Core Viewpoint - The article discusses the increasing trend of mergers and acquisitions (M&A) among listed companies in China, particularly focusing on the motivations behind these consolidations and the evolving regulatory environment that supports them [1][4]. Group 1: Motivations for Mergers and Acquisitions - The wave of mergers and acquisitions is driven by multiple motivations, including vertical integration within supply chains, as seen in the strategic merger between Haiguang Information and Zhongke Shuguang, valued at 1159.67 billion [2]. - The merger between China Shipbuilding and China Heavy Industry, valued at 1151.5 billion, aims to create a complete industrial chain covering military-civilian integration and green shipbuilding [2]. - In the financial technology sector, Xiangcai Co. is merging with Dazhihui to raise up to 8 billion, focusing on integrating product systems and enhancing traditional securities business [2]. Group 2: Optimizing Capital Structure - Optimizing capital structure is a significant driver for mergers, as demonstrated by Hailianxun's merger with Hangqilun B, which addresses the challenges faced by the B-share market and facilitates access to broader A-share financing [3]. Group 3: Regulatory Environment - The increasing number of M&A cases is supported by a continuously improving regulatory environment, with the China Securities Regulatory Commission (CSRC) issuing guidelines to facilitate mergers between companies under the same control and across different sectors [4][5]. - The revised regulations have established simplified review processes for M&A transactions, enhancing the efficiency of approvals and encouraging more companies to pursue mergers [4][5]. - The focus on substantial judgment by regulatory bodies has created a favorable environment for restructuring activities, allowing companies to optimize their governance and management efficiency through M&A [5][6].

Core Viewpoint - The company, Jinghe Integrated Circuit (688249), is planning to issue H-shares and list on the Hong Kong Stock Exchange to optimize its capital structure and broaden financing channels, without changing the control of its major shareholders [2] Group 1: Company Overview - Jinghe Integrated Circuit is one of China's leading semiconductor foundries, established in May 2015, and is the first 12-inch wafer foundry in Anhui Province [2] - The company officially listed on the STAR Market in May 2023 and primarily engages in 12-inch wafer foundry services, with capabilities in various technology platforms including DDIC, CIS, PMIC, MCU, and Logic [2] - The company has achieved mass production of products such as display driver chips (DDIC), CMOS image sensors (CIS), microcontrollers (MCU), power management ICs (PMIC), and logic applications, which are widely used in consumer electronics, smartphones, smart home appliances, security, industrial control, and automotive electronics [2] Group 2: Recent Developments - The company has successfully achieved mass production of its 40nm high-voltage OLED display driver chips and 55nm full-process stacked CIS chips, with 28nm OLED display driver chips and 28nm logic chips expected to enter risk mass production by the end of this year [3] - In July, Jinghe Integrated Circuit accelerated its capital market activities, with several semiconductor companies, including Chipsea Technology and Lattice Semiconductor, also disclosing plans for Hong Kong IPOs [3] Group 3: Shareholder Changes - On the same day Jinghe Integrated Circuit announced its Hong Kong IPO, Huakin Technology, the largest mobile ODM manufacturer in China, announced a cash acquisition of 120 million shares (6% of total shares) from the Taiwanese-backed investor, Liching Innovation Investment, for 2.39 billion yuan, at a price of 19.88 yuan per share, a 10% discount to the market price [3][4] - Following the transaction, Huakin Technology will become the fourth-largest shareholder of Jinghe Integrated Circuit and gain a board nomination seat, while Liching Innovation's shareholding will decrease to 13.08% [4] Group 4: Financial Performance - In 2024, Jinghe Integrated Circuit reported approximately 9.249 billion yuan in revenue, a year-on-year increase of 27.69%, attributed to the favorable semiconductor industry conditions and increased sales [5] - The net profit attributable to shareholders was approximately 533 million yuan, a significant year-on-year increase of 151.78% [5] - In Q1 2025, the company achieved approximately 2.568 billion yuan in revenue, a year-on-year increase of 15.25%, with a net profit of approximately 135 million yuan, reflecting a 70.92% year-on-year growth [6] Group 5: Market Position - As of August 1, Jinghe Integrated Circuit's stock closed at 21.57 yuan per share, with a market capitalization of 43.3 billion yuan [7]

Core Viewpoint - Dongmu New Materials Group Co., Ltd. plans to acquire a 34.75% stake in Shanghai Fuchi High-Tech Co., Ltd. for 735 million yuan, increasing its ownership to 99% after the transaction [1] Group 1: Acquisition Details - The transaction will be financed through a combination of share issuance and cash payment to five counterparties [1] - Dongmu will also raise up to 548 million yuan from no more than 35 specific investors to support the acquisition and technology upgrades [1] Group 2: Business Growth and Strategy - Dongmu's MIM (Metal Injection Molding) business is experiencing rapid growth, with projected revenue of 1.965 billion yuan in 2024, a year-on-year increase of 92.19% [2] - The company is expanding its production capabilities by investing in new production lines and shifting from "MIM parts" to "MIM parts + modules" [2] - Strategic investments in titanium alloy MIM powder technology are being made to support future applications in consumer electronics and medical fields [2] Group 3: Industry Insights - The acquisition is seen as a vertical integration move that will enhance Dongmu's control over key processes and promote resource synergy and technology sharing [2] - Experts believe that the MIM materials have significant potential in emerging fields such as humanoid robots, aerospace, and communication equipment, which could open new markets [3] - Following the transaction, the investor Yanzhi Xinghuo will convert its 14% stake in Shanghai Fuchi into shares of Dongmu, strengthening the strategic partnership [3]

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 | 120 | | ■ 东实汽车科技集团股份有限公司 | | | --- | --- | --- | --- | | 已受理 2023-05-25 | | 已问询 2023-06-25 | 终止 2024-05-17 | | | | | 终止(撤回) | | 项目基本信息 | | | | | 公司全称 | 东实汽车科技集团股份有限公司 | 公司简称 | 东实股份 | | 受理日期 | 2023-05-25 | 更新日期 | 2024-05-17 | | ...

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" ...