又黄了！奥拉股份第三次“上岸”A股失败

Core Viewpoint - Sirepu (688536) announced the termination of its planned acquisition of 86.12% of Ningbo Aola Semiconductor Co., Ltd. through share issuance or cash payment, citing that the conditions for the major asset restructuring were not fully mature [1][6]. Company Summary - Sirepu has been actively promoting the major asset restructuring in compliance with relevant laws and regulations, engaging in discussions with the transaction parties, but ultimately decided to terminate the plan to protect the interests of the company and its shareholders [3][8]. - Despite the termination of the acquisition, Sirepu plans to continue pursuing its strategic goals and explore various business cooperation opportunities with Aola Semiconductor when conditions are favorable [5][9]. Industry Summary - The M&A market has seen increased activity due to policies like the "M&A Six Guidelines," but changing market conditions have led many companies to adjust or terminate their major asset restructuring plans. Over ten non-related major restructuring transactions have been terminated this year, with a termination rate higher than that of related transactions (19%) [4][9]. - Analysts suggest that companies adjusting or terminating expansion plans in the current market environment is a rational response to uncertainties and risk management [5][9]. Performance Summary - Sirepu has established itself as a leader in signal chain chips, with three main product lines: signal chain, power, and mixed-signal. The company reported a revenue of 582 million yuan in the third quarter, representing a year-on-year growth of 70.29%, marking six consecutive quarters of growth [5][9]. - The company remains committed to its platform development strategy, focusing on innovation and value creation, and aims to strengthen its R&D and manufacturing capabilities while optimizing its product layout to become a leading analog and mixed-signal chip design company both domestically and internationally [10].