Core Viewpoint - The acquisition of 100% equity of Better Electronics by Yangjie Technology was abruptly terminated, raising market concerns, particularly after the disclosure of disciplinary actions by the Shenzhen Stock Exchange against Better Electronics for various violations during its IPO application process [2][3][4]. Group 1: Acquisition Details - Yangjie Technology announced a cash acquisition of Better Electronics for 2.218 billion yuan, but the deal was called off due to differences in business types, management styles, and corporate culture [7]. - The Shenzhen Stock Exchange publicly reprimanded Better Electronics and its executives for undisclosed financial irregularities, including a hidden "off-balance sheet" fund and inaccurate disclosures regarding performance commitments related to acquisitions [3][4][6]. Group 2: Regulatory Findings - Better Electronics failed to disclose an off-balance sheet fund with a balance of 703,300 yuan as of the end of 2023, which had inflows of 15.0943 million yuan and outflows of 14.373 million yuan during the reporting period [3][4]. - The company also did not accurately disclose performance commitments related to its acquisition of Dongguan Boyue Electronics, misleading the Shenzhen Stock Exchange during the IPO process [4][5]. Group 3: Company Background - Better Electronics, established in 2003, specializes in mid-to-high-end circuit protection components and has clients including Midea, Gree, and BYD [5]. - Yangjie Technology, founded in 2006, is a vertically integrated enterprise in the semiconductor industry, with a revenue exceeding 6 billion yuan in 2024 and a year-on-year growth of 20.89% in the first three quarters of 2025 [6][7].

Core Viewpoint - Yangjie Technology has announced the termination of its acquisition of 100% equity in Better Electronics due to significant differences in business types, management styles, and corporate cultures between the parties involved [1][2]. Group 1: Acquisition Details - Yangjie Technology planned to acquire Better Electronics for a cash consideration of 2.218 billion yuan, which was approved by the company's shareholders on September 29 [2]. - The acquisition was notable for its high assessment appreciation rate of 282.89% and the target company's designation as a "specialized, refined, distinctive, and innovative small giant" [1]. Group 2: Reasons for Termination - The termination was prompted by a notification from Better Electronics' actual controller and major shareholders, indicating that there were too many disagreements regarding the future operational philosophy and management approach of Better Electronics [1]. - Following the exit of the major shareholders, who collectively held 39.35% of Better Electronics, the purpose of the acquisition could no longer be achieved [2]. Group 3: Financial Implications - Yangjie Technology stated that since the shares had not yet been delivered and the transfer payment had not been made, the termination of the transaction would not result in any economic losses for the company [1].

Core Points - The acquisition of 100% equity of Better Electronics by Yangjie Technology was abruptly terminated less than a month after receiving shareholder approval, primarily due to differences in business types, management styles, and corporate cultures between the two companies [1][2][3] - The acquisition was initially valued at 22.18 billion yuan, reflecting a significant assessment increase of 282.89% from Better Electronics' book value [2][3] - Yangjie Technology stated that the termination of the transaction would not result in any economic losses or substantial impacts on its development strategy and operations [1][8] Summary by Sections Acquisition Details - Yangjie Technology announced the intention to acquire Better Electronics for 22.18 billion yuan on September 11, 2023, and received shareholder approval on September 29, 2023 [2][3] - The acquisition was characterized by a high assessment increase and a complex performance guarantee mechanism involving cash compensation and stock pledges [1][3][8] Termination Reasons - The termination was initiated by Better Electronics' actual controller and major shareholders, citing significant differences in future business philosophies and management approaches [2][3] - The shareholders collectively held 39.35% of Better Electronics, making the acquisition's objectives unattainable following their withdrawal [2][3] Financial Implications - Yangjie Technology confirmed that no economic losses would arise from the termination, as the share transfer and payment had not yet been executed [5][8] - The complex performance guarantee mechanisms established for the acquisition became void with the termination [8][9] Market Reaction - Following the announcement of the acquisition, Yangjie Technology's stock price rose significantly, peaking at 82.48 yuan, with an increase of over 30% since the announcement [9]

Core Viewpoint - The acquisition of 100% equity of Better Electronics by Yangjie Technology was abruptly terminated less than a month after receiving shareholder approval, primarily due to significant differences in business type, management style, and corporate culture between the two companies [1][2][3]. Summary by Sections Acquisition Details - Yangjie Technology announced a cash acquisition of Better Electronics for 2.218 billion yuan, with a remarkable valuation increase of 282.89% [1][3]. - The acquisition was initially approved by Yangjie Technology's board and shareholders within a short timeframe, highlighting the urgency and significance of the deal [2][3]. Reasons for Termination - The termination was initiated by the actual controller and major shareholders of Better Electronics, citing substantial disagreements on future management and operational philosophies [1][2]. - The exit of these shareholders, who collectively held 39.35% of Better Electronics, rendered the acquisition's objectives unattainable [2]. Impact on Yangjie Technology - Yangjie Technology stated that the termination would not result in any economic losses or adversely affect its strategic development and operations [1][5][7]. - The complex performance guarantee mechanisms established for the acquisition, including a commitment for Better Electronics to achieve a net profit of no less than 555 million yuan from 2025 to 2027, have now been rendered void [7]. Market Reaction - Following the announcement of the acquisition, Yangjie Technology's stock price rose significantly, peaking at 82.48 yuan, reflecting a more than 30% increase since the announcement [7]. - The stock has seen an overall increase of over 70% since the beginning of the year [7].

Core Viewpoint - The acquisition of 100% equity of Better Electronics by Yangjie Technology was abruptly terminated less than a month after receiving shareholder approval, primarily due to differences in business types, management styles, and corporate cultures between the two companies [1][2][3]. Group 1: Acquisition Details - Yangjie Technology announced the cash acquisition of Better Electronics for 2.218 billion yuan, with a significant valuation increase of 282.89% compared to its book value [3][4]. - The acquisition was initially approved by Yangjie Technology's board and shareholders within a short timeframe, highlighting the urgency and high expectations surrounding the deal [2][3]. - The termination of the acquisition was initiated by Better Electronics' actual controller and major shareholders, who cited substantial disagreements on future management and operational philosophies [2][3][4]. Group 2: Financial Implications - Yangjie Technology stated that the termination of the transaction would not result in any economic losses or adversely affect its strategic development and operations, as the share transfer and payment had not yet been executed [2][6][7]. - The complex performance guarantee mechanisms established for the acquisition, including a commitment for Better Electronics to achieve a net profit of no less than 555 million yuan from 2025 to 2027, have now been rendered void [8] . Group 3: Market Reaction - Following the announcement of the acquisition on September 11, Yangjie Technology's stock price rose significantly, peaking at 82.48 yuan, reflecting a more than 30% increase, and a year-to-date rise of over 70% [8].

Core Viewpoint - Yangjie Technology is accelerating its industrial layout by acquiring 100% equity of Dongguan Better Electronics Technology Co., Ltd. for a cash consideration of 2.218 billion yuan, representing a premium acquisition with an estimated value increase of 270%-283% [1][2][3] Group 1: Acquisition Details - The acquisition price for Better Electronics is set at 2.218 billion yuan, and the transaction is expected to enhance Yangjie Technology's long-term development [1][2] - Better Electronics specializes in the research, production, and sales of power electronic protection components and has over 200 product series, covering various downstream sectors such as automotive electronics and consumer electronics [2][3] - The acquisition follows a previous attempt by Better Electronics to go public, which was withdrawn in August 2024 [2][3] Group 2: Financial Performance - Better Electronics reported revenues of 837 million yuan and 218 million yuan for the fiscal years 2024 and Q1 2025, respectively, with net profits of 148 million yuan and 41.13 million yuan [3] - As of March 2025, Better Electronics had total assets of 1.024 billion yuan and total liabilities of 434 million yuan, resulting in equity of 590 million yuan [3] Group 3: Strategic Implications - The acquisition is expected to create synergies in product categories, technology research and development, downstream customers, and sales channels, enhancing the overall competitiveness of Yangjie Technology [3] - The transaction includes performance commitments, with a target net profit of no less than 555 million yuan for Better Electronics from 2025 to 2027 [1][3] Group 4: Company Growth and Market Position - Yangjie Technology has been actively expanding its asset scale, growing from 1.331 billion yuan in 2015 to 14.27 billion yuan by the end of 2024 [5] - The company achieved record revenue of 3.455 billion yuan in the first half of 2025, a year-on-year increase of 20.58%, and a net profit of 601 million yuan, up 41.55% [6] - Yangjie Technology has a strong market position in several emerging segments, ranking among the top in the global power semiconductor market [5][6]

Core Viewpoint - Yangjie Electronics announced the acquisition of 100% equity of Better Electronics for a total price of 2.218 billion yuan, which will enhance its market position and product offerings in the semiconductor industry [6][10]. Group 1: Company Overview - Yangjie Electronics, established in 2000, is a vertically integrated manufacturer in the semiconductor discrete device sector, with a registered capital of 543 million yuan [9]. - The company’s product line includes discrete device chips, MOSFETs, IGBTs, power modules, SiC, rectifiers, and protection devices, serving various sectors such as automotive electronics, AI, clean energy, 5G communications, and consumer electronics [9]. - Better Electronics, founded in 2003, specializes in the R&D, production, and sales of power electronic protection components, with a registered capital of 102 million yuan [10]. Group 2: Financial Data - As of September 11, Yangjie Electronics had a total market capitalization of 35.5 billion yuan [10]. - Better Electronics reported total assets of approximately 1.007 billion yuan and net assets of about 538 million yuan for 2024, with an operating income of around 837 million yuan [13]. - The acquisition price of 2.218 billion yuan represents a significant premium over Better Electronics' net asset value, with an appraisal increase of 270.46% compared to the book value of 599 million yuan [15]. Group 3: Strategic Implications - The acquisition is expected to create synergies between Yangjie Electronics and Better Electronics, allowing for shared resources in R&D, management, and market access, which could lead to improved revenue and profitability for Yangjie Electronics [20]. - Better Electronics has established a strong market presence with over 200 product series and 9,000 specifications, catering to various application scenarios, which will complement Yangjie Electronics' existing product offerings [10][11].

星标 ★ IPO日报 精彩文章第一时间推送 又一家IPO撤否公司，改道"牵手"上市公司。 3月13日午间，扬杰科技披露公告称，公司拟以发行股份及支付现金方式购买东莞市贝特电子科技股份有限公司（以下简称"贝特电子"）控制权，并募集 配套资金。 公司证券自3月13日开市起开始停牌，公司预计在不超过10个交易日的时间内申请复牌。 制图：佘诗婕 标的公司曾冲击创业板IPO 01 一些投资者对于上市公司此次收购的贝特电子或许并不陌生。 此前，贝特电子曾在新三板挂牌。具体来看，贝特电子于2016年4月25日正式在股转系统挂牌并公开转让。2018年7月11日，该公司终止挂牌。 贝特电子曾有过一段IPO经历。2023年6月，贝特电子创业板IPO获得受理，公司拟首发募资5.5亿元，不过在2024年8月IPO撤单。 据悉，贝特电子主要从事电力电子保护元件及相关配件的研发、生产与销售，主要产品有电力熔断器、电子熔断器、自恢复保险丝、一次性热熔断体及可 复位温控器等。 2021年至2023年，公司营业收入分别为4.49亿元、5.61亿元及6.27亿元，净利润分别约为3392.49万元、9025.17万元和1.10亿元，扣非归母净利润 ...