Di Yi Cai Jing·2025-12-14 08:41Core Viewpoint - The recent wave of mergers and acquisitions (M&A) in the A-share market is facing significant challenges, leading to a notable increase in the number of terminated deals, particularly in the semiconductor sector [1][2]. Group 1: M&A Terminations - From November 13 to December 13, at least 20 listed companies announced the termination or suspension of major asset restructuring plans, with notable companies in the semiconductor, pharmaceutical, chemical, and information technology sectors involved [1]. - The semiconductor sector has emerged as a critical area for M&A terminations, with companies like Haiguang Information and Zhongke Shuguang announcing the termination of a merger plan valued at approximately 100 billion [2]. - Chip manufacturers such as Chipone and Diaomicro have also recently announced the termination of their acquisition plans due to disagreements on key terms and market conditions [3][4]. Group 2: Reasons for Termination - The primary reasons for the termination of M&A deals include the inability of parties to reach consensus on core terms, the immaturity of transaction conditions, and changes in the market environment [4][5]. - A significant issue in these negotiations is the valuation disagreement, where buyers seek conservative valuations while sellers demand premiums, leading to a fundamental mismatch in expectations [5][6]. - Market volatility has exacerbated these challenges, with fluctuations in stock prices affecting the perceived value of deals, particularly in high-growth sectors like technology [6].