Original(SH:603991) Zhong Guo Zheng Quan Bao·2025-09-06 14:49Core Viewpoint - The company, Zhizheng Co., Ltd. (603991), has received approval from the China Securities Regulatory Commission to acquire a controlling stake in Advanced Packaging Materials International Limited (AAMI) through a major asset swap, issuance of shares, and cash payment, while divesting its wholly-owned subsidiary, Shanghai Zhizheng New Materials Co., Ltd. [1][3] Group 1: Transaction Details - The proposed asset acquisition is valued at 3.069 billion yuan, with the company planning to issue shares to 11 counterparties to purchase related assets and raise up to 1 billion yuan in supporting funds [3][4] - The restructuring plan indicates that Zhizheng Co. aims to acquire 87.47% of AAMI's equity while divesting 100% of its subsidiary, with an expected post-transaction ownership of approximately 99.97% in AAMI [3][4] - The market valuation of the acquired asset AAMI is estimated at 3.526 billion yuan, with a combined net asset value of 2.966 billion yuan, resulting in a premium rate of 18.88% [3][4] Group 2: AAMI Overview - AAMI is a leading global supplier of semiconductor lead frames, with strong competitive advantages in high-precision and high-reliability applications across various sectors, including automotive, computing, communication, industrial, and consumer markets [5] - In the first half of 2025, AAMI reported revenues of 1.317 billion yuan, a year-on-year increase of 14.13%, while net profit was 21.8591 million yuan, a decline of 13.19% [5] - AAMI was previously part of ASMPT's materials division and became an independent company in 2020, having over 40 years of experience in the lead frame sector [5] Group 3: Strategic Shift of Zhizheng Co. - Since 2022, Zhizheng Co. has been strategically transitioning towards the semiconductor industry, reducing the proportion of traditional business [6] - As of the transaction, the company's semiconductor equipment business revenue is expected to exceed 30% of total revenue by 2024 [6] - The acquisition is aimed at accelerating the company's transformation towards new semiconductor production capabilities, enhancing overall company quality, and optimizing its governance structure through the involvement of ASMPT Holding as a significant shareholder [6] Group 4: Market Performance - On September 5, Zhizheng Co.'s stock closed at 62.79 yuan per share, with a market capitalization of 4.7 billion yuan [7]