Core Viewpoint - The acquisition of ChipMight Microelectronics by Amlogic at a price significantly higher than its assessed value raises questions about the rationale behind the deal and the implications for the founder's exit strategy [2][5]. Acquisition Details - Amlogic announced on September 15 that it would acquire 100% of ChipMight for 316 million yuan, which represents a premium of over 500% compared to the company's assessed net assets [2][5]. - The acquisition price is based on a valuation of 430 million yuan from a previous financing round, but it was discounted to 316 million yuan to match the total paid-in capital of shareholders [2][3]. Founder’s Exit - Founder Sun Dian holds over 60% of the shares, but his exit compensation is minimal, receiving only 112,000 yuan for part of his stake, while the majority of the acquisition proceeds go to venture capital firms [3][4]. - Analysts suggest that the venture capitalists likely have liquidation preference rights, allowing them to recover their investments before any distribution to the founder [3]. Financial Performance of ChipMight - ChipMight is projected to have zero revenue in 2024 and only 679,300 yuan in the first half of 2025, with cumulative net losses exceeding 130 million yuan over two years [4][5]. - The lack of performance guarantees or earn-out clauses in the acquisition agreement means Amlogic will bear the full risk of underperformance [5][6]. Strategic Rationale - Amlogic aims to enhance its capabilities in wireless communication through this acquisition, integrating ChipMight's technology and R&D team to strengthen its position in the IoT and AIoT markets [6]. - The company reported a revenue of 3.33 billion yuan in the first half of the year, a year-on-year increase of 10.42%, but faced a significant cash outflow due to increased prepayments for raw materials [6].

从芯迈微近两年业绩看，2024年及2025年上半年分别实现营业收入0元、67.93万元，净利润分别亏损 9174万元、4007万元。 而创投机构则分走了3.15亿元。如深圳君联深运私募股权投资基金合伙企业所持9.13%股权，收购对价 为8000万元，广州华芯盛景创业投资中心所持10.83%股权，相应价格为6500万元，南京创世伙伴二期 创业投资合伙企业、杭州鋆昊臻芯股权投资合伙企业名下2.89%、2.7%的股权，收购价格均为3000万 元。 名下公司被溢价超过5倍收购,创始人直接、间接持有的超过60%股权，所获对价却接近于0。这样的事 情，发生在晶晨股份（688099）最近的一桩收购当中。 晶晨股份9月15日披露，将以3.16亿元的价格，收购芯迈微半导体（嘉兴）有限公司（下称"芯迈微"） 100%股权。相较于芯迈微经评估的净资产，这一收购价的溢价率，已经超过5倍。但该公司芯迈微创始 人及实控人孙滇，持有的60%以上股权，收购价仅有112元。而绝大多数收购款，都被创投机构"笑 纳"。 披露数据显示，2024年、2025年上半年，芯迈微分别实现营业收入0元、67.93万元，净利润分别亏损 9174万元、4007万 ...

面对每天上千份上市公司公告该看哪些？重大事项公告动辄几十页几百页重点是啥？公告里 一堆专业术语不知道算利好还是利空？请看智通财经公司新闻部《速读公告》栏目，我们派 驻全国的记者们将于公告当晚为您带来准确、快速、专业的解读。 智通财经9月15日讯（记者 张校毓）晶晨股份（688099.SH）今晚公告，公司拟以现金收购芯迈微半导 体（嘉兴）有限公司（简称"芯迈微"）100%股权，交易完成后，芯迈微将成为公司全资子公司，纳入 公司合并报表范围。智通财经记者注意到，芯迈微实控人孙滇持股份额超过60%，但此次交易中仅收取 112万元的对价，令人颇感不解。 根据公告，9月15日，公司与孙滇、珠海鑫腾翡科技合伙企业（简称"鑫腾翡"）、珠海鑫儒熤科技合伙 企业（简称"鑫儒熤"）等共计13名交易对方，以及芯迈微共同签署了《股权转让协议》，公司将使用自 有资金约3.16亿元收购上述13名交易对方合计持有的芯迈微100%股权。 在具体估值与定价方面，本次交易以芯迈微2024年9月27日签署的《有关芯迈微半导体（珠海）有限公 司之增资协议》约定的融资单价乘以公司实缴注册资本计算的4.3亿元公司估值为基数，经双方友好协 商，确定标的公 ...

Core Viewpoint - The company plans to acquire 100% equity of ChipMic Semiconductor (Jiaxing) Co., Ltd. for a total consideration of RMB 316.11 million, which will make ChipMic a wholly-owned subsidiary and included in the company's consolidated financial statements [1] Group 1: Acquisition Details - The acquisition price is set at RMB 316.11 million, and upon completion, ChipMic will be fully integrated into the company's operations [1] - ChipMic possesses a strong core team and established R&D capabilities in the wireless communication sector, with six chip models already completed and generating revenue in IoT modules and smart student cards [1] Group 2: Strategic Benefits - The acquisition will enhance the company's technical capabilities in cellular communication and Wi-Fi technology, creating a multi-dimensional communication technology stack that includes "cellular communication + optical communication + Wi-Fi" [1] - The integration of ChipMic's communication technology will expand the company's AIoT product applications in wide-area network (WAN) scenarios, leveraging the company's existing partnerships with over 250 global operators [1] Group 3: Product Development - The combined technology will meet the high intelligence, high data volume, and high computing power demands in the automotive sector, facilitating advanced communication solutions for smart cockpits and assisted driving [1] - The integration will also enhance the company's W series product line, advancing towards higher bandwidth Wi-Fi 7 and lower power consumption Wi-Fi 1x1 products [1]