江化微控制权生变，百亿私募恒松资本功成身退？

Core Viewpoint - Jianghuai Microelectronics has announced a change in control, with its major shareholder, Zibo Xingheng Tusheng, transferring 23.96% of its shares to Shanghai Fuxun Technology for a total price of 1.847 billion yuan, resulting in a profit of approximately 430 million yuan for the seller [1][2][12]. Group 1: Share Transfer Details - Zibo Xingheng Tusheng will transfer 92.38 million shares at a price of 20 yuan per share, totaling 1.847 billion yuan, which is about 7% lower than the closing price before the suspension [4][15]. - After the transfer, the controlling shareholder will change from Zibo Xingheng Tusheng to Shanghai Fuxun Technology, which is a newly established company primarily owned by Shanghai Huayi Holdings Group [5][15]. Group 2: Financial Performance - Jianghuai Microelectronics reported revenues of 939 million yuan, 1.03 billion yuan, and 1.099 billion yuan for the years 2022, 2023, and 2024 respectively, with net profits of 106 million yuan, 105 million yuan, and 98.63 million yuan [16]. - In the first three quarters of 2025, the company achieved a revenue of 910 million yuan, a year-on-year increase of 10.92%, but net profit decreased by 8.66% to 78.78 million yuan [16]. Group 3: Background of Zibo Xingheng Tusheng and Hengsong Capital - Zibo Xingheng Tusheng is backed by Zibo City Asset Operation Group, which holds 99% of its shares, while Hengsong Capital holds 1% and has been involved in previous investments, including a similar transaction with Dongjie Intelligent [8][18]. - Hengsong Capital, founded around 2014, specializes in cross-border and private equity investments, managing over 14 billion yuan in funds and having invested in various sectors including industrial technology and healthcare [3][19].