SMIC(SH:688981) Shang Hai Zheng Quan Bao·2025-09-10 18:48Core Insights - The recent surge in mergers and acquisitions (M&A) among companies listed on the STAR Market is driven by favorable policies and market dynamics, with 73 new M&A transactions disclosed since 2025, including 24 involving share issuance or convertible bonds [2][3] Group 1: M&A Activity - Notable M&A activities include the acquisition of 97.50% of Huali Micro by Huahong, which aims to strengthen its position in the semiconductor industry, adding a monthly capacity of 38,000 wafers [3][5] - SMIC plans to acquire the remaining 49% stake in SMIC North, enhancing its control over integrated circuit technology and services, with SMIC North reporting a revenue of 12.979 billion yuan in 2024, a 12.12% increase year-on-year [4][5] - Other companies like Tailin Micro and Chipway Technology are also engaging in M&A to expand their product offerings and market competitiveness in low-power wireless IoT chip design and automotive electronics, respectively [5][6] Group 2: Policy Impact - The implementation of policies such as the "STAR Market Eight Articles" and "M&A Six Articles" has significantly stimulated the M&A market, leading to a notable increase in transaction volume and innovative financing methods [6][7] - A total of 134 M&A transactions have been disclosed since the introduction of these policies, with 80 successfully completed, showcasing the effectiveness of these initiatives in building market confidence [6][7] - The trend of acquiring unprofitable assets is emerging, with companies like Chiplink Integrated acquiring a 72.33% stake in Xinyuezhou, reflecting a shift towards valuing technology and potential over immediate profitability [6][7]