芯片巨头，大消息

Core Viewpoint - Huahong Company plans to acquire 97.4988% equity of Huali Micro for 8.268 billion yuan through a share issuance, enhancing its control over the semiconductor manufacturing sector and improving operational capabilities [2][10]. Transaction Overview - The transaction involves issuing 191 million shares at a price of 43.34 yuan per share to acquire Huali Micro's equity, with an asset valuation of 8.48 billion yuan, reflecting a 323.59% appreciation [2][10]. - The total transaction price is set at 8.268 billion yuan, excluding the fundraising amount [2][10]. Fundraising Details - The company intends to raise up to 7.556 billion yuan from no more than 35 specific investors, with funds allocated for technology upgrades, R&D projects, working capital, debt repayment, and intermediary fees [4][11]. - The allocation of raised funds includes approximately 43.60% for technology upgrades, 7.43% for R&D, and 48.97% for working capital and debt repayment [5][12]. Strategic Objectives - The acquisition aims to eliminate competition within the industry, enhance asset quality, and improve operational efficiency, ultimately benefiting shareholders [6][13]. - Post-acquisition, Huahong will gain an additional capacity of 38,000 wafers per month in the 65/55nm and 40nm technology nodes, strengthening its market position [6][13]. Financial Performance - Huali Micro's projected revenues for 2023, 2024, and the first eight months of 2025 are 2.579 billion yuan, 4.988 billion yuan, and 3.431 billion yuan, respectively, with net profits of -372 million yuan, 522 million yuan, and 515 million yuan [6][13]. - The total assets and liabilities of Huali Micro are expected to evolve significantly, with total assets projected at 7.258 billion yuan and total liabilities at 5.256 billion yuan by August 2025 [14]. Synergies and Integration - The merger is expected to create synergies through resource integration and technology sharing, enhancing innovation and competitiveness in logic and specialty processes [8][15]. - The company plans to implement integrated management across various operational aspects, aiming for cost reduction and efficiency improvements to increase market share and profitability [8][15].