IKD(SH:600933) Xin Lang Zheng Quan·2025-04-30 09:22Group 1 - Aikodi (600933.SH) plans to acquire 71% of Zhuolibo's equity for a transaction price of 1.118 billion yuan, while also issuing shares to raise supporting funds from no more than 35 specific investors [1] - Zhuolibo specializes in the R&D, production, and sales of precision components for micro-special motors, primarily used in the automotive micro-motor sector [1] - Zhuolibo attempted an IPO in August 2023 but ultimately chose to be acquired by Aikodi as a means to achieve a backdoor listing [1] Group 2 - Concerns regarding the acquisition include doubts about business synergy, as Aikodi claims Zhuolibo will help it enter the "drone, robotics, and industrial automation" sectors, while Zhuolibo's website only mentions applications in automotive motors, power tools, and home appliances [2] - Governance structure risks arise from Zhuolibo being family-controlled, with the Wang family holding 95.69% of shares and family members occupying key management positions [2] - The acquisition involves a high premium, with Zhuolibo's value assessed at 1.576 billion yuan using the income approach, reflecting a valuation increase of 118.48% compared to the asset-based approach [2]