Shanghai Prisemi Electronics (SH:688230) IPO日报·2025-08-05 00:32Core Viewpoint - The article discusses the proposed acquisition by Shanghai Xindao Electronic Technology Co., Ltd. of 100% equity in Shanghai Jishun Technology Co., Ltd. and 17.15% equity in Shanghai Shunlei Technology Co., Ltd. for a total price of 402.6 million yuan, marking the company's first major asset restructuring since its IPO [1][9][10]. Group 1: Acquisition Details - The company plans to issue convertible bonds and pay cash to finance the acquisition, with a maximum fundraising amount of 50 million yuan for transaction costs and intermediary fees [2][3]. - Upon completion of the transaction, the company will hold 100% equity in both Jishun Technology and Shunlei Technology [3]. - Jishun Technology holds 82.85% of Shunlei Technology, making it the controlling shareholder, while Shengfeng is the largest shareholder of Jishun Technology with a 40% stake [7]. Group 2: Business Rationale - The acquisition aims to gain full control of Shunlei Technology, which specializes in the research, production, and sales of power devices, including automotive-grade and industrial-grade semiconductor products [8]. - The transaction is expected to create significant market synergies, allowing the company to leverage Jishun Technology's established customer base in various sectors, including automotive electronics and industrial applications [13]. Group 3: Financial Performance - The target companies are projected to generate revenues of 195 million yuan, 217 million yuan, and 104 million yuan for the years 2023, 2024, and the first half of 2025, respectively, with net profits of 25.26 million yuan, 38.79 million yuan, and 18.61 million yuan [10]. - The seller has committed to achieving audited net profits of no less than 35 million yuan, 36.5 million yuan, and 40 million yuan for the years 2025 to 2027 [11]. - The company has experienced declining revenues since its IPO, with a 29.33% decrease in 2022 and a 4.68% decrease in 2023, although it is expected to see a 10.15% revenue increase in 2024 [15][16].