Market Performance - The main board saw significant gains with notable stocks such as Copper Peak Electronics (+10.04%), Xilong Science (+10.00%), and Dongfang Communication (+9.98%) leading the charge [1] - The ChiNext board experienced a surge, highlighted by Guoci Materials (+20.02%) and LianTe Technology (+15.87%) [1] - The Sci-Tech Innovation board also performed well, with Jingfeng Mingyuan (+20.00%) and Yandong Micro (+16.84%) among the top gainers [1] - Active sub-industries included SW Electronic Chemicals III (+4.36%) and SW Semiconductor Equipment (+3.55%) [1] Domestic News - Taiwan's Industrial Technology Research Institute announced the development of the region's first full-color high-resolution Micro LED AI smart glasses, featuring a 0.49-inch display with 1920x1080 FULL HD resolution and over 3000 nits brightness [1] - Shanghai Jiao Tong University and Guoxing Aerospace signed an agreement to establish China's first space computing joint laboratory, focusing on autonomous space computing chip development and related technologies [1] - Goer Group and Haier Group signed a strategic cooperation agreement to collaborate on smart home, health, and digital economy sectors, leveraging Goer's expertise in precision components and smart manufacturing [1] - According to BCI's report, Huawei's smartphone market share is projected to reach 27.81% by the 48th week of 2025, significantly ahead of Apple's 17.12% [1] Company Announcements - Electric Science and Technology Network announced a significant decrease in expected daily related transactions for 2026, with actual transactions for 2025 being 283.25 million yuan compared to an expected 1.17385 billion yuan [3] - Chip Origin announced progress in acquiring Zhudian Semiconductor, with a capital increase of 350 million yuan for the acquisition [3] - Yunding Technology projected daily related transactions for 2026 to be approximately 1.355 billion yuan, with actual transactions expected to be around 1.484 billion yuan [3] - Aisino Security reported receiving a government subsidy of 1 million yuan, classified as a revenue-related government grant [3] International News - Dell plans to increase prices for its commercial product line by approximately 10%-30% starting December 17, depending on computer configuration [1] - STMicroelectronics secured a new credit line of 1 billion euros from the European Investment Bank, with 60% allocated for enhancing manufacturing capabilities [1] - SK Hynix ordered seven sets of thermal compression bonding machines from ASMPT for HBM4 production, a critical technology for ensuring product yield and performance [1] - Kioxia plans to start producing next-generation NAND flash memory chips in Iwate Prefecture in 2026, increasing storage capacity by 59% and data transfer speed by 33% [1]

Re-listing - Enjie Co., Ltd. plans to acquire 100% of Zhongke Hualian, a high-tech enterprise specializing in the research and development of wet lithium-ion battery separator production equipment and other polymer material production equipment, leading to the resumption of its stock trading [1] - Guoao Technology's actual controller has changed to Xu Yinghui, resulting in the resumption of its stock trading [2] Capital Increase and Mergers - Tiens Wind Power plans to raise 1.95 billion yuan for the expansion of the Changfeng New Energy Equipment Manufacturing Base and other related projects [3] - Rese Intelligent plans to raise no more than 1.144 billion yuan for the development and industrialization of core components for intelligent equipment motion control and other projects [4] - Tiankang Biological intends to acquire 51% of Xinjiang Qiangdu Animal Husbandry Technology Co., Ltd. for 1.275 billion yuan in cash [5] Share Transfer and Buyback - Maide Medical plans to repurchase shares worth 20 million to 40 million yuan to reduce the company's registered capital [6] - Xice Testing's controlling shareholder Li Zexin intends to transfer 4.22 million shares at a price of 48.59 yuan per share, accounting for 5% [7] - Jintian Titanium Industry is inquiring about a share transfer price of 15.39 yuan per share for a total of 22.6625 million shares [8] External Investment and Daily Operations - Saiyi Information received approval for a major national science and technology project related to intelligent manufacturing systems and robotics [9] - Jiuan Medical's U.S. subsidiary received pre-market notification from the FDA for a home test kit for multiple viruses [10] - Jiazhe New Energy plans to invest in two wind power projects with a total installed capacity of 450 MW and an investment of approximately 2.366 billion yuan [11] - Junshi Biosciences received FDA approval for clinical trials of JS212 for the treatment of advanced malignant solid tumors [12] - Longsheng Technology plans to invest 350 million yuan in an innovative center for embodied intelligent robots [13] - Watson Bio's subsidiary received approval for clinical trials of a freeze-dried shingles virus mRNA vaccine [14] - Greeenmei plans to acquire 16.38% of Henan Circular Technology Industry Group for 400 million yuan [15] - Heng Rui Medicine's HRS9531 injection clinical trial has been approved, with no similar drugs approved globally for the MASH indication [16] - Guodian Power plans to invest 7.218 billion yuan in the expansion of the Guoneng Jianbi Phase 8 project [17] - Guorui Technology's subsidiary won a bid for the "GXLF Project Pump Source" project with a bid of 76 million yuan [18] - Xin Fengming plans to invest 280 million USD in a 360,000-ton functional fiber project in Egypt [19] - Chip Origin terminated the acquisition of 97% of Chip Lai Zhirong [20] - Moore Thread plans to use 7.5 billion yuan of idle raised funds for cash management [21]

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]

2025.12．14 作者 |第一财经魏中原 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Wi ...

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].

Core Viewpoint - Chip Origin Co., Ltd. is advancing its strategic acquisitions by investing in TianSui XinYuan and acquiring control of ZhuDian Semiconductor, while terminating the acquisition of XinLai ZhiRong to focus on its core business and RISC-V ecosystem development [1][7]. Group 1: Acquisition and Investment - Chip Origin plans to invest in TianSui XinYuan alongside prominent investors, contributing 350 million yuan to a total capital increase of 940 million yuan, which will make it the largest shareholder with a 40% stake [2][3]. - The acquisition of ZhuDian Semiconductor is aimed at enhancing Chip Origin's competitive edge in AI ASIC markets by combining its image processing technology with ZhuDian's expertise in video processing [4][5]. Group 2: Termination of Acquisition - The company has decided to terminate the acquisition of 97.0070% of XinLai ZhiRong's shares due to misalignment of key demands from the target company's management with market conditions and shareholder interests [7]. - The termination of this acquisition is not expected to adversely affect the company's normal business operations or shareholder interests [7]. Group 3: RISC-V Ecosystem Development - Chip Origin has been actively promoting the RISC-V ecosystem for over seven years, leading initiatives such as the establishment of the China RISC-V Industry Alliance, which has grown to 204 member units [9]. - The company has developed multiple chip design platforms based on RISC-V architecture, which are being adopted by various clients, thus facilitating the industrialization of RISC-V technology [9]. Group 4: Technological Advancements - The company has launched the Coral NPU IP in collaboration with Google, designed for low-power edge applications, which is based on the RISC-V architecture and aims to enhance the edge AI ecosystem [10]. - Chip Origin is developing verification chips based on the Coral NPU IP for applications in AI/AR glasses and smart home devices, accelerating the deployment of large language models at the edge [10].

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 ...

Core Viewpoint - Chipone Technology announced a strategic capital increase for TianSui Semiconductor, acquiring control of ZhuDian Semiconductor, which is expected to enhance its position in the semiconductor industry and improve its AI ASIC market competitiveness [1][6]. Group 1: Capital Increase and Shareholding Structure - On December 12, Chipone Technology signed a capital increase agreement with TianSui Semiconductor and five investment partners, with TianSui planning to increase its registered capital by 940 million yuan [1]. - Chipone will contribute 350 million yuan in cash and an additional 20 million yuan through its existing 2.11% stake in ZhuDian Semiconductor, resulting in a significant ownership stake [1]. - After the capital increase, TianSui's registered capital will rise from 10 million yuan to 950 million yuan, with Chipone becoming the largest shareholder with a 40% stake [5]. Group 2: Investment Partners - The investment partners include prominent entities such as Huaxin Dingxin, Guotou Xiandao, Yitang Yuanchuang, and Hanzhe Chuangtou, contributing a total of 550 million yuan to support the acquisition [4]. - Huaxin Dingxin invested 300 million yuan, while Guotou Xiandao contributed 150 million yuan, showcasing a strong backing from established investment firms [4]. Group 3: Strategic Implications - ZhuDian Semiconductor, established in 2004, is a leading provider of video and display processing chip solutions, holding over 160 patents and dominating the 3LCD projector control chip market with over 80% share [5]. - The acquisition allows Chipone to offer a comprehensive solution from image preprocessing to postprocessing for mobile clients, enhancing its capabilities in emerging fields like AI smartphones and cloud gaming [5]. - The market analysis suggests that this strategic acquisition aligns with the trend of domestic semiconductor replacement and policy support, potentially setting a new benchmark for industry consolidation [6].

Core Viewpoint - Chip Original Co., Ltd. announced the termination of its acquisition of 97.0070% equity in Chip Lai Zhi Rong Semiconductor Technology (Shanghai) Co., Ltd. and related fundraising activities due to 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][3]. Group 1: Transaction Details - The acquisition was initiated on August 28, 2025, with a suspension of trading on August 29, 2025, and resumption on September 12, 2025 [3]. - The transaction aimed to enhance the company's core processor IP and CPU IP capabilities, as well as improve the design flexibility and innovation of AI ASICs [3]. - Following the termination, the company committed to not planning any major asset restructuring for at least one month and will hold an investor briefing on December 18, 2025 [3]. Group 2: Company Profile - Chip Lai Zhi Rong, established in 2018, is one of the first domestic RISC-V CPU IP providers in China, with over 100 employees and a leading position in CPU IP business revenue among Chinese RISC-V IP companies in 2024 [4]. - Chip Original Co., Ltd. provides comprehensive chip customization services and semiconductor IP licensing, with a portfolio that includes six types of processor IP and over 1,600 mixed-signal and RF IPs [4]. Group 3: Financial Performance - In the first three quarters of the year, Chip Original Co., Ltd. achieved revenue of 2.255 billion yuan, a year-on-year increase of 36.64%, while the net profit attributable to shareholders was a loss of 347 million yuan, reducing the loss by 49.16 million yuan compared to the same period last year [4]. - The company signed new orders worth 1.593 billion yuan in the third quarter of 2025, a significant year-on-year increase of 145.80%, with AI computing-related orders accounting for approximately 65% [4]. - The total new orders signed in the first three quarters of 2025 reached 3.249 billion yuan, surpassing the total new orders for the entire year of 2024 [4]. Group 4: Market Position - According to industry research firm IPnest, Chip Original Co., Ltd. ranks first in China's semiconductor IP licensing market and eighth globally in 2024, with its intellectual property licensing revenue ranking sixth worldwide [5]. - The company's stock has performed exceptionally well this year, with a year-to-date increase of over 184%, bringing its total market capitalization to 78.37 billion yuan as of December 12 [5].

Core Viewpoint - The article discusses the termination of a significant asset restructuring by Chip Original Co., Ltd. (芯原股份), which was set to acquire a 97.0070% stake in Chip Coming Technology (芯来智融) due to discrepancies between the core demands of the target company's management and the market environment, policy requirements, and the interests of the company and its shareholders [1][3][4]. Group 1: Transaction Details - The acquisition was initiated on August 28, 2025, with a suspension of trading on August 29, 2025, and a resumption on September 12, 2025 [3]. - The purpose of the acquisition was to enhance the company's core processor IP and CPU IP capabilities, as well as to strengthen its AI ASIC design flexibility and innovation [3][4]. - Following the termination, Chip Original announced plans to invest in Tian Sui Xin Yuan Technology (天遂芯愿) to acquire control of Zhi Dian Semiconductor (逐点半导体) [4]. Group 2: Company Performance - In the first three quarters of 2025, Chip Original reported revenue of 2.255 billion yuan, a year-on-year increase of 36.64%, while the net profit attributable to shareholders was a loss of 347 million yuan, a reduction of 49.15 million yuan compared to the previous year [5]. - The company secured new orders worth 1.593 billion yuan in Q3 2025, a significant year-on-year increase of 145.80%, with approximately 65% of these orders related to AI computing [5]. - Chip Original's semiconductor IP licensing business is projected to hold the largest market share in China and the eighth largest globally in 2024, with licensing revenue ranking sixth worldwide [5]. Group 3: Market Context - In the past month, 21 A-share listed companies have announced the termination of merger and acquisition restructuring, indicating a broader trend in the market [7][8]. - The article lists several companies that have recently terminated their restructuring plans, highlighting the challenges faced in reaching agreements on key terms and the impact of changing market conditions [8].