卖公司还要先成对方股东？秦安股份为收购亦高光电，给交易方上了道“业绩紧箍咒”

Core Viewpoint - Qin'an Co., Ltd. has decided to terminate its previous plan to acquire 99% of Anhui Yigao Optoelectronics Technology Co., Ltd. through a combination of share issuance and cash payment, opting instead for a cash-only acquisition method due to the inability to complete the share issuance before year-end [1][5]. Group 1: Acquisition Details - The company will establish a wholly-owned subsidiary to facilitate the cash acquisition of Yigao Optoelectronics [2][5]. - The previous plan involved issuing shares at a price of 12.74 yuan per share, which was above 80% of the average stock price over the previous 20 trading days [5]. - The new cash acquisition agreement has been signed with 11 major shareholders of Yigao Optoelectronics, with ongoing negotiations for the remaining shares held by one party [5][6]. Group 2: Financial Implications - The termination of the previous acquisition plan means that the company will not pursue additional fundraising for the transaction, although future negotiations may influence this decision [6]. - As of mid-2025, Yigao Optoelectronics reported owner equity of 260 million yuan, with revenues of 105 million yuan, 254 million yuan, and 79 million yuan for the years 2023, 2024, and the first five months of 2025, respectively [7]. - Qin'an Co., Ltd. reported cash holdings of 986 million yuan as of mid-2025 [8]. Group 3: Performance Commitments - The new cash acquisition agreement includes performance commitments from the shareholders, with one party required to purchase at least 5% of the company's shares as a guarantee for fulfilling obligations under the transaction [2][9].