Morning briefing: Inno Laser first-half net profit up 314.55%, MSCI China Index adjustment effective today

Puya Semiconductor plans to acquire the remaining 49% stake in its controlling subsidiary Zhuhai Noah Changtian Storage Technology for 247 million yuan. The restructuring will be reviewed by the M&A and Restructuring Review Committee of the Shanghai Stock Exchange on October 14. Upon completion, Puya Semiconductor will hold 100% of Noah Changtian, thereby indirectly controlling its wholly owned SkyHigh Memory Limited, further strengthening its non-volatile memory product portfolio. The transaction will be implemented through the issuance of shares, convertible corporate bonds, and cash payment, with supporting funds raised. It does not constitute a major asset restructuring or a related-party transaction. Puya Semiconductor previously held 51% of Noah Changtian, having obtained a 20% stake through a capital increase of 90 million yuan in March 2025, and acquiring a further 31% stake for approximately 144 million yuan on November 17, 2025, gaining control. The Shanghai Stock Exchange had questioned the difference between two asset-based valuations of Noah Changtian. The valuation as of August 31, 2025 was approximately 463 million yuan, while the valuation as of December 31, 2025 was approximately 573 million yuan. The company said the difference mainly stemmed from changes in SHM's assets and operating conditions. The counterparty in this transaction has not set performance commitments or compensation arrangements. The target company's operating revenue for 2024, 2025, and the first half of 2026 was approximately 863 million yuan, 1.349 billion yuan, and 2.346 billion yuan respectively, with corresponding net profit attributable to owners of approximately 22.45 million yuan, 166 million yuan, and 997 million yuan.

Plans emerged on the 9th that Terafab, the semiconductor manufacturing initiative launched by American businessman Elon Musk, aims to have a large-scale mass production plant operating in Texas by 2032. According to people familiar with the matter, preparations are underway to start up a semiconductor pilot plant in the state during 2027, and orders have already begun to be placed with Japanese semiconductor manufacturing equipment and materials companies for the pilot plant. The plant is expected to be completed as early as July 2027 and to begin operating within that year. At the large-scale mass production plant targeted for operation in 2032, production of logic semiconductors capable of advanced computing and memory will be handled at a single facility, with final production scale projected at roughly 1 million wafers per month, of which about 70 percent of capacity will be allocated to memory and about 30 percent to logic. The production scale will be comparable to the large-scale plants of major semiconductor makers such as Taiwan Semiconductor Manufacturing and South Korea's Samsung Electronics. For logic semiconductor production, Intel of the United States will provide technical cooperation, with adjustments underway to adopt the company's 2-nanometer and 1.4-nanometer circuit linewidth technologies, while for memory manufacturing a plan has surfaced for a Taiwanese company to provide technical cooperation. Terafab is an initiative announced by Musk in March, under which the electric vehicle giant Tesla and space development company SpaceX will lead the development of semiconductor plants, investing 55 billion dollars initially, with total investment potentially expanding to 119 billion dollars including additional portions.