Smartgiant(SH:688115) Nan Fang Du Shi Bao·2025-08-20 11:59Core Viewpoint - The acquisition of KOKAI Electronics by Slinje is facing skepticism due to significant discrepancies in financial metrics and concerns about potential "backdoor" listing implications [2][5][8]. Group 1: Acquisition Details - Slinje plans to acquire 71% of KOKAI Electronics for 1.42 billion yuan, with 857 million yuan in cash and the remainder in stock [2][4]. - KOKAI Electronics has reported higher revenue and net profit compared to Slinje, raising questions about the rationale behind the acquisition [5][6]. Group 2: Financial Performance Comparison - For 2024, Slinje's revenue is projected at 185 million yuan, a 10.14% increase, while KOKAI's revenue is expected to decline to 164 million yuan [5][6]. - KOKAI's net profit for 2024 is estimated at 100 million yuan, significantly higher than Slinje's projected 15 million yuan [5][6]. Group 3: Valuation Discrepancies - KOKAI's valuation was estimated at no less than 6.6 billion yuan during its IPO attempt, while Slinje's market cap is only 4.7 billion yuan [6][7]. - Post-acquisition, Slinje's total assets are expected to increase by 142% to 3.37 billion yuan [7]. Group 4: Industry and Business Synergy Concerns - Slinje specializes in consumer electronics testing, primarily serving the Apple supply chain, while KOKAI focuses on military-grade micro-circuit modules [10][13]. - The two companies have different customer bases, with KOKAI heavily reliant on military clients, raising doubts about potential synergies [10][13]. Group 5: Regulatory and Compliance Issues - KOKAI Electronics faced regulatory scrutiny for financial discrepancies during its IPO process, including inflated R&D costs and improper revenue recognition [16][17]. - Despite these issues, Slinje has continued to pursue the acquisition, indicating a strategic intent to penetrate the military sector [18].