Original(SH:603991) 券商中国·2025-08-15 05:57Core Viewpoint - The article discusses the recent approval of a significant asset swap and capital raising transaction by Zhizheng Co., which marks the first cross-border share swap case following the implementation of new regulations for foreign investors in December 2024. This transaction is expected to enhance collaboration between domestic and international semiconductor industries and attract more quality foreign investment into the A-share market [2][3]. Group 1: Regulatory Changes - The new regulations, effective from November 2024, facilitate strategic investments by foreign investors in listed companies by relaxing cross-border share swap conditions [3]. - The revised regulations allow foreign investors to use shares of non-listed overseas companies as payment for strategic investments, which was not permitted under the previous rules [3][4]. Group 2: Transaction Details - Zhizheng Co. plans to acquire approximately 99.97% of Advanced Assembly Materials International Limited (AAMI), a leading global semiconductor lead frame supplier, through a combination of asset swaps, share issuance, and cash payments [5][6]. - The total valuation of the target asset AAMI is set at 3.526 billion yuan, with the total consideration for the transaction being 3.069 billion yuan [8]. Group 3: Financial Performance - AAMI reported revenues of 2.205 billion yuan and 2.486 billion yuan for the fiscal years 2023 and 2024, respectively, with net profits of 20.18 million yuan and 55.19 million yuan [7].