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Core Viewpoint - Chip Origin Co., Ltd. plans to invest over 950 million yuan to acquire control of Zhudian Semiconductor through a special purpose company, Tian Sui Xin Yuan Technology [2][4][6] Group 1: Acquisition Details - The acquisition involves a total equity value of 950 million yuan for 100% of Zhudian Semiconductor's shares, with Tian Sui Xin Yuan expected to pay up to 950 million yuan in cash as transaction consideration [2][4] - After the transaction, Tian Sui Xin Yuan will hold 100% of Zhudian Semiconductor, which will be included in the consolidated financial statements of Chip Origin [4][5] - The investment structure includes Chip Origin contributing 40% and joint investors contributing 60% to Tian Sui Xin Yuan [5][6] Group 2: Financial Performance of Zhudian Semiconductor - In 2024, Zhudian Semiconductor reported revenues of approximately 385 million yuan and a net loss of 121 million yuan; in the first half of 2025, revenues were about 110 million yuan with a net loss of approximately 64.06 million yuan [8][10] - Prior to the acquisition, PIXELWORKS LLC held 78.14% of Zhudian Semiconductor and had plans for an IPO on the Sci-Tech Innovation Board [7][8] Group 3: Strategic Implications - The acquisition is expected to allow Chip Origin to integrate customer resources and provide a comprehensive one-stop service from IP to customized chips [9] - Chip Origin emphasizes that the transaction does not involve related party transactions and will not lead to increased external guarantees or non-operating fund occupation [9] Group 4: Stock Incentive Plan - On the same day, Chip Origin announced a restricted stock incentive plan, proposing to grant up to 8.11625 million shares, accounting for approximately 1.5439% of the total share capital [12][14] - The plan includes a first grant of up to 6.493 million shares, representing about 1.2351% of the total share capital at the time of the announcement [12][13]