Xin Lang Cai Jing·2026-01-05 09:14Core Viewpoint - Huahong Company is set to acquire 97.4988% of Huali Micro for a consideration of 8.268 billion yuan, with an overall valuation of Huali Micro at 8.48 billion yuan, reflecting a price-to-book ratio of 4.24 times, which is in line with Huahong's A-share price-to-book ratio [1][3] Financial Summary - Huali Micro is projected to achieve net profits of 522 million yuan in 2024 and 515 million yuan from January to August 2025, outperforming Huahong's expected net profits of 381 million yuan in 2024 and 251 million yuan in the first three quarters of 2025 [1][3] - Post-transaction, Huahong's earnings per share are expected to increase significantly from 0.11 yuan to 0.37 yuan [1][3] Market Reaction - On January 2, Huahong's stock opened at 74.30 HKD, peaked at 83.80 HKD, and closed with a 9.42% increase [2][5] - On January 5, Huahong's A-share opened at 112.60 yuan, up 4.38% from the previous close, reaching a high of 117.92 yuan, and closing with a 7.99% increase [2][5] Strategic Implications - The acquisition addresses industry competition and enhances capacity expansion and process synergy, providing critical support for domestic semiconductor advancements [2][5] - The transaction reflects the confidence of national policies in the long-term development of the semiconductor industry, particularly through the involvement of the National Integrated Circuit Industry Investment Fund [1][4]