ANYKA MICROELECTRONICS(SH:688620) Xin Lang Cai Jing·2025-12-11 07:02Core Viewpoint - Ankai Micro is acquiring 85.79% of Siche Technology for 326 million yuan despite Siche's ongoing losses, while several prominent investment firms exit the deal [1][7]. Group 1: Acquisition Details - Ankai Micro announced the acquisition of Siche Technology for 326 million yuan, with Siche's total equity valued at 385 million yuan, resulting in an impressive equity appreciation rate of 714.53% [2][8]. - Siche Technology, founded in 2019, focuses on high-performance, ultra-low-power IoT chip design, with applications in smart wearables, health devices, and smart home scenarios [3][10]. - The valuation method used for Siche Technology was the market approach, deemed suitable for asset-light, high R&D investment chip design firms [3][10]. Group 2: Financial Implications - The acquisition places significant financial pressure on Ankai Micro, which had only about 310 million yuan in available funds as of September 2025, insufficient to cover the acquisition cost, while short-term liabilities reached 146 million yuan [4][11]. - Ankai Micro reported a negative operating cash flow of 56.86 million yuan for the first nine months of 2025, indicating insufficient cash generation from core operations [5][12]. - Since its listing on the Sci-Tech Innovation Board in June 2023, Ankai Micro's performance has been disappointing, with a net profit loss of 56.77 million yuan in 2024 and a projected revenue target of 700 million yuan for 2025, significantly exceeding current performance levels [5][12].