Shang Hai Zheng Quan Bao·2025-12-10 09:51Core Viewpoint - Haiguang Information announced the termination of its merger with Zhongke Shuguang, causing significant market reactions, with Zhongke Shuguang's stock hitting the limit down and Haiguang Information experiencing a slight decline [1][2]. Group 1: Termination of Merger - The termination was attributed to the large scale of the transaction and changes in the market environment since the initial planning, leading to the conclusion that the conditions for the merger were not mature [5][8]. - The significant fluctuations in the stock prices of both companies since the merger proposal were highlighted as a key factor in the decision to terminate the merger [6][10]. Group 2: Market Environment and Stock Performance - The stock prices of both companies remained stable from June 10 to mid-August, but began to show significant volatility due to various factors, including changes in domestic and international environments, overall A-share market trends, and the AI industry's dynamics [6][10]. - The market environment's unpredictability was emphasized, indicating that the merger's failure was not solely due to the companies' internal factors but also external market conditions [5][6]. Group 3: Future Prospects for Companies - Both companies are considered leaders in China's computing power industry, with sufficient market space for independent development despite the termination of the merger [10]. - The potential benefits of a merger, such as vertical integration and cost reduction, were acknowledged, but the companies' independent operations also present significant advantages in terms of development, ecosystem, and market competition [10][12]. Group 4: AI Industry Growth - The rapid growth of the AI industry is expected to drive demand for hardware, with predictions indicating a 56.3% increase in China's accelerated server shipments by 2025, and the market size exceeding $100 billion by 2029 [12]. - Haiguang Information is positioned to become a core supplier in the AI computing power competition, having already adapted its products to major domestic models and supporting diverse AI applications [12].