Core Viewpoint - The announcement by Guankang Technology regarding the acquisition of at least 60% of Liao Jing Electronics marks a strategic shift from defense information technology to the semiconductor sector, reflecting the current trend of "technology + mergers and acquisitions" in the hard technology industry [1][2][3]. Company Overview - Guankang Technology, a leader in the defense information sector, has faced performance challenges since its 2021 IPO, with a 38% drop in 2022 revenue. By 2024, the company reported revenue of 152 million yuan, still below 2021 levels. In the first three quarters of 2025, revenue was 65.36 million yuan, a year-on-year increase of 4.86%, but net profit attributable to shareholders was only 760,000 yuan, indicating a struggle to move away from the breakeven point [2][4]. Acquisition Details - The acquisition involves signing a framework agreement with the main transaction counterpart, with the final terms including share transfer quantity, ratio, transaction price, payment method, performance compensation arrangements, share lock-up arrangements, and breach clauses to be determined in a formal agreement [1][3]. Target Company Profile - Liao Jing Electronics, established in 2007 and formerly known as the Liaoning Transistor Factory, is recognized as a national-level specialized and innovative "little giant" enterprise. It focuses on the research and production of semiconductor integrated circuits and discrete devices, with products including diodes, transistors, and field-effect transistor arrays, widely used in high-barrier fields such as aerospace, aviation, shipping, and weaponry [1][5]. Strategic Implications - The merger is seen as a deepening of Guankang Technology's "dual-use, dual-drive" strategy. The semiconductor technology from Liao Jing Electronics can complement Guankang's digital twin and intelligent equipment management modules, enhancing the intelligence level of defense equipment. Additionally, leveraging Liao Jing's military customer resources allows Guankang to penetrate the domestic semiconductor replacement market and extend defense information technology into civilian applications such as smart emergency and security scenarios [2][4][5]. Industry Context - This cross-industry merger not only represents a breakthrough for Guankang Technology in overcoming growth bottlenecks but also serves as a microcosm of the autonomous and controllable process within China's semiconductor industry chain. The ability to achieve technological leaps and industrial upgrades through capital operations will become a new challenge for hard technology companies in the context of the "technology + mergers and acquisitions" trend [2][5].
观想科技跨界并购半导体：国防信息化龙头开启“硬科技”转型新篇章