On the evening of March 27, Huilun Electronics, a listed company on the Science and Technology Board, announced that the company was planning to acquire the controlling interest of Chengdu Ruicheng Core Micro Technology Co., LTD. (hereinafter referred to as "Ruicheng Core Micro") by issuing shares and paying cash, and raising matching funds simultaneously. According to relevant regulations, the company's shares have been suspended since the market opened on March 28, and the suspension is expected to last no more than five trading days.
The transaction constitutes a material asset reorganization and does not involve a change of actual controller
According to the announcement, this transaction is expected to constitute a major asset reorganization, and there are related transactions, but it will not lead to the change of the actual controller of the company, nor does it constitute a reorganization and listing. At present, the details of the transaction have not been fully disclosed, but the market is generally concerned about the potential impact of the merger on the business synergy of the two sides. As a well-known integrated circuit IP supplier in China, the acquired company Rui Cheng Core Micro submitted an IPO application for the Science and Technology Innovation Board in June 2022, but terminated the audit in March 2023. If it is acquired by the company, it may provide a new path for its capitalization.
Gaolun Electronics performance pressure, strategic mergers and acquisitions may boost competitiveness
It is noteworthy that, according to the financial report of Gaolun Electronics in 2024, the company achieved revenue of 419.5 million yuan, an increase of 27.56%, of which EDA software licensing business and semiconductor test system business grew significantly. However, the net profit loss attributable to the parent amounted to $95.2892 million, mainly due to factors such as increased investment in research and development, provision for equity incentive expenses, investment losses and goodwill impairment. If the merger is successfully completed, it is expected to strengthen the company's layout in EDA and semiconductor industry chain by integrating Ruicheng Core's IP design capabilities, and improve profit expectations.
Industry consolidation to accelerate synergies expected
At present, the domestic semiconductor industry competition is becoming increasingly fierce, and the upstream and downstream integration of the industrial chain has become a trend. As a leading enterprise in the field of EDA tools, if the acquisition is implemented, it will form deep collaboration with Ruicheng Core Micro in chip design IP, EDA tool chain and other fields, and further consolidate its "design-manufacturing-testing" full process service capabilities. Market analysis pointed out that Ruicheng Core Micro's IP reserves in the Internet of Things, automotive electronics and other fields may open up new growth space for Xinlun Electronics.
At present, the transaction is still in the planning stage, and the two parties have not signed a formal agreement. The company said it would actively promote the relevant work and disclose the progress within five trading days. Whether this merger can become another example of domestic semiconductor industry resource integration is worth continuous attention.
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