A股第一大智驾并购案例，来了！

Core Viewpoint - The article discusses the acquisition of a 39.14% stake in PhiGent Robotics Limited by Siwei Tuxin, marking a significant move in the autonomous driving sector and potentially becoming the largest M&A case in A-share market for smart driving [1][4]. Transaction Overview - The total transaction amount is approximately 1.8 billion RMB, positioning it as the largest smart driving M&A case in the A-share market [4]. - Following the transaction, PhiGent Robotics will become the smart driving business platform under Siwei Tuxin, enabling the company to seize historical opportunities in the booming smart driving industry [4]. - As of September 29, Siwei Tuxin's stock price was 9.23 RMB per share, with a market capitalization of 21.88 billion RMB [4]. Investment Structure - The transaction consists of two parts: cash capital increase and asset injection [7]. - Siwei Tuxin plans to invest 250 million RMB in PhiGent Robotics by subscribing to 138 million C+ class preferred shares at a price of 0.2538 USD per share, translating to approximately 1.8061 RMB per share [8]. - The valuation of Siwei Tuxin's subsidiary, Tuxin Smart Driving, is estimated at 1.553 billion RMB, while PhiGent Robotics is valued at 2.327 billion RMB [8][9]. Financial Impact - The estimated investment income from this transaction is around 1.5 billion RMB [6][12]. - The transaction will lead to a change in the consolidated financial reporting scope for Siwei Tuxin, as it will no longer hold shares in Tuxin Smart Driving post-transaction [12]. Strategic Development - Siwei Tuxin aims to leverage this transaction to enhance resource advantages and synergies in the smart driving field, addressing the industry's scalability challenges [13][14]. - The collaboration is expected to integrate Siwei Tuxin's mass production capabilities with PhiGent Robotics' software and hardware solutions, enhancing the safety and reliability of autonomous driving systems [14]. - PhiGent Robotics specializes in high-level autonomous driving software and aims to provide a full range of smart driving solutions, thereby shortening product launch cycles [15][16].