Core Viewpoint - The acquisition of SMIC's subsidiary by Guokewai has failed after six months of controversy, with both companies announcing the termination of the asset transaction due to inability to reach an agreement within the expected timeframe [1] Group 1: Acquisition Details - Guokewai aimed to acquire SMIC Ningbo to create a dual-driven system of "digital chip design + analog chip manufacturing," intending to enhance production capabilities in high-end filters and MEMS, and expand into downstream markets like smartphones and smart connected vehicles [3][12] - The acquisition faced skepticism from the market due to limited synergy between Guokewai's digital chip design and SMIC Ningbo's analog chip manufacturing, raising doubts about the effectiveness of integration [3][4] Group 2: Financial Performance and Challenges - SMIC Ningbo has been operating at a significant loss since its establishment in 2016, with projected revenues of 213 million yuan, 454 million yuan, and 108 million yuan for 2023, 2024, and Q1 2025, respectively, while net losses are expected to be -843 million yuan, -813 million yuan, and -150 million yuan during the same periods [6] - Guokewai's financial situation is also concerning, with a revenue drop of over 50% to 1.978 billion yuan in 2024 and a net profit decline of approximately 90% to 7.4054 million yuan in the first three quarters of 2025 [8][12] Group 3: Strategic Implications - The termination of the acquisition allows Guokewai to avoid the risks associated with integrating a loss-making entity while still facing pressure to improve its own financial performance [12] - Guokewai is focusing on adjusting its business strategy, reducing low-margin product sales, and increasing R&D investment, which accounted for 43.6% of its revenue in the first half of 2025 [12]

Suspension and Resumption of Trading - Huafeng Co., Ltd.: The controlling shareholder and actual controller are both proposed to be changed to Chen Yun, and the stock will resume trading [1] - Chaozhuo Aerospace Technology: The actual controller will change to Hubei Provincial State-owned Assets Supervision and Administration Commission, and the stock will resume trading [2] - ST Tianrui: The company's controlling shareholder and actual controller are planning a change in control, and the stock is suspended [2] - Kaizhong Co., Ltd.: Plans to acquire 60% equity of Anhui Tuosheng Automotive Parts Co., Ltd., and the stock will resume trading [2] - Jiarong Technology: Plans to acquire 100% equity of Hangzhou Lanran, and the stock will resume trading. The target company focuses on the research and application of electrodialysis technology, covering a complete industrial chain [2] - Enjie Co., Ltd.: Plans to acquire 100% equity of Zhongke Hualian, and the stock is suspended [2] Mergers and Acquisitions - Dongfang Precision: Plans to sell 100% equity of Fosber Group and two other companies for cash, which is expected to constitute a major asset restructuring [3] Share Buybacks and Increases - China Jushi: Zhenstone Group plans to increase its shareholding in the company by 550 million to 1.1 billion yuan [4] Investment Cooperation and Operational Status - JinkoSolar: Expects global energy storage installation demand to exceed 400 GWh next year, with a target of doubling the shipment of storage systems [5] - Lijun Co., Ltd.: Its wholly-owned subsidiary signed a sales contract with GRANDWAY for high-pressure roller mills and related equipment, with a total contract amount of 57.6077 million USD, accounting for 52.53% of the audited consolidated revenue for 2024 [5] - Saimo Intelligent: The controlling subsidiary established Zhongcai Aviation to engage in the research and development of drone detection and countermeasure solutions [5] - Baili Tianheng: Received a milestone payment of 250 million USD from Bristol-Myers Squibb for the iza-bren project [6] - Jiangxi Copper: Plans to acquire shares of overseas listed company SolGold Plc, currently in the informal offer stage and has been rejected by the target company's board [6] - Jifeng Technology: Plans to invest 50 million yuan to establish a wholly-owned subsidiary, Jifeng Low-altitude Technology (Yancheng) Co., Ltd. [7] - Changan Automobile: Plans to invest 225 million yuan to establish Changan Robotics Company to develop intelligent humanoid robot technology [7] - Aorui De: Plans to sign a 635 million yuan computing power procurement agreement [8] - SMIC: Terminated the sale of its stake in the affiliated company SMIC Ningbo [9] - Huayang Co., Ltd.: The annual production project of 200 tons of high-performance carbon fiber has been put into production [10]

Core Viewpoint - The acquisition of Zhongxin Ningbo by Guoke Micro has been terminated due to the inability to reach consensus on related matters within the expected timeframe, prioritizing the long-term interests of the company and its investors [1][6]. Group 1: Announcement of Termination - Guoke Micro announced the termination of the acquisition of Zhongxin Ningbo on November 28, following the approval of the board and supervisory committee [1][5]. - The termination was formalized through a signed agreement with relevant parties, including Zhongxin International's wholly-owned subsidiary [5]. Group 2: Background of the Acquisition - The acquisition plan was initially announced on June 5, where Guoke Micro intended to purchase 94.366% of Zhongxin Ningbo's shares through a combination of stock issuance and cash payment [4]. - Guoke Micro had issued multiple progress announcements regarding the acquisition from July to October [4]. Group 3: Reasons for Termination - The termination was attributed to the inability to reach agreement on various aspects of the transaction despite efforts from all parties involved [6]. - The decision was made after thorough communication and consideration, emphasizing a cautious approach to protect the interests of the company and its investors [6]. Group 4: Expert Opinions - Experts had previously expressed skepticism about the acquisition, noting the lack of synergy between Guoke Micro, a fabless chip design company, and Zhongxin Ningbo, a foundry specializing in RF devices and MEMS [7]. - The differing focuses of the two companies raised concerns about the limited collaborative potential between digital chip design and analog chip foundry services [7].

Core Points - Semiconductor companies SMIC Beijing and SMIC Shanghai have obtained a patent for "semiconductor device structure, formation method, and display device based on OLED display" with the announcement number CN119698187B, applied on September 2023 [1] Company Overview - SMIC Beijing, established in 2002, is located in Beijing and primarily engages in the manufacturing of computers, communications, and other electronic devices, with a registered capital of 100 million USD. The company has made one external investment, participated in 53 bidding projects, holds 5000 patent records, and possesses 225 administrative licenses [1] - SMIC Shanghai, founded in 2000, is based in Shanghai and also focuses on the manufacturing of computers, communications, and other electronic devices, with a registered capital of 244 million USD. The company has made four external investments, participated in 127 bidding projects, has 150 trademark records, holds 5000 patent records, and possesses 446 administrative licenses [1]

Group 1 - Wentech Technology issued an official statement urging Anshi Netherlands to stop spreading misinformation and to address the core issues regarding the supply chain chaos and related disputes [2] - Vanke bonds experienced significant volatility, with "23 Vanke 01" closing down over 58%, while "22 Vanke 06" and "22 Vanke 04" both fell over 40% [2] Group 2 - The National Development and Reform Commission held a meeting to discuss the high-quality development of the service industry during the 14th Five-Year Plan, emphasizing the need for enterprises to strengthen their main businesses and expand effective investment [3] - The Ministry of Finance reported that from January to October, state-owned enterprises generated total revenue of 6,835.293 billion yuan, a year-on-year increase of 0.9%, while total profit decreased by 3.0% [3] - In October, China's international balance of payments for goods and services showed an export of 341.6 billion USD and an import of 262.5 billion USD, resulting in a surplus of 79.2 billion USD [3] Group 3 - The China Securities Regulatory Commission is seeking public opinion on the implementation measures for the supervision of the securities and futures market, outlining common regulatory actions [5] - The CSRC announced a pilot program for commercial real estate investment trusts, detailing product definitions and operational requirements [5] - The A-share market saw a low opening but closed higher, with the Shanghai Composite Index rising 0.34% [5] Group 4 - The Hong Kong Hang Seng Index experienced slight fluctuations, closing down 0.34%, while the Hang Seng Technology Index rose slightly [6] - The Shanghai Stock Exchange took self-regulatory measures against 80 cases of abnormal trading behavior, focusing on stocks with significant volatility [7] - Meituan reported a revenue of 95.5 billion yuan for Q3 2025, a year-on-year increase of 2%, but faced a loss of 14.1 billion yuan due to intensified industry competition [7] Group 5 - The Ministry of Industry and Information Technology held a meeting to address irrational competition in the power and energy battery industry and initiated a commercial trial for satellite IoT services [9] - The National Energy Administration is promoting the integration of artificial intelligence in the energy sector to enhance intelligent development [9] Group 6 - The China Logistics and Purchasing Federation reported that from January to October, the total social logistics volume reached 293.7 trillion yuan, a year-on-year increase of 5.1% [10] - The China Index Academy reported that the total land acquisition amount for the top 100 real estate companies from January to November was 847.8 billion yuan, a year-on-year increase of 14.1% [10] Group 7 - The U.S. stock market saw all three major indices rise, with the Dow Jones up 0.61% and the S&P 500 up 0.54%, marking five consecutive days of gains [20] - European stock indices also saw slight increases, with the German DAX rising 0.29% [20] Group 8 - The domestic bond market showed signs of recovery, with government bond yields generally declining [22] - U.S. Treasury yields collectively rose, with the 10-year yield increasing by 2.3 basis points [22] Group 9 - The Chicago Mercantile Exchange experienced a global derivatives trading interruption due to a cooling system failure, affecting multiple markets [23] - The Shanghai Futures Exchange announced adjustments to position limits for certain futures contracts starting January 1, 2026 [24]

Core Viewpoint - SMIC announced the termination of the asset purchase agreement, indicating challenges in reaching consensus among the parties involved [1] Group 1 - On November 28, 2025, the parties involved signed a termination agreement for the asset purchase agreement [1] - Following the termination, SMIC Holdings retains a 14.832% stake in SMIC Ningbo [1] - The parties had been actively working towards the transaction since its announcement, but were unable to reach an agreement within the expected timeframe [1]

Group 1 - Guizhou Moutai elected Chen Hua as the chairman of the fourth board of directors [4] - Tianfeng Securities is under investigation by the China Securities Regulatory Commission for suspected violations of information disclosure and illegal financing [4] - Yongtai Energy's actual controller Wang Guangxi received a notice of investigation from the China Securities Regulatory Commission for matters unrelated to the company [4] Group 2 - Shenzhou Pharmaceutical's controlling shareholder plans to reduce its stake by no more than 3% [4] - Zhenhua Group intends to increase its stake in China Jushi by 550 million to 1.1 billion yuan [4] - Jihong Co., Ltd. and its concerted parties plan to reduce their stake by no more than 2.93% [4] Group 3 - XJ Electric won a 1.518 billion yuan procurement project from the State Grid [4] - China XD Electric's subsidiaries collectively won procurement projects from the State Grid worth approximately 2.98 billion yuan [4] - Chaozhuo Aerospace's actual controller will change to the Hubei Provincial State-owned Assets Supervision and Administration Commission, with stock resuming trading on December 1 [4] Group 4 - Huakong Saige terminated its specific object stock issuance [5] - Shenzhen Energy plans to apply for a public bond issuance with a total scale not exceeding 20 billion yuan [5] Group 5 - Blue Sail Medical's board proposed to lower the conversion price of "Blue Sail Convertible Bonds" [6] - ST Lifang's stock will be subject to delisting risk warning and will be suspended from trading on December 1 [7] - Cambrian elected Chen Tianshi as chairman [8]

Core Viewpoint - The acquisition of 94.366% stake in Zhongxin Ningbo by Guokaiwei has been terminated due to the inability to reach an agreement within the expected timeframe, but this will not significantly impact the financial status of either party [1][2]. Group 1: Company Overview - Guokaiwei is a leading integrated circuit design company in China, focusing on ultra-high-definition smart displays and smart vision, and has become a key supplier of related chip solutions [2]. - Zhongxin Ningbo possesses unique advantages in special process fields, with 6-inch and 8-inch wafer manufacturing lines, currently in the capacity ramp-up phase [2]. Group 2: Impact of Termination - The termination of the acquisition will not disrupt Guokaiwei's established operational pace, as the company continues to focus on its "ALL IN AI" strategy and the development of AI SoC products [3]. - Guokaiwei has stated that the termination does not mean a complete abandonment of restructuring, and the company will continue to seek external acquisition opportunities that align with policy encouragement and strategic synergy [3]. Group 3: Market Context - Despite the overall increase in M&A activity in the A-share market this year, there have been over 50 cases of companies terminating major asset restructuring plans, indicating a trend of cautious adjustments in the market [3].

Core Viewpoint - Semiconductor Manufacturing International Corporation (SMIC) announced the issuance of 17,200 ordinary shares on November 28, 2025, due to the exercise of restricted stock units granted under the 2024 Share Award Plan adopted on June 28, 2023 [1] Group 1 - The company will issue a total of 17,200 ordinary shares [1] - The shares are being issued as a result of the exercise of restricted stock units [1] - The 2024 Share Award Plan was adopted on June 28, 2023 [1]

Core Viewpoint - The Hang Seng Index increased by 0.25%, while the Hang Seng Tech Index rose by 0.43%, indicating a positive market sentiment in the technology sector [1] Group 1: Market Performance - The Hang Seng Index experienced a rise of 0.25% [1] - The Hang Seng Tech Index saw an increase of 0.43% [1] Group 2: Stock Movements - Semiconductor stocks opened higher, with SMIC rising nearly 2% and Hua Hong Semiconductor increasing by nearly 1% [1] - New stock Haiwei Co. opened down over 5% [1]