Unigroup Guoxin Microelectronics (002049) Limit-Up Analysis: Major Asset Restructuring Drives Limit-Up on Trading Resumption

Unigroup Guoxin Microelectronics disclosed a major asset restructuring proposal on the evening of January 14, 2026, planning to acquire a 100% equity stake in Runergy Semiconductor Technology Co., Ltd. by issuing shares and paying cash [1][2][3]. The company suspended trading on December 30, 2025, with a pre-suspension closing price of RMB78.81 per share, and directly surged to the limit-up price of RMB86.69 per share upon resumption of trading.

• Business Model
  : A power semiconductor enterprise with an integrated layout of chip design, wafer manufacturing, packaging and testing (IDM model)
• Main Products
  : Thyristors, power diodes, silicon carbide diodes, silicon carbide MOSFETs, IGBTs and power modules
• Application Fields
  : Consumer electronics, industrial manufacturing, new energy and automotive sectors
• Historical Origin
  : Spun off from NXP’s bipolar power device business [4]

Period	Operating Revenue	Net Profit Attributable to Parent Company
2023	RMB833 million	RMB101 million
2024	RMB786 million	RMB20.36 million
H1 2025	RMB441 million	RMB30.32 million

In H1 2025, Runergy Semiconductor’s operating revenue increased by 17.87% year-on-year, and its net profit excluding non-recurring gains and losses surged by 43.19% year-on-year, sending a signal of performance recovery and growth [4].

Unigroup Guoxin Microelectronics stated that although the company has technical reserves in the power semiconductor field, it has not yet formed a large-scale, systematic business layout. Through this transaction, the company will integrate its power semiconductor product portfolio, quickly fill the manufacturing link, and complete the full industrial chain layout of “design - manufacturing - packaging and testing” [2][3][4]. As core components for power conversion and circuit control, power semiconductors are key supports for the development of emerging industries such as new energy vehicles, photovoltaic energy storage, and industrial automation, with strong sustained market demand [3].

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Date	Price	Trading Volume	Remarks
Jan 06 - Jan 14, 2026	RMB78.81	0	Trading suspension period
Jan 15, 2026	RMB86.69	12.04 million shares	Limit-up on trading resumption

Indicator	Value	Signal Interpretation
MACD	No death cross	Bullish signal
KDJ	K:64.1, D:41.5, J:109.2	J-value is overbought, pullback risk exists
RSI(14)	Overbought zone	Risk warning
Beta	0.2	Low volatility
Trend Score	7.0/10	Uptrend

• Current Resistance Level
  : RMB86.69
• Next Target Level
  : RMB88.09
• Support Level
  : RMB79.60

The trend is judged as an uptrend (breakout pattern, to be confirmed), triggering a buy signal on January 15, 2026. However, both RSI and KDJ’s J-value are in the overbought zone, creating short-term pullback pressure [0].

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1. Outperforming the Sector
   : The semiconductor sector as a whole fell 0.85% today, but Unigroup Guoxin Microelectronics surged to limit-up against the trend [5], indicating high market recognition of this acquisition.

2. Optimized Transaction Structure
   : The issuance price is set at RMB61.75 per share, not less than 80% of the average price of the 20 trading days before the pricing benchmark date; the company plans to raise supporting funds from no more than 35 specific investors; the transaction will not lead to a change in control, maintaining stable control [3].

3. Significant Synergies
   : Runergy Semiconductor has inherited NXP’s global customer network and R&D system, holds an important position in the thyristor niche market, and its product electrical performance is at the international leading level [2][4].

1. Transaction Uncertainty
   : The asset evaluation of the target has not been completed, the final transaction price is yet to be determined, and regulatory approval is required.

2. Performance Fluctuation Risk
   : Runergy Semiconductor, the acquisition target, saw its net profit decline by 80% year-on-year in 2024 [1].

3. Integration Challenges
   : The business integration and synergy release after the acquisition require time to be verified [3].

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Risk Type	Specific Description	Risk Level
Transaction Risk	Audit and evaluation not completed, transaction price uncertain	Medium
Approval Risk	Subject to regulatory approval, uncertainties exist	Medium
Integration Risk	Business integration effect to be verified	Medium
Valuation Risk	P/E ratio of 50.9x, overvalued	Medium-High
Technology Risk	Rapid technological iteration of power semiconductors	Medium
Market Risk	Cyclical fluctuations in the semiconductor industry	Medium

1. Industrial Chain Integration Opportunity
   : Acquiring Runergy Semiconductor will help Unigroup Guoxin Microelectronics quickly enter the new energy vehicle power semiconductor track and enjoy industry growth dividends.

2. IDM Model Transformation
   : Transforming from a pure design company to an IDM model to enhance supply chain self-reliance and controllability.

3. Performance Recovery Signal
   : Runergy Semiconductor’s performance rebounded in H1 2025, providing support for future growth [4].

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Scenario	Probability	Trigger Conditions	Expected Trend
Optimistic	40%	Acquisition approved + synergies realized	Break through RMB88 and move towards RMB95-100
Neutral	45%	Acquisition progresses smoothly	Consolidate in the RMB85-90 range
Cautious	15%	Regulatory approval delayed/questioned	Pull back to the RMB80 support level

1. Whether trading volume can continue to expand
2. Whether it can effectively break through and hold above RMB86.69
3. Progress of regulatory approval
4. Overall sentiment of the semiconductor sector

• Near Term
  : Focus on the progress of audit and evaluation and regulatory approval dynamics
• Next 1-2 Weeks
  : Focus on announcements of transaction plan adjustments
• Next 1-3 Months
  : Focus on shareholder meeting voting and CSRC review

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Unigroup Guoxin Microelectronics’ this limit-up is primarily driven by the major asset restructuring. Acquiring Runergy Semiconductor is a key strategic measure for the company to improve its power semiconductor industrial chain layout. From a fundamental perspective, the company has high quality, and the acquisition target has certain synergy value; however, from the transaction perspective, the audit and evaluation have not been completed, and uncertainties remain. Current technical indicators show an overbought state, and investors should pay attention to short-term pullback risks while tracking subsequent approval progress and integration effects.