Chang Jiang Shang Bao·2025-12-10 23:37Core Viewpoint - The highly anticipated semiconductor sector merger between Haiguang Information and Zhongke Shuguang has been officially terminated, raising significant market attention [2][3]. Group 1: Merger Details - The merger was initially announced on May 25, 2025, with a transaction value of approximately 1159.67 billion yuan, marking it as one of the few large-scale mergers in the A-share market [3][5]. - The merger aimed to create a "computing aircraft carrier" by combining Haiguang's strengths in chip design and Zhongke's expertise in server and data center infrastructure [5][6]. - The proposed share exchange ratio was set at 0.5525:1, with Haiguang's share price at 143.46 yuan and Zhongke's at 79.26 yuan [5]. Group 2: Market Impact - Following the announcement of the merger's termination, Haiguang's stock saw a slight decline of 0.36%, while Zhongke's stock hit the daily limit down [2][6]. - Despite the termination, the combined market value of both companies increased by over 230 billion yuan since the merger was first proposed [6]. Group 3: Future Cooperation - Both companies have expressed intentions to continue their collaboration despite the merger's failure, focusing on high-end chip products and system-level applications [7][9]. - Haiguang aims to enhance its ecosystem through joint research and development with industry partners, while Zhongke plans to strengthen its core business in high-performance computing and data center solutions [7][8]. Group 4: Historical Context - Zhongke Shuguang, established in 2006, has been a significant player in the high-performance computing sector, while Haiguang Information was founded in 2014 with strong ties to Zhongke [8][9]. - Zhongke has been the largest shareholder of Haiguang since its inception, indicating a deep-rooted relationship between the two companies [8].