星标 ★ IPO日报 精彩文章第一时间推送 又一企业IPO上市失败后欲进入上市公司体系。 近期，天津汽车模具股份有限公司（002510.SZ，下称"天汽模"）发布公告，公司于2025年4月9日与东实汽车科技集团股份有限公司（下称"东实 股份"）股东德盛拾陆号企业管理（天津）合伙企业（有限合伙）（下称"德盛拾陆号"）签署了《股权收购意向协议》，公司拟以现金方式分步收购 德盛拾陆号持有的东实股份50%股权。 公司目前持有标的公司 25%的股权，本次交易完成后，东实股份将成为公司的控股子公司。而东实股份曾申请在深市主板上市，后在2024年5月撤 单。 制图：佘诗婕 "曲线 上市 " 今年以来，并购重组市场中，多家上市公司计划收购曾拟IPO的企业。 比如，上海概伦电子股份有限公司（688206.SH）拟收购成都锐成芯微科技股份有限公司（下称"锐成芯微"）控股权，同时拟募集配套资金。锐成 芯微曾于2022年申报科创板IPO，后撤回申请，于2023年3月2日止步；上海至纯洁净系统科技股份有限公司（603690.SH）收购贵州威顿晶磷电 子材料股份有限公司，后者于2023年9月进行了IPO辅导备案。 现在东实股份也走上了" ...

Group 1 - The core viewpoint of the article highlights a surge in A-share mergers and acquisitions involving companies that were previously planning to go public, with at least seven such cases reported in March alone [1][2][8] - The trend of listed companies acquiring pre-IPO targets is seen as a positive development, reducing the pressure on companies to pursue IPOs and potentially enhancing industry competitiveness [5][7] - Not all acquisition plans are successful, as evidenced by at least two failed transactions in March, including Shuangcheng Pharmaceutical's attempt to acquire Aola Semiconductor [1][8] Group 2 - Specific cases of acquisitions include Huada Jiutian planning to acquire a controlling stake in Chip and Semiconductor Technology, and Yangjie Technology's intention to acquire Dongguan Beite Electronics [2][3] - The article notes that the valuation of acquisition targets in the A-share market has been declining, with average price-to-earnings ratios around ten times, contrasting sharply with the higher valuations of new IPOs [7][9] - The reasons for the termination of some acquisition deals include disagreements on transaction pricing and terms, as seen in the cases of Shuangcheng Pharmaceutical and Huida Technology [8][9]