周日，千亿芯片巨头华虹公司重磅披露重组预案。 公告显示，华虹公司计划通过发行股份及支付现金的方式，收购华虹集团等4名交易对方合计持有的华力微97.4988%股权，并同步向不超过35名特定对象发 行股票募集配套资金。此前，公司股票已从8月18日起停牌。 今日早盘，华虹公司复牌后大涨超18%。截至发稿，其股价回落至7.78%。今年以来涨幅超过81%，最新市值约为1450亿元。 收购华力微97％股权 8月31日，华虹公司公布重组预案，计划通过"发行股份+支付现金"的组合方式，向华虹集团等4家交易方收购其合计持有的华力微97.4988%股权；同时，公 司拟向不超过35名符合条件的特定对象发行股票，募集本次重组所需的配套资金。 作为本次收购的核心标的，华力微的业务聚焦于12英寸集成电路晶圆代工，能为通信、消费电子等终端应用领域提供全套技术解决方案，与华虹公司的业务 领域高度契合。 从交易细节来看，经各方协商确定，本次发行股份的价格为43.34元/股，不低于定价基准日前120个交易日公司股票交易均价的80%。以华虹公司停牌前78.5 元/股的股价计算，此次发行价较停牌前价格折价约44.79%。 在配套资金的用途上，公告明 ...

Core Viewpoint - The acquisition of Sichuan Yichong Technology Co., Ltd. by Jingfeng Mingyuan is seen as a high-risk gamble given the company's ongoing financial struggles and the target company's recent losses [1][2]. Group 1: Acquisition Details - Jingfeng Mingyuan plans to acquire 100% of Yichong Technology for approximately 3.283 billion yuan, consisting of about 1.25 billion yuan in cash and 2.03 billion yuan in stock [1]. - This acquisition is part of a series of asset purchases by Jingfeng Mingyuan, which has previously acquired Shanghai Laisir, Shanghai Xinfly, and Lingou Chuangxin from 2020 to 2023 [1][4]. Group 2: Financial Performance - Jingfeng Mingyuan has reported three consecutive years of losses, with a total loss of nearly 500 million yuan from 2022 to 2024 [3][4]. - The company's revenue growth rates from 2022 to 2024 were -53.12%, 20.74%, and 15.38%, respectively, with a significant drop in gross margin from 47.93% in 2021 to 17.58% in 2022 [3][4]. Group 3: Target Company Analysis - Yichong Technology has also faced financial difficulties, with net losses of 502 million yuan and 512 million yuan in 2023 and 2024, respectively, despite revenue growth [8][9]. - The gross margin of Yichong Technology decreased from 36.59% to 31.88% over the same period, contrasting with the overall industry trend of improving margins [8][9]. Group 4: Market Context - The semiconductor industry is reportedly nearing the end of a de-inventory cycle, with many companies experiencing a recovery in profitability, while Jingfeng Mingyuan's gross margin has improved by over 10 percentage points [9]. - The market is questioning whether Yichong Technology's declining margins reflect a lack of competitive strength or a strategic choice to prioritize growth over immediate profitability [9].

英集芯终止收购辉芒微：交易对价分歧成并购拦路 虎 此次并购计划的终止对英集芯和辉芒微都产生了一定的影响。对英集芯而言，失去了拓展产品线和 完善业务布局的机会，但避免了因高估值并购而带来的财务风险。对辉芒微而言，则失去了借助英集芯 实现快速发展的机会，可能需要继续寻求其他融资途径以推动企业发展。 总体来看，英集芯终止收购辉芒微的事件再次提醒我们，半导体行业的并购市场并非一帆风顺。企 业在进行并购决策时，需要充分考虑交易对价、行业周期、市场需求等多种因素，避免因盲目并购而带 来的风险。同时，监管部门也应加强对并购市场的监管力度，维护市场的公平、公正和透明。 注：本文结合AI生成，文中观点不构成投资建议，仅供参考。市场有风险，投资需谨慎。 MACD金叉信号形成，这些股涨势不错！ 2025年3月17日晚，半导体行业传来一则重要消息，深圳英集芯科技股份有限公司（以下简称"英集 芯"）正式宣布终止筹划收购辉芒微电子（深圳）股份有限公司（以下简称"辉芒微"）控制权的重大资 产重组事项。这一决定不仅让市场感到意外，也引发了业界对半导体行业并购市场现状的深入思考。 据英集芯公告显示，此次终止收购的主要原因在于交易相关方未能就重 ...