Huan Qiu Wang·2025-12-10 08:18Core Viewpoint - The termination of the merger between Haiguang Information and Zhongke Shuguang reflects a strategic decision to maintain independent operations while continuing to enhance collaboration in the computing power ecosystem [3][4]. Group 1: Merger Termination Reasons - The merger was terminated due to significant changes in the market environment, including notable fluctuations in stock prices within the semiconductor and AI sectors, as well as the accelerated implementation of the "AI+" initiative [3]. - The companies emphasized that the termination of the merger would not have a significant adverse impact on their operational and financial conditions, nor would it harm the interests of the companies and minority shareholders [3]. Group 2: Business Focus and Collaboration - Haiguang Information and Zhongke Shuguang will continue to deepen their collaboration despite the merger termination, with Zhongke Shuguang focusing on high-end computing and Haiguang Information concentrating on high-end chip development [4]. - Zhongke Shuguang aims to build an integrated system capability around intelligent computing and data center solutions, while Haiguang Information seeks to enhance its technology barriers in chip, hardware, and software [4]. Group 3: Open Ecosystem and Heterogeneous Computing - The trend towards heterogeneous computing necessitates higher demands for open and collaborative technical architectures, with Haiguang Information promoting an open CPU interconnect bus protocol to establish an efficient computing ecosystem [4]. - Zhongke Shuguang has also released an open architecture compatible with various AI acceleration cards to facilitate resource collaboration [4]. Group 4: Market Outlook - Despite the merger's termination, market sentiment remains optimistic regarding the future prospects of both companies, as multi-entity collaboration in the supply chain aligns with global trends in the computing power industry [5].