Facing persistent post-IPO performance declines, Guangzhou Anyka Microelectronics Co.,Ltd. has opted to acquire a chronically loss-making company for 326 million yuan through a combination of cash and loans. Meanwhile, over a dozen prominent investment institutions have exited through this transaction.
Recently, Anyka announced plans to acquire an 85.79% stake in SCESH Tech for 326 million yuan in cash.
The valuation report shows SCESH Tech's total equity value at 385 million yuan, with a staggering 714.53% premium over the parent company's net assets. However, behind these impressive valuation figures lies an unprofitable acquisition target.
SCESH Tech, founded in 2019, specializes in high-performance, ultra-low-power IoT chip design for applications in smart wearables, health devices, smart home systems, and other AIoT scenarios.
The valuation methodology has drawn market attention. Appraisers employed market approach valuation, arguing this method better reflects the core value of asset-light, R&D-intensive chip design firms.
The transaction implies a total valuation of approximately 380 million yuan for SCESH Tech. Yet the company reported net losses of 48.6429 million yuan in 2024 and 18.5076 million yuan for January-July 2025, remaining unprofitable.
SCESH Tech's investor roster includes prestigious institutions like Legend Capital and Gaorong Capital, with over ten notable firms exiting through this deal.
The transaction places significant financial strain on Anyka. As of September 2025, the company held only 310 million yuan in cash reserves—insufficient to cover the acquisition price—while carrying 146 million yuan in short-term debt.
More concerning, Anyka reported negative operating cash flow of 56.8554 million yuan for the first three quarters of 2025, indicating weak core business profitability.
On the acquisition announcement date, Anyka's shares closed down 2.54% as market participants digested the deal's risks and uncertainties.
Since its June 2023 STAR Market debut, Anyka has delivered disappointing results. The company swung to a 56.7682 million yuan net loss in 2024.
The situation worsened in 2025, with January-September revenue falling 5.22% year-over-year to 351 million yuan while net losses expanded to 82.2392 million yuan.
Notably, Anyka's 2025-2026 revenue targets of 700 million yuan and 1 billion yuan far exceed current performance levels, raising additional market skepticism about the acquisition rationale. The company's 2024 revenue had already declined 7.94% to 527 million yuan.
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