Chang Jiang Shang Bao·2025-06-10 23:27Core Viewpoint - The merger between Haiguang Information and Zhongke Shuguang aims to create a powerful entity in the AI chip and server market, marking a significant step in China's domestic computing power landscape [2][6]. Group 1: Merger Details - Haiguang Information will absorb Zhongke Shuguang through a share swap at a ratio of 0.5525:1, with a total transaction value of 115.967 billion yuan [3][5][12]. - This merger is notable as it is the first instance of a "child swallowing mother" merger in the A-share market, with the combined entity's market value exceeding 400 billion yuan [3][6]. - Following the merger, Zhongke Shuguang will be delisted, and Haiguang Information will inherit all assets, liabilities, and operations of Zhongke Shuguang [6][7]. Group 2: Strategic Implications - The merger is expected to create a closed-loop ecosystem from high-end chip design to complete system solutions, enhancing competitiveness in the AI and computing sectors [3][13]. - The combined entity will address challenges in the domestic chip market, such as the lack of market presence for advanced technologies and the need for integrated solutions in server manufacturing [13][14]. - The strategic integration aims to improve R&D capabilities and operational performance, with combined annual R&D investments around 50 billion yuan [14]. Group 3: Market Reaction - Following the announcement of the merger, Zhongke Shuguang's stock hit the daily limit up, while Haiguang Information's stock rose by 4.30% [4][7]. - The merger is anticipated to enhance the competitive edge and profitability of the surviving entity, driven by increased scale and reduced costs [15].