青岛造芯新势力突击“联动”无锡国资，21亿巧取长龄液压控制权

Core Viewpoint - The strong rebound of Changling Hydraulic's stock price on its first trading day after resuming trading is primarily driven by the clarity surrounding its second ownership change this year, with the acquirer being Qingdao-based "Hexin Interconnect" [2] Group 1: Acquisition Details - The acquisition involves a total investment of 21.1 billion yuan, with the controlling stake being transferred to Hu Kangqiao, who has a background from Tsinghua University [2][4] - The acquisition strategy includes a combination of agreement transfer and a partial voluntary tender offer, allowing for a significant equity acquisition while avoiding a full tender offer [3] - The acquirers, Hexin Tingtao and Chengyin Shuangying, will collectively hold 41.99% of Changling Hydraulic's shares after the transaction, while the original controlling shareholders will see their stake reduced to 28.94% [4] Group 2: Funding Sources - The funding for the acquisition primarily comes from self-raised funds and loans, with 6 billion yuan sourced from equity transfer proceeds and 9.5 billion yuan from self-raised funds, including 7.5 billion yuan in acquisition loans [5] - The equity transfer involved a transaction that is currently under process, indicating a strategic move to facilitate the acquisition [5][6] Group 3: Role of State-Owned Enterprises - Jiangyin State-owned Assets Supervision and Administration Office plays a significant role in the acquisition, contributing a total of 8.47 billion yuan to the transaction [6] - The involvement of state-owned enterprises highlights the strategic alignment with local industrial development goals, particularly in the semiconductor sector [10] Group 4: Company Background - Hexin Interconnect, established in 2018, focuses on the design of mixed-signal chain chips and has a product range that includes converters and high-speed SerDes [7][8] - The company aims to leverage its expertise in high-performance analog chips for industrial applications, differentiating itself from consumer-focused domestic chip manufacturers [8]