Analysis of Heshun Petroleum's Cross-Border Acquisition of Kuixin Technology Triggering a Limit-Up

Heshun Petroleum (603353) is a listed company mainly engaged in refined oil wholesale and retail [0]. On November 16, 2025, it announced plans to acquire no less than 34% equity of Shanghai Kuixin Integrated Circuit Design Co., Ltd. with cash and control a total of 51% voting rights through voting rights entrustment [1]. On the day of the announcement, the stock price hit a limit-up, rising by 2.55 yuan (+10.008%) [6]. At the same time, the company intends to terminate its tobacco product retail business, and the proposal to adjust the business scope will be submitted to the shareholders’ meeting for deliberation [2], showing its determination to focus on core operations and strategic transformation. Kuixin Technology focuses on high-speed interface IP and Chiplet solutions, was established in 2021, and has good development prospects [3]. This cross-border layout in the semiconductor industry comes at a time of industry activity, with areas such as Chiplet and IP cores attracting market attention [4], bringing expectations of new performance growth points for the company.

1. Valuation Reconstruction Opportunity
   : From the traditional oil industry to the high-tech semiconductor field, investors re-evaluate the company’s future development prospects [5];
2. Clear Strategic Focus
   : Terminating the tobacco business and acquiring the semiconductor company are advancing simultaneously, and the management’s strategic direction is clear [2];
3. Market Sentiment Resonance
   : Against the backdrop of the overall activity of the semiconductor sector, the cross-border merger and acquisition event amplifies the market’s positive response [4].

• Risk Points
  : Cross-border integration risks (significant industry differences), uncertainty about the target company’s performance, callback risks after overheated market sentiment;
• Opportunity Points
  : Growth dividends of the semiconductor industry, valuation improvement space brought by business diversification, long-term development potential after successful strategic transformation.

Heshun Petroleum enters the semiconductor field through the acquisition of Kuixin Technology, while optimizing its business structure; this strategic adjustment triggered a limit-up in the stock price. Investors need to pay attention to subsequent acquisition progress, the integration effect of the target company, and changes in semiconductor industry trends, and rationally evaluate investment value.