Sino-Microelectronics(SH:600360) Chang Jiang Shang Bao·2025-06-26 23:35Core Viewpoint - Jilin state-owned assets are stepping in to support the high-quality development of the semiconductor industry by acquiring *ST Huamei, aiming to resolve the financial issues caused by the major shareholder's fund occupation [2][3] Group 1: Share Transfer Details - On June 25, *ST Huamei's controlling shareholder, Shanghai Pengsheng, signed a share transfer agreement to sell approximately 214 million shares (22.32% of total shares) to Yadong Investment [3][4] - The total transaction price is approximately 1.621 billion yuan, with the proceeds primarily allocated to repay 1.556 billion yuan of occupied funds and interest [4] Group 2: Financial and Regulatory Background - *ST Huamei has faced significant internal control issues, including fund occupation and false disclosures, leading to penalties from the Jilin Securities Regulatory Bureau [5] - The company was labeled as "*ST" due to the major shareholder's occupation of 1.491 billion yuan in funds, with a risk of delisting if corrective actions are not taken by August 2025 [5] Group 3: Company Competitiveness and R&D - *ST Huamei is a comprehensive IDM company in the power semiconductor sector, producing a wide range of products used in strategic emerging fields such as clean energy and automotive electronics [6][8] - The company has maintained annual R&D investments exceeding 100 million yuan from 2018 to 2024, with a projected R&D expenditure of 125 million yuan in 2024, accounting for 6.07% of revenue [7][8] - As of the end of 2024, *ST Huamei employed 791 R&D personnel, representing 30% of its total workforce, indicating a strong focus on technological innovation [8] Group 4: Future Prospects Post-Transaction - With the state-owned entity taking control, *ST Huamei is expected to enhance its governance structure and operational mechanisms, potentially improving its market competitiveness [9] - The company aims to leverage the advantages of state-owned capital to drive business expansion and resource integration, enhancing overall operational quality [9]