Sou Hu Cai Jing·2025-09-10 12:11Core Insights - The recent surge in mergers and acquisitions (M&A) activity on the STAR Market reflects the positive impact of policies such as the "STAR Market Eight Rules" and "M&A Six Rules" [4] Group 1: M&A Activity Overview - As of now, there have been 134 disclosed M&A transactions on the STAR Market since the introduction of the "STAR Market Eight Rules," with 80 of these transactions successfully completed [4] - In August alone, 15 new M&A transactions were disclosed, with a total transaction value exceeding 2.4 billion yuan, half of which involved share issuance or significant cash asset restructuring [2] - Notable companies like Huahong and SMIC are leveraging M&A to acquire quality production capacity and technological capabilities [2] Group 2: Specific Transactions - SMIC announced the acquisition of a 49% stake in SMIC North, achieving 100% control, with projected revenue of 12.979 billion yuan for 2024, reflecting a 12.12% year-on-year growth [3] - Huahong disclosed a plan to acquire 97.4988% of Shanghai Huahong Micro, which will add 38,000 pieces per month of 65/55nm and 40nm capacity [2] - Other companies, such as Tailin Micro and Chipway Technology, are also engaging in M&A to expand their business domains and enhance competitive advantages in low-power wireless IoT chip design and automotive electronics [3] Group 3: Market Confidence and Future Prospects - The successful completion of M&A transactions is establishing benchmarks and enhancing market confidence, with the integration of unprofitable assets being a notable trend [4] - The transaction involving Chiplink Integrated's acquisition of 72.33% of Chiplink Yuezhou is highlighted as a landmark case for acquiring unprofitable assets, showcasing innovative valuation methods [4] - The ongoing M&A activities are expected to further deepen the STAR Market's restructuring capabilities and facilitate orderly project development in the future [4]