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22亿接盘IPO弃子!扬州女首富出手,67家资本趁机套现赚麻了
Sou Hu Cai Jing·2025-09-20 09:23

Core Viewpoint - The acquisition of Better Electronics by Yangjie Technology for 2.2 billion yuan is a strategic move aimed at enhancing industry chain synergy rather than merely a financial investment [1][3]. Group 1: Acquisition Details - Yangjie Technology, valued at 36 billion yuan, is acquiring Better Electronics, which has previously failed to go public twice and has 67 shareholders including Shenzhen High-tech Investment and Dacheng Caizhi [1]. - The acquisition is fully cash-based, increasing Yangjie Technology's financial pressure, but the core value lies in the complementary nature of Better Electronics' power protection components and Yangjie Technology's power devices [3]. Group 2: Investment Perspective - Some investors view the acquisition as a "game of pass" due to Better Electronics' past IPO failures, questioning the cost-effectiveness of the deal [3]. - However, Better Electronics has shown profitability for two consecutive years and has committed to a net profit exceeding 555 million yuan over the next three years, indicating its value [3][10]. Group 3: Industry Context - The current wave of mergers and acquisitions is seen as a response to policy stimuli, with significant increases in major restructurings, particularly in strategic emerging industries like semiconductors and new energy [8]. - Yangjie Technology's acquisitions are focused on the semiconductor industry chain, contributing to its core competitiveness in the IDM model [8][12]. Group 4: Future Implications - The acquisition provides Better Electronics with more funding and broader customer channels, potentially accelerating its growth despite concerns about the loss of growth potential due to investor exits [5][10]. - The cash transaction may include stricter performance compensation clauses, making the risks more manageable compared to stock-based payments [10]. Group 5: Overall Market Dynamics - The merger wave is not merely a capital frenzy but a necessary choice for industry development, allowing companies to adapt and grow in a changing market [12][15]. - For companies that have struggled with IPOs, mergers offer a pathway to growth, while for listed companies, they serve as a means to quickly enhance their supply chains [14].