「寻芯记」紫光国微欲“收编”瑞能半导，半导体并购潮下谁在狂奔

Core Viewpoint - The acquisition of Ruineng Semiconductor Technology Co., Ltd. by Unisoc is a strategic move aimed at enhancing business synergy and addressing the power semiconductor shortfall, while Ruineng seeks a viable exit after unsuccessful attempts to go public [2][6][7]. Group 1: Acquisition Details - Unisoc has initiated a suspension of trading to acquire control of Ruineng Semiconductor, having signed a letter of intent with Ruineng's three major shareholders [2][3]. - The acquisition will involve issuing shares and cash payments to acquire stakes from South Jiangxi Jianen Semiconductor Industry Investment Center, Beijing Guangmeng Semiconductor Industry Investment Center, and Tianjin Ruixin Semiconductor Industry Investment Center, which hold 24.18%, 24.18%, and 22.75% of Ruineng, respectively [3]. - The transaction is classified as a related party transaction and is not expected to constitute a major asset restructuring under relevant regulations [3][4]. Group 2: Financial Performance - Unisoc reported a revenue of 5.511 billion yuan and a net profit of 1.179 billion yuan for 2024, with a market capitalization of 66.959 billion yuan prior to the trading suspension [5]. - Ruineng Semiconductor, established in 2015, generated a revenue of 786 million yuan in 2024, reflecting a decline of 5.64%, and a net profit of 20.36 million yuan, down 79.93% [7]. Group 3: Industry Context - The acquisition reflects a broader trend in the semiconductor industry, which has seen nearly 50 merger and acquisition plans since the introduction of new policies by the China Securities Regulatory Commission [8]. - Major players in the semiconductor sector, including SMIC and Northern Huachuang, have also announced acquisition plans, indicating a robust M&A environment [8]. - The semiconductor industry is characterized by high technical barriers and complexity, making mergers a common strategy for companies to achieve synergies and expand into new areas [9][10].