Core Viewpoint - The National Integrated Circuit Industry Investment Fund (referred to as "the Fund") is accelerating its divestment from various companies, particularly in the semiconductor sector, as it approaches the end of its investment period, indicating a strategic shift in its investment approach [1][4][5]. Group 1: Fund's Divestment Actions - On November 17, the Fund completed a share reduction plan, selling 10.1891 million shares of Shengke Communication, accounting for 2.49% of the company's total shares, with 2.1109 million shares remaining unsold [1]. - The Fund recently announced a plan to transfer all its shares in Silu Technology, approximately 51.50771 million shares, representing 14.31% of the total shares, with a minimum transfer price of 844 million yuan [3]. - The Fund's divestment has been particularly concentrated in the semiconductor industry, with significant reductions in holdings of companies like North Huachuang and Yandong Microelectronics [4][5]. Group 2: Investment Strategy and Focus - The Fund's first phase, established in September 2014 with a registered capital of 98.72 billion yuan, is in its final year of the recovery phase, leading to a natural exit from investments as part of its planned investment cycle [5]. - The Fund's first phase primarily focused on manufacturing and design sectors, significantly investing in leading companies like SMIC and Huahong Group, which are crucial for China's semiconductor manufacturing capabilities [7][8]. - The second phase of the Fund is more targeted, focusing on upstream sectors such as semiconductor equipment and materials, addressing critical supply chain vulnerabilities [8][9]. Group 3: Future Directions and New Initiatives - The third phase of the Fund, established on May 24, 2024, with a registered capital of 344 billion yuan, aims to invest in semiconductor equipment, materials, and artificial intelligence chips, with a goal of mobilizing 1.5 trillion yuan in social capital [10][11]. - The third phase's strategy includes not only direct investments in companies but also the establishment of large-scale specialized funds to enhance the integration of artificial intelligence and semiconductor industries [10][11].

Core Viewpoint - The company plans to raise up to 159 million yuan through a private placement of A-shares to enhance its capital strength and improve profitability, with all proceeds intended for working capital replenishment [1][5][11]. Group 1: Background and Purpose of the Issuance - The semiconductor industry is a cornerstone of the electronic information sector, increasingly vital in global economic development, driven by new demands in cloud computing, big data, 5G, AI, and other emerging fields [1][2]. - The issuance aims to support the company's business expansion and meet the growing operational funding needs, as the semiconductor packaging and testing industry is capital and technology-intensive [6][11]. Group 2: Industry Trends and Market Potential - The global semiconductor packaging and testing market is projected to grow from 82.2 billion USD in 2023 to 96.1 billion USD by 2026, indicating a favorable market environment for sustainable development of packaging and testing enterprises [4][5]. - Advanced packaging technologies are expected to see significant growth, with the advanced packaging market forecasted to increase from 45 billion USD in 2024 to 80 billion USD by 2030, at a compound annual growth rate of 9.4% [3][4]. Group 3: Financial Aspects of the Issuance - The company intends to use the raised funds to improve its financial structure, enhance debt repayment capacity, and reduce financial risks, thereby supporting sustainable development [5][11]. - The issuance price is set at 20.11 yuan per share, which is not less than 80% of the average trading price over the previous 20 trading days [9][10]. Group 4: Issuance Participants and Compliance - The issuance will be subscribed entirely by the company's actual controllers and their affiliates, demonstrating their confidence in the company's future [6][7]. - The selection of issuance participants complies with relevant regulations, ensuring that they possess the necessary risk recognition and financial capability [8][12]. Group 5: Impact on Financial Metrics - The issuance is expected to dilute immediate returns, with projections indicating a potential decrease in earnings per share, but measures are in place to mitigate this impact [17][20]. - The company has committed to improving operational efficiency and cost management to enhance long-term shareholder value and protect investor interests [21][22].