Core Viewpoint - Chip Origin Co., Ltd. (芯原股份) has decided to terminate the acquisition of a 97.0070% stake in Chip Lai Zhi Rong Semiconductor 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 [2]. Group 1: Company Performance - As of December 15, Chip Origin's stock closed at 131.60 yuan, with a decline of 11.70%, resulting in a total market capitalization of 69.203 billion yuan [1]. - For the first three quarters of 2025, Chip Origin reported revenue of 22.55 billion yuan, representing a year-on-year growth of 36.64%. However, the net profit attributable to shareholders was -3.47 billion yuan, an improvement from -3.96 billion yuan in the same period last year [7]. - The company's operating income for 2022 to 2024 was 26.79 billion yuan, 23.38 billion yuan, and 23.22 billion yuan, respectively, while the net profit attributable to shareholders was 738.14 million yuan, -296 million yuan, and -601 million yuan [6]. Group 2: Financial Activities - Chip Origin's total fundraising from two rounds of financing amounted to 3.669 billion yuan [5]. - The company had planned to raise funds through the issuance of shares and cash payments to acquire Chip Lai Technology, with the transaction involving 31 counterparties and aimed at making Chip Lai Technology a wholly-owned subsidiary [3]. - The company had previously issued shares at a price of 72.68 yuan per share, raising a total of approximately 1.81 billion yuan, with a net amount of about 1.78 billion yuan after deducting issuance costs [5].

Core Viewpoint - The semiconductor sector in the A-share market experienced a significant decline, with several key companies reporting substantial drops in their stock prices, indicating a bearish trend in the industry [1][2][3]. Group 1: A-Share Market Performance - The semiconductor index (886063) fell by 1.76%, closing at 7326.63, down 131.03 points [2]. - Key companies such as Chipone Technology (芯原股份) saw a decline of over 10%, closing at 133.40, down 10.49% [2]. - Other notable declines included Fuxin Technology (富信科技) down 9.25% to 53.54, and Zhongli Group (中利集团) down 9% to 3.64 [2]. Group 2: Hong Kong Market Performance - The Hang Seng Technology Index dropped by 2%, with notable declines in companies like Hua Hong Semiconductor (华虹半导体) down over 7% and SMIC (中芯国际) down 4% [3][4]. - The Hong Kong semiconductor index (887132) decreased by 4.42%, closing at 13372.15, down 617.72 points [4]. - Other companies in the Hong Kong market, such as InnoCare Pharma (英诺赛科) and Hua Hong Semiconductor, reported declines of 7.43% and 7.23%, respectively [4][5].

Core Viewpoint - The digital economy ETF managed by ICBC (561220) opened with a slight decline of 0.51%, indicating a challenging market environment for the digital economy sector [1] Group 1: ETF Performance - The digital economy ETF ICBC (561220) opened at 1.360 yuan, reflecting a decrease of 0.51% [1] - Since its establishment on May 21, 2025, the fund has achieved a return of 36.79%, while the return over the past month has been -0.25% [1] Group 2: Major Holdings Performance - Key holdings in the ETF include: - SMIC (中芯国际) down 1.41% - Haiguang Information (海光信息) down 1.05% - Northern Huachuang (北方华创) up 1.25% - Zhongke Shuguang (中科曙光) down 1.14% - Zhongwei Company (中微公司) up 0.16% - Inspur Information (浪潮信息) down 1.20% - Shengyi Technology (生益科技) down 3.00% - Chipone (芯原股份) down 5.06% - ZTE (中兴通讯) down 1.09% - Shenzhen South Circuit (深南电路) down 0.66% [1]

Market Performance - The A-share semiconductor sector experienced a significant decline, with notable stocks such as Chipone Technology falling over 10% and Fuxin Technology and Zhongli Group dropping by 9% [1][2] - The semiconductor index (886063) decreased by 1.76%, closing at 7326.63, down 131.03 points [2] - In the Hong Kong market, the Hang Seng Technology Index fell by 2%, with Huahong Semiconductor down over 7% and SMIC down 4% [3][4] Stock Specifics - Chipone Technology (688521.SH) saw a decline of 10.49%, closing at 133.40 [2] - Fuxin Technology (688662.SH) dropped by 9.25%, closing at 53.54 [2] - Zhongli Group (002309.SZ) fell by 9%, closing at 3.64 [2] - Other notable declines included Shengke Communication (-8.22%), Guosheng Technology (-7.12%), and Canxin Technology (-6.24%) [2][3] Broader Industry Trends - The overall trend in the semiconductor industry indicates a bearish sentiment, with multiple companies experiencing significant stock price drops [1][3] - The decline in the semiconductor sector is reflected in both A-share and Hong Kong markets, suggesting a broader industry challenge [3][4]

Core Viewpoint - The semiconductor sector experienced a significant downturn, with several companies facing notable declines in stock prices, particularly in computing and storage chip segments [1] Group 1: Company Performance - Chip companies such as Chipone Technology saw their stock prices drop by over 10% [1] - Other companies including Huahong Semiconductor, Jiangbo Technology, Aojie Technology, Chengdu Huami, and Lexin Technology also reported declines exceeding 5% [1]

Core Viewpoint - The chip ETF Tianhong (159310) opened with a decline of 1.08%, indicating a negative market sentiment towards the semiconductor sector [1] Group 1: ETF Performance - The Tianhong chip ETF (159310) opened at 2.018 yuan, reflecting a decrease of 1.08% [1] - Since its establishment on April 18, 2024, the fund has achieved a return of 104.32%, with a monthly return of 0.75% [1] Group 2: Major Holdings Performance - Major holdings within the Tianhong chip ETF include: - SMIC (中芯国际) down 1.41% - Cambrian (寒武纪) down 2.08% - Haiguang Information (海光信息) down 1.05% - Northern Huachuang (北方华创) up 1.25% - Lanke Technology (澜起科技) down 2.02% - Zhaoyi Innovation (兆易创新) down 2.32% - Zhongwei Company (中微公司) up 0.16% - OmniVision (豪威集团) down 0.85% - Chipone (芯原股份) down 5.06% - Changdian Technology (长电科技) down 0.92% [1]

Group 1 - The digital chip design sector continues to weaken, with companies like Chipone Technology experiencing a decline of over 10% [1] - Other companies such as Jiangbolong, Demingli, Moore Threads, and Dongxin Technology also saw declines in their stock prices [1]

Core Points - The Sci-Tech ETF (588050) opened down 1.01% at 1.369 yuan on December 15 [1] - Major holdings in the ETF include companies like SMIC, Haiguang Information, and Cambrian, with varying performance; SMIC down 1.41%, Haiguang down 1.05%, and Cambrian down 2.08% [1] - The ETF's performance benchmark is the Shanghai Stock Exchange Sci-Tech 50 Index, managed by ICBC Credit Suisse Asset Management, with a fund manager named Zhao Xu [1] - Since its establishment on September 28, 2020, the ETF has returned -3.35%, with a one-month return of -2.02% [1] Company Performance - SMIC opened down 1.41% [1] - Haiguang Information opened down 1.05% [1] - Cambrian opened down 2.08% [1] - Lanke Technology opened down 2.02% [1] - Zhongwei Company opened up 0.16% [1] - United Imaging opened down 0.14% [1] - Kingsoft Office opened down 1.27% [1] - Chipone Technology opened down 5.06% [1] - Stone Technology opened down 0.99% [1] - Transsion Holdings opened down 0.45% [1]

Summary of Conference Call for Chip Origin Technology Company Overview - **Company**: Chip Origin Technology (芯原股份) - **Industry**: Semiconductor and AI Chip Development Key Points Investment and Shareholding - Chip Origin acquired a 2.11% stake in Zhudian Semiconductor for 20 million yuan in registered capital and 350 million yuan in cash, becoming the largest shareholder with a 40% stake, thus gaining control [2][3] Strategic Focus - The company has terminated its merger with Xinlai but will continue to strengthen its layout in the RISC-V field and maintain cooperation with Xinlai while expanding partnerships with other RISC-V IP suppliers [2][6] Market Environment - The third interest rate cut in 2025 marks the sixth cut since September 2024, providing a favorable environment for the industry, although potential interest rate hikes in the next year should be monitored [2][9] Collaboration with Google - Chip Origin has partnered with Google on the open-source Coral NPU project, which features 0.27 billion parameters, aimed at ecosystem development and providing free resources to developers, utilizing RISC-V architecture [2][10] Industry Trends - Qualcomm's acquisition of a high-performance RISC-V company indicates a promising future for the RISC-V industry, with Chip Origin committed to its development and maintaining relationships with ARM clients [2][11] Stock Performance - Since the new policy in September 2024, Chip Origin's stock has surged by 460% in 2025, reaching a valuation of 100 billion yuan, outperforming major indices [4][12] Project Development - The company is progressing well with foundational projects in Q4, with an increase in both existing and new orders, indicating sustained business growth [4][16] RISC-V Development Outlook - RISC-V is expected to have a broad development space, particularly in industrial applications and autonomous driving, although it may not directly challenge ARM in the mobile market [2][17] High-Speed Interface Importance - High-speed interfaces (SerDes) are crucial in data centers, facilitating efficient data transmission, and are a focus area for Chip Origin's development [18][19] Future Strategies - Chip Origin aims to enhance competitiveness through mergers and acquisitions, as well as independent R&D, while also considering the development of high-speed interface IP products [20][17] Challenges in Mergers - Common issues in mergers include valuation and cultural integration, with creative payment methods and earn-out agreements suggested as solutions [21][22] Policy Impact - National policies significantly influence mergers in the semiconductor industry, supporting technology acquisition while also imposing challenges related to asset preservation and valuation [22][23] Industry Outlook - The semiconductor industry is expected to continue its positive trend driven by innovation, despite challenges such as high valuations and policy restrictions [23]

芯原股份（688521.SH）收购事项传来新消息。 长江商报消息 ●长江商报记者 江楚雅 12月12日晚间，芯原股份披露了两项并购的新进展，公司终止发行股份及支付现金购买芯来智融 97.0070%股权并募集配套资金事宜；与此同时，公司已与天遂芯愿、共同投资方签署《增资协议》和 《股东协议》等交易文件，以天遂芯愿为收购主体收购逐点半导体的控制权。 对于终止收购芯来智融，芯原股份表示，不会改变公司核心发展战略，未来将持续深化RISC-V领域布 局。 芯原股份曾被誉为"中国半导体IP第一股"，截至12月12日收盘，公司2025年以来股价累计涨幅高达 184%，最新市值为783.74亿元。 聚焦RISC-V生态布局 芯原股份的重大资产重组进程迎来转折。公司公告显示，近日收到芯来智融管理层及交易对方的终止通 知后，已同意终止本次股权收购交易。回溯交易历程，芯原股份于2025年8月与芯来智融交易对方签署 《股权收购意向协议》，9月董事会审议通过相关议案并签订正式收购协议，彼时公司曾表示，交易将 完善"核心处理器IP+CPU IP"全栈式异构计算版图，强化AI ASIC设计能力。 作为中国本土首批RISC-V CPU IP ...