If leather isn’t working for you and neither is blockchain, then what do you do next?
如果皮革行业行不通，区块链也不奏效，那下一步该做什么？
Power semiconductors seems to be the answer, at least if your name is China International Development Corp. Ltd. (0264.HK), which on Friday announced a sort of “Mouse that Roared”-type deal by saying it plans to acquire a company much larger than itself. It doesn’t take much detective work to figure out the deal, if completed, would represent a backdoor IPO by Lonten Semiconductor Co. Ltd., a maker of power semiconductors based in Xi’an, capital of Northwest China’s Shaanxi province.
对中联发展控股集团有限公司（0264.HK）来说，答案似乎是功率半导体。公司上周五宣布一宗带有“小虾米对大鲸鱼”意味的交易：它计划收购一家规模远大于自身的企业。稍作推敲便不难看出其本质，若最终交易达成，将等同于让这家位于陕西西安、从事功率半导体制造的龙腾半导体股份有限公司，透过借壳方式在香港上市。
We say “if completed” here, because it looks like there’s a good chance that this deal may not make it to fruition, at least based on shareholder reaction after publication of the news. China International Development’s stock didn’t do much on Monday, the first trading day after the announcement, trading both above and below its last closing price during the morning session, before closing up about 5% at the midday break.
之所以要强调“若最终完成”，是因为从市场反应来看，这宗交易是否能落实仍存在相当变数。消息公布后的首个交易日（周一），中联发展股价于早盘上下波动，最终收市升6.8%。