半导体资本跨界收购：赛微电子参股基金入主 皮阿诺实控权花落初芯系

Core Viewpoint - The announcement reveals that Chuxin Micro will become the new controlling shareholder of Pianuo through a series of capital operations, with Yin Jiayin as the new actual controller [1][2]. Group 1: Shareholding Changes - Chuxin Micro acquired 17,888,446 shares from the original controller Ma Libin at a price of 15.31 yuan per share, representing 9.78% of the total share capital [1]. - Additionally, Chuxin Micro purchased 12,804,116 shares from Zhuhai Honglu at a price of 13.284 yuan per share, accounting for 7.00% of the total share capital [1]. - Following these transactions, Chuxin Micro's shareholding increased from 0% to 16.78% [1]. Group 2: Control Mechanism - Ma Libin signed a voting rights waiver agreement, relinquishing voting rights on his remaining 35,373,745 shares (19.34% of total share capital), allowing Chuxin Micro to effectively control company decisions without holding an absolute majority [1]. Group 3: Stock Issuance Plan - Pianuo disclosed a plan to issue 34,514,970 shares to Qingdao Chuxin, which will fully subscribe in cash, resulting in a 15.87% shareholding for Qingdao Chuxin [2]. - Together, Chuxin Micro and Qingdao Chuxin will hold 29.99% of the shares, nearing the 30% threshold for mandatory tender offers, thereby solidifying their control [2]. Group 4: Strategic Implications - The new controlling shareholder recognizes the company's core business and intrinsic value, aiming to enhance operational management and competitiveness in the main business [2]. - Chuxin Micro's background includes significant capital from the semiconductor sector, indicating potential synergies and resource collaboration in high-tech fields for Pianuo's future development [3].