BPSemi(SH:688368) Xin Lang Cai Jing·2026-01-10 11:09Core Viewpoint - Jingfeng Mingyuan, a leader in simulation and mixed-signal chips, announced a major asset restructuring plan to acquire 100% equity of Yichong Technology, indicating a strategic move to enhance its market position in the semiconductor industry [1][2]. Group 1: Transaction Details - The transaction price is set at 3.283 billion yuan, with 1.249 billion yuan (38.05%) to be paid in cash and 2.033 billion yuan (61.95%) through the issuance of shares at a price of 50.39 yuan per share, resulting in approximately 40.35 million shares to be issued [2]. - The restructuring plan includes a non-public issuance of shares to no more than 35 specific investors to raise up to 1.8 billion yuan for transaction costs and working capital [2]. Group 2: Company and Market Analysis - Yichong Technology, led by Pan Siming, specializes in high-performance analog and mixed-signal chips, with significant revenue growth projected at 45.02% and 47.04% for 2023 and 2024, respectively [3]. - Yichong Technology ranks first in the domestic market for wireless charging chips and is among the top three globally, with its products used by major brands such as Samsung, Xiaomi, and BYD [3]. - The acquisition is expected to enhance Jingfeng Mingyuan's sales scale, potentially placing it among the top five in the industry, leveraging synergies from the merger [4]. Group 3: Performance Commitments - The performance commitments set by the sellers include net profits of no less than 92 million yuan, 120 million yuan, and 160 million yuan for the years 2025, 2026, and 2027, respectively, for Yichong's charging chip business [5]. - Additionally, revenue targets for other power management chip segments are set at no less than 190 million yuan, 230 million yuan, and 280 million yuan for the same years [5]. Group 4: Industry Context - The analog chip sector in China is characterized by a fragmented market, long product life cycles, high design barriers, and lengthy talent cultivation periods, creating favorable conditions for domestic companies to grow through mergers and acquisitions [5].