跨界半导体产业，聚和材料拟3.5亿元收购SKE空白掩模业务

Core Viewpoint - The company, Changzhou Juhe New Materials Co., Ltd., announced a strategic acquisition of SK Enpulse's Blank Mask business to enhance its position in the semiconductor materials sector and fill domestic supply chain gaps [2][3]. Group 1: Acquisition Details - The company, in collaboration with Han Investment Partners, established a Special Purpose Company (SPC) to acquire all assets of SK Enpulse's Blank Mask business for 68 billion KRW (approximately 350 million RMB) [2]. - The acquisition includes land, buildings, equipment, patents, technology, and personnel, allowing the company to indirectly hold at least 95% of the target company post-transaction [2]. - The transaction will be completed by January 30, 2026, with a two-step payment structure: a deposit of 12.6 billion KRW (approximately 63 million RMB) within three working days of signing, and the remaining balance on the closing date [3]. Group 2: Financial Overview - The target company is projected to have total assets of approximately 256 million RMB and net assets of 251 million RMB by the end of 2024, with expected revenue of 43 million RMB and an EBITDA of -46 million RMB due to capacity ramp-up and R&D amortization [3]. - The company anticipates that the business will quickly turn profitable as Korean production orders increase and subsequent domestic capacity is established, enhancing overall gross margins and cyclical resilience [3]. Group 3: Strategic Importance - The acquisition aligns with the company's strategy to diversify beyond its current reliance on photovoltaic conductive pastes, which have led to a global market share of over 30% for three consecutive years [3]. - The company aims to retain and incentivize the core Korean team to ensure technological leadership, while also expanding into markets in mainland China, Taiwan, and Southeast Asia [3]. - Plans include establishing or expanding domestic Blank Mask production lines to localize production and mitigate currency and transportation risks [3]. Group 4: Regulatory Considerations - The transaction is subject to regulatory approvals from both the Chinese and South Korean governments, including foreign investment filings and antitrust reviews, introducing uncertainty regarding the completion of the deal [4].