 务、外汇期权业务等。 交易金额：公司及子公司拟开展的外汇衍生品合约价值总额度为 15 亿人 民币或等值外币，额度使用期限自该事项获董事会审议通过之日起 12 个月内。 上述额度在期限内可循环滚动使用，但期限内任一时点的最高合约价值不超过 15 亿人民币或等值外币。 已履行的审议程序：公司于 2025 年 5 月 19 日召开第二届董事会第五次 会议，审议通过了《关于开展以套期保值为目的的外汇衍生品交易的议案》，本 议案无需提交股东大会审议。 ...

上海市锦天城律师事务所 关于芯联集成电路制造股份有限公司 2024 年年度股东大会之 上海市锦天城律师事务所 关于芯联集成电路制造股份有限公司 2024 年年度股东大会之 法律意见书 案号：01G20231137 法律意见书 地址：上海市浦东新区银城中路 501 号上海中心大厦 11/12 层 电话：021-20511000 传真：021-20511999 邮编：200120 上海市锦天城律师事务所 法律意见书 致：芯联集成电路制造股份有限公司 敬启者： 上海市锦天城律师事务所（以下简称"本所"）接受芯联集成电路制造股份 有限公司（以下简称"公司"）委托，根据《中华人民共和国公司法》（以下简 称"《公司法》"）《上市公司股东会规则》（以下简称"《股东会规则》"） 等法律、行政法规和其他规范性文件（以下简称"法律、法规"）以及《芯联集 成电路制造股份有限公司章程》（以下简称"《公司章程》"）的有关规定，就 公司召开 2024 年年度股东大会（以下简称"本次股东会"）的有关事宜出具本 法律意见书。 本法律意见书仅就本次股东会的召集和召开程序、出席本次股东会人员的资 格、召集人资格、会议表决程序是否符合法律、法规及 ...