VeriSilicon(SH:688521) Xin Lang Cai Jing·2025-09-11 13:56Core Viewpoint - Chip Original Microelectronics (688521.SH) announced a merger plan to acquire 97.0070% of Chip Technology, with a significant increase in new orders in Q3, reaching a historical high of 1.205 billion yuan, with approximately 64% related to AI computing [2][11]. Group 1: Acquisition Details - The acquisition will be executed through issuing shares and cash payments to 31 parties, with a share price set at 106.66 yuan per share [3][10]. - After the transaction, Chip Technology will become a wholly-owned subsidiary of Chip Original, which currently holds 2.9930% of its shares [3][9]. - The transaction aims to enhance Chip Original's capabilities in the RISC-V field and strengthen its market position [8][9]. Group 2: Financial Performance - In the first half of 2025, Chip Original reported a revenue of 974 million yuan, a year-on-year increase of 4.49%, but a net loss of 320 million yuan, which widened compared to the previous year [10]. - The company has maintained a high order backlog, with 3.025 billion yuan in hand orders as of the end of Q2 2025, marking a historical high [11]. - The new orders signed from July 1 to September 11, 2025, amounted to 1.205 billion yuan, representing an 85.88% increase compared to the same period last year [11]. Group 3: Market Position and Opportunities - Chip Technology, established in 2018, is a leading provider of RISC-V CPU IP in China, with over 300 global clients and applications across various sectors including AI, automotive electronics, and IoT [6]. - Chip Original is recognized as a leader in AI ASIC chip customization, leveraging its extensive IP resources to meet the growing demand for AI applications [7][8]. - The overall semiconductor IP market is expected to grow, with Chip Original projected to enhance its financial metrics post-acquisition [9].