中芯国际复牌大跌！

Core Viewpoint - The article discusses the recent acquisition plan by SMIC (Semiconductor Manufacturing International Corporation) to purchase a 49% stake in its subsidiary, SMIC North, which is expected to enhance the company's asset quality and profitability despite market concerns about potential share dilution [2][5][10]. Group 1: Acquisition Details - SMIC plans to issue shares to acquire 49% of SMIC North from several investors, including the National Integrated Circuit Fund and others, with the share price set at 74.20 CNY per share, which is approximately 80% of the average price over the last 120 trading days [2][3][5]. - After the acquisition, SMIC will hold 100% of SMIC North, which primarily provides 12-inch integrated circuit wafer foundry services [5][10]. - The acquisition is expected to significantly boost SMIC's net profit, with projections indicating a 39.8% year-on-year increase in net profit to 2.3 billion CNY in the first half of 2025 [5][10]. Group 2: Market Reaction - Following the announcement of the acquisition, SMIC's stock opened down 11.12% and closed down 10.26% at 102.99 CNY per share, reflecting investor concerns over share dilution due to the lower issuance price compared to the previous closing price of 114.76 CNY [2][10]. - The H-shares of SMIC also experienced a decline of over 4% during the suspension period, indicating negative sentiment in the market regarding the acquisition and the overall market environment [10].