Changdian Technology (600584, market value of 50.5 billion yuan), a leading company in the domestic semiconductor packaging and testing industry, issued an announcement on the evening of March 19, revealing a storm of equity transfer that may lead to a major change in the company's control. According to the announcement, the company's major shareholder, National Integrated Circuit Industry Investment Fund Co., Ltd. (referred to as "Big Fund") and Xinde Semiconductor (Shanghai) Co., Ltd. (referred to as "Xinde Semiconductor") are closely planning the company's equity transfer related matters, which is very likely to lead to a fundamental change in the control of Changdian Technology.

The names of the two major shareholders, Big Fund and Xinde Semiconductor, are well-known in the semiconductor industry. The total market value of the Changdian Technology shares they hold is as high as 13.2 billion yuan. Such a large-scale equity change will undoubtedly attract strong attention from the market. So, how will this equity transfer unfold? Who will be the new controlling party? All these questions are tugging at the heartstrings of investors.

Since its listing in June 2003, Changdian Technology has undergone several equity changes. Initially, Xinchao Group was the company's controlling shareholder, and Wang Xinchao was the actual controller. However, in 2014, Changdian Technology signed a "Joint Investment Agreement" with the National Science and Technology Investment Fund and Xinde Semiconductor, and jointly acquired STATS ChipPAC, the fourth largest company in the global integrated circuit packaging and testing outsourcing industry at the time. Since then, after a series of asset restructuring and equity transactions, the National Science and Technology Investment Fund and Xinde Semiconductor have become the first and second largest shareholders of Changdian Technology respectively.