ANYKA MICROELECTRONICS(SH:688620) 是说芯语·2025-12-07 00:48Core Viewpoint - Ankai Micro announced the acquisition of 85.79% of Sichao Technology for 325.99 million yuan, marking a strategic move to enhance collaboration in technology, customer base, and supply chain within the IoT chip sector [1][5]. Summary by Sections Acquisition Details - The acquisition consists of two parts: Ankai Micro will pay 22 million yuan for 36% of Sichao Technology from its founding team and 303.99 million yuan for 49.79% from 17 investors, making Sichao a subsidiary [5]. - The deal has been approved by Ankai Micro's board and will be submitted for shareholder vote in 2025, not classified as a related party transaction or major asset restructuring [5]. Company Profiles - Ankai Micro, established in 2001, specializes in IoT SoC chips for smart home and security applications, serving major clients like ROKU and TP-LINK [5]. - Sichao Technology, founded in 2019, focuses on ultra-low power IoT chips, with products in data collection and edge AI inference, already integrated into supply chains of brands like Xiaomi and Honor [6]. Strategic Synergies - The transaction highlights technological complementarity, with Ankai Micro planning to integrate Sichao's low-power and power management technologies to enhance product performance [7]. - Ankai Micro's existing customer base in smart home and security can leverage Sichao's strengths in consumer electronics, creating a synergistic market effect [7]. - Sichao's procurement costs will be optimized through Ankai Micro's centralized purchasing platform, enhancing cost efficiency [7]. Financial Considerations - The merger will create goodwill on the balance sheet, with potential impairment risks if Sichao's performance does not meet expectations [8]. - Ankai Micro reported a negative operating cash flow of 56.86 million yuan for the first three quarters of 2025, with plans to finance the acquisition through a mix of self-funding and long-term loans [8]. - Sichao Technology is projected to generate 62.04 million yuan in revenue and a net loss of 48.64 million yuan in 2024, indicating a need for time to validate its growth potential [8]. Industry Context - The acquisition aligns with the trend of resource integration through mergers in the semiconductor industry, particularly in the context of deepening integration between IoT and AI technologies [8].