Core Viewpoint - The acquisition of Tianmai Technology by Suzhou Qichen marks the first case of a pure merger and acquisition fund acquiring a listed company in China's A-share market since the implementation of the "924 New Policy" by the China Securities Regulatory Commission in September last year [2][4]. Group 1: Acquisition Details - On May 23, Tianmai Technology announced that Suzhou Qichen would acquire a total of 26.10% of the company's shares, making it the controlling shareholder [2][4]. - The acquisition price of 4.52 billion yuan corresponds to a market value of 17.32 billion yuan for Tianmai Technology, reflecting a discount of approximately 16% compared to the market value before the suspension of trading [4]. - The agreement includes clauses to maintain the company's listing status, requiring the company to ensure audited revenue of no less than 1 billion yuan for 2025 and 2026, and a net profit of no less than -300 million yuan for 2025 [6]. Group 2: Key Individuals - Kwang Ziping, the actual controller of Suzhou Qichen and founder of Qiming Venture Partners, has over 25 years of experience in the technology investment sector [9][10]. - Kwang's investment philosophy focuses on long-term value creation and industrial integration, aligning well with Tianmai Technology's development needs in the smart transportation sector [11][12]. Group 3: Support and Partnerships - Suzhou Qichen's limited partners (LPs) include notable investment institutions and state-owned enterprises, providing strong financial backing and industry resources for the acquisition [14]. - The involvement of Yuanhe Dingsheng and Kunshan Chuangye Holdings reflects a commitment to supporting industrial upgrades and innovation development [14]. Group 4: Strategic Implications - The establishment and operation of Suzhou Qichen can be seen as an active exploration and strategic layout by Qiming Venture Partners in the private equity merger and acquisition sector [17]. - This acquisition allows Qiming to gain control over quality assets and leverage Tianmai Technology's foundation in the smart transportation field to expand its investment layout in related industries [17].

Core Viewpoint - The article discusses the first case of a private equity fund acquiring a listed company in the A-share market following regulatory support, highlighting the significance of this transaction in the context of recent policy changes aimed at promoting industry consolidation through private investment funds [1][8]. Group 1: Transaction Details - On May 23, Tianmai Technology announced that its actual controller would change, with Suzhou Qichen Equity Investment Partnership acquiring 26.10% of the company's shares, making it the controlling shareholder [1]. - The acquisition was initiated by Suzhou Qihan, which planned to establish a merger fund to purchase the shares for 452 million yuan, reflecting a 16% discount compared to the company's market value prior to suspension [2]. - Following the transaction, the shareholding structure will change significantly, with the new controlling shareholder being Suzhou Qichen and the actual controller being Kuang Ziping [3]. Group 2: Financial Performance and Conditions - The agreement includes clauses to maintain the company's listing status, requiring the company to ensure that its audited revenue does not fall below 100 million yuan in 2025 and 2026, and that it does not incur losses in 2026 [4]. - Tianmai Technology's revenue for 2023 and 2024 was reported at 220 million yuan and 163.7 million yuan, respectively, with net profits of -54.87 million yuan and -60.83 million yuan [5]. Group 3: Institutional Support and Future Plans - Suzhou Qichen was established with a capital contribution of 460 million yuan, backed by notable investors including Yuanhe Holdings and Kunshan Chuangye Holdings Group [6]. - The new controlling entity aims to enhance the company's operational capabilities and profitability, with plans for potential asset sales, mergers, or partnerships within the next twelve months [8]. - This acquisition marks a significant milestone as the first case of a private equity fund acquiring a listed company under the new regulatory framework aimed at facilitating such transactions [8].