Xin Lang Cai Jing·2025-12-10 12:18Core Viewpoint - The merger between Haiguang Information and Zhongke Shuguang has been terminated, leading to significant market reactions, particularly a drop in Zhongke Shuguang's stock price [1][2][3] Group 1: Merger Termination - The merger was initially announced on May 25, with Haiguang Information planning to absorb Zhongke Shuguang through a share exchange [1][2] - The termination was attributed to the large scale of the transaction, involvement of multiple parties, and changes in market conditions since the planning phase [2][3] - Following the announcement, Zhongke Shuguang's stock hit the daily limit down, closing at 90.12 yuan per share, with a total market value of 131.9 billion yuan [2][3] Group 2: Company Focus and Future Plans - Both companies will now focus on their core areas: Haiguang on computing infrastructure integration and Zhongke on high-end chip design, aiming for collaborative development across the supply chain [3][8] - Haiguang Information's CEO stated that the company will continue to invest heavily in R&D, with a planned investment of 3.446 billion yuan in 2024, representing 37.61% of its revenue [3][9] - The company has established deep collaborations with major internet firms like ByteDance, Tencent, Alibaba, and Baidu, focusing on joint product development and customized services [4][9] Group 3: Financial Performance - For 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 [4][9] - Zhongke Shuguang achieved revenues of around 8.82 billion yuan and a net profit of approximately 966 million yuan during the same period [4][9]