Core Viewpoint - Yanggu Huatai is planning to acquire 100% equity of Bomi Technology for 1.443 billion yuan, despite Bomi currently being in a loss position, with the acquisition price reflecting a premium of over 13 times its net assets [3][5]. Group 1: Transaction Details - The acquisition involves multiple stakeholders, including Hainan Juxin and several individuals, with a total transaction price of 1.443 billion yuan [3]. - Bomi Technology specializes in high-performance polyimide materials, with its products primarily used in semiconductor manufacturing and liquid crystal display panel production [3][4]. - The reported revenue for Bomi Technology during the period was 33 million yuan and 34 million yuan, with net losses of 9 million yuan and 12 million yuan respectively [5]. Group 2: Regulatory Scrutiny - The Shenzhen Stock Exchange raised nine major questions regarding the acquisition, focusing on the necessity and compliance of the cross-industry acquisition, the fairness of transaction pricing, and the valuation of intangible assets [3][4]. - Yanggu Huatai is required to provide detailed disclosures on the technological advancements and core competitiveness of Bomi Technology, including comparisons with industry peers [4]. Group 3: Valuation Concerns - The valuation of Bomi Technology was assessed using the income approach, resulting in a value of 1.443 billion yuan, indicating a 1330.32% increase in value [7][9]. - The exchange has requested further clarification on the parameters used in the income approach valuation and the rationale behind the selection of this method over others [8][9]. - Yanggu Huatai argues that the valuation is reasonable due to Bomi's short establishment period and high R&D investments, despite its low net assets [9]. Group 4: Market Context - As of June 27, Yanggu Huatai's total market capitalization was 6.678 billion yuan [9].

【 导读 】 阳谷华泰高溢价、跨界收购亏损关联资产，交易所问询合理性、公允性 中国基金报记者 南深 6月27日晚，主营橡胶助剂的阳谷华泰，披露了修订后的发行股份及支付现金购买资产并募集配套资金暨关联交易报告书（草案），一同披 露的还有深交所的审核问询函及公司的回复。 此次交易，阳谷华泰 拟购买海南聚芯、王传华、武凤云、阳谷霖阳、阳谷泽阳、惠鲁睿高、聊城昌润、睿高致远、刘保乐、孟宪威合计持 有的波米科技100%股权，交易价格（不含募集配套资金金额） 为 14 . 43 亿 元 。 目前波米科技尚处于亏损状态，而这一交易价格较其 净资产，溢价超过13倍。 深交所对这一交易抛出九大方面问题，其中细分问题更是高达数十个，核心问题包括要求说明 跨行业收购的必要性及合规性 、 关联交易 定价是否公允 、 交易对方员工持股平台 是否存在股份代持或其他利益输送 、 资产基础法下波米科技无形资产评估增值35倍的合理性 等。 跨行业收购必要性 如何？ 公告显示， 波米科技主要从事高性能聚酰亚胺材料的研发、生产和销售，主要产品包括非光敏性聚酰亚胺与光敏性聚酰亚胺涂层胶以及聚 酰亚胺液晶取向剂，主要应用于功率半导体器件制造、半导体先 ...