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Core Viewpoint - Heshun Petroleum plans to acquire at least 34% of Kuixin Technology's equity, aiming to gain control over the company through a combination of equity purchase and capital increase, with an estimated transaction value not exceeding 540 million yuan [1][2]. Group 1: Acquisition Details - Heshun Petroleum signed a control acquisition intention agreement with Kuixin Technology and its actual controller, Chen Wanyi, to ensure control over 51% of Kuixin Technology's voting shares [1]. - The transaction will allow Heshun Petroleum to appoint two-thirds of the board members at Kuixin Technology and control its operational, personnel, and financial decisions [1]. - The total equity value of Kuixin Technology is estimated to be no more than 1.588 billion yuan, with the final transaction amount expected to be under 540 million yuan [1]. Group 2: Kuixin Technology Overview - Kuixin Technology, established in 2021, focuses on high-speed interface IP and Chiplet solutions, filling a domestic gap and gradually breaking foreign monopolies [2]. - The company has developed a complete product matrix for high-speed interface IP, covering protocols such as UCIe, HBM, ONFI, LPDDR, PCIe, eDP, and USB, with performance metrics comparable to leading foreign companies [2]. - Kuixin Technology has established strategic partnerships with international foundries like TSMC and Samsung, developing interface IP applicable from 5nm to 55nm processes [2]. Group 3: Performance Commitments - The performance commitment period for Kuixin Technology spans from 2025 to 2028, with audited revenue targets set at no less than 300 million yuan, 450 million yuan, 600 million yuan, and 750 million yuan for each respective year [3]. - Specific revenue targets for IP and high-speed interconnect products are set at no less than 105 million yuan, 157.5 million yuan, 210 million yuan, and 262.5 million yuan for the same years [3]. - The net profit for Kuixin Technology is expected to be positive for each year from 2025 to 2028 [3]. Group 4: Heshun Petroleum's Strategic Position - Heshun Petroleum operates in the refined oil circulation sector, with a complete industry chain including retail, storage, logistics, and wholesale [4]. - The company is expanding its business beyond Hunan province and is accelerating its layout in the ultra-fast charging sector, leveraging existing gas station resources [4]. - Management believes that the semiconductor IP industry has significant growth potential, prompting the strategic acquisition of Kuixin Technology to seek new performance growth points [4].