Jing Ji Guan Cha Wang·2025-12-10 12:29Core Viewpoint - The proposed merger between Haiguang Information and Zhongke Shuguang has been terminated after six months of planning due to significant changes in the market environment and the complexity of the transaction [2][4][5]. Group 1: Merger Details - Haiguang Information planned to absorb Zhongke Shuguang through a share swap, with a swap ratio of 0.5525:1, valuing Zhongke Shuguang's shares at 79.26 yuan and Haiguang's at 143.46 yuan [3]. - The total market capitalization before the merger announcement was approximately 3,158 billion yuan for Haiguang Information and 903 billion yuan for Zhongke Shuguang [3]. - The merger was expected to create a vertically integrated industry chain in the chip and computing sector [3]. Group 2: Reasons for Termination - The termination was attributed to the large scale of the transaction, involvement of multiple parties, and significant changes in the market environment since the initial planning [4][5]. - The stock prices of both companies fluctuated significantly during the planning period, complicating the agreement on the swap ratio and transaction terms [4][5]. Group 3: Future Business Strategies - Despite the termination, both companies will continue to operate independently while maintaining a collaborative relationship in the computing industry [6][7]. - Haiguang Information will focus on being an independent chip supplier, while Zhongke Shuguang will retain flexibility in its supply chain choices [7]. - Future collaborations will focus on system-level product applications, leveraging Zhongke Shuguang's strengths in advanced technologies [7]. Group 4: Financial Performance - Zhongke Shuguang reported a revenue of 8.804 billion yuan for the first three quarters of 2025, a year-on-year increase of 9.49%, with a net profit of 955 million yuan, up 24.05% [8]. - Haiguang Information achieved a revenue of 9.49 billion yuan for the same period, reflecting a 54.65% year-on-year growth, with a net profit of 1.961 billion yuan, up 28.56% [8]. - Both companies are committed to increasing R&D investments, with Haiguang Information investing 2.93 billion yuan in R&D, a 35.38% increase [8].