KANGXIN NEW MATERIALS(SH:600076) Sou Hu Cai Jing·2026-01-22 09:32Core Viewpoint - Kangxin New Materials announced a cross-industry acquisition plan to acquire 51% of Wuxi Yubang Semiconductor Technology Co., Ltd. for a total cash consideration of 391.68 million yuan, despite its ongoing losses [3][5]. Group 1: Acquisition Details - The acquisition involves a cash payment of 31.168 million yuan for 45.3% of Yubang Semiconductor's equity and an additional 8 million yuan for 10.42% of the newly increased registered capital [3]. - Yubang Semiconductor's pre-transaction valuation is 688 million yuan, and the post-transaction valuation is 768 million yuan, indicating a premium of approximately 4.3 times based on its net assets of 130 million yuan as of September 30, 2025 [3][4]. - The acquisition's price-to-earnings (PE) ratio is estimated at 49 times based on Yubang's projected net profit for 2024 [5]. Group 2: Performance Commitments - Yubang Semiconductor has performance commitments to achieve audited net profits of no less than 50 million yuan, 53 million yuan, and 56 million yuan for the years 2026 to 2028, totaling at least 159 million yuan over three years [5]. - The commitments are significantly higher than Yubang's current profit levels, raising concerns from the exchange regarding their feasibility [5][7]. Group 3: Financial Health of Kangxin New Materials - Kangxin New Materials has experienced fluctuating revenues of 464 million yuan, 246 million yuan, and 602 million yuan from 2022 to 2024, with increasing net losses of 202 million yuan, 301 million yuan, and 337 million yuan during the same period [8]. - As of the third quarter of 2025, the company reported revenues of 278 million yuan and net losses of 189 million yuan, indicating further deterioration [8]. - The company has a cash balance of 320 million yuan, which is insufficient to cover its short-term borrowings and liabilities due within one year, raising concerns about its ability to finance the acquisition [9]. Group 4: Asset Transfer Plans - Kangxin New Materials plans to transfer approximately 437,800 acres of forest land assets, with a total book value of 1.203 billion yuan, which could potentially generate over 1 billion yuan in cash inflow if successfully completed [10][11]. - The company aims to publicly list the forest land assets for sale at a price not lower than the assessed value [11]. Group 5: Market Reactions and Trends - Prior to the acquisition announcement, Kangxin New Materials' stock price had already surged, reaching a limit up on January 20, with a cumulative increase of 60.54% over the previous 30 trading days, compared to a 24.39% increase in its industry [6]. - Other companies, including Yingxin Development and Shikong Technology, have also announced cross-industry acquisitions in the semiconductor sector, with their stock prices showing similar pre-announcement increases [12][13][16].