Smartgiant(SH:688115) Nan Fang Du Shi Bao·2025-09-07 10:32Core Viewpoint - The company Slinje plans to acquire 71% of Qingdao Keke Electronics Research Institute through a combination of share issuance and cash payment, which is expected to constitute a significant asset restructuring and related party transaction, but will not result in a restructuring listing [1][6]. Group 1: Transaction Details - The transaction involves purchasing shares from 23 counterparties, including Wang Jianhui and Wang Jiangan [1]. - The total equity value of Keke Electronics, as assessed by Shanghai Dongzhou Asset Appraisal Co., is approximately RMB 1.852 billion [4]. - The company intends to adjust the transaction plan based on the assessment results, which is not expected to constitute a major change in the plan [6]. Group 2: Financial Performance and Valuation - Keke Electronics had previously planned an IPO to raise RMB 1.001 billion, with a pre-IPO valuation of RMB 5.671 billion, but withdrew the application a month later [6]. - The valuation of Keke Electronics has significantly decreased from RMB 5.671 billion to RMB 1.852 billion within a year, a drop of RMB 3.819 billion [7]. Group 3: Market Reactions and Concerns - The acquisition has raised questions regarding the financial health of Keke Electronics, as several key financial indicators are reportedly better than those of Slinje [7]. - Concerns have been expressed about whether this acquisition serves as a "backdoor" listing for Keke Electronics after its IPO setback, and how the two companies will achieve industrial synergy post-acquisition [7]. - The transaction is subject to multiple conditions, including board approval, Shanghai Stock Exchange review, and registration approval from the China Securities Regulatory Commission, introducing uncertainty regarding the timeline for completion [7].