华天科技披露的公告显示，本次交易事项尚处筹划阶段，初步确定的交易方包括标的公司控股股东华天 集团在内的全部或部分股东。截至公告日，华天科技已与本次交易的主要交易方签署《股权收购意向协 议》。华天科技也在公告中表示，公司预计在不超过10个交易日内披露本次交易方案。若公司未能在上 述期限内召开董事会审议并披露交易方案，公司证券最晚将于10月17日开市起复牌并终止筹划相关事 项。 冲A告败后，华羿微电子股份有限公司（以下简称"华羿微电"）拟借"兄弟"公司华天科技曲线上市。9月 25日，华天科技披露公告称，拟通过发行股份及支付现金方式购买控股股东旗下资产华羿微电股权，本 次交易构成关联交易。需要注意的是，2024年6月，华羿微电科创板IPO终止。财务数据显示，华羿微 电IPO撤单前净利转亏。 拟购华羿微电股权 前次冲击IPO未能叩开资本市场大门，华羿微电欲"投身"华天科技谋曲线上市。 华天科技披露公告称，拟通过发行股份及支付现金方式购买华羿微电股权，公司证券自9月25日开市起 开始停牌。据悉，华羿微电系华天科技控股股东天水华天电子集团股份有限公司（以下简称"华天电 子"）的控股子公司。本次交易预计不构成重大资产重组， ...

Market Overview - The main board led the gains with notable stocks such as Huanrui Century (+10.07%), Shenhuafa A (+10.03%), and Huanxu Electronics (+10.02%) [1] - The ChiNext board saw significant increases with Jiebang Technology (+15.95%) and Tailong Co. (+13.46%) [1] - The Sci-Tech Innovation board was led by Pinming Technology (+20.01%) and Canxin Co. (+10.93%) [1] - Active sub-industries included SW Other Computer Equipment (+3.68%) and SW Games III (+3.27%) [1] Domestic News - Huatians Technology announced a temporary suspension of trading as it plans to acquire key assets from its controlling shareholder, Huayi Microelectronics, through a combination of stock issuance and cash payment, which could enhance its profitability in the semiconductor testing segment [1] - TSMC responded to the price increase issue regarding 2nm technology, stating that its pricing strategy is value-driven rather than opportunity-driven, and it will continue to collaborate closely with customers [1] - Alibaba Cloud and NVIDIA reached a collaboration in the Physical AI field, integrating NVIDIA's software stack into Alibaba's AI platform to provide comprehensive services for enterprises [1] - The Shandong Gallium Nitride single crystal substrate project has reached full production capacity, with a planned output of 100,000 pieces per year [1] Company Announcements - State Grid Information Communication announced that its subsidiaries won a communication network equipment integration procurement project from the State Grid Corporation, with a total bid amount of 605.44 million yuan [3] - Olay New Materials reported the completion of its high-purity oxygen-free copper production base project, with a total investment of 156.07 million yuan [3] - Mind Electronics announced the procurement of imported second-hand equipment to replace and supplement existing equipment, with a total contract amount of 104.51 million yuan [3] - Guanghe Technology announced the acquisition of land use rights for a new manufacturing base, with a bid amount of 41.32 million yuan [3] Overseas News - Microsoft is testing a new technology aimed at reducing energy consumption in AI data centers by directly delivering coolant to microchannels within chips, maintaining cooling even at high temperatures [4] - Sunic System announced plans to build a new factory in Pyeongtaek to expand its 8.6-generation equipment capacity, with an investment of 19 billion KRW [4] - Applied Materials announced a strategic partnership with GlobalFoundries to establish an advanced waveguide manufacturing facility in Singapore, focusing on emerging photonic technologies [4] - TrendForce reported a shift in storage demand from HDDs to QLC Enterprise SSDs due to supply shortages, with expected price increases of 5-10% for NAND Flash products in Q4 [4]

Core Viewpoint - Huayi Microelectronics Co., Ltd. plans to achieve a backdoor listing through its parent company, Huatian Technology, after its previous IPO attempt failed [1][3]. Group 1: Transaction Details - Huatian Technology announced it intends to acquire Huayi Microelectronics' equity through a combination of issuing shares and cash payments, constituting a related party transaction [3]. - The transaction is still in the planning stage, with a preliminary agreement signed with major shareholders, including Huatian Group [3]. - Huatian Technology is expected to disclose the transaction plan within 10 trading days, or it will resume trading by October 17, 2023, and terminate the planning [3]. Group 2: Market Context - In the current stringent IPO regulatory environment, companies that fail to go public may opt for acquisition by listed companies, which can fulfill financing and shareholder exit needs [4]. - The acquisition model allows listed companies to acquire quality assets at a relatively low cost, facilitating industrial integration or transformation [4][5]. Group 3: Huayi Microelectronics Performance - Huayi Microelectronics' IPO was terminated in June 2024, with its net profit turning negative before the withdrawal [6]. - The company reported revenues of approximately 847 million yuan, 1.16 billion yuan, and 1.16 billion yuan from 2020 to 2022, with net profits of approximately 41.63 million yuan, 88.13 million yuan, and -43.21 million yuan respectively [6][7]. Group 4: Huatian Technology Financials - Huatian Technology has experienced significant fluctuations in net profit, with revenues of approximately 11.9 billion yuan, 11.3 billion yuan, and 14.5 billion yuan from 2022 to 2024, and corresponding net profits of approximately 754 million yuan, 226 million yuan, and 616 million yuan [8]. - In the first half of 2023, Huatian Technology achieved revenues of approximately 7.78 billion yuan, a year-on-year increase of 15.81%, with a net profit of approximately 226 million yuan, a year-on-year increase of 1.68% [8][9].

Core Viewpoint - The article discusses the strategic acquisition plan of Huatians Technology to purchase shares of Huayi Microelectronics, highlighting the potential growth in the semiconductor industry, particularly in power devices for high-end applications like electric vehicles and industrial control [2][3][4]. Group 1: Acquisition Details - Huatians Technology is planning to issue shares and pay cash to acquire all or part of Huayi Microelectronics, with the transaction expected to be an associated transaction but not a major asset restructuring [2]. - The acquisition is subject to uncertainties, leading to a temporary suspension of Huatians Technology's stock trading, with a disclosure of the transaction plan expected within 10 trading days [3]. Group 2: Company Background - Huayi Microelectronics, a subsidiary of Huatians Group, focuses on the research, design, packaging, testing, and sales of semiconductor power devices, utilizing a "design + packaging" dual-driven model [3]. - The company has a significant market share in the domestic electric vehicle controller market, showcasing strong market competitiveness [3]. Group 3: Financial Performance - Huayi Microelectronics reported revenue growth from 847 million yuan in 2020 to 1.157 billion yuan in 2022, although net profits have fluctuated, with a loss recorded in 2022 [4]. - The performance volatility reflects the high investment and cyclical nature of the power device industry [4].

Group 1 - Huayi Microelectronics plans to achieve a backdoor listing through its parent company, Huatian Technology, after failing its previous IPO attempt [1][3] - Huatian Technology announced it will purchase Huayi Microelectronics' equity through a combination of issuing shares and cash payments, constituting a related party transaction [3][4] - The transaction is still in the planning stage, with a preliminary agreement signed with major shareholders, and Huatian Technology expects to disclose the transaction plan within 10 trading days [3][4] Group 2 - Huayi Microelectronics' IPO was terminated in June 2024, with financial data indicating a shift from profit to loss prior to the withdrawal [5][6] - The company reported revenues of approximately 847 million yuan, 1.16 billion yuan, and 1.16 billion yuan from 2020 to 2022, with net profits of approximately 41.63 million yuan, 88.13 million yuan, and a loss of 43.21 million yuan respectively [5][6] - Huatian Technology has experienced significant fluctuations in net profit, with revenues of approximately 11.9 billion yuan, 11.3 billion yuan, and 14.5 billion yuan from 2022 to 2024, and corresponding net profits of approximately 754 million yuan, 226 million yuan, and 616 million yuan [7][8] Group 3 - Huatian Technology's revenue composition shows that integrated circuits accounted for approximately 99.97% of total revenue, with a gross margin of 10.89%, reflecting a year-on-year decline [8] - The company received government subsidies of approximately 360 million yuan and tax benefits of about 66.58 million yuan in the first half of the year [8] - Huatian Technology's stock price increased by 4.16% to 11.78 yuan per share before the trading suspension, with a total market capitalization of 38.04 billion yuan [8]

Core Viewpoint - The company, Tianshui Huatian Technology Co., Ltd., is planning to acquire Huayi Microelectronics Co., Ltd. through a share issuance and cash payment, which constitutes a related party transaction but does not qualify as a major asset restructuring [1] Group 1: Acquisition Details - The acquisition target, Huayi Microelectronics, is recognized as a leading domestic semiconductor company specializing in high-performance power devices, including research, design, packaging, testing, and sales [1] - Huayi Microelectronics employs a "design + packaging and testing" dual-driven business strategy, integrating device design with packaging and testing for collaborative development [1] Group 2: Financial Performance - Huayi Microelectronics reported revenues of 847 million, 1.16 billion, and 1.157 billion for the years 2020 to 2022, with net profits of 41.63 million, 88.13 million, and a loss of 43.21 million respectively [2] - The company's R&D investment was 33.73 million, 45.70 million, and 58.12 million from 2020 to 2022, with R&D expenditure as a percentage of revenue at 3.98%, 3.94%, and 5.03%, indicating a slight increase in 2022 [2] - In 2022, Huayi Microelectronics experienced a slight decline in revenue and a significant net loss, with a larger loss when excluding non-recurring items [2]

Core Viewpoint - Huatian Technology is planning to acquire Huayi Microelectronics, with the stock suspension starting from September 25, and a transaction proposal expected within 10 trading days [1] Group 1: Acquisition Details - The acquisition target, Huayi Microelectronics, is a subsidiary of Huatian Technology's controlling shareholder and focuses on the R&D, production, and sales of semiconductor power devices [1] - The transaction is not expected to constitute a major asset restructuring but will be classified as a related party transaction [1] - Huayi Microelectronics previously attempted an IPO on the Sci-Tech Innovation Board but was unsuccessful, with its application terminated on June 7, 2024, after failing to respond to initial inquiries [1] Group 2: Financial Performance of Huayi Microelectronics - Huayi Microelectronics reported revenues of 847 million, 1.16 billion, and 1.157 billion yuan for the years 2020, 2021, and 2022, respectively [1] - The net profit attributable to the parent company for the same years was 41.63 million, 88.13 million, and a loss of 43.21 million yuan, indicating a significant decline in profitability in 2022 [1] Group 3: Financial Performance of Huatian Technology - Huatian Technology's revenues from 2021 to 2024 were 12.097 billion, 11.906 billion, 11.298 billion, and 14.462 billion yuan, with a growth rate of 44.32%, -1.58%, -5.10%, and 27.99% respectively [2] - The net profit attributable to the parent company for the same period was 1.416 billion, 754 million, 226 million, and 616 million yuan, with growth rates of 101.75%, -46.74%, -69.98%, and 172.29% [2] - In the first half of 2025, Huatian Technology achieved revenue of 7.78 billion yuan, a year-on-year increase of 15.81%, and a net profit of 227 million yuan, up 1.68% year-on-year [2] Group 4: Market Performance - As of September 24, Huatian Technology's stock price was 11.78 yuan per share, with a year-to-date increase of 1.99% and a total market capitalization of approximately 38 billion yuan [3]

Group 1 - The Ministry of Commerce and eight other departments issued a notice to promote service exports, emphasizing the support for digital services, high-end design, R&D, and green services [1] - The Ministry of Industry and Information Technology and six other departments released a work plan for the construction materials industry, prohibiting new capacity and implementing risk warnings [1] - The People's Bank of China will conduct a 600 billion yuan MLF operation on September 25, with a net injection of 300 billion yuan, marking the seventh consecutive month of increased operations [1] Group 2 - The Ministry of Commerce announced a roundtable meeting in New York with Chinese-funded enterprises in the U.S., discussing business conditions and cooperation [1] - The Ministry of Housing and Urban-Rural Development reported that 21,700 urban old residential communities were renovated in the first eight months of the year, with a target of 25,000 by 2025 [1] - The State Administration for Market Regulation is soliciting public opinions on the basic requirements for food delivery platform service management [1] Group 3 - Alibaba Group's CEO stated that the company is committed to an open-source approach and is advancing a 380 billion yuan AI infrastructure construction plan [1] - Shanghai Zhiyuan Hengyue Technology Partnership plans to acquire 149 million shares of a company, representing 37% of its total equity, at a price of 7.78 yuan per share [1] - The carbon emissions trading market in China has seen a cumulative transaction volume of nearly 700 million tons and a transaction value of approximately 48 billion yuan as of the end of August [1]

Group 1 - Shengke Communication's shareholding by the National Integrated Circuit Industry Investment Fund has decreased from 19.6% to 15% after a total reduction of 18.8569 million shares [1] - Guoxin Technology plans to reduce its shares by up to 4.5% through various trading methods between September 30, 2025, and December 29, 2025 [1][2] - Jingzhida has delivered its first high-speed testing machine to a key domestic customer, aimed at semiconductor memory testing [4][5] Group 2 - Nanxin Pharmaceutical's shareholder plans to reduce shares by up to 3%, totaling 823.2 million shares, due to funding needs [6] - *ST Taihe's shareholder intends to reduce shares by up to 3% for operational management needs [7] - Xincheng Technology's shareholders and directors plan to reduce shares by up to 2.03% due to personal funding needs [8] Group 3 - Huati Technology is planning to acquire shares of Huayi Microelectronics, leading to a stock suspension due to uncertainties [9] - Ruima Precision's subsidiary has received a project notification with a total lifecycle sales estimate of approximately 5.56 billion yuan [10] - Guoguang Electric's shareholders plan to reduce shares by up to 3.85% through various trading methods [10] Group 4 - Cangge Mining's shareholder plans to reduce shares by up to 0.6% due to funding needs [11] - Jujiao Co., Ltd. intends to reduce shares by up to 3% due to personal funding arrangements [12] - Maqu'er plans to reduce shares by up to 2% due to funding needs [13] Group 5 - Caesar Travel's subsidiary intends to acquire 100% equity of Qingdao Hansa for 16 million yuan [14] - Xinde New Materials' shareholders plan to reduce shares by up to 3% through various trading methods [15] - Huadong Heavy Machinery's shareholders plan to reduce shares by up to 1.5% [16] Group 6 - Zhejiang Zhongcheng's shareholder plans to reduce shares by up to 3% due to personal funding needs [17] - Huaxi Securities' shareholder plans to reduce shares by up to 1% due to liquidity needs [18] - Ameng Pharmaceutical's major shareholder opposes the introduction of a strategic investor due to concerns over financial strength and compliance [19] Group 7 - *ST Rindong plans to invest 100 million yuan in Jiangyuan Technology, with a post-investment shareholding of 4.14% [20][21] - International Industry plans to issue shares to its controlling shareholder to raise no more than 662 million yuan for working capital [22][23]

Core Viewpoint - Huatian Technology is planning to acquire Huayi Microelectronics, which previously attempted an IPO that was terminated in June 2024. The acquisition is expected to involve issuing shares and cash payments, and it will be classified as a related party transaction but not a major asset restructuring [1][2]. Group 1: Acquisition Details - Huatian Technology has signed a share acquisition intention agreement with the main transaction counterpart [1]. - The acquisition is not expected to constitute a major asset restructuring or a restructuring listing [1]. Group 2: Target Company Background - Huayi Microelectronics specializes in the research, production, and sales of semiconductor power devices, and has previously attempted to list on the Sci-Tech Innovation Board [2][4]. - The company’s IPO was accepted in June 2023 but was terminated in June 2024 due to failure to respond to initial inquiries [2]. Group 3: Financial Performance of Huayi Microelectronics - Huayi Microelectronics reported revenues of 847 million yuan, 1.16 billion yuan, and 1.16 billion yuan from 2020 to 2022, with net profits of 41.63 million yuan, 88.13 million yuan, and a loss of 43.21 million yuan in the same period [4][5]. - The company experienced a slight revenue decline in 2022 and a significant net loss, with a non-recurring loss of 75.48 million yuan [4]. Group 4: Huatian Technology's Financial Performance - Huatian Technology's revenue has grown from 12.1 billion yuan in 2021 to 14.46 billion yuan in 2024, but net profit has decreased from 1.416 billion yuan to 616 million yuan in the same period [6][7]. - The company’s net profit heavily relies on government subsidies and tax incentives, with non-recurring profits dropping from 1.1 billion yuan to 334.2 million yuan [6][8]. - In the first half of 2025, Huatian Technology reported a net profit of 227 million yuan, but continued to incur losses when excluding non-recurring gains [8]. Group 5: Government Support - In the first half of 2025, Huatian Technology received government subsidies totaling approximately 360 million yuan and tax incentives of about 66.58 million yuan [9]. - The total other income from government support and tax benefits amounted to approximately 427 million yuan in the current period [9]. Group 6: Market Position - As of September 24, 2025, Huatian Technology's stock price was 11.78 yuan per share, with a market capitalization of around 38 billion yuan [9].