Original(SH:603991) Chang Jiang Shang Bao·2025-09-09 23:33Core Viewpoint - The approval of a significant asset restructuring plan for Zhizheng Co., marking the first cross-border capital cooperation restructuring in the A-share market, is expected to transform the company into a semiconductor-focused entity [2][6]. Group 1: Restructuring Details - Zhizheng Co. plans to acquire 87.47% of Advanced Packaging Materials International Ltd. (AAMI) for a transaction price of 30.69 billion yuan, while divesting its traditional cable materials business [2][5]. - The restructuring involves a reduction in the acquisition stake from 99.97% to 87.47%, but the company will still effectively hold 99.97% of AAMI post-transaction [2][5]. - The restructuring is accompanied by the introduction of ASMPT Holding, a subsidiary of a global semiconductor packaging equipment leader, as a significant shareholder, which is expected to optimize the company's governance structure [5][8]. Group 2: Financial Performance and Transition - Zhizheng Co. has faced continuous losses since 2019, with revenue declining from 4.62 billion yuan in 2019 to 3.65 billion yuan in 2024, and net losses accumulating to 0.31 billion yuan in the same year [7]. - The acquisition of AAMI, a top-five global supplier of semiconductor lead frames, is projected to enhance Zhizheng's operational capabilities and market position in the semiconductor sector [8]. - AAMI's projected revenues for 2023 and 2024 are 2.205 billion yuan and 2.486 billion yuan, respectively, with net profits of approximately 7.54 million yuan combined for both years [8].