至正股份“跨境换股”获批 引入半导体封装巨头

Core Viewpoint - Shenzhen Zhizheng High Polymer Materials Co., Ltd. (referred to as "Zhizheng Co." or 603991.SH) has received approval from the Shanghai Stock Exchange's M&A Review Committee for its major asset restructuring project, marking the first A-share merger project involving "cross-border share swap" since the revision of the "Management Measures for Strategic Investment by Foreign Investors in Listed Companies" [2][6] Group 1: Transaction Details - The transaction involves the acquisition of 99.97% equity in AAMI (Advanced Packaging Materials International Co., Ltd.), which was previously a material business division of Hong Kong-listed ASMPT, and became an independent company in 2020 [2][3] - AAMI is the fourth largest supplier of semiconductor lead frames globally, with production facilities in Chuzhou, Anhui, Shenzhen, Guangdong, and Malaysia, serving high-end sectors such as automotive electronics, computing, communication, and consumer electronics [2][3] - The transaction will be executed through a combination of major asset swaps, issuance of shares, and cash payments, involving various domestic and international stakeholders [4][5] Group 2: Regulatory Framework and Market Implications - The transaction exemplifies the successful application of the newly established legal framework under the revised "Management Measures for Strategic Investment," enhancing legal certainty and predictability for such transactions [6][7] - The new regulations simplify the process for foreign investors, allowing for cross-border share swaps to be a legitimate operational model, which previously faced ambiguous legal status [7][8] - The changes are expected to lead to a significant increase in cross-border share swap transactions, particularly in sectors like semiconductors, new energy batteries, and healthcare, with projected compound annual growth rates of 40% from 2025 to 2027 [8][9]