Sino-Microelectronics(SH:600360) Guo Ji Jin Rong Bao·2025-06-20 10:43Core Viewpoint - *ST Huamei is facing a potential change in control due to the planned share transfer by its controlling shareholder, Shanghai Pengsheng, which aims to address the company's financial irregularities and avoid delisting risks [1][3][4]. Group 1: Company Background and Current Situation - *ST Huamei, formerly known as Jilin Huamei Electronics Co., Ltd., specializes in power semiconductor devices and is one of the few domestic companies adopting the IDM model (Integrated Design and Manufacturing) [3]. - The company announced a stock suspension starting June 19, 2025, for no more than two trading days due to the share transfer planning by its largest shareholder, Shanghai Pengsheng, who holds 22.32% of the company's shares [3][4]. - The suspension is primarily driven by the need to mitigate delisting risks associated with non-compliance regarding the disclosure of non-operating fund occupation by the controlling shareholder [3][4]. Group 2: Financial Irregularities and Regulatory Actions - From 2015 to 2023, Shanghai Pengsheng and its affiliates occupied non-operating funds from *ST Huamei, with an outstanding balance of 1.491 billion yuan as of October 15, 2024 [3][4]. - The Jilin Securities Regulatory Bureau issued a notice requiring *ST Huamei and Shanghai Pengsheng to recover the 1.491 billion yuan within six months, with a deadline set for August 12, 2025 [3][4]. - If the recovery is not completed by the deadline, the Shanghai Stock Exchange will suspend the company's stock, and further delays could lead to a delisting decision [4]. Group 3: Financial Performance - Despite governance issues, *ST Huamei reported strong financial recovery, with a revenue of 2.058 billion yuan in 2024, marking an 18.13% year-on-year increase, and a net profit of 128 million yuan, up 246.45% [5]. - In the first quarter of 2025, the company continued its growth trend, achieving a revenue of 643 million yuan, a 29.56% increase year-on-year, and a net profit of 55 million yuan, up 253.08% [7]. - The increase in performance is attributed to the growing demand in the power semiconductor device market [7]. Group 4: Shareholder Dynamics - The composition of the top ten circulating shareholders has changed frequently, with new shareholders entering and others exiting [8]. - As of the first quarter of 2025, Shanghai Pengsheng's shares are fully pledged, indicating potential liquidity issues [8]. - The specifics of the share transfer, including the transaction counterpart, transfer ratio, and price, have not yet been disclosed, but it is seen as a potential new model for resolving the company's financial issues [8].