NSIG(SH:688126) Xin Lang Cai Jing·2025-12-02 02:00Core Viewpoint - The completion of a 7.04 billion yuan acquisition by Hu Silicon Industry marks a significant step in the consolidation of the domestic semiconductor silicon wafer industry, accelerating the expansion of high-end silicon wafer production capacity in China [1][4]. Transaction Structure - Hu Silicon Industry acquired 46.74% of Xinxing Crystal Investment, 49.12% of Xinxing Crystal Technology, and 48.78% of Xinxing Crystal Intelligence through a combination of issuing shares and cash payments, resulting in these companies becoming wholly-owned subsidiaries [2]. - The total transaction price was 7.04 billion yuan, with 6.716 billion yuan paid in shares (4.47 million new shares at 15.01 yuan per share) and 324 million yuan in cash [2]. - The target companies have reported losses, with Xinxing Crystal Technology generating 739 million yuan in revenue and a net loss of 95.22 million yuan in the first three quarters of 2024, while Xinxing Crystal Intelligence reported 196 million yuan in revenue and a net loss of 29.97 million yuan [2]. Strategic Intent - The acquisition aims to integrate resources and overcome technological bottlenecks, enhancing Hu Silicon Industry's capabilities in high-end silicon wafer manufacturing [3]. - The company seeks to create a technological closed loop by integrating the entire process from crystal pulling to cutting, grinding, polishing, and epitaxy, which is expected to shorten the R&D cycle for high-end products [3]. - The acquisition will significantly increase production capacity through the implementation of the "300mm silicon wafer phase II project" and optimize costs by unifying resource allocation [3]. Industry Impact - The acquisition of Hu Silicon Industry is part of a broader trend of mergers and acquisitions in the semiconductor sector, with over 1,000 various transactions reported in the Shanghai market since the release of the "merger six guidelines" in 2025 [4]. - This acquisition is seen as a critical step towards achieving technological self-sufficiency and may serve as a benchmark case for consolidation in the domestic semiconductor materials industry [4].