Jianghua Microelectronics (603078) Limit-Up Analysis: Expected Strategic Transformation Led by Shanghai SASAC's Acquisition of Controlling Stake

The core driver behind Jianghua Microelectronics’ limit-up today is the major positive news of

. On the evening of January 19, the company announced a major event: its controlling shareholder, Zibo Starhengtusong Holding Co., Ltd., plans to transfer to Shanghai Fuxun Technology Co., Ltd. [1][2].

, the number of shares to be transferred is 92,382,300 shares, with a transfer price of RMB 20 per share, and a total transfer value of RMB 1.848 billion. Upon completion of the transfer, the company’s controlling shareholder will be changed to Shanghai Fuxun Technology, and the actual controller will be changed to [1][2]. It is worth noting that Shanghai Fuxun Technology was established on January 13, 2026, and its controlling shareholder is — a large chemical enterprise group authorized by Shanghai SASAC, which is the main pioneer and builder of the Shanghai Chemical Industry Park. Its monetary funds in 2022, 2023, and 2024 were RMB 21.197 billion, RMB 20.467 billion, and RMB 18.572 billion respectively [2][3].

Jianghua Microelectronics’ main business is the R&D, production, and sales of wet electronic chemicals such as ultra-high-purity reagents and photoresist supporting reagents, and it is one of the leading enterprises in China’s wet electronic chemicals industry [1][3]. The company’s product line levels have expanded from G2-G4 to the highest G5 level, achieving full coverage of SEMI product grades, and its products are mainly used in advanced and mature processes of semiconductor chips, advanced packaging, and other fields.

From the financial data, the company achieved operating income of RMB 910 million in the first three quarters of 2025, a year-on-year increase of 10.92%, demonstrating strong market expansion capabilities; however, its net profit attributable to parent shareholders was RMB 78.783 million, a year-on-year decrease of 8.66%, reflecting certain challenges in cost control and profitability [1][3]. The company’s current market value is approximately RMB 8.26 billion, and its stock price before the suspension was RMB 21.42 per share.

This change of control has important strategic significance. First, Shanghai is a strategic highland for China’s integrated circuit industry with a complete industrial chain (SMIC, Huahong Group, etc.), which is conducive to the company’s deep integration into the Yangtze River Delta semiconductor industry ecosystem [3]. Second, as a large chemical enterprise group, Shanghai Huayi can provide the company with stronger capital, credit, and resource endorsement, supporting the company in capacity expansion, R&D, and industry integration [1].

From the trading session performance, the limit-up order volume reached

today, with the order capital amounting to approximately , indicating strong bullish sentiment from capital [4]. Although the broader market fluctuated and adjusted today, with the Shanghai Composite Index once falling below the 4,100-point level during the session, the semiconductor sector performed strongly, and the electronic chemicals concept followed the upward trend, providing a favorable external environment for the company’s stock price increase [4].

The overall market sentiment is optimistic, with the main supporting factors including: 1. Strong expectations of state-owned asset entry, as the market is optimistic about the strategic integration and development prospects after Shanghai SASAC’s takeover; 2. Strong order volume, with the RMB 2.68 billion order volume showing strong capital confidence in the company’s prospects; 3. The strong performance of the semiconductor sector today, stimulated by news such as TSMC’s record-high performance in 2025; 4. As a leading domestic wet electronic chemicals enterprise, the company deeply benefits from the general trend of domestic substitution in semiconductors [3][4].

However, there are also several risk warning signals in the market. First,

: the stock price rose to the limit “prematurely” on January 12, the day the announcement of planning the control right change was disclosed, which may involve information leakage or insider trading issues [1]. Second, the change of control still requires multiple approval procedures, including approval from state-owned asset supervision agencies and concentration of business operators review, with uncertainty regarding whether it will be approved and the timeline [2]. In addition, the company’s net profit in the first three quarters of 2025 decreased by 8.66% year-on-year, and the improvement of fundamentals remains to be seen [3].

Price Type	Price/Description
Current Limit-Up Price	Approximately RMB 23.56 (21.42×1.1)
Transfer Price	RMB 20 per share
Closing Price Before Suspension	RMB 21.42 per share
First Resistance Level	Approximately RMB 24-25 (previous high pressure zone)
Strong Support Level	RMB 20 (transfer price)

—— If the order volume continues to expand and the sector cooperates, consecutive limit-ups may occur. Catalysts include expectations of subsequent asset injection by Shanghai SASAC, continued strong performance of the semiconductor sector, etc.

—— After the limit-up is opened, high-level consolidation will occur to digest profit-taking orders. Attention should be paid to the subsequent restructuring progress and fundamental improvement, which is the most likely trend direction.

—— If the orders are withdrawn or the broader market pulls back significantly, a short-term adjustment may occur. Risk points include approval progress falling short of expectations, profit-taking pressure, etc.

For investors already holding shares, it is recommended to hold and wait for further increases, setting RMB 20 as the stop-loss level. For investors not holding shares, it is advised to be cautious about chasing the rally, and consider entering the market after sufficient share turnover. Focus on subsequent restructuring progress announcements, approval results, and changes in industry fundamentals.

The following main risks should be paid attention to for this round of limit-up:

—— The change of control still requires multiple approvals, with uncertainty regarding whether it will be approved and the timeline [2]; —— Net profit decline, and fundamental improvement remains to be seen; —— The limit-up before the suspension may attract regulatory attention; —— There is a certain premium between the RMB 20 transfer price and the pre-suspension stock price of RMB 21.42. In addition, Shanghai Fuxun Technology was just established on January 13, 2026, specifically for this acquisition, so the qualifications of the acquirer need continuous attention [2].

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This report is based on multi-dimensional information integration, including company announcement information, market transaction data, and industry analysis opinions. Data sources cover authoritative financial media such as Securities Times, China Finance Network, and Eastmoney Wealth Account [1][2][3][4]. Investors should closely follow subsequent restructuring progress announcements, view short-term sentiment-driven speculation rationally, and focus on the improvement of the company’s fundamentals.