積體電路行業併購案例研究－以思瑞浦併購創芯微為例

Abstract

本文以思瑞浦微電子科技（蘇州）股份有限公司（以下簡稱“思瑞浦”、“上市公司”） 併購深圳市創芯微微電子股份有限公司（以下簡稱“創芯微”、“標的公司”）案例為研究物件，探討積體電路行業通過併購重組實現企業提質增效與產業高品質發展的路徑。在國家政策支持積體電路產業併購重組（如“科創板八條”）及行業需通過整合突破技術瓶頸、推動國產替代的背景下，思瑞浦以 10.6 億元收購創芯微100% 股權，交易採用定向可轉債與現金結合的支付方式，創新性地通過差異化定價（低於創芯微 Pre-IPO 估值）平衡各方利益，凸顯產業併購核心邏輯。 思瑞浦（信號鏈與電源管理晶片領域）與創芯微（電池管理與電源管理晶片領域）在產品、技術、客戶資源上高度互補。併購後，雙方通過拓寬產品線（補充電池管理晶片）、共用技術與客戶資源、優化採購體系等實現協同效應，推動思瑞浦向綜合性類比晶片廠商邁進，同時提升對消費電子、工業等領域的覆蓋能力。 案例表明，定向可轉債的使用降低了股價波動對交易的影響，差異化定價保障了交易可行性，而產業協同則是價值提升的關鍵。該案例為積體電路企業併購提供了實踐借鑒，印證了政策與資本市場結合對優化產業資源配置、加速技術創新及推動產業高品質發展的有效性。

This paper takes 3PEAK's acquisition of ICM SEMI as a case study to explore the path for the integrated circuit industry to achieve quality improvement, efficiency enhancement of enterprises and high-quality development of the industry through mergers and acquisitions (M&A). Against the backdrop of national policies supporting M&A in the integrated circuit industry (such as the "Eight Measures for Sci-Tech Innovation Board") and the industry's need to break through technical bottlenecks and promote domestic substitution through integration, 3PEAK acquired 100% equity of ICM SEMI for 1.06 billion yuan. The transaction adopted a payment method combining directional convertible bonds and cash, innovatively balancing the interests of all parties through differentiated pricing (lower than ICM SEMI's Pre-IPO valuation), highlighting the core logic of industrial M&A. 3PEAK (focusing on signal chain and power management chips) and ICM SEMI (specializing in battery management and power management chips) are highly complementary in products, technologies, and customer resources. After the acquisition, the two parties achieved synergistic effects by expanding product lines (supplementing battery management chips), sharing technologies and customer resources, and optimizing procurement systems. This not only promoted 3PEAK's transformation into a comprehensive analog chip manufacturer but also enhanced its coverage in consumer electronics, industrial and other fields. The case shows that the use of directional convertible bonds reduced the impact of stock price fluctuations on the transaction, differentiated pricing ensured transaction feasibility, and industrial synergy was the key to value enhancement. This case provides practical reference for M&A in the integrated circuit industry, confirming the effectiveness of combining policies with capital markets in optimizing industrial resource allocation, accelerating technological innovation, and promoting high-quality industrial development.