Group 1 - The core issue revolves around the cross-industry acquisition by Kangxin New Materials, which plans to acquire 51% of Yubang Semiconductor for a pre-investment valuation of 688 million yuan, raising concerns about the rationale behind the acquisition given the significant difference in business focus between the two companies [3][4] - Kangxin New Materials is facing substantial operational pressure, with projected net losses of 297 million yuan, 334 million yuan, and 189 million yuan for the first three quarters of 2023, 2024, and 2025 respectively, alongside total interest-bearing liabilities of 1.598 billion yuan as of the end of Q3 2025 [4][6] - The Shanghai Stock Exchange has issued an inquiry letter demanding explanations regarding the acquisition's rationale, the company's ability to pay, and its capacity for business integration and management of the target company [6][8] Group 2 - Concerns have been raised about the sustainability and valuation of Yubang Semiconductor, which was established in 2014 and primarily engages in the repair of integrated circuit manufacturing equipment [9] - The performance commitments made by Yubang Semiconductor are significantly higher than its historical performance, with promised net profits of at least 50 million yuan, 53 million yuan, and 56 million yuan for 2026 to 2028, while its actual net profits for 2024 and the first nine months of 2025 were only 13.9947 million yuan and 7.8064 million yuan respectively [9][10] - The financial data of Yubang Semiconductor raises questions, including a reported inventory value of 347 million yuan and a contract liability of 249 million yuan, with a significant portion of the liabilities being overdue [10]
600076，跨界收购半导体公司，交易所火速问询