A股半导体并购接连“刹车”

Core Viewpoint - A wave of merger and acquisition (M&A) terminations has emerged in the A-share market, particularly in the semiconductor sector, reflecting challenges in the current M&A environment due to macroeconomic changes and valuation discrepancies [2][3][5] Group 1: M&A Termination Overview - From November 13 to December 13, at least 20 listed companies announced the termination or suspension of significant asset restructuring plans, including notable firms in the semiconductor, pharmaceutical, chemical, and information technology sectors [2][3] - The semiconductor industry has been particularly affected, with companies like Chipone Technology (688521.SH) and Haiguang Information (688041.SH) announcing terminations of major acquisition plans, citing misalignment of core demands and market conditions [2][3][4] Group 2: Specific Cases and Impacts - Haiguang Information and Zhongke Shuguang (603019.SH) announced the termination of a merger plan valued at approximately 100 billion, leading to a significant drop in Zhongke Shuguang's stock price [3][6] - Chipone Technology terminated its acquisition of 97.0070% equity in Chipwise Technology due to discrepancies between the management's core demands and market conditions [3][4] - Other semiconductor firms, such as Sierpo (688536.SH) and Diaowei (688381.SH), have also recently announced the termination of their M&A plans [2][4] Group 3: Reasons for Termination - The primary reasons for M&A terminations include failure to reach consensus on core terms, immature transaction conditions, and changes in the market environment [5][6] - Valuation discrepancies are a common issue, with buyers seeking conservative valuations while sellers prefer premium offers, leading to difficulties in negotiations [5][6] - The volatility in the A-share market has resulted in a "short-term pulse, long-term differentiation" effect on stock prices following M&A announcements, heavily influenced by the quality of the transactions and the realization of synergies [5][6]