Zheng Quan Shi Bao·2025-12-11 00:39Core 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 raises concerns about the risks associated with asset restructuring, even for leading companies in the booming artificial intelligence sector [1]. Group 1 - 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]. - Following the announcement of the merger plan, there were mixed reactions from investors, with some expressing confidence while others questioned the valuation of Zhongke Shuguang's shares in Haiguang Information. The stock prices of both companies experienced significant fluctuations, with Zhongke Shuguang's stock price doubling at one point [1]. - The termination of the merger was announced after both companies had previously indicated they were actively pursuing the deal, leading to criticism from investors regarding the abrupt change in direction [2]. Group 2 - Company executives denied any last-minute changes in their commitment to the merger, citing the complexity of the transaction and significant changes in market conditions as reasons for the termination [2]. - The increase in the number and scale of mergers and acquisitions among listed companies this year highlights the need for investors to adopt a more comprehensive and objective view of restructuring risks, rather than assuming that all restructurings will lead to stock price increases [2].