On December 21, 2025, Sichuan Discovery Dream Science & Technology Co., Ltd. (301213), a listed company specializing in defense information technology, announced plans to acquire no less than 60% equity of Jinzhou Liaojing Electronic Technology Co., Ltd. ("Liaojing Electronics") through a share issuance, accompanied by fundraising. Trading of its shares will be suspended starting December 22, with the transaction details expected to be disclosed within 10 trading days. This cross-sector acquisition marks Discovery Dream Tech's strategic expansion from defense IT into semiconductors, reflecting the transformation logic of hard-tech companies amid the current "technology + M&A" wave.
The announcement stated that the company has signed a "Framework Equity Acquisition Agreement" with major counterparties, reaching preliminary intent for the asset purchase. Final terms including share transfer quantity, ratio, transaction price, payment method, performance compensation arrangements, share lock-up periods, and breach clauses will be determined in a formal acquisition agreement. Any discrepancies between the formal agreement and the framework agreement shall be governed by the former.
Founded in 2007 with origins tracing back to Liaoning Transistor Factory, target company Liaojing Electronics is a national-level "Little Giant" enterprise specializing in R&D and production of semiconductor integrated circuits and discrete devices. Its product portfolio includes diodes, transistors, Darlington transistor arrays, and FET arrays, widely applied in high-barrier sectors like aerospace, aviation, naval systems, and armaments.
As a defense IT leader that went public in 2021, Discovery Dream Tech faced performance pressures post-IPO, with 2022 net profit plunging 38%. Though recovering gradually in subsequent years, 2024 revenue remained at just 152 million yuan, below 2021 levels. For the first three quarters of 2025, revenue grew 4.86% YoY to 65.36 million yuan, with net profit turning positive at 760,000 yuan but still hovering near breakeven. This M&A deepens the company's "dual-use civil-military, twin-engine drive" strategy.
The acquisition creates synergies: Liaojing's semiconductor technology complements Discovery Dream's digital twin and smart equipment management modules—for instance, integrating semiconductor sensors into equipment lifecycle management systems to enhance defense system intelligence. Simultaneously, leveraging Liaojing's military client base accelerates Discovery Dream's penetration into semiconductor import substitution markets while extending defense IT solutions to civilian applications like smart emergency response and security systems.
This cross-industry deal represents not only Discovery Dream's breakthrough attempt to overcome growth bottlenecks but also a microcosm of China's semiconductor supply chain localization efforts. Amid the "technology + M&A" trend, capital operations enabling technological leaps and industrial upgrades will emerge as a new competitive imperative for hard-tech enterprises.
Disclaimer: This article incorporates AI-generated content. The views expressed do not constitute investment advice. Market risks apply; investors should exercise caution.
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