Dioo Microcircuits (SH:688381) Hua Xia Shi Bao·2025-10-22 07:33Core Viewpoint - The semiconductor company Diaowei (688381.SH) announced plans to acquire 100% of Shanghai Rongpai Semiconductor through a combination of stock issuance and cash payment, while also raising funds from specific investors. However, the market response has been lukewarm, with the stock price not experiencing a significant increase post-announcement, indicating skepticism about the merger's potential benefits [2][3][7]. Group 1: Acquisition Details - Diaowei plans to acquire Shanghai Rongpai Semiconductor, which specializes in products like digital isolators and isolation interfaces, through issuing shares at a price of 19.84 yuan per share [2][4]. - The acquisition aims to enhance Diaowei's product offerings in the analog chip sector and leverage Rongpai's established technology and customer resources, particularly in automotive electronics and industrial control [4][5]. - The deal is seen as part of a broader strategy to integrate resources within the Xiaomi ecosystem, as both companies have received investments from Xiaomi Changjiang Industrial Fund [5]. Group 2: Market Reaction - Following the announcement, Diaowei's stock saw a brief surge during pre-market trading but closed with a modest gain of less than 6% on October 21, and then dropped over 8% the following day, reflecting market skepticism about the merger [3][7]. - Notably, prominent investor He Mingkun, who had previously invested in Diaowei, has exited the top shareholder list, indicating a potential lack of confidence in the stock's future performance [2][7][9]. Group 3: Financial Implications - Shanghai Rongpai has reported losses in recent years, with projected revenues of 61.1 million yuan in 2023 and a net loss of approximately 66.3 million yuan, raising concerns about the financial impact of the acquisition on Diaowei [8]. - Analysts from various brokerages have expressed cautious optimism about the acquisition, highlighting the potential for market expansion in high-tech sectors like new energy and automotive electronics, contingent on the successful integration of the two companies [6].