Jiamei Packaging(SZ:002969) Sou Hu Cai Jing·2025-12-24 03:12Core Viewpoint - The article discusses the unexpected acquisition by Chasing Technology, a company poised for an IPO, raising questions about its strategic intentions amidst a favorable market for tech companies seeking to go public [3][4][6]. Group 1: IPO Context - The registration reform of the Sci-Tech Innovation Board has made it easier for tech companies to go public, with examples like Moore Thread and Muxi Co., which have seen significant profits for investors [2]. - Chasing Technology, with a compound annual growth rate exceeding 100% over five years, is projected to generate approximately 15 billion yuan in revenue for 2024, and surpass last year's total revenue in the first half of 2025 [3]. Group 2: Acquisition Details - Chasing Technology's core team made a surprising acquisition of Jamei Packaging for 2.282 billion yuan, which is significantly higher than Jamei's historical stock price range of 2.5-3.5 yuan per share [3][4]. - The acquisition cost is notably high compared to the total issuance costs for companies like Moore Thread, which was only 424 million yuan [3]. Group 3: Strategic Implications - The acquisition does not appear to directly support Chasing Technology's IPO plans due to regulatory restrictions on control changes within 36 months, complicating any potential asset integration [4]. - Analysts suggest that the acquisition may be aimed at enhancing Chasing Technology's supply chain in packaging, which is crucial for brand image and logistics costs [5]. - There are also speculations that this move could be part of a broader strategy to expand into smart home products and consumer goods, leveraging Jamei's established channels and production capabilities [6].