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22亿元收购案，刚开始就“黄”了，A股芯片公司：好聚好散，股价年内已涨超70%_我的网站

一 |     Chinese President Xi Jinping on Monday hailed the "indelible contributions" of late leader Jiang Zemin and urged the whole Communist Party of China (CPC) and the Chinese people of all ethnic groups to continue advancing the cause of socialism with Chinese characteristics.    Xi, also general secretary of the CPC Central Committee and chairman of the Central Military Commission, made the remarks at a grand gathering at the Great Hall of the People in Beijing marking the centenary of Jiang's birth.    "We pay high tribute to his towering achievements and learn from his noble demeanor," Xi said, calling for continuous efforts to create better lives for the Chinese people and write an even more brilliant chapter for the Chinese nation.    In his tribute, Xi described Jiang as a long-tested communist fighter and an outstanding leader of the great cause of socialism with Chinese characteristics. Jiang was the core of the third generation of the Party's central collective leadership and the principal founder of the Theory of Three Represents.    Jiang was born in August 1926 in Yangzhou, Jiangsu Province. In 1989, he was elected general secretary of the CPC Central Committee. He passed away in 2022 at the age of 96.    About 6,000 people were present at Monday's commemoration, which was presided over by Li Qiang and attended by Zhao Leji, Wang Huning, Cai Qi, Ding Xuexiang, and Li Xi -- all members of the Standing Committee of the Political Bureau of the CPC Central Committee -- as well as Vice President Han Zheng.    Xi and other leaders met with members of Jiang's family and took group photos with them before the gathering began.    FIRMNESS IN POLITICAL CONVICTION    Jiang made indelible contributions to safeguarding the great cause of socialism with Chinese characteristics, breaking new ground in reform and opening up in all respects, achieving overall moderate prosperity in people's lives and successfully advancing the cause of socialism with Chinese characteristics into the 21st century, Xi said.    Xi spoke highly of Jiang's steadfast commitment to communist ideals and his devotion to the Party and the people, calling on Party members to draw strength from his firm political conviction.    He highlighted Jiang's view that the farther the country advances along the path of reform and opening up and the more its economy develops, the more crucial it becomes to strengthen the Party's leadership and improve Party building.    On the new journey, Xi stressed, it is imperative to uphold the overall leadership of the Party and the centralized, unified leadership of the CPC Central Committee, unswervingly strengthen the full and rigorous Party self-governance, and ensure the Party remains the strong leadership core in the cause of socialism with Chinese characteristics.    Jiang always stood with the people and cared for their well-being, Xi said, calling for efforts to learn from the late leader's dedication to and profound love for the people.    Jiang pointed out that the fundamental goal of economic development is to raise people's living standards. He also placed emphasis on building a moderately prosperous society at a higher level in an all-round way that would benefit over a billion people, Xi said.    Xi underscored the importance of adhering to a people-centered approach to development and demanded solid steps in promoting the all-round development of the people and common prosperity for all on the new journey.    INNOVATIVE SPIRIT, STRATEGIC THINKING, COURAGE AND VISION    Xi commended Jiang's efforts in advancing innovations in theory, institutions, science and technology, culture, and other fields, calling for drawing on his innovative spirit.    By pooling the wisdom of the whole Party, Jiang created the Theory of Three Represents, which has further answered the questions of what socialism is and how to build it, and creatively addressed what kind of Party to build and how to build it, Xi said.    Xi highlighted Jiang's role in opening China further to the world, including leading the country's accession to the World Trade Organization.    On the new journey, Xi said, we must properly respond to the questions facing China, the world, the people and the times, and constantly break new ground in adapting Marxism to the Chinese context and the needs of the times.    Jiang's far-sightedness and strategic thinking were highlighted by Xi. With an international perspective and a vision for the future, Jiang advanced the cause of the Party and the state with a slew of major decisions and measures, Xi said.    Jiang made arrangements with foresight for building a moderately prosperous society in all respects, and put forth a series of thoughts on foreign affairs and international strategies to advance the development of a multipolar world and economic globalization in the right direction.    Looking ahead, it is essential to fully and faithfully apply the new development philosophy on all fronts, accelerate efforts to create a new development pattern, and make solid headway in promoting high-quality development, Xi said, calling for further efforts to build a community with a shared future for humanity and add more positive energy to world peace and development.    Xi also highlighted Jiang's extraordinary courage and vision.    Jiang made resolute decisions at key historical junctures and critical moments, and responded calmly to risks and challenges, securing the steady advancement of China's reform and opening up as well as socialist modernization, Xi said.    In particular, Jiang led China to successfully withstand the impact of the Asian financial crisis and secure the complete victory in the battle against the severe floods in 1998, Xi noted.    "On the new journey, we should stand ready to withstand high winds, choppy waters, and even dangerous storms, resolutely safeguard national sovereignty, security, and development interests, and continue to write a new chapter in the miracles of fast economic growth and long-term social stability," Xi said.                    。

二 |     一场备受瞩目的高溢价并购，在获得股东大会批准后不到一个月便戛然而止。                   10月23日晚间，扬杰科技（300373.SZ，股价74.26元，市值403.49亿元）发布公告，宣布终止筹划月余的重大关联交易——即以22.18亿元现金收购东莞市贝特电子科技股份有限公司（以下简称贝特电子）100%股权。                   这距离9月11日晚间该收购案首次披露仅过去42天，距离9月29日扬杰科技召开2025年第三次临时股东大会审议通过该议案仅过去20余天。

三 |                    此次收购“闪电”终止，系由卖方，即贝特电子的实际控制人及主要股东主动叫停。根据公告，扬杰科技于10月23日收到了对方签署的相关通知书，对方坦言，在交易推进过程中，双方“在业务类型、管理方式及企业文化等方面存在差异，各方对贝特电子的未来经营理念和管理思路上亦存在较多分歧”。                   此前，这笔交易曾因其高达282.89%的评估增值率、收购标的“专精特新小巨人”的身份以及复杂的“现金补偿+7.16亿股票质押”双重业绩保障机制而引发市场高度关注。                   10月23日晚间，扬杰科技表示，由于股份尚未交割且转让款尚未支付，终止交易不会导致公司产生经济损失，亦不会对公司发展战略和生产经营产生实质性影响。                   估值暴增280%                    卖方实控人：双方存“较多分歧”                    回顾这起22.18亿的收购案，可谓“神速”开始，“闪电”告终。                   今年9月10日，扬杰科技召开第五届董事会第二十次会议，审议通过了收购议案。9月11日晚间，公司正式发布公告，宣布拟以现金22.18亿元收购贝特电子100%股权。

四 | 9月29日，该重大关联交易事项获得了公司2025年第三次临时股东大会的批准。                   然而，仅3周多后的10月23日，扬杰科技便收到了来自贝特电子实际控制人、主要股东签署的《关于终止转让本人持有的东莞市贝特电子科技股份有限公司股份的通知书》。                   贝特电子的股东在通知书中明确表示，经慎重考虑，决定终止向扬杰科技转让其持有的贝特电子全部股份。其给出的核心理由是：“在交易过程中，公司与贝特电子在业务类型、管理方式及企业文化等方面存在差异，各方对贝特电子的未来经营理念和管理思路上亦存在较多分歧。”                    扬杰科技在公告中指出，鉴于上述股东为贝特电子实际控制人、主要股东，其一致行动人合计持股39.35%，随着他们的退出，公司收购贝特电子全部股份的“交易目的已无法实现”。                   基于此，扬杰科技于10月23日迅速召开第五届董事会第二十二次会议，审议通过了终止本次交易的议案。                   这起收购案的终止颇为可惜。贝特电子是一家深耕电力电子保护元器件20余年的国家级“专精特新小巨人”企业，在过流、过温保护领域技术积累深厚，客户包括比亚迪、格力、美的等龙头企业。                   此前扬杰科技曾表示，收购贝特电子将补全其产品版图，形成“电压控制+电流/温度保护”的完整解决方案，在产品矩阵、客户资源和技术研发上实现“功能互补+场景协同”。

五 |                    这笔交易的定价也显示了扬杰科技的决心。根据评估报告，贝特电子在评估基准日（2025年3月31日）的股东全部权益评估价值为22.2亿元，相较其合并报表口径归母股东权益账面价值5.8亿元，评估增值16.4亿元，增值率高达282.89%。双方最终协商确定的22.18亿元交易总对价，基本与评估值持平。                   官网资料显示，扬州扬杰电子科技股份有限公司是国内少数集半导体分立器件芯片设计制造、器件封装测试、终端销售与服务等产业链垂直一体化（IDM）的杰出厂商。产品线含盖分立器件芯片、MOSFET、IGBT&功率模块、SiC、整流器件、保护器件、小信号等，为客户提供一揽子产品解决方案。

六 | 公司产品广泛应用于汽车电子、人工智能、清洁能源、5G通讯、智能安防、工业、消费类电子等诸多领域。                   买方称“好聚好散”                    终止交易不主张违约责任                    随着交易终止，原先设定的复杂交易结构和严苛的业绩承诺也随之作废。                   根据扬杰科技10月23日晚间的公告，公司董事会经研究决定，同意上述股东终止转让股份，并决定终止收购贝特电子100%股份的全部交易。

七 |                    值得注意的是，扬杰科技此次选择了“和平分手”。                   根据双方此前签署的《股份转让协议》，协议中设有违约条款：若是因乙方（贝特电子股东）的任一方或多方违反约定，导致甲方（扬杰科技）收购股权未能达到51%或未能收购关键股东（乙方1至乙方8）的股权，违约方应按其在本次交易中约定应取得的转让对价的20%作为违约金支付给甲方。                   《每日经济新闻》记者注意到，尽管此次终止系由贝特电子实控人及主要股东发起，但扬杰科技董事会表示：“同意不向上述股东主张违约责任。”                    扬杰科技给出的理由是，《股份转让协议》签署至今，“尚未办理标的股份交割和支付转让对价”。因此，公司在公告中强调，终止协议签署后，各方基于《股份转让协议》产生的权利义务全部终结。“上述事项不会导致公司产生任何经济损失，不会对公司财务状况产生不利影响，不存在损害公司利益及中小投资者权益的情形”。

八 |                    同时，扬杰科技表示，本次终止交易事项“亦不会对公司的发展战略、生产经营等方面产生实质性影响”。                   此前，为保障此次高溢价收购，交易双方设置了严格的“双保险”机制。一是业绩承诺方承诺贝特电子在2025年—2027年度累计实现扣非后归母净利润不低于5.55亿元。二是业绩承诺方需将获得的转让对价中的不低于7.16亿元，通过大宗交易方式从扬杰科技实际控制人旗下企业（杰杰管理）受让扬杰科技股票，并将全部股票质押给扬杰科技全资子公司江苏美微科，作为履约保障。                   如今，随着交易终止，这一复杂的保障方案也化为空文。                   不过，扬杰科技也并非一无所获，自9月11日宣布收购案以来，扬杰科技股价持续上涨，一度涨至82.48元，涨幅最高超过30%。年初至今，扬杰科技股价已涨超70%。                   （声明：文章内容和数据仅供参考，不构成投资建议。投资者据此操作，风险自担。

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