Core Viewpoint - The company, Tanshan, has announced the acquisition of 51% stakes in Shenzhen Betel Technology Co., Ltd. and Shanghai Tongtu Semiconductor Technology Co., Ltd. for a total of 67,830 million yuan, aiming to enhance its chip business and market competitiveness [1][12]. Group 1: Acquisition Details - The company will acquire 51% of Shenzhen Betel Technology for 32,130 million yuan and 51% of Shanghai Tongtu for 35,700 million yuan, using its own funds [1][7]. - The acquisition of Betel will be completed in two phases, with the first phase involving the transfer of 12.96% of shares and the remaining 5.39% by January 31, 2026 [2]. - Shanghai Tongtu's acquisition will also be finalized with the other shareholders waiving their rights to purchase the shares [7][9]. Group 2: Financial Performance - Betel's revenue for 2024 and the first eight months of 2025 was 1.79 billion yuan and 1.66 billion yuan, respectively, with net profits of -25.19 million yuan and 17.73 million yuan [4]. - Shanghai Tongtu reported revenues of 560.57 million yuan for 2024 and 1.05 billion yuan for the first eight months of 2025, with net profits of 5.54 million yuan and 18.89 million yuan [9]. Group 3: Valuation and Commitments - The valuation of Betel was determined to be 650.6 million yuan, reflecting a 363.26% increase over its net asset value [6][11]. - Shanghai Tongtu's valuation was set at 702.78 million yuan, with a 2,119.65% increase over its net asset value [11]. - Both companies have performance commitments, with Betel expected to achieve net profits of at least 33.7 million yuan, 47.7 million yuan, and 68.6 million yuan for the years 2026, 2027, and 2028, respectively [7][11].