Core Viewpoint - Yangjie Technology is set to acquire 100% equity of Better Electronics for a cash consideration of 2.218 billion yuan, indicating a significant premium over its previous valuation [2][3]. Group 1: Acquisition Details - The acquisition price of 2.218 billion yuan represents a valuation increase of 270.46% compared to the assessed value of Better Electronics' equity [4]. - Better Electronics has shown stable revenue growth, with revenues of 449 million yuan, 561 million yuan, and 627 million yuan from 2021 to 2023, and net profits of approximately 33.92 million yuan, 90.25 million yuan, and 110 million yuan during the same period [3][4]. - The company has set performance commitments, ensuring that Better Electronics achieves a net profit of no less than 555 million yuan from 2025 to 2027 [4]. Group 2: Strategic Rationale - The acquisition aims to enhance Yangjie Technology's product and technology portfolio, strengthening its position in the power electronics sector [5]. - The integration is expected to provide a comprehensive range of products and services, improving customer value and competitive edge [5]. - Post-acquisition, Yangjie Technology anticipates significant growth in revenue and profitability metrics [5]. Group 3: Transaction Challenges - The acquisition process has faced challenges, including a shift from a share issuance and cash payment model to a purely cash-based acquisition due to market conditions [6]. - The number of transaction parties was reduced from 67 to 6, indicating a streamlined negotiation process [6]. - The initial plan was terminated as the parties could not reach an agreement on the share issuance terms, prompting a reevaluation of the acquisition strategy [6].
扬杰科技22亿现金“死磕”贝特电子 这家IPO失败公司有什么魅力?