KANGXIN NEW MATERIALS(SH:600076) Chang Jiang Shang Bao·2026-01-22 09:05Core Viewpoint - Kangxin New Materials (600076.SH) is making a high-premium cross-industry acquisition of semiconductor assets despite ongoing losses in its main business, raising concerns about the rationale and financial implications of the deal [1][7]. Group 1: Acquisition Details - Kangxin New Materials plans to acquire 51% of Wuxi Yubang Semiconductor Technology Co., Ltd. for 392 million yuan, with the total valuation of Yubang Semiconductor set at 692 million yuan, reflecting a valuation premium of 430.8% [1][4]. - The acquisition will be fully funded in cash, which may impose financial pressure on Kangxin New Materials, given its cumulative net losses of 1.012 billion yuan from 2022 to the first nine months of 2025 [1][8]. Group 2: Financial Performance - Kangxin New Materials has reported continuous losses, with net profits of -192 million yuan, -297 million yuan, -334 million yuan, and -189 million yuan from 2022 to the first nine months of 2025 [8]. - As of September 2025, the company had total assets of 6.727 billion yuan and interest-bearing liabilities of 1.598 billion yuan, with a debt ratio of 42.52% [8]. Group 3: Market Reaction and Regulatory Scrutiny - On the day of the acquisition announcement, Kangxin New Materials' stock price hit the daily limit, increasing by 10.02% to 4.72 yuan per share, with a 30-day price increase of 60.54%, prompting the Shanghai Stock Exchange to issue an inquiry regarding the transaction's rationale and stock price movements [2][9]. - The inquiry also seeks clarification on the sustainability of Yubang Semiconductor's business and the reasons behind its performance fluctuations, as well as the high valuation premium [6].