扬州女富豪斥资22.18亿元，纯现金买下东莞IPO失败企业，标的溢价超270%

Core Viewpoint - Yangjie Technology has announced the acquisition of 100% equity of Dongguan Better Electronics Technology Co., Ltd. for a total price of 2.218 billion yuan, marking a strategic move to enhance its position in the power electronics sector [1][3]. Acquisition Details - The acquisition price for Better Electronics is set at 2.218 billion yuan, and it will become a wholly-owned subsidiary of Yangjie Technology upon completion [1][3]. - The transaction is classified as a related party transaction and requires approval from the shareholders' meeting [3]. - An earnings commitment has been established, with Better Electronics expected to achieve a net profit of no less than 555 million yuan from 2025 to 2027 [3][4]. Financial Performance of Better Electronics - Better Electronics reported revenues of 837 million yuan and 218 million yuan for the fiscal years 2024 and Q1 2025, respectively, with net profits of 148 million yuan and 41.13 million yuan [5]. - As of March 2024, Better Electronics had total assets of 1.024 billion yuan and equity of 590 million yuan [5]. Valuation Insights - The assessed value of Better Electronics' shareholders' equity is 2.22 billion yuan, reflecting an increase of 1.621 billion yuan (270.46%) compared to the book value of 599 million yuan [6]. Strategic Rationale - The acquisition aligns with Yangjie Technology's strategy to strengthen its presence in the power electronics sector, as Better Electronics' products complement Yangjie's existing offerings [8]. - The integration is expected to enhance operational synergies in product categories, technology development, and sales channels, thereby improving the company's competitive edge [8]. Company Background - Yangjie Technology, established in 2000, transitioned from a trading company to a manufacturing entity in 2006 and has since become a prominent player in the semiconductor industry [7]. - The company reported revenues of 5.404 billion yuan and a net profit of 1.06 billion yuan in 2022, marking a tenfold increase since 2013 [7]. - As of September 12, 2023, Yangjie Technology's stock price was 67.71 yuan per share, with a market capitalization of 36.79 billion yuan [8].