来源 ：预审IPO 文/瑞财经 杨宏彬 孙成思留学归来后，选择了回去继承家业。 他的父亲孙日欣在2010年9月创立了佰维存储（688525.SH），做半导体存储器。而在公司成立之前一 年，孙日欣已经投资建立了自己的封装测试工厂。 2012年8月，孙成思出任佰维存储副总经理，并开始逐步接管公司。2022年12月，佰维存储登陆上交所 时，孙成思已经是公司董事长，并且是实际控制人。 孙成思的控制权不单由自身持股构成，还有其亲戚及佰维存储的员工持股平台与其组成了一致行动人。 今年孙成思将带领佰维存储迈向国际资本市场港交所。在这个关头，他的一致行动协议即将到期，并且 目前的一致行动人并无续订打算。 01 递表前增发募资19亿 一致行动协议到期后不续 佰维存储成立于2010年9月，由孙日欣、徐林仙、卢伟及周正贤分别持有40%、40%、10%、10%。孙日 欣、徐林仙为孙成思的父母。 2012年1月至2016年5月期间，佰维存储历经数轮增资及股权转让，并于2016年8月变更为股份有限公 司，总股本1亿元。 变更完成后，佰维存储的第一大股东为孙成思，持股40.27%。当时，佰维存储的员工持股平台深圳方 泰来、深圳泰德盛分别持 ...

Core Viewpoint - The article discusses the acquisition of Yuanlong Electronics by ASE Technology Holding Co., Ltd. (日月光投控) through its subsidiary, Taiwan Fulei Electronics, with a focus on the potential privatization and restructuring of Yuanlong to adapt to the upcoming AI era [1][2]. Group 1: Acquisition Details - ASE Technology plans to acquire Yuanlong Electronics at a price of NT$9 per share, with a maximum purchase of 15,100 shares, totaling NT$136 million, representing a premium of approximately 3.09% based on Yuanlong's closing price of NT$8.73 [1]. - The acquisition period is set from May 15 to June 24, aiming to restructure Yuanlong's operations and promote business transformation [1]. - Post-acquisition, ASE Technology's stake in Yuanlong is expected to reach 68.18%, with the acquisition potentially leading Yuanlong towards privatization [1][2]. Group 2: Financial Performance of Yuanlong - Yuanlong's Q1 financial report shows consolidated revenue of NT$268 million, a quarter-on-quarter increase of 14.2% and a year-on-year increase of 24.6% [1]. - Despite revenue growth, Yuanlong reported a net loss of NT$128 million for Q1, marking the highest quarterly loss in nearly four years, with a loss per share of NT$1.06 [1]. - As of the end of Q1, Yuanlong's net asset value per share was NT$-0.42, down from NT$0.62 at the end of the previous year, putting it at risk of delisting [1]. Group 3: Market Challenges - The 6-inch power semiconductor wafer foundry market is facing pricing pressures, leading to high operational costs for Yuanlong and resulting in nine consecutive quarters of losses [2]. - The competitive landscape has intensified due to price wars from Chinese manufacturers in the MOSFET market, pushing power semiconductor manufacturers towards high-voltage technologies and third-generation semiconductor research [2]. - The integration of Yuanlong into ASE Technology is expected to leverage group resources for operational restructuring, potentially transitioning to third-generation semiconductor processes [2]. Group 4: OSAT Market Overview - According to TrendForce, the top 10 OSAT companies are projected to see a 3% year-on-year revenue growth in 2024, reaching $41.56 billion [3]. - ASE Technology leads the market with revenues of $18.54 billion, capturing nearly 45% of the market share [3]. - Other notable companies include Amkor with $6.32 billion, Changjiang Electronics with $5 billion, and Tongfu Microelectronics with $3.32 billion [3][4]. Group 5: Industry Trends - The OSAT sector is experiencing increasing technical demands, shifting from traditional manufacturing to advanced integration and packaging solutions driven by AI and edge computing [5]. - The industry is adapting to high-frequency and high-density packaging requirements, indicating a significant transformation in operational strategies [5].