大跌逾11%，700亿芯原股份资本局突变：弃购芯来智融，拟拿下逐点半导体

Core Viewpoint - After over 100 days of planning, the semiconductor IP giant Chip Origin Co., Ltd. (688521.SH) announced the termination of its acquisition of Chip Lai Zhi Rong Semiconductor Technology (Shanghai) Co., Ltd. [1][5] Group 1: Acquisition Termination - Chip Origin received a notification from Chip Lai Zhi Rong's management and counterparties regarding the termination of the acquisition of 97.007% equity and related fundraising [1][5] - The reason for the termination was that the core demands and key issues raised by Chip Lai Zhi Rong's management and counterparties deviated from market conditions, policy requirements, and the interests of the company and all shareholders [5][6] - Chip Origin had initially planned to enhance its core processor IP and CPU IP stack through this acquisition, which would also improve its AI ASIC design flexibility and innovation capabilities [5][9] Group 2: New Acquisition Progress - Simultaneously, Chip Origin is advancing its acquisition of Zhudian Semiconductor (Shanghai) Co., Ltd. by investing 940 million yuan into Tian Sui Xin Yuan Technology (Shanghai) Co., Ltd. [1][7] - After the investment and acquisition, Chip Origin will hold a 40% stake in Tian Sui Xin Yuan, becoming its largest single shareholder and controlling the majority of its board seats [2][8] - Zhudian Semiconductor, established over 20 years ago, has not achieved profitability, reporting revenues of 385 million yuan and 110 million yuan for 2024 and the first half of this year, respectively, with net losses of 121 million yuan and 64.06 million yuan [2][8] Group 3: Financial Performance - As of December 15, Chip Origin's stock price fell by 11.7% to 131.60 yuan per share, with a market capitalization of 69.203 billion yuan [3] - The company has seen significant fluctuations in its stock price, with a year-to-date increase of 184.26% before the recent downturn [6] - Chip Origin's financial performance has been impacted by high R&D expenses, with net profits of 74 million yuan, -296 million yuan, and -601 million yuan from 2022 to 2024, while R&D expenses increased from 793 million yuan to 1.247 billion yuan over the same period [10]