Core Viewpoint - TCL Technology is participating in the bankruptcy reorganization of its major supplier, Shanshan Group, to strengthen supply chain stability and enhance collaboration in semiconductor display materials [1][2]. Group 1: Investment Details - TCL Technology, through its subsidiary TCL Xiamen Industrial Investment Partnership, is investing up to 500 million yuan in the reorganization of Shanshan Group and its subsidiary Ningbo Pengze Trading [1]. - After the reorganization, TCL Xiamen will acquire 43.7 million shares of Shanshan Co., representing 1.94% of its total share capital, at an approximate price of 11.44 yuan per share [1][2]. - The total investment by the consortium in Shanshan Co. is expected to be 2.23 billion shares, accounting for 9.93% of the total share capital, with a total payment of 2.555 billion yuan [2]. Group 2: Strategic Rationale - The investment is aimed at consolidating the existing partnership between TCL and Shanshan, which is a key supplier of polarizers for TCL's semiconductor display business [2]. - This move is expected to improve the stability of TCL's production supply chain and enhance the efficiency of collaboration in upstream material research and production [2]. Group 3: Financial Context - Shanshan Group was placed under reorganization by court order on February 25, 2023, with over 95% of its debts due within one year [2]. - As of January 15, 2025, Shanshan Group's total interest-bearing liabilities (excluding listed company Shanshan Co.) amounted to 12.621 billion yuan, with short-term debts due within one year totaling 12.037 billion yuan [2]. Group 4: Control Changes - The reorganization investors plan to acquire control of 23.36% of Shanshan Co. through a combination of direct purchases and trust arrangements, leading to a change in the company's controlling shareholder and actual controller [3].

创智芯联是金属化互连镀层材料和关键工艺技术的方案提供商，近二十年始终致力于推动晶圆级和芯片级封装，以及PCB制造领域镀层材料供应链发展。 根据弗若斯特沙利文的资料，按2024年收入计，公司是中国市场中最大的国内湿制程镀层材料提供商，同时是中国市场最大的一站式镀层解决方案提供商。 据招股书，2022年-2024年，创智芯联实现收入分别为3.2亿元、3.12亿元、4.1亿元；年度利润及全面收益总额分别为2732.8万元、1942.1万元、5270.6万元。 瑞财经 吴文婷 6月9日，深圳创智芯联科技股份有限公司（以下简称"创智芯联"）在港交所递交招股书，联席保荐人为海通国际、建银国际和招商证券国 际。 IPO前，姚成(公司执行董事兼董事长)能够行使约66.75%的投票权。 资料显示，姚成，63岁，于2009年9月加入集团，并担任副总经理。其于2022年9月 19日获委任为董事兼董事长。2025年5月27日，姚成调任为执行董事。此 外，其目前为子公司的核心管理人员，包括珠海市创智成功科技有限公司、江苏硅智半导体科技有限公司及珠海市创智芯科技有限公司。其主要负责集团的 整体企业管理、业务战略制定及研发方向布局。 姚成 ...