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A股首例!邝子平携LP收购一家上市公司
Sou Hu Cai Jing·2025-05-26 01:41

Core Viewpoint - The acquisition of Tianmai Technology by Suzhou Qichen marks the first case of a pure merger and acquisition fund acquiring a listed company in China's A-share market since the implementation of the "924 New Policy" by the China Securities Regulatory Commission in September last year [2][4]. Group 1: Acquisition Details - On May 23, Tianmai Technology announced that Suzhou Qichen would acquire a total of 26.10% of the company's shares, making it the controlling shareholder [2][4]. - The acquisition price of 4.52 billion yuan corresponds to a market value of 17.32 billion yuan for Tianmai Technology, reflecting a discount of approximately 16% compared to the market value before the suspension of trading [4]. - The agreement includes clauses to maintain the company's listing status, requiring the company to ensure audited revenue of no less than 1 billion yuan for 2025 and 2026, and a net profit of no less than -300 million yuan for 2025 [6]. Group 2: Key Individuals - Kwang Ziping, the actual controller of Suzhou Qichen and founder of Qiming Venture Partners, has over 25 years of experience in the technology investment sector [9][10]. - Kwang's investment philosophy focuses on long-term value creation and industrial integration, aligning well with Tianmai Technology's development needs in the smart transportation sector [11][12]. Group 3: Support and Partnerships - Suzhou Qichen's limited partners (LPs) include notable investment institutions and state-owned enterprises, providing strong financial backing and industry resources for the acquisition [14]. - The involvement of Yuanhe Dingsheng and Kunshan Chuangye Holdings reflects a commitment to supporting industrial upgrades and innovation development [14]. Group 4: Strategic Implications - The establishment and operation of Suzhou Qichen can be seen as an active exploration and strategic layout by Qiming Venture Partners in the private equity merger and acquisition sector [17]. - This acquisition allows Qiming to gain control over quality assets and leverage Tianmai Technology's foundation in the smart transportation field to expand its investment layout in related industries [17].