Sino-Microelectronics(SH:600360) Zheng Quan Ri Bao Wang·2025-06-26 12:14Core Viewpoint - The change of control in *ST Huamei from Shanghai Pengsheng to Jilin Yadong State Capital Investment aims to resolve financial issues and promote the high-quality development of the semiconductor industry in Jilin Province [1][2]. Group 1: Shareholder Change and Financial Implications - The controlling shareholder, Shanghai Pengsheng, will transfer 214 million shares (22.32% of total shares) to Jilin Yadong, with the transfer price primarily used to repay 1.556 billion yuan of occupied funds and interest [1]. - The transaction is expected to resolve the issue of 1.491 billion yuan of non-operational fund occupation by Shanghai Pengsheng and its affiliates, as mandated by the China Securities Regulatory Commission [2]. Group 2: Strategic Importance and Industry Impact - The strategic takeover by state capital is seen as beneficial for creating a sustainable development foundation for the company and addressing historical financial issues caused by the previous controlling shareholder [2]. - The transaction aligns with the broader goal of stabilizing the domestic semiconductor industry and is expected to inject new vitality into the sector by diversifying development paths [2][3]. Group 3: Company Operations and Future Focus - *ST Huamei specializes in power semiconductor devices and is one of the few domestic companies adopting the IDM model, focusing on full industry chain project construction and product innovation [3]. - The company plans to enhance its chip manufacturing capabilities and establish production bases centered on strategic emerging fields such as automotive electronics and renewable energy [3]. Group 4: Governance and Operational Mechanism - Post-transaction, *ST Huamei will become a mixed-ownership listed company with relative state capital control, aiming to establish a market-oriented governance structure and operational mechanism [3][4]. - Jilin Yadong has committed to maintaining the flexibility and dynamism of the company's market operations while ensuring compliance and stimulating innovation [4].