Heshun Petroleum (603353) Limit-Up In-Depth Analysis: Cross-Border Semiconductor Acquisition Sparks Market Discussion

The event occurred on November 28, 2025 at 17:22:16 (UTC+8).

##1. Executive Summary
This analysis is based on the limit-up event of Heshun Petroleum (603353) provided by tushare_zt_pool [0]. Key points: Heshun Petroleum’s stock price hit the limit-up due to its intention to acquire a 51% controlling stake in Kuixin Technology, a semiconductor IP enterprise; market funds chased the transformation expectation, and Dragon Tiger List shows Goldman Sachs (China) Securities net bought [1]; both parties are currently facing performance pressure, but Kuixin Technology has committed to revenue growth in the next four years [0].

##2. Comprehensive Analysis
Heshun Petroleum (603353) is an enterprise in the product oil circulation field [0], listed on April 7, 2020. In November 2025, the company announced its intention to acquire no less than 34% equity of Kuixin Technology for no more than 540 million yuan, and obtain 51% control through voting rights entrustment [0]. Kuixin Technology focuses on high-speed interface IP and Chiplet solutions [0], and is one of the few domestic enterprises with a complete product matrix [0].

Regarding market reaction, the stock price had consecutive limit-ups before and after the news announcement [4][5], with cumulative closing deviation exceeding 20% on November 14 and 17 [0]. Dragon Tiger List data shows that Goldman Sachs (China) Securities Shanghai Pudong New Area Century Avenue Branch had a net buy [1].

In terms of financial performance, Heshun Petroleum’s revenue in the first three quarters of 2025 was 2.126 billion yuan (YoY -0.13%), and net profit attributable to parent company was 21.8062 million yuan (YoY -49.44%) [0]; Kuixin Technology had a loss of 9.75 million yuan in the first half of 2025, but the counterparty committed that the revenue from 2025 to 2028 would be no less than 300 million, 450 million, 600 million and 750 million yuan respectively [0]. In addition, the actual controller and concerted actors transferred 6% of the shares to the actual controller of Kuixin Technology at a price of 22.932 yuan per share, with a total amount of 237 million yuan [0].

##3. Key Insights

• Cross-border transformation expectation drives stock price: Traditional product oil enterprises transform to the semiconductor track; despite current performance pressure, the market is optimistic about the growth potential of the semiconductor industry [3][6].
• Early reaction of funds: The stock price hit the limit-up before the announcement, indicating that the market had digested the news in advance [6].
• Control arrangement: Quickly obtaining control through equity acquisition + voting rights entrustment reflects the company’s determination to transform [0].

##4. Risks & Opportunities

1. Performance commitment achievement risk
   : Kuixin Technology is currently in loss, and there is uncertainty whether future revenue growth can meet the target [0][7].
2. Integration risk
   : Heshun Petroleum lacks experience in the semiconductor industry, and the integration difficulty after acquisition is relatively large [7].
3. Financial pressure
   : Heshun Petroleum’s own net profit declined, and the acquisition funds may bring financial burden [0].

1. Semiconductor track growth
   : High-speed interface IP and Chiplet are hot directions in the semiconductor industry, with large growth space [0][3].
2. Transformation breakthrough
   : Successful transformation can help Heshun Petroleum get rid of the growth bottleneck of traditional business [7].

##5. Key Info Summary
The limit-up of Heshun Petroleum (603353) is mainly caused by the cross-border acquisition of Kuixin Technology, a semiconductor enterprise. The market’s pursuit of transformation expectations推动 the stock price up, but attention should be paid to the current performance pressure of both parties and future integration risks. Investors should combine their own risk preferences to objectively evaluate the impact of the event [0][7].