688347，重要收购，停牌

Core Viewpoint - Huahong Semiconductor (688347) announced a suspension of trading starting August 18, 2025, due to plans for issuing shares and cash to acquire controlling stakes in Shanghai Huahong Microelectronics, along with raising supporting funds. This transaction is expected to be an associated transaction but not a major asset restructuring [1]. Group 1: Transaction Details - The purpose of the transaction is to resolve competition issues related to the IPO commitments, as both Huahong and its indirect controlling shareholder operate in the wafer foundry business [4]. - The transaction involves acquiring the equity corresponding to the assets of Huahong Micro that are in competition with Huahong in the 65/55nm and 40nm nodes [5]. - The transaction is still in the planning stage, with initial discussions taking place with potential transaction parties, including Shanghai Huahong (Group) Co., Ltd. and various investment funds [5]. Group 2: Financial Performance - In Q2 2025, Huahong reported sales revenue of $566 million, a year-on-year increase of 18.3% and a quarter-on-quarter increase of 4.6%. The projected sales revenue for Q3 2025 is estimated to be between $620 million and $640 million [5]. - In Q1 2025, the sales revenue was $541 million, reflecting a year-on-year growth of 17.6% [5]. - The company's stock price has increased by approximately 70% year-to-date [6].