文｜白马商评 显示面板行业近期两起并购案几乎同时有了新的进展。 6月27日，TCL科技发布公告显示，公司已经收到证监会的批文，同意其定增及收购事项。与此同时， 另一家同业公司维信诺再次更新收购方案，等候监管审核。 两家公司的收购案有诸多相似之处，都是定增募集资金收购国资股东手中的股权，且在收购前均为标的 公司的小股东。 另外，TCL科技和维信诺都是深交所上市公司，两起并购案的审核流程、办理机构都是一样的，均需通 过深交所并购重组审核委员会的审核。但TCL科技从草案提出到收到批文用时不到4个月；维信诺的方 案距离预案提出已经两年半，还在审批过程中。 无论从维信诺自身的财务状况、标的公司的财务状况和内部治理，还是交易方案本身来看，这起收购案 仍然面临诸多不确定性，能否顺利落地还是未知数。 合肥维信诺是上市公司维信诺于2018年9月发起成立的，成立后仅3个月即增加注册资本，引入了合屏公 司、芯屏基金、兴融公司三家具有合肥国资背景的股东。 增资完成后，兴融公司、芯屏基金、合屏公司在合肥维信诺的持股比例均为27.27%，维信诺持股比例 为18.18%。 当前交易，简单讲就是维信诺收购当时增资时进入合肥维信诺的三家大股东 ...

Group 1 - The company decided to terminate the issuance of shares for asset acquisition and related fundraising due to a lack of consensus on transaction terms and changes in market conditions since the initial planning [2] - The proposed transaction involved acquiring a 43% stake in Shanghai Simson Information Technology Co., Ltd. from Dalian Neusoft Holdings Co., Ltd. [2] - The termination of the transaction was made after careful consideration and discussions with relevant parties to protect the long-term interests of the company and its investors [2] Group 2 - The company had previously suspended its stock trading since December 17, 2024, due to the planned issuance of shares and cash for asset acquisition [2] - Following the termination of the transaction on June 30, 2025, the company continued to work on related matters and sought to resume trading [3] - The company’s stock was set to resume trading on December 31, 2024, after the approval of the asset acquisition plan [3]

Core Viewpoint - The company, ZhiJian Electronics, is pursuing growth through the acquisition of a 51% stake in Ningbo Qixiang Information Technology Co., Ltd. for 382.5 million yuan, aiming to enhance its performance in the emerging lithium battery sector [1][3]. Group 1: Acquisition Details - ZhiJian Electronics plans to acquire 51% of Ningbo Qixiang for 382.5 million yuan, with the overall valuation of Ningbo Qixiang set at 750 million yuan, reflecting an 835.02% premium [1][4]. - Ningbo Qixiang, established in 2018, specializes in power line communication technology and has developed core products that support various charging communication standards [3][6]. - The acquisition is part of ZhiJian's strategy to focus on its core business and expand into new areas, aiming to integrate resources and enhance competitive advantages [3][6]. Group 2: Financial Performance - In 2024, ZhiJian Electronics reported revenues of 1.145 billion yuan, a year-on-year increase of 17.78%, with net profit and non-recurring net profit rising by 239.44% and 685.84%, respectively [2][7]. - The sales volume and production of lithium-ion batteries increased by 22.65% and 22.96% year-on-year in 2024, contributing to a revenue of 1.122 billion yuan from this segment [7][8]. - The company achieved overseas revenue of 388 million yuan, a 15.58% increase, while domestic revenue reached 757 million yuan, growing by 18.93% [8]. Group 3: Future Commitments - The founder of Ningbo Qixiang has committed to achieving a total non-recurring net profit of no less than 150 million yuan from 2025 to 2027 [4]. - If Ningbo Qixiang meets its performance commitments, ZhiJian Electronics will initiate the acquisition of the remaining 49% stake at a total price based on the 750 million yuan valuation [4].

Core Viewpoint - The company is planning to issue shares and pay cash to acquire 99% of Anhui Yigao Optoelectronics Technology Co., Ltd. and raise matching funds, which constitutes a related party transaction but does not trigger major asset restructuring regulations [1][3][11] Group 1: Suspension of Trading - The company's stock will be suspended from trading starting June 30, 2025, for a period not exceeding 10 trading days due to the ongoing planning of the transaction [2] - The suspension aims to ensure fair information disclosure and protect investor interests, preventing abnormal stock price fluctuations [2] Group 2: Transaction Details - The target company, Anhui Yigao Optoelectronics Technology Co., Ltd., was established on August 25, 2020, with a registered capital of 68.621534 million RMB, focusing on the R&D, production, and sales of touch screens and vacuum coating products [3][11] - The transaction involves issuing shares and paying cash to acquire 99% of Yigao's shares, with the specific transaction details and counterparties still under discussion [10][11] Group 3: Related Party Transaction - The transaction is expected to constitute a related party transaction as it may lead to the counterparties holding more than 5% of the company's total shares [10] - The final transaction price will be based on an independent third-party asset evaluation [11]

【环球网财经综合报道】6月27日上午，日本股市日经225指数早盘高歌猛进，盘中涨幅超1.5%，并成功突破40000点大关，这是自1月27日以来首次触及这 一关口。截至发稿时，该指数报40150.79点，电子股和重工业股表现尤为抢眼。 日本的企业并购活动也呈现出一派繁荣景象。据报道，2025年上半年，日本并购交易总额达到创纪录的2320亿美元，同比增长超过两倍，成为推动整个亚洲 地区并购市场反弹的主要力量。银行家们普遍认为，日本企业为解决长期估值偏低问题而推进的管理改革，正吸引大量外国及激进投资者的目光。加之日本 持续的低利率环境，使得国内企业对并购交易仍保持浓厚兴趣。 例如，丰田汽车以346亿美元私有化其上市子公司，NTT以165亿美元进行类似操作。金融服务、零售等领域也交易频发，如野村证券收购麦格理资产管理部 门、贝恩资本收购Seven & i旗下连锁超市等。 分析人士指出，日本股市近日的持续走强，与国际能源市场情绪的改善密不可分。随着以色列与伊朗达成停火协议，投资者对能源价格进一步飙升的担忧显 著消退，这为依赖能源进口的日本经济和股市减轻了压力。此外，美股市场的近期反弹，也对日本股市起到了一定的带动作用。 ...

Group 1 - The article presents various asset trading opportunities, including the transfer of shares and LP interests in several companies with estimated valuations ranging from 25 billion to 3,270 billion RMB [1][2][3][4][5][6][7][8]. - Notable transactions include the transfer of shares in leading companies such as ByteDance, Xiaohongshu, and quantum technology firms, indicating a diverse range of investment opportunities [2][3][4][5][6][7][8]. - The article emphasizes the importance of connecting buyers and sellers in the asset trading market, highlighting the challenges faced in achieving successful transactions [1]. Group 2 - The article lists specific asset offerings, including the transfer of LP interests in companies like Songyan Power and Suiyuan Technology, with valuations discussed on a case-by-case basis [1][4][5][6][7][8]. - There are also requests for acquisitions in various sectors, such as medical devices and small household appliances, indicating active interest in strategic investments [10][11][12][13][14]. - The article mentions the ongoing collaboration with well-known funds to facilitate transactions, showcasing the platform's role in the investment ecosystem [25].

Core Viewpoint - The article highlights various educational products and services offered at discounted prices, emphasizing their value and relevance for professional development in the corporate sector. Group 1: Membership and Courses - The "Wutong Academic Excellence Membership" offers a two-year card at a promotional price of ¥3299, providing significant savings compared to annual renewals [4][3] - The membership allows unlimited access to courses and resources, enhancing work-related skills and knowledge [3] - A seasonal card is also available for ¥999, providing a cost-effective option for short-term learning [22] Group 2: Books and Guides - The "Corporate Mergers and Acquisitions Practical Manual" is available for ¥99.5, featuring 17.3 million words and over 100 case studies to clarify the M&A process from various perspectives [8][9] - The "China Enterprises Going Global Guide" is priced at ¥99.5, offering comprehensive insights into key considerations for companies expanding internationally [19][20] Group 3: Training Programs - The "Three-Week Training Camp for Enterprises Going Global" is priced at ¥699, including 13 hours of video content and a cash rebate of ¥600 upon completion [25] - The "Hong Kong IPO Pathway for Tech Companies" course is available for ¥134.5, covering essential planning and regulatory aspects for tech firms seeking to list [28][27] Group 4: Specialized Courses - The course on "15 Methods for Acquiring Control of Listed Companies" is offered at ¥64.5, providing insights into various acquisition strategies through case studies [30][31] - The "Bankruptcy Reorganization of Listed Companies" course, priced at ¥299.5, includes 81 case studies and a detailed examination of reorganization processes [33][34]

Group 1 - Japan is leading the recovery of the Asian M&A market, with a total transaction value of $232 billion in the first half of 2025, driven by privatization deals, foreign investments, and private equity activities [1] - The value of transactions involving Japanese companies increased more than threefold in the first half of the year, while the total M&A value in Asia reached $650 billion, more than doubling compared to the same period last year [1] - Japanese companies are undergoing management reforms to address long-standing valuation issues, attracting interest from foreign and activist investors [1] Group 2 - Major transactions include Toyota's subsidiaries and NTT acquiring private listed subsidiaries for $34.6 billion and $16.5 billion respectively, marking them as some of the largest deals globally [2] - SoftBank led a new funding round for OpenAI amounting to $40 billion, the largest private tech financing ever [2] - Despite global economic uncertainties, Japanese companies continue to seek growth opportunities in overseas markets, with strong demand across various sectors [2] Group 3 - Challenges in Japan's M&A activity include global economic uncertainty affecting future business outlook assessments, leading to valuation discrepancies between buyers and sellers [3] - Companies are under pressure to divest non-core business units, with private equity funds increasingly acquiring these segments, exemplified by Seven & I Holdings selling parts of its business for approximately $5.5 billion to Bain Capital [3] - There are numerous potential transaction opportunities involving private equity firms, including a potential acquisition of Japanese cybersecurity company Trend Micro, valued at approximately $8.54 billion [3] Group 4 - Private equity funds are viewed as ideal buyers for taking public companies private [4]

消息称壳牌正就收购英国石油进行初步谈判 金十数据6月25日讯，知情人士称，壳牌正在就收购竞争对手英国石油进行早期谈判，这将是近几十年 来最大的一笔石油交易。公司代表之间的谈判正在积极进行，英国石油正在仔细考虑这一做法。收购将 使壳牌在挑战埃克森美孚和雪佛龙等规模更大的竞争对手方面拥有更坚实的基础。英国石油目前的估值 约为800亿美元，考虑到溢价，这笔交易最终可能成为自本世纪初埃克森美孚830亿美元巨额合并以来最 大的石油企业交易，也将轻松成为今年迄今为止最大的并购交易。壳牌在谈判中处于有利地位，其股价 近年来大幅超过英国石油，市值超过2000亿美元。 ...

Core Viewpoint - InSai Group plans to acquire 80% of ZhiZhe TongHang Brand Management Consulting (Beijing) Co., Ltd. through a combination of issuing shares and cash payments, while also raising matching funds from specific investors [1][4]. Group 1: Transaction Details - The transaction involves issuing shares and cash payments totaling 64.16 million yuan for the 80% stake in ZhiZhe Brand, with 50% of the payment made in shares and the other 50% in cash [4][5]. - The share issuance price is set at 39.89 yuan per share, with a maximum of 32.08 million yuan to be raised from no more than 35 specific investors [5]. - The total number of shares to be issued will not exceed 32.99 million, representing 30% of the company's total shares prior to the transaction [5]. Group 2: Insider Trading and Self-Examination - During the self-examination period from April 22, 2024, to June 4, 2025, two employee stockholding platforms, Chengmeng Investment and Zhuhai Xuri Investment, sold shares of InSai Group, with Chengmeng Investment selling 659,800 shares and Zhuhai Xuri Investment selling 116,200 shares [1][2]. - The total amount of shares sold by these platforms resulted in a combined reduction of approximately 44.51 million yuan [2]. - The independent financial advisor for the transaction is CITIC Securities, which also conducted a self-examination of its trading activities during the same period [2][3]. Group 3: Financial Performance - In 2024, InSai Group reported revenue of 883 million yuan, a year-on-year increase of 64.68%, but incurred a net loss of 45.04 million yuan [6]. - For the first quarter of 2025, the company achieved revenue of 258 million yuan, reflecting a 46.68% year-on-year growth, with a net profit of 13.20 million yuan [6]. - The company has shown a significant increase in cash flow from operating activities, with a net cash flow of 53.05 million yuan in 2024, up 43.19% from the previous year [6].