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Core Viewpoint - Huahong Semiconductor, a major player in the semiconductor foundry industry, is planning to acquire Huahong's fifth factory to enhance its 12-inch wafer foundry capacity, addressing competitive issues and fulfilling commitments made during its IPO [1][3]. Group 1: Acquisition Details - The acquisition involves purchasing equity in Huahong's fifth factory, which operates in the same competitive space as Huahong Semiconductor's existing 65/55nm and 40nm processes [3]. - The transaction is currently in the planning stage, with potential partners including Shanghai Huahong Group and various investment funds [3][4]. - The acquisition is not expected to constitute a major asset restructuring or change in control of the company [4]. Group 2: Market Context and Capacity Expansion - The demand for 12-inch wafers is expected to increase significantly, with Huahong Semiconductor anticipating a supply-demand imbalance by mid-2025 [5]. - The company aims to strengthen its domestic customer base and support the "China for China" strategy, which aligns with the broader market trends [5]. - By Q2 2025, Huahong's total 8-inch capacity is projected to be 447,000 wafers, with a utilization rate of 108.3%, reflecting a 5.6 percentage point increase from the previous quarter [6]. Group 3: Financial Performance - In Q2 2025, the revenue from 12-inch wafers increased to $334 million, up from $233 million in the same period last year [7]. - The revenue composition shifted, with 12-inch wafers accounting for 59% of total revenue, compared to 41% for 8-inch wafers, indicating a significant transition in the company's revenue model [6][7]. - As of August 15, Huahong's stock price was 78.50 yuan, with a market capitalization of 135.76 billion yuan, reflecting a year-to-date increase of 68.93% [9].