Swancor Advanced Materials (SH:688585) 21世纪经济报道·2025-09-25 11:08Core Viewpoint - The article discusses the recent tender offer by Zhiyuan Robotics to acquire shares of Shuangwei New Materials at a significantly lower price compared to the current market value, highlighting the strategic implications of this acquisition for both companies [1][3][9]. Summary by Sections Tender Offer Details - Zhiyuan Robotics, through its holding platform Zhiyuan Hengyue, announced a tender offer to acquire 149 million shares of Shuangwei New Materials at a price of 7.78 yuan per share, representing 37% of the company's total shares [1][11]. - The tender offer price is notably low compared to Shuangwei's recent trading price of 132.1 yuan per share, which is nearly 17 times higher than the offer price [3][9]. Market Reaction - Following the announcement, Shuangwei New Materials' stock price surged, achieving a cumulative increase of 1839.8% year-to-date, making it the first stock to reach a "20-fold" increase this year [3][9]. - The stock's trading dynamics indicate that retail investors, particularly those who bought shares after the announcement of the acquisition, are likely to be excluded from the tender offer [5][9]. Acquisition Strategy - The tender offer is part of a three-step acquisition strategy by Zhiyuan Robotics, which has already secured control of Shuangwei by acquiring 29.99% of its shares without triggering mandatory tender offer obligations [8][9]. - The current tender offer aims to further consolidate control, with the potential to increase Zhiyuan's stake to 67% if successful, facilitating future capital operations and enhancing market positioning [13][14]. Future Implications - The acquisition is seen as a move to strengthen Zhiyuan Robotics' control over Shuangwei New Materials, allowing for better integration of resources and potential capital operations in the future [13][14]. - The article suggests that this strategy may enable Zhiyuan to leverage Shuangwei as a platform for further acquisitions and financing activities, thereby enhancing its market influence [14][15].