SMEI(SZ:300456) Chang Jiang Shang Bao·2025-07-29 23:49Core Viewpoint - The company, Saiwei Electronics, has sold the control of its core subsidiary, Silex Microsystems AB, to mitigate risks associated with the increasingly complex international geopolitical environment, receiving approximately 1.783 billion RMB from the transaction [1][2][5]. Financial Performance - In 2024, Silex contributed 71.60% of Saiwei's total revenue, amounting to 863 million RMB [2][5]. - Since its listing over ten years ago, Saiwei has reported a cumulative net profit of 629 million RMB, with a loss of 170 million RMB in 2024 [2]. - The company has raised a total of 3.868 billion RMB through equity financing and distributed only 155 million RMB in cash dividends [3][11]. Transaction Details - The transaction involved the sale of 4.4101 million shares of Silex, representing 45.24% of the company, for a total valuation of 5.25 billion SEK (approximately 3.942 billion RMB) [5]. - Prior to the sale, Silex had distributed dividends of 250 million SEK to Saiwei [5]. Business Operations - Saiwei's primary business includes MEMS chip process development and wafer manufacturing, with significant operations in both Sweden and Beijing [6]. - Following the sale, Silex will remain a subsidiary, but Saiwei will focus on its Beijing operations, which are expected to expand production capacity from 15,000 to 30,000 wafers per month [6]. Management Actions - The actual controller of Saiwei, Yang Yunchun, has reportedly cashed out approximately 2.37 billion RMB through various means, including share reductions [4][13]. - Yang's shareholding has decreased from 45.58% in Q3 2019 to 24.46% by Q1 2025 [14].