Heshun Petroleum (603353) Limit-Up Analysis: Cross-Industry Acquisition of Semiconductor IP Enterprise Spurs Market Enthusiasm

Heshun Petroleum (603353) hit the limit-up on November 17, 2025, closing at RMB 30.83 with a 9.99% increase [2][4]. This limit-up was mainly driven by the company’s announcement of a cross-industry acquisition to take control of Kuixin Technology [1][2]. The company plans to acquire Kuixin Technology for no more than RMB 540 million in cash to expand into the semiconductor IP and Chiplet business [1][2]. Kuixin Technology is one of the few domestic enterprises that can provide complete Chiplet solutions, with customers covering AI, data centers, and other industries [0][2], but it has accumulated losses of over RMB 80 million in the past three and a half years [3]. At the same time, the actual controller intends to transfer 6% of the shares to Chen Wanyi, with a total transfer price of RMB 236.5 million, to provide a guarantee for Kuixin Technology’s performance bet [0][2]. The event occurred during the rotation of hot spots in the semiconductor sector, and the market has a high pursuit of cross-industry transformation concepts [0][2].

1. Transformation Story Drives Market Sentiment
   : As a traditional refined oil retail enterprise, its cross-industry entry into the semiconductor field aligns with the current market’s preference for high-tech transformation themes, becoming the core catalyst for the stock price limit-up [0][2].
2. Target’s Technical Advantages and Risks Coexist
   : Kuixin Technology’s Chiplet solution capability is scarce in the industry, but historical losses may bring uncertainty to the company’s future performance [3][0].
3. Supporting Arrangements Enhance Market Confidence
   : The actual controller’s equity transfer provides a guarantee for the performance bet, which to some extent alleviates investors’ concerns about the acquisition target’s performance commitments [0][2].

1. Integration Risk
   : Cross-industry acquisition of semiconductor enterprises may face challenges such as business integration and technical synergy [0][3].
2. Performance Uncertainty
   : Kuixin Technology has large historical losses, and there is uncertainty about whether it can fulfill its performance commitments in the future [3].
3. Cash Flow Pressure
   : The RMB 540 million cash acquisition may have a short-term impact on the company’s cash flow [0][2].

1. Industry Layout Upgrade
   : Through this acquisition, the company is expected to enter the high-growth semiconductor IP and Chiplet fields, seizing development opportunities in industries such as AI and data centers [0][1].
2. Continuation of Market Sentiment
   : If the semiconductor sector remains hot, the company’s stock price may continue to benefit from transformation expectations [0][4].

By acquiring Kuixin Technology, Heshun Petroleum has achieved business cross-industry expansion and received a positive market response (limit-up) in the short term. The core of the event lies in the company’s attempt to transform from traditional refined oil retail to the semiconductor IP/Chiplet field, combined with the semiconductor sector’s hot trend. Investors need to pay attention to the subsequent progress of the acquisition, the target company’s performance, and the integration effect to evaluate long-term value.