Core Viewpoint - The article discusses the approval of Fulede's acquisition project under the new restructuring regulations, highlighting its implications for the semiconductor industry and the innovative financing methods employed in the deal [1][2]. Group 1: Regulatory Changes and Approval - Fulede's acquisition of 100% equity in Fulehua is the first project approved under the new restructuring regulations released by the CSRC on May 16 [2]. - The new regulations aim to enhance the merger and acquisition market by increasing tolerance for changes in financial conditions and related party transactions [2][3]. - Fulede updated its submission to demonstrate that the acquisition would not lead to significant adverse changes in its financial status, showcasing improved profitability post-acquisition [1][3]. Group 2: Financial Aspects of the Acquisition - The total transaction value for the acquisition is 6.56 billion yuan, with 6.19 billion yuan paid through share issuance and 360 million yuan through convertible bonds [4]. - Fulede plans to issue 378 million shares at a price of 16.30 yuan per share, which will account for 52.88% of the total share capital post-transaction [4]. - The acquisition is expected to increase Fulede's net profit attributable to shareholders by 240.62% in the first three quarters of 2024 [3]. Group 3: Industry Impact and Strategic Importance - The acquisition addresses critical challenges in the semiconductor sector, particularly in power semiconductor materials, breaking the foreign monopoly in this field [6]. - Fulehua's production of copper-clad ceramic substrates is crucial for power semiconductor modules, and it has established a leading position in domestic production [6][7]. - The merger aligns with broader industry trends, as nearly 80% of recent asset acquisition restructurings in the Shenzhen market are focused on industrial mergers, particularly in semiconductor and technology sectors [7].
新规后首单！并购项目过会，新在哪里？