提价9000万元！知名VC“入主”上市公司方案有调整

Core Viewpoint - Qiming Venture Partners is making progress in acquiring a controlling stake in Tianmai Technology, with recent announcements indicating changes in transaction terms and pricing [1][2]. Group 1: Transaction Details - Tianmai Technology announced that its actual controller is set to change, with the controlling shareholder and its concerted parties signing a supplementary agreement to the share transfer agreement [1]. - The new transaction price has increased by approximately 90 million yuan compared to the original agreement, necessitating additional fundraising by Qiming Venture Partners' Suzhou Qichen Fund to cover the funding gap [1][3]. - The buyer's entity has changed from "Suzhou Qihan" to "Suzhou Qichen," triggering a re-negotiation of the transaction price due to regulatory requirements [1][2]. Group 2: Market Context - This case represents the first instance of a market-oriented venture capital institution acquiring a listed company following the "Six Merger Rules" introduced in September 2024, which encourages private equity funds to acquire listed companies for industrial integration [4]. - Recent announcements from other companies, such as Honghe Technology, indicate a growing trend of private equity funds engaging in acquisitions of listed companies, reflecting a shift in the market landscape [4][5]. Group 3: Challenges for Private Equity Funds - Despite policy encouragement, private equity funds face significant challenges in acquiring listed companies, including the dilemma of whether to secure funding or lock in transaction prices first [5]. - The requirement for detailed disclosure of transaction agreements and changes in equity ownership adds complexity to the acquisition process for market-oriented venture capital institutions [5].