Core Viewpoint - Jing Sheng Co., Ltd. (688478) is planning to acquire a controlling stake in Beijing Weizhun Technology Co., Ltd. through a combination of share issuance and cash payment, while also raising matching funds. The transaction will not change the actual controller of Jing Sheng and does not constitute a restructuring listing [1]. Group 1: Acquisition Details - The company has signed a "Share Acquisition Intent Agreement" with potential transaction parties, indicating that Jing Sheng may acquire 49.85% of Beijing Weizhun's shares [4]. - The shareholders of Beijing Weizhun include significant industry capital and A-share companies, with notable stakes held by Huaxing Yuanchuang (3.89%), Guanghong Technology (2.5%), and Xiaomi-related investment funds (5.56%) [5]. Group 2: Business Context - Beijing Weizhun, established in 2014 with a registered capital of 15.8824 million, provides production testing services for major smartphone brands, having served hundreds of millions of devices [3]. - The acquisition aligns with Jing Sheng's strategy to expand its semiconductor industry chain, as it is primarily a supplier of semiconductor equipment, focusing on crystal growth equipment [6][7]. Group 3: Financial Performance - Since its IPO in April 2023, Jing Sheng has experienced a decline in profitability, with a reported net profit of 53.7471 million for 2024, down 24.32% year-on-year. The company also reported a loss of 2.5332 million in Q1 2025 due to low gross margins from photovoltaic products [8].

Group 1 - The company, Jing Sheng Co., Ltd. (688478), announced plans to acquire a controlling stake in Beijing Weizhun Intelligent Technology Co., Ltd. through a combination of issuing shares and cash payment, while also raising matching funds [2][4] - The transaction is currently in the planning stage, and the valuation of Beijing Weizhun has not been finalized as of the announcement date [3][4] - The company has signed a "Share Acquisition Intent Agreement" with the major shareholders of the target company, with the final price to be determined based on an evaluation report from a qualified assessment agency [5] Group 2 - Beijing Weizhun, established in February 2014 with a registered capital of 15.8824 million yuan, has developed a complete system for research, production, sales, and service, serving major mobile phone brands both domestically and internationally [4] - The company has introduced leading products in the industry, including the 4G product T6290D in 2018 and the 5G product T6290E in 2019, and has achieved over 2000 large-scale applications by 2021 [4][5] - Jing Sheng Co., Ltd. is a key player in the semiconductor equipment sector, providing customized products such as semiconductor-grade single crystal silicon furnaces and silicon carbide single crystal furnaces, which are core products accounting for a significant portion of the company's revenue [5][6]

Core Viewpoint - Jing Sheng Co., Ltd. is planning to acquire a controlling stake in Beijing Weizhun Intelligent Technology Co., Ltd. through a combination of issuing shares and cash payment, while also raising supporting funds [1][2] Group 1: Transaction Details - The transaction is currently in the planning stage, and it is uncertain whether it will constitute a major asset restructuring [1] - The specific details regarding the audit evaluation, transaction amount, and the ratio of shares issued versus cash payment have not yet been determined [1] - The transaction will not lead to a change in the actual controller of the company and does not constitute a restructuring listing [1] Group 2: Company Background - Beijing Weizhun was established in February 2014 with a registered capital of 15.8824 million yuan [1] - Since its inception, Beijing Weizhun has developed a complete system for research and development, production, sales, and service, covering major electronic product manufacturing bases across China [1] - The company has provided production testing services for several mainstream mobile phone brands, totaling hundreds of millions of mobile phones [1] Group 3: Stakeholders and Agreements - Jing Sheng is currently in discussions with potential transaction parties, initially identifying Ge Sijing and Xu Fengchun as the main parties [2] - A "Share Acquisition Intent Agreement" has been signed with the major shareholders of the target company, outlining the intention to acquire the controlling stake through share issuance and cash payment [2] - The final price for the transaction will be determined based on an evaluation report from a qualified assessment agency and through negotiations among the parties involved [2] Group 4: Industry Position - Jing Sheng is a key player in the semiconductor equipment sector, providing customized products such as semiconductor-grade single crystal silicon furnaces and silicon carbide single crystal furnaces to downstream semiconductor material manufacturers [2] - The semiconductor-grade single crystal silicon furnace and silicon carbide single crystal furnace are core products, accounting for a significant portion of the company's main business revenue [2]