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——做专业的科技财经媒体！
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近日歌尔股份(SZ002241)发布公告称拟将其控股子公司歌尔微分拆至香港联交所主板上市。本次分拆完成后，歌尔股份股权结构不会发生重大变化，且仍将维持对歌尔微的控制权。
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近日歌尔股份(SZ002241)发布公告称拟将其控股子公司歌尔微分拆至香港联交所主板上市。本次分拆完成后，歌尔股份股权结构不会发生重大变化，且仍将维持对歌尔微的控制权。
歌尔股份认为通过本次分拆，歌尔微（含其控股子公司）作为歌尔股份体系内唯一从事MEMS器件及微系统模组研发、生产与销售的企业，将通过香港资本市场融资搭建国际资本运作平台，有助于继续保持在MEMS器件及微系统模组等相关产品领域的领先地位，并提高其国际影响力，进而增强歌尔股份的综合竞争力。
另外歌尔股份表示，本次分拆所属子公司歌尔微是一家以MEMS器件及微系统模组研发、生产与销售为主的公司，业务涵盖芯片设计、产品开发、封装测试和系统应用等产业链关键环节，通过垂直整合，为客户提供“芯片+器件+模组+系统”的一站式产品解决方案。主要产品包括MEMS声学传感器、其他MEMS传感器和微系统模组。歌尔微业务领域与公司其他业务板块之间保持高度的独立性。本次分拆完成后，歌尔股份仍将控股歌尔微，歌尔微的财务状况和盈利能力仍将反映在公司的合并报表中。本次分拆既有利于歌尔微通过独立上市引入资本市场资源，在MEMS器件及微系统模组等产品领域内积极投入，把握AI时代的行业机遇，实现跨越式发展，也有利于歌尔股份和歌尔微各自围绕主业，聚焦资源投入，实现高质量的独立、协同发展。根据Yole数据，2020-2022年歌尔微在全球MEMS厂商中排名分别为第6名、第8名和第9名，是上榜全球MEMS厂商十强中唯一一家中国企业。2020年-2022年，歌尔微MEMS声学传感器市场份额持续位居全球第一。客户包括苹果、三星、索尼、谷歌、Meta、哈曼等。今年新“国九条”明确“从严监管分拆上市”后，已有13家分拆上市项目终止，歌尔也是其中之一。2021年12月IPO获深交所受理，2022年10月19日成功过会，不过之后却迟迟未进入注册流程。2024年5月22日，歌尔股份宣布终止分拆歌尔微至创业板上市的公告。不过在4月19日，中国证监会发布5项资本市场对港合作措施。其中提出支持内地行业龙头企业赴香港上市。目前除了歌尔股份，科大讯飞、欣旺达、同仁堂、南山铝业等多家A股上市公司均拟分拆子公司赴港上市；另外还有很多企业选择“双重上市”进军港股，如美的集团、顺丰控股、龙蟠科技、安井食品、百利天恒、赤峰黄金等多家行业龙头均计划“A+H”股上市。港交所在审批分拆上市申请时会特别关注母公司是否保留足够的业务及相当价值的资产，其剩余业务是否仍然满足港交所对上市的要求（包括盈利及市值要求），这对于规范企业运营也有帮助。与此同时，市场上另一个新趋势是香港上市公司分拆业务到境内上市，当中不少涉及近年备受追捧的新概念或新兴行业。这种操作有助于盘活集团的整体价值，一方面新公司受惠于境内上市的高市盈率可以获得更高的估值，另一方面母公司也可以通过继续控制新公司分享分拆上市带来的商业效益，进一步推动母公司的股价，两者相辅相成造成的双赢局面无论对上市公司还是大股东都极具吸引力。不过近期A股公司转道港股融资这一趋势，主要是受全球和国内融资环境变化的推动，香港为企业提供了更灵活、更快速、潜在收益更高的融资环境，有助于这些公司扩展业务并增强全球影响力。其中监管部门对上海、深圳等大陆证券交易所的IPO引入了更严格的监管，包括更高的盈利要求、公司治理规范以及行业特定规则，这些限制使得部分公司难以满足在国内上市的要求。另外在上市操作的成本上，由于A股市场实行审批制，许多公司在上市前需要等待较长时间。相比之下，香港证券交易所（HKEX）采用披露制，这意味着公司可以更快完成上市流程。而对于一些业务在国际贸易中占比较多的企业，通过在香港上市，内地公司能够接触到更广泛的国际投资者群体，包括全球的机构投资者，为公司筹集外资提供了理想的条件。同时内地上市通常以人民币计价，而在香港上市则允许公司以港币或美元筹集资金。对于有国际扩展计划或有外汇敞口的公司而言，这种货币多样化至关重要。这些港币和美元资金可以支持公司的国际扩展计划，用于研发、市场扩展或并购。分拆上市的另一个好处是为上市集团提供一个重新梳理业务的机会，从而令母公司和新公司可以专注各自的核心业务，提高业务运营效率，增强竞争力。而新公司的管理层也可以受惠于分拆上市时推出的股权激励方案，对提高管理层及员工的积极性带来正面影响。歌尔股份在公告中表示，近年来，AI大模型技术快速发展，新产品、新应用层出不穷。AI与智能硬件产品的融合，有望在未来几年中为全球科技和消费电子行业带来新一轮的发展契机，也为歌尔微带来新的发展机遇。一方面，语音交互是AI智能硬件的核心交互方式之一，高质量的声音信号采集是语音交互的前提基础，高端MEMS声学传感器作为语音交互所必需的核心元器件，市场前景广阔。同时，运用AI技术赋能的AI智能眼镜、AR增强现实等产品有望迎来爆发，这类产品在小型化、轻量化方面具有较高要求，SIP微系统模组将在上述产品中迎来广泛应用。另一方面，通过本次分拆上市成功登陆香港这一成熟的国际化资本市场平台，将有利于提高歌尔微的公司治理水平，有利于提升企业国际市场知名度并助力业务拓展，便利歌尔微吸引全球优秀人才、开展资本运作和进行全球化供应链布局，同时也有助于提升歌尔股份和歌尔微的融资效率和资金实力，降低整体资产负债率，为歌尔股份和歌尔微的长期健康发展提供有力支持。此外，歌尔微所处行业特征、产品技术特点、业务模式等与公司其他业务板块存在区别，其独立上市发展也将有利于歌尔股份和歌尔微各自聚焦资源，实现高质量独立、协同发展，有利于全体股东充分分享歌尔微独立上市后快速发展所带来的收益。在风险提示上，歌尔股份认为歌尔微向英飞凌采购金额较大，占采购总额的比例较高，其主要原因为：第一，歌尔微MEMS产品主要原材料中芯片占比较高，导致其采购金额较大；第二，英飞凌作为全球领先的半导体企业，其芯片产品在多个领域处于市场领先地位，得到终端客户的认可。另外歌尔微客户集中度相对较高，特别是向苹果产业链公司的销售占比较高，对苹果存在重大依赖。以往从企业价值的角度，分拆上市的吸引之处在于可以释放拟分拆业务的潜在价值，达致股东利益最大化，这从近年香港资本市场的分拆上市案例可见一斑。2020年初至今共有17家香港上市公司分拆业务单独上市，其中新公司首发市盈率高于母企市盈率5倍或以上的约有8家。据Wind数据显示，截至目前，已实现“A+H”股两地上市的公司共148家，多为医药、银行、能源、保险等行业龙头。而在技术硬件与设备行业只有3家企业，半导体与生产设备领域也仅有3家企业，明显偏少。歌尔微2021~23年营收33.5/31.2/30.2亿元（占歌尔股份总收入分别为4.3%/3.0%/3.1%），毛利率22.9%/20.8%/20.2%，归母净利润3.3/3.3/2.3亿元（占归属歌尔股份归母净利润的6.6%/16.0%/18.2%），扣非归母净利润2.1/1.9/1.2亿元（占归属歌尔股份扣非净利润的4.7%/10.2%/12.4%）。分拆之前，歌尔股份上半年实现营业总收入403.82亿元，归母净利润为12.25亿元。Towards the internationalization of
capital, Goertek was spun off and listed on the Hong Kong stock marketRecently, Goertek (SZ002241) announced that
it intends to spin off its holding subsidiary, Goertek, to the main board of
the Hong Kong Stock Exchange. After the completion of this spin-off, there will
be no major changes in the shareholding structure of Goertek, and it will still
maintain control over Goertek.Goertek believes that through this
spin-off, Goertek (including its holding subsidiary), as the only enterprise
engaged in the R&D, production and sales of MEMS devices and microsystem
modules in the Goertek system, will build an international capital operation
platform through Hong Kong capital market financing, which will help continue
to maintain its leading position in the field of MEMS devices and microsystem
modules and other related products, and improve its international influence,
thereby enhancing Goertek's comprehensive competitiveness.In addition, Goertek said that Goertek, a
subsidiary of the spin-off, is a company focusing on the R&D, production
and sales of MEMS devices and microsystem modules, covering key links in the
industrial chain such as chip design, product development, packaging and
testing, and system applications, and providing customers with one-stop product
solutions of "chip + device + module + system" through vertical
integration. The main products include MEMS acoustic sensors, other MEMS
sensors and microsystem modules. Goertek's micro business area maintains a high
degree of independence from other business segments of the company.After the completion of the spin-off,
Goertek will still control Goertek, and Goertek's financial status and
profitability will still be reflected in the company's consolidated statements.
This spin-off is not only conducive to Goertek to introduce capital market
resources through independent listing, actively invest in MEMS devices and
microsystem modules and other product fields, grasp the industry opportunities
in the AI era, and achieve leapfrog development, but also help Goertek and
Goertek focus on their main business, focus on resource investment, and achieve
high-quality independent and coordinated development.According to Yole data, from 2020 to 2022,
Goertek ranked 6th, 8th and 9th among global MEMS manufacturers, respectively,
and was the only Chinese company among the top 10 global MEMS manufacturers.
From 2020 to 2022, Goertek's MEMS acoustic sensor market share continued to
rank first in the world. Customers include Apple, Samsung, Sony, Google, Meta,
Harman, etc.After this year's new "National Nine
Articles" clarified "strict supervision of spin-offs and
listings", 13 spin-off and listing projects have been terminated, and
Goertek is one of them. The IPO was accepted by the Shenzhen Stock Exchange in
December 2021 and successfully passed the meeting on October 19, 2022, but it
has not entered the registration process since then. On May 22, 2024, Goertek
announced the termination of the announcement of the spin-off of Goertek to be
listed on the GEM.However, on April 19, the China Securities
Regulatory Commission (CSRC) announced five measures for capital market
cooperation with Hong Kong. Among them, it proposes to support the listing of
leading enterprises in the mainland industry in Hong Kong. At present, in
addition to Goertek, a number of A-share listed companies such as iFLYTEK,
Xinwangda, Tongrentang, and Nanshan Aluminum plan to spin off their
subsidiaries to be listed in Hong Kong; In addition, there are many companies
that choose to enter the Hong Kong stock market with "dual listing", such
as Midea Group, SF Holdings, Lopal Technology, Yasui Food, Baili Tianheng,
Chifeng Gold and many other industry leaders plan to list on "A+H"
shares.When approving a spin-off listing
application, HKEX will pay special attention to whether the parent company
retains sufficient business and assets of considerable value, and whether its
remaining business still meets HKEX's listing requirements (including profit
and market capitalisation requirements), which is also helpful for
standardizing corporate operations.In the past, from the perspective of
enterprise value, the attraction of spin-offs was that they could unleash the
potential value of the business to be spun off and maximize the interests of
shareholders, as can be seen from the spin-off cases in the Hong Kong capital
market in recent years. Since the beginning of 2020, a total of 17 Hong
Kong-listed companies have been spun off and listed separately, of which about
8 new companies have initial P/E ratios that are 5 times or more higher than
the P/E ratios of their parent companies.At the same time, another new trend in the
market is the spin-off of Hong Kong-listed companies for onshore listing, many
of which involve new concepts or emerging industries that have been highly
sought after in recent years. On the one hand, the new company can benefit from
the high price-to-earnings ratio of the domestic listing and obtain a higher
valuation, and on the other hand, the parent company can continue to control
the new company to share in the commercial benefits of the spin-off and listing,
which can further drive the stock price of the parent company, which is very
attractive to both the listed company and the major shareholder.However, the recent trend of A-share
companies switching to Hong Kong stocks for fundraising is mainly driven by
changes in the global and domestic financing environment, and Hong Kong
provides a more flexible, faster and potentially higher yield financing
environment for companies, which can help them expand their business and
enhance their global influence. Regulators have introduced stricter regulations
on IPOs on mainland stock exchanges such as Shanghai and Shenzhen, including
higher profit requirements, corporate governance norms and industry-specific
rules, which make it difficult for some companies to meet the requirements for
listing in China.In addition, in terms of the cost of
listing operations, due to the approval system implemented in the A-share
market, many companies need to wait for a long time before listing. In
contrast, the Hong Kong Stock Exchange (HKEX) has a disclosure regime, which
means that companies can complete the listing process faster.For some enterprises whose business
accounts for a large proportion of international trade, the listing in Hong
Kong allows mainland companies to reach a wider group of international
investors, including institutional investors from all over the world, providing
ideal conditions for companies to raise foreign investment.At the same time, mainland listings are
usually denominated in RMB, while listing in Hong Kong allows companies to
raise capital in Hong Kong dollars or US dollars. This currency diversification
is essential for companies with international expansion plans or foreign
exchange exposures. These HKD and USD funds can support the company's
international expansion plans for R&D, market expansion or mergers and
acquisitions.Another benefit of the spin-off is that it
provides an opportunity for the listed group to restructure its business, so
that the parent company and the new company can focus on their respective core
businesses, improve the efficiency of business operations and enhance
competitiveness. The management of the new company can also benefit from the
equity incentive plan introduced at the time of spin-off, which will have a
positive impact on improving the motivation of management and employees.Goertek said in the announcement that in
recent years, AI large model technology has developed rapidly, and new products
and applications have emerged in an endless stream. The integration of AI and
intelligent hardware products is expected to bring a new round of development
opportunities to the global technology and consumer electronics industry in the
next few years, and also bring new development opportunities to Goertek.On the one hand, voice interaction is one
of the core interaction methods of AI intelligent hardware, high-quality sound
signal acquisition is the premise of voice interaction, and high-end MEMS
acoustic sensors, as the core components necessary for voice interaction, have
broad market prospects. At the same time, the use of AI technology to empower
AI smart glasses, AR augmented reality and other products are expected to usher
in an explosion, such products have high requirements in miniaturization, lightweight,
SIP microsystem modules will usher in the above products ushered in a wide
range of applications.On the other hand, through this spin-off
and listing, the successful landing of Hong Kong, a mature international
capital market platform, will help improve the corporate governance level of
Goertek, enhance the company's international market visibility and help
business expansion, facilitate Goertek to attract global talents, carry out
capital operation and global supply chain layout, and also help to improve the
financing efficiency and financial strength of Goertek and Goertek, reduce the
overall asset-liability ratio, and provide strong support for the long-term and
healthy development of Goertek and Goertek.In addition, the industry characteristics,
product technical characteristics, business model and other business segments
of the company are different, and its independent listing development will also
be conducive to Goertek and Goertek to focus on resources, achieve high-quality
independence and coordinated development, and help all shareholders fully share
the benefits brought by the rapid development of Goertek after its independent
listing.In terms of risk warning, Goertek believes
that Goertek purchases a large amount from Infineon, accounting for a high
proportion of the total procurement, and the main reasons are: first, the main
raw materials of Goertek's MEMS products account for a relatively high
proportion of chips, resulting in a large purchase amount; Second, as the
world's leading semiconductor company, Infineon's chip products are in a
leading position in the market in many fields and are recognized by end
customers.In addition, Goertek's customer
concentration is relatively high, especially the sales to Apple industry chain
companies account for a relatively high proportion of sales, and there is a
significant dependence on Apple.According to Wind data, up to now, a total
of 148 companies have achieved dual listing of "A+H" shares, most of
which are leaders in pharmaceutical, banking, energy, insurance and other
industries. However, there are only 3 companies in the technology hardware and
equipment industry, and only 3 companies in the semiconductor and production
equipment fields, which is obviously less.Goertek's revenue in 2021~23 is
33.5/31.2/3.02 billion yuan (accounting for 4.3%/3.0%/3.1% of Goertek's total
revenue), gross profit margin is 22.9%/20.8%/20.2%, net profit attributable to
the parent company is 3.3/3.3/230 million yuan (accounting for 6.6%/16.0%/18.2%
of the net profit attributable to Goertek), and net profit attributable to the
parent company is 2.1/1.9/120 million yuan (accounting for 4.7% of the non-net
profit attributable to Goertek 10.2%/12.4%）。Before the spin-off, Goertek achieved a
total operating income of 40.382 billion yuan in the first half of the year,
and a net profit attributable to the parent company of 1.225 billion yuan.
