浙江证监局对向日葵立案调查

Core Viewpoint - The Zhejiang Securities Regulatory Bureau has initiated an investigation into Sunflower (stock code: 300111) due to concerns regarding misleading statements in its restructuring proposal, particularly related to the actual production capacity and business model of the acquisition targets [2]. Group 1: Restructuring Proposal - On September 21, 2025, Sunflower announced a restructuring plan to acquire 100% of Zhangzhou Xipu Material Technology Co., Ltd. and 40% of Zhejiang Beid Pharmaceutical Co., Ltd. through a combination of share issuance and cash payment, with the share price set at 2.93 yuan per share [5]. - The acquisition target, Xipu Material, is a primary supplier of electronic-grade materials in the semiconductor sector and offers one-stop fluorine-related services, attracting significant market attention amid a booming semiconductor market [6]. Group 2: Market Reaction and Concerns - Following the announcement, Sunflower's stock price surged, reaching a high of 10.28 yuan per share, with three consecutive trading days of price increases [6]. - Investigative reports revealed that Xipu Material's factories in Zhangzhou and Lanzhou had not commenced production, contradicting claims of being a core supplier to numerous wafer fabs [6]. Group 3: Regulatory Actions and Company Performance - On December 26, 2025, the Shenzhen Stock Exchange issued a letter of concern to Sunflower, requesting clarification on the production capacity and operational status of Xipu Material's factories, as well as the accuracy of the restructuring proposal [6][8]. - As of the latest announcement on December 26, 2025, Sunflower had not responded to the investigation initiated by the Securities Regulatory Commission [8]. - Sunflower's financial performance has been declining, with a reported revenue of 200 million yuan for the first three quarters of 2025, a year-on-year decrease of 12.09%, and a net profit of 1.31 million yuan, down 53.10% year-on-year [9].