Sugon(SH:603019) Zhong Guo Zheng Quan Bao·2025-12-09 15:14Core Viewpoint - The merger between Haiguang Information and Zhongke Shuguang has been terminated due to changes in market conditions and the complexity of the transaction, despite both companies expressing a commitment to continue their collaboration in the future [1][2]. Group 1: Termination of Merger - Haiguang Information and Zhongke Shuguang announced the termination of their proposed stock swap merger, which was initially planned to consolidate their operations [1]. - The transaction was valued at 1159.67 billion yuan, with Haiguang Information as the acquirer and Zhongke Shuguang as the target [1]. - The decision to terminate was made after careful consideration of the current market environment and the complexity of the transaction, which involved multiple stakeholders [2]. Group 2: Financial Returns to Investors - Both companies expressed apologies for any inconvenience caused to investors due to the termination of the merger and announced interim dividend plans [1]. - Haiguang Information plans to distribute a cash dividend of 0.9 yuan per 10 shares, totaling 2.09 billion yuan, while Zhongke Shuguang will distribute 0.7 yuan per 10 shares, totaling 1.02 billion yuan [1]. Group 3: Future Collaboration - Despite the termination of the merger, both companies will continue to collaborate closely, particularly in system-level product applications [2]. - Zhongke Shuguang aims to focus on high-end computing core businesses and develop advanced technologies in intelligent computing and data center solutions [2]. - Haiguang Information will leverage its high-end chip products and collaborate with various industry players to enhance its AI product offerings and maintain a competitive edge [3]. Group 4: Market Position and Industry Dynamics - The termination of the merger does not affect the ongoing cooperation between the two companies, which occupy critical positions in the chip and computing system sectors [3]. - The industry is evolving towards a multi-entity collaboration model, which is better suited to meet diverse market demands in the AI sector [3]. - The complementary roles of Haiguang Information and Zhongke Shuguang in the computing ecosystem are expected to enhance the resilience of the domestic computing industry [3]. Group 5: Stock Performance - As of December 9, Zhongke Shuguang's stock closed at 100.13 yuan per share, with a total market capitalization of 146.5 billion yuan, while Haiguang Information's stock closed at 219.3 yuan per share, with a market capitalization of 509.7 billion yuan [4].