Xin Lang Cai Jing·2025-12-30 11:04Core Viewpoint - The successful completion of the asset acquisition and financing project by Huahai Chengke (688535.SH) marks a significant milestone in the semiconductor packaging materials industry, positioning the company as a leading player both domestically and globally [1][2][9]. Company Overview - Huahai Chengke, established in December 2010, specializes in the research and industrialization of epoxy molding compounds for semiconductor chip packaging and is recognized as a national-level "specialized, refined, and innovative" small giant enterprise [1][8]. - The company has developed into one of the largest manufacturers of epoxy molding compounds in China, with a comprehensive product range and continuous innovation capabilities [1][8]. Industry Position - Following the acquisition, Huahai Chengke will solidify its position as the domestic industry leader and rise to the second position globally in terms of shipment volume [2][9]. - The target company, Hengsuo Huawai, is also engaged in the same industry and ranks first in China and third globally in terms of shipment volume for epoxy molding compounds [1][8]. Strategic Importance - This transaction represents a strong alliance between leading companies in the industry, enabling Huahai Chengke to leverage the brand value of the target company for accelerated growth and to fulfill its social responsibility in advancing epoxy molding compound technology in China [2][9]. - The project is seen as a significant contribution to the self-sufficiency of China's semiconductor industry [2][9]. Transaction Details - The project involved the issuance of shares, convertible bonds, and cash to acquire assets, successfully completing an asset delivery of 1.12 billion yuan and raising 800 million yuan in supporting financing [1][5]. - This transaction is notable as it is the first case in Jiangsu Province to utilize a combination of shares, convertible bonds, and cash for asset acquisition under the Science and Technology Innovation Board [5][10]. Advisory Role - CITIC Securities acted as the independent financial advisor and lead underwriter for the transaction, demonstrating innovation in transaction design, negotiation, and implementation [6][11]. - The absence of performance commitments and impairment compensation in the deal reflects the confidence of both parties in the integration outcomes and their long-term vision for industry development [6][11].