5000亿芯片巨头，终止重大资产重组，明天开说明会

Core Viewpoint - The companies Haiguang Information and Zhongke Shuguang announced the termination of a major asset restructuring plan due to changes in market conditions and the complexity of the transaction, which was initially proposed to involve a transaction amount of 1159.67 billion yuan [1][2]. Group 1: Termination of Restructuring - On December 9, Haiguang Information and Zhongke Shuguang's boards approved the termination of the asset restructuring plan, which involved a share swap to absorb Zhongke Shuguang [1]. - The termination was attributed to the large scale of the transaction and the involvement of multiple parties, leading to prolonged discussions and unfavorable market conditions [1]. - The companies stated that the termination would not have a significant adverse impact on their operational and financial status [1]. Group 2: Market Performance and Valuation - Following the announcement of the restructuring plan on June 9, Haiguang Information's stock price increased by 58.5% over the past 120 trading days, with a year-to-date increase of 46.6%, bringing its market capitalization to 509.7 billion yuan [2]. - Zhongke Shuguang's stock also saw a cumulative increase of 45.5% over the same period, with a year-to-date rise of 39%, resulting in a market capitalization of 146.5 billion yuan [2]. - The valuation difference between the two companies was highlighted, with Haiguang Information enjoying a price-to-earnings ratio of 147 times, while Zhongke Shuguang had a ratio of 46 times [2]. Group 3: Future Plans - Haiguang Information committed to not planning any major asset restructuring for at least one month following the termination [1]. - An investor briefing is scheduled for December 10, 2025, to discuss the termination and address investor questions [1].