Sou Hu Cai Jing·2025-12-11 02:43Core Viewpoint - The merger and acquisition plan between Zhongke Shuguang and Haiguang Information has been terminated after nearly seven months of planning, primarily due to significant changes in stock prices and market conditions, but both companies emphasize that this will not affect future industry collaboration [1][4]. Group 1: Merger Termination - The termination of the merger was primarily caused by significant fluctuations in the stock prices of both companies since the announcement of the merger plan, with Zhongke Shuguang's stock closing at 90.12 yuan per share and Haiguang Information at 218.5 yuan per share as of December 10 [4]. - The merger involved a complex share exchange and fundraising plan, which required extensive time for evaluation, ultimately leading to the conclusion that the conditions for implementation were not mature [4]. - Both companies have stated that they had adequately disclosed the progress of the merger, but market factors such as stock price volatility are unpredictable [4]. Group 2: Product Development and Market Strategy - Zhongke Shuguang has launched the Shuguang scaleX640 super node product, which features an open architecture that supports mainstream domestic and international AI accelerator cards, achieving a leading level of integration globally and comprehensive performance domestically [3]. - The scaleX640 product is designed to meet the growing demand for AI computing, with its open architecture allowing for flexibility in choosing acceleration chips, thus providing a solution that promotes "soft and hard collaboration, ecological compatibility" [3]. - The competitive pressure from international high-end chips like NVIDIA's H200 has prompted Zhongke Shuguang to lower procurement barriers for users, while Haiguang Information highlights the challenges posed by the high procurement costs associated with the H200's sales commission mechanism [3]. Group 3: Industry Ecosystem and Future Collaboration - The termination of the merger positions Zhongke Shuguang and Haiguang Information as "dual cores" in the domestic computing power industry, with Haiguang focusing on high-end chip development and Zhongke acting as a system manufacturer [5]. - Both companies will continue to collaborate on existing projects, with Haiguang enhancing its DCU products and Zhongke deepening its full-stack layout in high-end computing [5]. - The strategy aims to create a healthy ecosystem of "chip manufacturer competition + system manufacturer selective procurement," which enhances the resilience of the domestic computing power system against risks [5].