海光信息终止吸收合并中科曙光 “软整合”或比“硬合并”更具现实意义

Core Viewpoint - The anticipated merger between Haiguang Information and Zhongke Shuguang has been officially terminated due to significant changes in market conditions and differing perspectives among stakeholders, leading to a sharp decline in stock prices for both companies following the announcement [1][7]. Group 1: Merger Details - The merger was initially announced on May 25, 2023, with Haiguang Information planning to absorb Zhongke Shuguang through a share swap, marking a significant event in the domestic computing sector [2]. - Prior to the merger announcement, Haiguang Information had a market capitalization of approximately 316.41 billion yuan, while Zhongke Shuguang was valued at around 90.57 billion yuan, bringing their combined market cap to over 400 billion yuan [2]. - Following the merger announcement, both companies saw their stock prices increase significantly, with Haiguang Information rising by 61.1% and Zhongke Shuguang by 61.76% [8]. Group 2: Market Reaction - After the termination announcement, Zhongke Shuguang's stock hit a daily limit down, closing at 90.12 yuan per share, while Haiguang Information closed at 218.5 yuan, down 0.36% [1]. - The stock price volatility during the merger discussions added complexity to the share swap proposal, with both companies experiencing significant fluctuations in their stock prices since the merger was first proposed [6][9]. Group 3: Industry Implications - Despite the merger's failure, the collaboration between Haiguang Information and Zhongke Shuguang is expected to continue, with both companies focusing on their core competencies in the computing ecosystem [11]. - The industry is moving towards a "soft integration" model, which may be more suitable for the current market environment, allowing both companies to maintain their independence while still collaborating on technology development [11][12]. - The future of the domestic computing industry will require companies to explore and build their capabilities with patience and intelligence, as achieving "domestic computing" is not simply a matter of merging entities [12].