APT ELECTRONICS (02551) announced that on April 8, 2026, Guangzhou Tianze entered into a share transfer agreement with the seller. Guangzhou Tianze intends to acquire approximately 8.1562 million yuan in registered capital of the target company, Guangdong Xinjuneng Semiconductor Co., Ltd., representing about 3.26% of its equity as of the announcement date, at a price of approximately 23.0989 yuan per unit of registered capital. The total consideration for the share transfer will be 188.4 million yuan. On the same day, Guangzhou Tianze signed a capital increase agreement with the target company, under which Guangzhou Tianze is required to subscribe to approximately 17.5177 million yuan of new registered capital in the target company, representing about 6.54% of the enlarged total equity post-capital increase, at a price of approximately 25.6655 yuan per unit of registered capital. The total consideration for the capital increase will be 449.6 million yuan. Following the completion of both the share transfer and the capital increase, and assuming no further changes to the target company's registered capital, Guangzhou Tianze is expected to hold a total of approximately 9.5799% equity in the target company. As of the announcement date, the company holds only about 40.12% partnership interest in Guangzhou Tianze as a limited partner. Through its interest in Guangzhou Tianze, the company is expected to have an actual economic interest of approximately 3.8435% in the target company after the completion of the transactions, with the company's attributable total consideration for the share transfer and capital increase, indirectly contributed through its investment in Guangzhou Tianze, amounting to approximately 256 million yuan. The announcement stated that Guangzhou Tianze primarily focuses on investments in the semiconductor and integrated circuit industry sector, which is part of Guangzhou's "12218" modern industrial system comprising 15 strategic industrial clusters, with priority support given to government-designated strategic industries. The target company and Xinyueneng are national high-tech enterprises specializing in the research, development, production, and sales of third-generation semiconductor silicon carbide power chips, devices, and modules. Their products are widely used in industries such as new energy vehicles, advanced displays, photovoltaics, energy storage, and AI data centers. The target company is a rare leading silicon carbide IDM firm in China capable of achieving import substitution. It is recognized as a "Unicorn" innovative enterprise in Guangzhou and a key project under Guangdong Province's "Strong Core Initiative." Investing in the target company represents a proactive strategic shift from internal growth to external expansion, aimed at further enhancing the layout of the "third-generation semiconductor" industrial cluster and deeply unlocking synergistic value across the industrial chain. On one hand, this move helps address the comprehensive needs of leading customers, particularly in the new energy vehicle sector, by providing integrated "optoelectronic semiconductor + power semiconductor" solutions and service systems through overall coordination or joint development, thereby improving project introduction efficiency and fostering long-term collaboration. On the other hand, in emerging sectors such as Micro LED and AR+AI displays, both parties possess distinct advantages in product development, process implementation, and mass production, creating strong synergistic effects.
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