公告显示，公司本次实施的对外投资主要对 AI 及半导体产业链的相关企业进行组合投资。通过对这些 领域的企业进行投资，公司能够充分利用其自有资金，并依托产业基金管理人的投资管理专业能力和资 源优势，进一步完善公司产业链布局，促进公司产品结构与产业技术升级。 智通财经APP讯，视源股份(002841.SZ)公告，公司参与签署了《帝奥微湖杉(嘉兴)股权投资合伙企业(有 限合伙)合伙协议》，公司以新增入伙的方式成为帝奥微湖杉(嘉兴)股权投资合伙企业(有限合伙)的合伙 人。 公司作为有限合伙人以自有资金出资5000万元认购合伙企业的基金份额。 ...

公告显示，公司本次实施的对外投资主要对 AI 及半导体产业链的相关企业进行组合投资。通过对这些 领域的企业进行投资，公司能够充分利用其自有资金，并依托产业基金管理人的投资管理专业能力和资 源优势，进一步完善公司产业链布局，促进公司产品结构与产业技术升级。 智通财经APP讯，视源股份(002841.SZ)公告，公司参与签署了《帝奥微湖杉(嘉兴)股权投资合伙企业(有 限合伙)合伙协议》，公司以新增入伙的方式成为帝奥微湖杉(嘉兴)股权投资合伙企业(有限合伙)的合伙 人。 公司作为有限合伙人以自有资金出资5000万元认购合伙企业的基金份额。 ...

Core Points - DiAo Micro (688381.SH) closed at 23.42 yuan, with a decline of 3.14% [1] - The company was listed on the Shanghai Stock Exchange's Sci-Tech Innovation Board on August 23, 2022, with an initial public offering (IPO) of 63.05 million shares at a price of 41.68 yuan per share [1] - The stock reached a peak price of 55.50 yuan on its first trading day and is currently in a state of decline [1] Fundraising and Financials - DiAo Micro raised a total of 262.79 million yuan from its IPO, with a net amount of 241.56 million yuan after deducting issuance costs [1] - The net fundraising amount exceeded the original plan by 91.56 million yuan, with the initial target set at 150 million yuan [1] - The funds are intended for upgrading and industrialization of simulation chip products, construction of a research and design center in Shanghai, a research and testing center in Nantong, and to supplement working capital [1] Underwriting and Investment - The lead underwriter for DiAo Micro's IPO was CITIC Securities Co., Ltd., with representatives Wang Zhidan and Leng Kun [1] - The total underwriting fees amounted to 21.23 million yuan, with CITIC Securities and Pacific Securities receiving 18.08 million yuan in underwriting and sponsorship fees [1] - CITIC Investment Co., a subsidiary of the underwriting institution, participated in the offering with a stake of 3%, acquiring 1.89 million shares valued at approximately 7.88 million yuan, subject to a 24-month lock-up period [2]

Core Viewpoint - A significant wave of merger and acquisition (M&A) terminations is occurring in the A-share market as the end of 2025 approaches, with at least 20 listed companies announcing the cessation of major asset restructuring plans within a month [1] Group 1: Industry Trends - The terminated M&A activities involve prominent sectors such as semiconductors, pharmaceuticals, chemicals, and information technology [1] - Notably, several semiconductor companies have recently halted their acquisition plans, indicating a trend within the industry [1] Group 2: Company-Specific Actions - Chipmaker Xinyuan Co. (688521.SH) announced on December 12 the termination of its acquisition of a 97.0070% stake in Xinlai Zhihong, citing discrepancies between the core demands of the target company's management and market conditions, policy requirements, and the interests of the company and its shareholders [1] - Haiguang Information (688041.SH) and Zhongke Shuguang (603019.SH) both announced on December 10 the termination of their absorption merger plan, stating that they could not reach an agreement on related transaction matters within the expected timeframe [1] - Other semiconductor firms, including SIRUI (688536.SH) and Diaomicro (688381.SH), have also recently declared the termination of their M&A restructuring efforts [1]

Core Viewpoint - The A-share market is experiencing a significant wave of merger and acquisition (M&A) terminations, particularly in the semiconductor sector, reflecting challenges in the current M&A environment due to macroeconomic changes and valuation disagreements [4][6]. Group 1: M&A Termination Overview - From November 13 to December 13, 2025, at least 20 listed companies announced the termination or suspension of major asset restructuring plans, with notable companies in the semiconductor, pharmaceutical, chemical, and information technology sectors [3][6]. - Semiconductor companies have been particularly affected, with significant terminations including the halted acquisition of 97.0070% of Chip Origin's shares by Chip Origin Co., which cited misalignment of core demands with market conditions [6][7]. Group 2: Reasons for Termination - The primary reasons for M&A terminations include failure to reach consensus on core terms, immature transaction conditions, and changes in the market environment [9][10]. - Valuation discrepancies are a common issue, with buyers seeking conservative valuations while sellers demand premiums, leading to difficulties in negotiations [10][11]. Group 3: Market Impact and Reactions - The termination of major deals has led to significant stock price movements, with companies like Huaguang Information and Zhongke Shuguang experiencing stock price drops following their termination announcements [6][10]. - The market has shown volatility, with stock prices of companies involved in M&A often fluctuating significantly before and after announcements, indicating a complex interplay between market conditions and M&A activities [11].

估值定价成并购"拦路虎" 并购潮起潮落。临近2025年末，A股市场掀起一波引人关注的并购重组"终止潮"。自11月13日至12月13 日，已有至少20家上市公司密集公告终止或停止实施重大资产重组计划，其中不乏芯片、医药、化工、 信息技术等热门行业的代表企业。 尤其引人注目的是，多家半导体领域上市公司在近期接连"刹车"——12月12日晚，芯原股份 （688521.SH）宣布终止收购芯来智融97.0070%股权，原因是"标的公司管理层及交易对方提出的核心 诉求及关键事项与市场环境、政策要求及公司和全体股东利益存在偏差"。紧随其后，海光信息 （688041.SH）与中科曙光（603019.SH）于12月10日同步公告终止吸收合并计划，称"交易相关事项无 法在预计时间内达成一致"。思瑞浦（688536.SH）、帝奥微（688381.SH）等半导体企业也在近期相继 宣告终止并购重组。 密集的终止公告不仅反映出当前并购市场面临的共同挑战，也折射出在宏观环境变化、市场估值定价与 产业整合深化的多重背景下，交易双方在估值、条款、整合预期等方面正经历艰难博弈。 半导体成并购终止"重灾区" 第一财经记者根据Wind数据及相关公司公 ...

证券代码：688381 证券简称：帝奥微 公告编号：2025-072 江苏帝奥微电子股份有限公司 关于终止发行股份及支付现金购买资产并募集配套资 金事项相关内幕信息知情人买卖公司股票情况的自查 报告 1、公司及其董事、高级管理人员； 2、公司控股股东、实际控制人及其董事、监事、高级管理人员； 本公司董事会及全体董事保证本公告内容不存在任何虚假记载、误导性陈 述或者重大遗漏，并对其内容的真实性、准确性和完整性依法承担法律责任。 江苏帝奥微电子股份有限公司（以下简称"帝奥微"或"公司"）于2025 年12月5日召开第二届董事会第二十一次会议，审议通过了《关于终止发行股份 及支付现金购买资产并募集配套资金事项的议案》，同意公司终止原发行股份 及支付现金购买资产并募集配套资金事项，并授权公司管理层办理本次终止相 关事宜。并于2025年12月6日在上海证券交易所网站（www.sse.com.cn）披露了 《关于终止发行股份及支付现金购买资产并募集配套资金事项的公告》。 根据《上市公司重大资产重组管理办法》《公开发行证券的公司信息披露 内容与格式准则第26号——上市公司重大资产重组》《上海证券交易所上市公 司自律监管指引 ...

12月12日上午消息，12月11日，恒生指数有限公司发布通告，恒生港股通软件及半导体（可投资）指数 将改名为恒生港股通软件主题指数，成份股数目固定为40只，加入阅文集团、趣致集团、美图、汇量科 技四只股份，剔除ASMPT、中芯国际、华虹半导体、英诺赛科四只股票，于2025年12月16日（星期 二）生效，成份股数目仍维持32只。 12月12日上午消息，12月11日，恒生指数有限公司发布通告，恒生港股通软件及半导体（可投资）指数 将改名为恒生港股通软件主题指数，成份股数目固定为40只，加入阅文集团、趣致集团、美图、汇量科 技四只股份，剔除ASMPT、中芯国际、华虹半导体、英诺赛科四只股票，于2025年12月16日（星期 二）生效，成份股数目仍维持32只。 ...

Core Viewpoint - The recent trend in the semiconductor industry, particularly in the analog chip sector, has seen a surge in mergers and acquisitions (M&A), but several notable deals have been terminated due to disagreements on key terms and conditions [2][9][10]. Group 1: Company Actions - SiRuPu (688536.SH) announced the termination of its major asset restructuring plan, with its stock resuming trading the following day [1]. - DiAoWei (688381.SH) held an investor briefing to announce the termination of its share issuance for asset acquisition, citing a lack of consensus on the transaction terms among parties involved [1][2]. - The timeline for both SiRuPu and DiAoWei's M&A activities was notably short, with SiRuPu's acquisition attempt of Ningbo Aola Semiconductor taking only half a month from initiation to termination, and DiAoWei's acquisition of Rongpai Semiconductor taking just over two months [2]. Group 2: Industry Trends - The analog chip sector has experienced a wave of horizontal consolidation, with companies like Yachuang Electronics (301099.SZ) actively pursuing M&A opportunities [4][6]. - A total of 9 horizontal M&A attempts have been initiated by 8 domestic analog chip manufacturers this year, indicating a robust interest in consolidation within the industry [6]. - The trend of M&A in the analog chip industry is driven by the need to acquire core technologies, R&D teams, and customer resources, which can shorten development cycles and mitigate market risks [7][10]. Group 3: Challenges and Terminations - Several M&A attempts in the analog chip sector have been terminated this year, primarily due to parties failing to reach agreement on key transaction terms [9]. - The reasons for termination include the immaturity of conditions for major asset restructuring and disagreements on transaction pricing and core terms [9][10]. - The current economic cycle and capital market conditions have created challenges for M&A transactions, leading to difficulties in closing deals [9]. Group 4: Future Outlook - Despite the recent terminations, external M&A is still viewed as a critical growth path for analog chip companies, with firms like Xinxiangwei expressing intentions to continue pursuing both organic and external growth strategies [10]. - The global analog chip market is dominated by leaders like Texas Instruments (TI) and Analog Devices (ADI), which have successfully utilized M&A to build comprehensive product lines [12]. - The potential for creating a "Chinese version of TI" exists, as domestic companies seek to enhance their competitiveness through strategic acquisitions [12][13].

Core Viewpoint - The article discusses the recent trend of horizontal mergers and acquisitions (M&A) in the analog chip industry, highlighting both successful and terminated deals, and the implications for the industry's growth and consolidation [1][3][8]. Group 1: Recent M&A Activity - Sirepu (688536.SH) announced the termination of its major asset restructuring plan on December 9, leading to the resumption of its stock trading [1]. - DiAoWei (688381.SH) also held an investor meeting on the same day to announce the termination of its share purchase agreement for acquiring Rongpai Semiconductor (Shanghai) Co., Ltd. due to disagreements on key terms [1]. - The rapid termination of these M&A deals, particularly in the analog chip sector, reflects challenges in reaching consensus on transaction terms [1][4]. Group 2: Industry Trends - The analog chip sector has seen a surge in M&A activity this year, with companies like Yachuang Electronics (301099.SZ) leading the charge in horizontal acquisitions [3][4]. - A total of nine horizontal M&A attempts have been initiated by eight domestic analog chip manufacturers, including Sirepu, DiAoWei, and Yachuang Electronics [4][6]. - The trend of horizontal consolidation is driven by the industry's characteristics, such as a wide range of products and a dispersed customer base, which necessitate rapid acquisition of technology and resources [6][7]. Group 3: Reasons for Termination of M&A - Several M&A attempts have been terminated this year due to failure to reach agreement on key terms, such as transaction pricing and restructuring plans [7]. - The inability to finalize agreements is a significant reason for the high rate of M&A terminations in the analog chip sector [7]. - Economic adjustments and a cooling capital market have created discrepancies between market valuations and the pricing of M&A deals, complicating the completion of transactions [7]. Group 4: Future Outlook - Despite the challenges, external M&A is still viewed as a critical growth strategy for analog chip companies, with firms like Xinxiangwei indicating a commitment to combining internal growth with external acquisitions [8]. - The article suggests that the analog chip industry could benefit from a consolidation similar to that seen in global leaders like Texas Instruments (TI) and Analog Devices (ADI), which have successfully expanded through strategic acquisitions [10][11]. - There is a recognition that domestic analog chip companies need to enhance their product lines and core capabilities to compete globally, particularly in terms of manufacturing processes and product diversity [12].