United Nova Technology (SH:688469) Zhong Guo Jing Ying Bao·2025-07-20 08:11Core Viewpoint - The acquisition of 72.33% of ChipLink Yuzhou Integrated Circuit Manufacturing Co., Ltd. by ChipLink Integrated (688469.SH) for 5.897 billion yuan is the first merger approved by the CSRC under the new "K8 Measures," emphasizing a shift towards prioritizing "hard technology" and long-term strategic development over short-term profitability [1][7][8]. Group 1: Acquisition Details - The transaction involves ChipLink Integrated purchasing the stake in ChipLink Yuzhou through a combination of issuing shares and cash payments, with the total transaction price set at 5.897 billion yuan [2][3]. - ChipLink Yuzhou is recognized as a leading domestic producer of automotive-grade SiC MOSFET power devices, with over 90% of its products used in the main drive inverters of electric vehicles [2][3]. - The acquisition will allow ChipLink Integrated to fully control ChipLink Yuzhou, enabling integrated management of their combined production capacities of 100,000 pieces per month and 70,000 pieces per month, respectively [3]. Group 2: Financial Performance - ChipLink Integrated's net profits from 2019 to 2024 show a trend of losses, with figures of -772 million yuan, -1.366 billion yuan, -1.236 billion yuan, -1.088 billion yuan, -1.958 billion yuan, and a projected profit of 962 million yuan in 2024 [3]. - ChipLink Yuzhou has also reported continuous losses over the past three years, with losses of 700 million yuan, 1.1 billion yuan, and 868 million yuan for 2022, 2023, and 2024 (as of October 31) respectively [3]. Group 3: Regulatory Context - The rapid approval of this merger by the CSRC reflects a new regulatory direction that supports the acquisition of unprofitable "hard technology" companies, indicating a more flexible approach to the standards of "sustainable operational capability" [7][8]. - The merger is seen as a significant signal for the integration of the semiconductor industry, aligning with national strategies for semiconductor self-sufficiency and carbon neutrality [9]. Group 4: Strategic Implications - The acquisition is expected to enhance the competitive edge of ChipLink Integrated in the automotive chip foundry sector by focusing on high-tech products and business development [3]. - Analysts suggest that this merger could lead to more strategic mergers and acquisitions in the high-tech sector, particularly in areas like third-generation semiconductors and advanced packaging, driven by technological integration and market demand [8][9].