Facing sustained post-IPO performance pressure, Guangzhou Anyka Microelectronics Co.,Ltd. (688620) has proposed a major acquisition. On December 3, the company announced plans to acquire an 85.79% stake in Sicore Technology (Nanjing) Co., Ltd. for 326 million yuan, with payment to be made through a combination of internal funds and bank loans.
The acquisition target, Sicore Tech, is a 2019-founded IC design company specializing in ultra-low-power IoT chips for edge AI applications across wearables, smart home devices, and industrial equipment. Anyka Micro stated the deal creates synergies in product lines, technology, and supply chains between the two IoT chip developers.
Valuation was set at 380 million yuan for 100% equity using market approach methodology, representing 127.52% premium over audited net assets. Industry experts note this method better captures intangible assets like R&D capabilities in chip design firms.
The transaction would create goodwill risks for Anyka Micro if Sicore Tech underperforms. Financially, Anyka reported negative operating cash flow of 56.86 million yuan for January-September 2025, with 310 million yuan cash reserves insufficient to cover the deal. The company plans to secure 6-10 year term loans to ease liquidity pressure.
Anyka's financials show worsening losses: - 2024 net profit turned negative at -56.77 million yuan - Q1-Q3 2025 net loss expanded to -82.24 million yuan The company attributes this to compressed IoT camera margins and increased R&D spending despite shipment growth.
After hitting an all-time low of 11.02 yuan/share on November 21, Anyka's stock rebounded 14.08% through December 3, closing at 12.64 yuan on deal announcement day with a 4.96 billion yuan market cap.
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