科创板并购重组热度攀升 头部企业领衔、标杆案例频出

Core Viewpoint - The recent surge in mergers and acquisitions (M&A) among companies listed on the Sci-Tech Innovation Board (STAR Market) reflects the positive impact of regulatory measures aimed at enhancing technological innovation and productivity in the sector [1][4]. Group 1: M&A Activity and Trends - As of 2025, there have been 73 newly disclosed M&A transactions this year, with 24 involving share issuance or convertible bonds and 7 being cash transactions [1]. - In August alone, 15 new M&A projects were disclosed, with a total transaction value exceeding 2.4 billion yuan, half of which were significant asset restructurings involving share issuance or cash [2]. - Notable transactions include Huahong Semiconductor's proposed acquisition of 97.4988% of Shanghai Huahong Microelectronics, which aims to enhance production capacity by 38,000 wafers per month [2]. Group 2: Successful Transactions and Market Confidence - Since the implementation of the "Eight Measures," 134 M&A transactions have been initiated on the STAR Market, with 80 successfully completed, including two involving share issuance [4]. - The acquisition of 72.33% of ChipLink by ChipLink Integrated Circuit Manufacturing is highlighted as a landmark case for acquiring unprofitable assets, showcasing innovative valuation methods [4]. - Jiangsu Huahai Chengke New Materials' acquisition of 70% of Hengsuo Huawai Electronics is expected to boost annual production capacity in semiconductor encapsulation materials to over 25,000 tons, positioning the company as a global leader [5]. Group 3: Strategic Implications of M&A - The acquisition of 49% of Zhongxin North Integrated Circuit Manufacturing by SMIC aims for full control and is projected to generate 12.979 billion yuan in revenue in 2024, reflecting a 12.12% year-on-year growth [3]. - The merger between TaiLing Microelectronics and Shanghai Panqi Microelectronics is intended to enhance competitive advantages in low-power wireless IoT chip design [3]. - The upcoming review of Shanghai Silicon Industry Group's project is another example of a "loss-making" acquisition, aimed at controlling the entire 300mm silicon wafer production chain [5].