Core Viewpoint - Nanjing Jingsheng Equipment Co., Ltd. is planning to acquire a controlling stake in Beijing Weizhun Intelligent Technology Co., Ltd. through a combination of share issuance and cash payment, while also raising matching funds [1][6]. Group 1: Company Overview - Jingsheng Equipment focuses on the research, production, and sales of semiconductor crystal growth equipment and is a key supplier in this field in China [3]. - The company has experienced rapid revenue growth, with projected revenues of 222 million yuan, 406 million yuan, and 425 million yuan from 2022 to 2024, marking an 83% revenue growth in 2023 [3]. Group 2: Financial Performance - Despite the revenue growth, the company's gross profit margin has been declining, with margins of 35.22%, 33.46%, and 26.07% over the same period [3]. Group 3: Acquisition Details - Beijing Weizhun, established in 2014, specializes in the development and production of semiconductor-level temperature, pressure, and vacuum intelligent control systems, which are essential for crystal growth furnaces [5][6]. - The acquisition aims to enhance Jingsheng's high-end crystal growth furnace capabilities by integrating intelligent control systems, reducing external procurement costs, and shortening certification cycles [6]. Group 4: Project Delays - Jingsheng Equipment's IPO fundraising projects have faced delays and changes in location, particularly the semiconductor crystal growth equipment testing facility, which has only seen a 4.29% progress in cumulative investment as of the end of last year [8][9]. - The company attributed these delays to temporary adjustments in downstream application fields and supply-demand mismatches in the semiconductor industry [11].