Grinm Semiconductor Unveils Major Asset Restructuring Plan to Acquire Stakes in Two Semiconductor Silicon Material Companies and Resume Trading

Corporate ActionM&A · Partnership
โดย 中国基金报·CN·Read original
Summary · why it matters

Grinm Semiconductor, a leading semiconductor silicon material company with stock code 688432, disclosed a major asset restructuring plan on the evening of September 11. It intends to acquire 71.89% equity in Shandong Grinm Ace Semiconductor Materials and 14.98% equity in Shandong Grinm Semiconductor Materials through share issuance and cash payment. After the transaction, both companies will become wholly-owned subsidiaries of Grinm Semiconductor, and the company's shares will resume trading on September 14. The issue price for the share-based purchase is set at 26.59 yuan per share, no less than 80% of the average trading price over the 120 trading days before the pricing base date, and approximately 58.8% of the share price before the trading suspension. As of the signing date of the plan, the audit and valuation work related to this transaction has not been fully completed, and the transaction prices of the target assets and the number of shares to be issued have not yet been determined. The specific transaction consideration will be further disclosed in the subsequent restructuring draft. This transaction is expected to constitute a major asset restructuring and a related-party transaction, but not a reverse merger. The controlling shareholder, RS Technologies, and the actual controller, Fang Yongyi, will remain unchanged before and after the transaction. The financial performance of the two acquisition targets shows clear divergence. Shandong Grinm Ace Semiconductor Materials achieved revenue of 208 million yuan and a net loss of 186 million yuan in 2025, and revenue of 163 million yuan and a net loss of 79 million yuan in the first half of 2026. Shandong Grinm Semiconductor Materials achieved revenue of 934 million yuan and net profit of 251 million yuan in 2025, and revenue of 555 million yuan and net profit of 141 million yuan in the first half of 2026.

Impact on stocks 2

Critical Materials & Supply Chain▲ · 1 stocks
RS Technologies Co. Ltd.
3445
± MixedCapitalrelevance

RS Technologies is named as the controlling shareholder that will remain unchanged after the restructuring, but no direct impact on it is described.

Others▲ · 1 stocks

Theme Impact 1

Off-coverage companies 1

Shandong Grinm Ace Semiconductor Materials Co., Ltd.Private± Mixed
Capitalrelevance

Shandong Grinm Ace is a target of the acquisition, but its financials show a widening net loss (186M yuan in 2025, 79M in H1 2026), making the impact on the acquirer unclear.

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