半导体又现“蛇吞象”收购案，皮革商跨界做芯片

Core Viewpoint - The article discusses a significant acquisition in the semiconductor industry, where Zhonglian Development Holdings, a struggling leather fashion company, plans to acquire up to 100% of Longteng Semiconductor for a maximum price of 9 billion HKD, reflecting a trend of traditional companies seeking to transform through high-tech acquisitions amid stricter IPO regulations and market volatility [1][3]. Group 1: Zhonglian Development Holdings - Zhonglian Development is facing severe operational challenges, with a reported revenue of 22.25 million HKD for 2024, down 27% year-on-year, and a loss of 27.91 million HKD in 2023 [3]. - The company has a negative cash flow of -6.44 million HKD as of the end of 2024, indicating a lack of self-sustaining financial capability [3]. - The acquisition aims to transform Zhonglian's business model from traditional leather and fashion to the high-growth semiconductor sector, potentially leading to a significant change in its business attributes [3]. Group 2: Longteng Semiconductor - Longteng Semiconductor, established in 2009, is a leading player in the power semiconductor industry in China, with products used in high-demand sectors like renewable energy and automotive electronics [5]. - The company experienced revenue growth from 89.09 million HKD in 2018 to 173 million HKD in 2020, achieving profitability with a net profit of 24.53 million HKD in 2020 [5]. - Despite its technological advancements, Longteng faced challenges in capitalizing on its growth, including withdrawing its IPO application in 2022 after two rounds of inquiries [5][6]. Group 3: Strategic Implications of the Acquisition - The acquisition allows Longteng to bypass complex IPO processes and quickly access capital for expansion and R&D [6]. - The valuation range for the acquisition is set between 4.5 billion and 9 billion HKD, indicating the early stage of negotiations and the potential for performance-based adjustments in the deal structure [9]. - Successful completion of the acquisition could enable Zhonglian to reverse its continuous losses and align its valuation with high-growth tech stocks, while Longteng could overcome capital constraints and accelerate its production capabilities [9][10].