United Nova Technology (SH:688469) Zheng Quan Zhi Xing·2025-07-18 13:12Core Viewpoint - The report outlines the independent financial advisory opinion regarding the acquisition of a 72.33% stake in ChipLink Integrated Circuit Manufacturing Co., Ltd. through a combination of share issuance and cash payment, emphasizing the strategic importance of this transaction for the company and its stakeholders [1][13]. Group 1: Transaction Overview - The transaction involves the acquisition of a 72.33% stake in ChipLink Yuanzhou Integrated Circuit Manufacturing Co., Ltd. for a total price of 589,661.33 million yuan [13]. - The main business of the target company is wafer foundry services in the power semiconductor sector, which aligns with the company's strategic focus [13]. - The transaction is classified as a related party transaction and is subject to regulatory compliance [14]. Group 2: Financial Assessment - The valuation of the target company was conducted using the market approach, resulting in an assessed value of 815,200.00 million yuan, indicating a premium of 132.77% over the transaction price [14]. - An additional assessment as of October 31, 2024, confirmed that the value of the target assets had not decreased, ensuring the protection of shareholder interests [15]. Group 3: Impact on Company Operations - Post-transaction, the company will fully control ChipLink Yuanzhou, allowing for integrated management of a combined monthly capacity of 17,000 8-inch wafers, enhancing operational efficiency [18][20]. - The acquisition is expected to bolster the company's capabilities in high-end semiconductor products, particularly in SiC MOSFET and high-voltage analog ICs, which are critical for the growing markets of electric vehicles and renewable energy [19][20]. - ChipLink Yuanzhou is recognized as a leader in the domestic market for SiC MOSFETs, with plans to scale production significantly by 2025, positioning the company competitively in the semiconductor industry [19].