Core Viewpoint - The recent trend in the semiconductor industry, particularly in the analog chip sector, has seen a surge in mergers and acquisitions (M&A), but several notable deals have been terminated due to disagreements on key terms and conditions [2][9][10]. Group 1: Company Actions - SiRuPu (688536.SH) announced the termination of its major asset restructuring plan, with its stock resuming trading the following day [1]. - DiAoWei (688381.SH) held an investor briefing to announce the termination of its share issuance for asset acquisition, citing a lack of consensus on the transaction terms among parties involved [1][2]. - The timeline for both SiRuPu and DiAoWei's M&A activities was notably short, with SiRuPu's acquisition attempt of Ningbo Aola Semiconductor taking only half a month from initiation to termination, and DiAoWei's acquisition of Rongpai Semiconductor taking just over two months [2]. Group 2: Industry Trends - The analog chip sector has experienced a wave of horizontal consolidation, with companies like Yachuang Electronics (301099.SZ) actively pursuing M&A opportunities [4][6]. - A total of 9 horizontal M&A attempts have been initiated by 8 domestic analog chip manufacturers this year, indicating a robust interest in consolidation within the industry [6]. - The trend of M&A in the analog chip industry is driven by the need to acquire core technologies, R&D teams, and customer resources, which can shorten development cycles and mitigate market risks [7][10]. Group 3: Challenges and Terminations - Several M&A attempts in the analog chip sector have been terminated this year, primarily due to parties failing to reach agreement on key transaction terms [9]. - The reasons for termination include the immaturity of conditions for major asset restructuring and disagreements on transaction pricing and core terms [9][10]. - The current economic cycle and capital market conditions have created challenges for M&A transactions, leading to difficulties in closing deals [9]. Group 4: Future Outlook - Despite the recent terminations, external M&A is still viewed as a critical growth path for analog chip companies, with firms like Xinxiangwei expressing intentions to continue pursuing both organic and external growth strategies [10]. - The global analog chip market is dominated by leaders like Texas Instruments (TI) and Analog Devices (ADI), which have successfully utilized M&A to build comprehensive product lines [12]. - The potential for creating a "Chinese version of TI" exists, as domestic companies seek to enhance their competitiveness through strategic acquisitions [12][13].