2 1 Shi Ji Jing Ji Bao Dao·2025-12-20 15:25Core Viewpoint - Fuda Alloy (603045.SH) has announced the termination of its acquisition of Zhejiang Guangda Electronic Technology Co., Ltd. after multiple delays in responding to inquiries from the stock exchange, potentially influenced by a patent lawsuit against Guangda Electronic [1][3]. Group 1: Acquisition Details - Fuda Alloy planned to acquire 52.61% of Guangda Electronic's shares for a cash consideration of 350 million yuan, aiming to become the controlling shareholder and consolidate Guangda's financials [3]. - The acquisition was initially disclosed in September, but faced scrutiny from the stock exchange regarding the rationale for the acquisition and the declining performance of Guangda Electronic [6]. Group 2: Legal Challenges - The acquisition was complicated by a patent infringement lawsuit filed by Dike Co., Ltd. against Guangda Electronic, which was accepted by the court in November [3][5]. - Dike's lawsuit centers on alleged infringement of a patent related to thick film pastes used in semiconductor devices, which is critical in the photovoltaic silver paste industry [5][8]. Group 3: Patent Implications - The patent in question, owned by Dike's subsidiary, covers a broad range of materials used in semiconductor manufacturing, making it a foundational patent in the industry [5][8]. - Guangda Electronic has counter-sued Dike, claiming the lawsuit is malicious and exceeds reasonable bounds, but the court rejected its jurisdictional objections [6][12]. Group 4: Market Context - Guangda Electronic's projected revenue from photovoltaic silver paste is significant, with estimates showing that it will account for 87.94% of its main revenue in 2023, increasing to 99.56% by mid-2025 [13]. - The ongoing patent disputes may pose risks to Guangda's future revenue projections, particularly concerning its products that fall under the patent's scope [14].