AMEC(SH:688012) Huan Qiu Lao Hu Cai Jing·2025-12-19 12:14Core Viewpoint - The announcement by Zhongwei Company regarding the acquisition of control over Hangzhou Zhonggui has attracted significant attention in the capital market, indicating a strategic move towards platformization in the semiconductor equipment industry [1][2]. Group 1: Acquisition Details - Zhongwei Company plans to acquire control of Hangzhou Zhonggui by issuing shares, which will result in a total ownership of 46.95% after the transaction [2]. - The acquisition involves signing an agreement with seven core shareholders of Hangzhou Zhonggui, allowing Zhongwei to increase its stake from 12.04% to 46.95% [2]. - The transaction is not classified as a major asset restructuring, facilitating a smoother regulatory approval process [2]. Group 2: Hangzhou Zhonggui's Value Proposition - Hangzhou Zhonggui has undergone nine rounds of financing and has attracted investments from prominent institutions, indicating its strong market position [2]. - The company has made significant technological advancements in the Chemical Mechanical Polishing (CMP) sector, with its 12-inch CMP equipment recognized as a major technological asset in China [3]. - The global CMP market is dominated by American and Japanese firms, but China's demand for CMP equipment is expected to grow rapidly, with a projected market size nearing 50 billion by 2029 [3]. Group 3: Zhongwei Company's Strategy - Zhongwei's acquisition of Hangzhou Zhonggui is part of a broader strategy to enhance its product offerings in both dry and wet semiconductor equipment, marking a critical step towards platformization [5]. - The company has seen substantial growth in its etching equipment revenue, which reached 6.101 billion with a year-on-year increase of 38.26% [4]. - Zhongwei's investments have expanded significantly, with long-term equity investments growing from 660 million in 2020 to 3.542 billion by Q3 2025 [5]. Group 4: Leadership and Market Position - The acquisition is led by Zhongwei's founder, Yin Zhiyao, who has a strong background in semiconductor technology and has been pivotal in the company's growth [7][8]. - Since its listing, Zhongwei has become a leading player in the semiconductor equipment sector, ranking 18th among 598 companies on the STAR Market by revenue [8]. - The company has attracted significant investment interest, with 87 funds holding a total of 120 million shares, reflecting a shift in market perception towards its technological value [8].