光伏重大资产重组终止

Core Viewpoint - Fuda Alloy (603045.SH) has announced the termination of its acquisition of Zhejiang Guangda Electronic Technology Co., Ltd. after multiple delays in responding to inquiries from the stock exchange, potentially influenced by a patent lawsuit involving the target company [1][3]. Group 1: Acquisition Details - Fuda Alloy planned to acquire 52.61% of Guangda Electronic for a cash consideration of 350 million yuan, aiming to become the controlling shareholder and consolidate Guangda's financials [3]. - The acquisition was initially disclosed in September, but faced scrutiny from the stock exchange regarding the rationale for the acquisition, particularly due to declining performance of the target [5]. Group 2: Patent Litigation Impact - The termination of the acquisition may be linked to a patent lawsuit initiated by Dike Co., Ltd. against Guangda Electronic, alleging infringement of a patent related to semiconductor materials [3][5]. - Dike's subsidiary, Zhejiang Suote Material Technology Co., Ltd., has been involved in this legal dispute, which has raised concerns about Guangda's long-term business potential due to the ongoing litigation [3][11]. Group 3: Patent Details and Implications - The patent in question, owned by Dike, covers a broad range of materials used in semiconductor manufacturing, which could significantly impact Guangda's operations and market position [6][11]. - Guangda Electronic's sales from photovoltaic silver paste are projected to constitute a significant portion of its revenue in the coming years, raising concerns about the sustainability of its business model amid the patent disputes [11][12]. Group 4: Industry Context - The acquisition landscape in the photovoltaic silver paste industry is characterized by a focus on building patent barriers, as seen in Dike's acquisition of Zhejiang Suote, which aimed to enhance its market share through a robust patent portfolio [8][10]. - Historical patterns indicate that patent disputes in this sector often lead to settlements, suggesting that Guangda may face similar pressures in the future [10].