亿元跨界半导体 园林股份拟购买华澜微6.5%股份 上交所火速发函“五连问”

Group 1 - Company announced a plan to acquire approximately 6.5% equity in Hualan Microelectronics for 112 million yuan, making it the largest shareholder post-acquisition [1] - The acquisition is based on the company's financial condition and will not affect the consolidated financial statements [1] - The Shanghai Stock Exchange has raised inquiries regarding the performance, transaction rationale, and valuation of the target company [1][3] Group 2 - Hualan Microelectronics reported a loss exceeding 80 million yuan in the first half of the year, with a valuation increase rate of over 260% [3] - The acquisition involves purchasing 974.54 million shares, with a market value of 1.725 billion yuan and a per-share valuation of 11.50 yuan [3] - The valuation methods used were income and market approaches, with the market approach yielding a significantly higher valuation [3] Group 3 - The semiconductor design industry, where Hualan Micro operates, is characterized by high technology and capital intensity, with significant R&D risks [4] - The company has faced continuous losses, raising concerns about its future profitability and the reasons behind its IPO withdrawal [4] - The company’s financial performance has been under pressure, with a net profit of -74.43 million yuan in the first half of 2025 [5] Group 4 - The stock price of the company experienced unusual movements prior to the acquisition announcement, prompting an investigation into potential insider trading [6] - The company plans to finance the acquisition through its own funds and bank loans, despite its ongoing financial losses [5][6] - There is a trend of traditional companies attempting cross-industry mergers into the "hard technology" sector, which carries inherent risks due to the high technical barriers and capital requirements [6]