提前大涨60%，3年亏超8亿元，康欣新材拟跨界半导体，上交所火速五连问

Core Viewpoint - After three consecutive years of losses, the container flooring manufacturer Kangxin New Material (600076.SH) plans to transition into the semiconductor industry by acquiring a 51% stake in Wuxi Yubang Semiconductor Technology Co., Ltd. for 392 million yuan, with a valuation increase of 430.80% [1][2][3] Group 1: Acquisition Details - The acquisition involves a cash payment of 312 million yuan for the transfer of 970.98 million yuan in registered capital and an additional 80 million yuan for newly issued capital [2] - Yubang Semiconductor, established in 2014, specializes in repair equipment for integrated circuit manufacturing, with the global repair equipment market projected to grow from 3.7 billion USD in 2024 to 8.49 billion USD by 2030, reflecting a CAGR of 13.8% [2] - The acquisition is structured with performance guarantees, requiring Yubang Semiconductor to achieve a net profit of no less than 1.59 billion yuan over three years [1][3] Group 2: Financial Performance and Market Context - Kangxin New Material has faced significant financial challenges, reporting cumulative losses exceeding 800 million yuan from 2022 to 2024, with a 43.74% revenue decline in the first three quarters of 2025 [5][6] - The company's primary revenue source, container flooring, accounted for over 80% of total revenue in 2024, but has been adversely affected by a downturn in the container market [5] - As of the end of Q3 2025, Kangxin New Material had total interest-bearing liabilities of 1.598 billion yuan, with cash reserves of 320 million yuan [5] Group 3: Regulatory Scrutiny and Market Reaction - The Shanghai Stock Exchange has raised concerns regarding the rationale behind the acquisition, the sustainability of Yubang Semiconductor's business, and the significant valuation increase [1][4][6] - Following the announcement of the acquisition, Kangxin New Material's stock price surged over 60% in the preceding 30 trading days, but subsequently faced a drop of 9.75% on January 21 [1][7] - The exchange has requested clarification on the company's ability to manage a semiconductor business and whether there was any insider information leak prior to the stock price increase [6][7]