Sugon(SH:603019) Zheng Quan Shi Bao·2025-12-10 20:42Core Viewpoint - The merger between domestic computing power giants Zhongke Shuguang and Haiguang Information has been terminated, leading to a significant drop in Zhongke Shuguang's stock price and a slight decline in Haiguang Information's stock. This event highlights the risks associated with asset restructuring, even for leading companies in the booming artificial intelligence sector [1][2]. Group 1: Merger Details - The merger aimed to create a vertically integrated "computing power aircraft carrier" by combining Haiguang Information's strengths in high-end chip design with Zhongke Shuguang's extensive market presence in server manufacturing, storage devices, and cloud computing solutions [1]. - The original plan was to streamline the entire industry chain from chip design to hardware manufacturing and software services, thereby enhancing core competitiveness in artificial intelligence and high-performance computing [1]. Group 2: Market Reactions - Following the announcement of the merger, there were mixed reactions from investors, with some expressing confidence while others raised concerns about the valuation of Haiguang Information's shares held by Zhongke Shuguang [1]. - As the stock market rose, Zhongke Shuguang's stock price doubled, and the market value of its shares in Haiguang Information surpassed its own market value, indicating a potential misalignment in valuations [1]. Group 3: Termination Reasons - The termination of the merger was announced after a prolonged evaluation process, with both companies citing significant changes in market conditions and the complexity of the transaction as reasons for the decision [2]. - Company executives denied any abrupt changes in strategy, emphasizing that they were working diligently until the last moment to finalize the merger [2]. Group 4: Broader Implications - The termination raises questions about the timeliness and accuracy of information disclosure by listed companies during major restructuring events, suggesting room for improvement [2]. - The increase in the number and scale of mergers and acquisitions in the market this year indicates a trend, but investors are advised to adopt a more comprehensive and objective view of restructuring risks rather than assuming that all restructurings will lead to stock price increases [2].