3 6 Ke·2025-05-26 00:00Core Viewpoint - A significant merger is set to take place in China's computing industry, with the domestic chip giant Haiguang Information planning to acquire the computing powerhouse Zhongke Shuguang, valued at 90 billion yuan, through a stock swap and fundraising initiative [2][5]. Company Overview - Zhongke Shuguang is a leading enterprise in China's server and computing infrastructure sector, listed on the Shanghai Stock Exchange since November 6, 2014 [5][13]. - Haiguang Information specializes in CPUs and GPUs (AI chips) and was listed on the Sci-Tech Innovation Board on August 12, 2022 [5][13]. - As of May 23, 2024, Zhongke Shuguang's stock price was 61.90 yuan per share, with a total market capitalization of 90.5 billion yuan, while Haiguang Information's stock price was 136.13 yuan per share, with a total market capitalization of 316.4 billion yuan, making it the largest by market value on the Sci-Tech Innovation Board [5][6]. Financial Performance - In 2024, Haiguang Information reported total assets of 28.559 billion yuan, a year-on-year increase of 24.7%, with revenue of 9.162 billion yuan, up 52.4%, and a net profit of 1.962 billion yuan, also up 52.87%. R&D expenditure accounted for 37.61% of its revenue [6][7]. - Zhongke Shuguang's total assets in 2024 were 36.617 billion yuan, reflecting a year-on-year growth of 15.82%. However, its revenue was 13.148 billion yuan, down 8.4%, while its net profit was 1.911 billion yuan, up 4.1% [7]. Strategic Importance - The merger aims to capitalize on new opportunities in the information technology industry and strengthen the core business of both companies [7][15]. - The two companies have a history of significant related transactions, with amounts of 2.912 billion yuan, 2.474 billion yuan, and 3.689 billion yuan in 2022, 2023, and 2024, respectively, indicating a strong operational interdependence [7]. Market Impact - The merger is expected to create a complementary industrial chain and integrate diverse computing services, significantly impacting the landscape of domestic computing [15].