半导体又现“蛇吞象”收购案，皮革商跨界做芯片

Core Viewpoint - The semiconductor industry is witnessing a dramatic "snake swallowing elephant" capital play, with Zhonglian Development Holdings announcing a plan to acquire up to 100% of Longteng Semiconductor for a maximum price of 9 billion HKD, highlighting the structural trends in the capital market where traditional companies seek to embrace hard technology for asset value re-evaluation amid stricter IPO reviews and increased market volatility [1][4]. Group 1: Zhonglian Development Holdings - Zhonglian Development is primarily engaged in leather fashion but is facing significant operational challenges, with a reported revenue of 22.25 million HKD for 2024, down 27% year-on-year, and a loss of 27.91 million HKD in 2023 [3]. - The company has a negative cash flow of -6.44 million HKD as of the end of 2024, indicating a severe loss of self-sustaining capability [3]. - The acquisition aims for a complete transformation of Zhonglian's business model from traditional sectors to the high-growth semiconductor and integrated circuit sector [4]. Group 2: Longteng Semiconductor - Longteng Semiconductor, established in 2009, is a leading player in the power semiconductor industry in Shaanxi Province, with advanced technology in super junction MOSFETs, serving high-demand sectors like renewable energy and automotive electronics [8]. - The company experienced revenue growth from 89.09 million HKD in 2018 to 173 million HKD in 2020, achieving profitability with a net profit of 24.53 million HKD in 2020, but reported a loss of 58.69 million HKD in the first three quarters of 2025 [8]. - Longteng withdrew its IPO application in 2022 after facing challenges, and the acquisition by Zhonglian is seen as a strategic move to bypass complex IPO processes and secure funding for expansion and R&D [9]. Group 3: Transaction Details - The initial valuation range for the transaction is set between 4.5 billion and 9 billion HKD, reflecting the early stage of negotiations and the dependency on due diligence and asset quality assessments [11]. - The transaction structure may involve performance commitments and staggered payments, potentially allowing for a phased acquisition of control [12]. - Successful completion of the acquisition could significantly alter Zhonglian's valuation from negative earnings to align with high-growth technology stocks, while Longteng could leverage this opportunity to overcome capital constraints and accelerate production capacity [13].