Bei Jing Shang Bao·2025-12-10 12:13Core Viewpoint - The termination of the share-swap merger between Haiguang Information and Zhongke Shuguang has become a focal point in the capital market, leading to significant stock price movements for both companies [1][4]. Group 1: Merger Details - On May 25, Haiguang Information and Zhongke Shuguang announced a share-swap merger, marking the first major asset restructuring transaction following the revision of the "Management Measures for Major Asset Restructuring of Listed Companies" on May 16 [3]. - The merger was planned for over six months but was ultimately terminated due to the large scale of the transaction, involvement of multiple parties, and changes in market conditions that made the conditions for a successful merger unfeasible [4]. Group 2: Market Reactions - Following the announcement of the merger termination, Zhongke Shuguang's stock price hit the daily limit down, closing at 90.12 yuan per share, with a total market value of 131.9 billion yuan [4]. - Haiguang Information experienced a slight decline of 0.36%, closing at 218.5 yuan per share, with a total market value of approximately 507.9 billion yuan [5]. Group 3: Future Strategies - Both companies will focus on their respective core areas: Haiguang on high-end chip design and Zhongke Shuguang on computing power infrastructure integration, aiming for collaborative development across the entire value chain from chip design to computing services [4][5]. - Haiguang Information plans to maintain its focus on chip research and development, with a projected R&D investment of 3.446 billion yuan in 2024, accounting for 37.61% of its revenue [6]. - In the first three quarters of the year, Haiguang Information reported revenues of approximately 9.49 billion yuan and a net profit of about 1.961 billion yuan, while Zhongke Shuguang reported revenues of around 8.82 billion yuan and a net profit of approximately 966 million yuan [6].