Core Viewpoint - Fuda Alloy has initiated a significant asset restructuring by planning to acquire a 52.61% stake in Zhejiang Guangda Electronic Technology Co., Ltd. for 352 million yuan, following the termination of a previous acquisition of 15.5 billion yuan for Sanmenxia Aluminum Industry [2] Group 1: Acquisition Details - The acquisition will enhance Fuda Alloy's product offerings in the electrical contact industry by adding conductive silver paste to its existing portfolio of contact materials and components [2] - Guangda Electronic, established in 2010, is a national high-tech enterprise specializing in the R&D, production, and sales of new electronic pastes, with projected revenues of 1.65 billion yuan, 2.681 billion yuan, and 1.409 billion yuan from 2023 to mid-2025 [2][3] Group 2: Customer Base and Financials - Guangda Electronic's customer base is heavily concentrated, with the top five clients, including Tongwei Co., Ltd. and JA Solar Technology Co., Ltd., accounting for 96.7% of sales, and sales to Tongwei representing 21.58%, 42.09%, and 43.73% of its main business revenue over the same period [3] - As of mid-2025, Guangda Electronic's asset-liability ratio stands at 75.13% [3] Group 3: Product Development and Market Trends - Guangda Electronic has achieved comprehensive coverage of silver paste products required for mainstream battery technologies, including TOPCon, xBC, HJT, and PERC, and has developed a full-chain integration capability from core raw materials to conductive silver paste [4] - The global demand for photovoltaic silver paste is projected to grow from 2,990 tons in 2020 to 7,724 tons in 2024, with a compound annual growth rate of 26.78%, driven by the transition from P-type to N-type battery technologies [5] - Guangda Electronic is strategically positioned in the next-generation battery technology field, having established a partnership with leading manufacturers like Aiko Solar to supply xBC battery silver paste, showcasing its rapid response and competitive product capabilities [5]