APT Electronics (02551) disclosed that limited-partnership fund Guangzhou Tianze, in which the company holds 40.12% as a passive LP, signed on 8 April 2026 to acquire and subscribe for equity in AccoPower Semiconductor (the “Target Company”).
Guangzhou Tianze will: • purchase RMB8.16 million of existing registered capital (3.26% equity) for RMB188.40 million (RMB23.10 per unit); and • subscribe RMB17.52 million of new registered capital (6.54% equity) for RMB449.60 million (RMB25.67 per unit).
Post-transaction, Guangzhou Tianze will control 9.58% of the Target Company. Through its 40.12% LP interest, APT Electronics will hold an effective 3.84% economic interest, representing an indirect investment of roughly RMB256 million.
The Target Company is a vertically integrated silicon-carbide power-semiconductor producer and will remain unconsolidated in both Guangzhou Tianze’s and APT Electronics’ financial statements.
Connected-party elements: • Three vendors—Guangdong Lianxinneng, Guangzhou Hanrui and Huzhou Laozhongshi—and the Target Company are ultimately controlled by APT Electronics’ controlling shareholder and executive director Mr Xiao. • As the highest applicable percentage ratio exceeds 5%, the indirect investment is treated as both a discloseable and connected transaction under Chapters 14 and 14A of the Hong Kong Listing Rules.
The deals require approval by independent shareholders at an extraordinary general meeting; the controlling shareholder group will abstain from voting.
According to an independent valuation (Jones Lang LaSalle), Series D preferred shares of the Target Company are worth RMB26.06 per RMB1.00 registered capital, implying RMB669.06 million for the shares to be acquired and subscribed.
Should regulatory and shareholder approvals be secured, payment will be funded from Guangzhou Tianze’s internal resources, with settlement due within seven to ten business days after conditions precedent are met. Shareholders and investors are cautioned that completion is not assured.
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