2 1 Shi Ji Jing Ji Bao Dao·2025-06-11 00:22Core Viewpoint - The merger between Haiguang Information and Zhongke Shuguang is a significant event in the domestic computing industry, aiming to create a leading entity in the computing power sector with an estimated total market value exceeding 400 billion CNY [4][16]. Group 1: Merger Details - Haiguang Information will absorb Zhongke Shuguang through a share swap, with the trading plan revealed after a 10-day suspension [1]. - The share swap ratio is set at 1:0.5525, resulting in Haiguang Information issuing approximately 808 million new shares [14]. - The cash option for dissenting shareholders is set at 78% to 95% of the swap price, which is designed to encourage shareholders to opt for shares instead of cash [12][11]. Group 2: Financial Implications - The estimated total market value of the merged entity is projected to exceed 400 billion CNY, positioning it as a "carrier-level" enterprise in the domestic computing power field [4][16]. - Haiguang Information's share price increased by 4.3% to 141.98 CNY, while Zhongke Shuguang's share price hit the daily limit up, closing at 68.09 CNY [1][3]. Group 3: Strategic Importance - The merger is expected to enhance technological synergies and strengthen the competitive position within the information industry [9][16]. - The combined entity will cover the entire industry chain from chip design to cloud computing services, improving overall competitiveness [16]. Group 4: Shareholder Structure - Post-merger, the major shareholders will include entities from the Chinese Academy of Sciences, Chengdu state-owned assets, employee stock ownership plans, and market investors, creating a diversified ownership structure [15][14]. - The governance structure is anticipated to reflect a balance among the Chinese Academy of Sciences, Chengdu state-owned assets, and market-oriented investors, with potential implications for future board composition [16].