科创板七成并购已完成，近期频现重组终止是何原因？

Core Viewpoint - Recent termination of merger and acquisition (M&A) deals, particularly in the semiconductor industry, has raised market concerns, primarily due to the inability of parties to reach consensus on key terms [1][5]. Group 1: M&A Activity Overview - Since the release of the "Kebatiaos" in June 2024, a total of 156 new M&A transactions have been disclosed by companies listed on the Sci-Tech Innovation Board, with 95 of these disclosed in 2025 alone [3]. - Approximately 110 out of the 156 disclosed M&A transactions have been successfully completed, resulting in an overall completion rate of 70%, with over 20 transactions still in progress [3]. - The number of disclosed M&A transactions in 2024 has matched the total from 2019 to 2023, while 36 transactions have been disclosed in 2025, surpassing the total for 2024 and the combined total from 2019 to 2024 [3]. Group 2: Reasons for Termination of M&A Deals - The recent increase in terminated M&A deals in the semiconductor sector can be attributed to two main factors: high activity levels leading to a larger base of disclosed cases, and the rapid development of the domestic semiconductor industry, which complicates negotiations due to diverse stakeholder interests [2][6]. - Terminated transactions predominantly involve small to medium-sized private listed companies, focusing on significant share issuance or cash transactions, with the core issue being the failure to agree on key terms such as transaction price and performance commitments [6]. Group 3: Market Reactions and Regulatory Environment - Following the termination of M&A deals, the average stock price of related companies on the Sci-Tech Innovation Board has dropped by approximately 4%, indicating a stable market response without significant irrational fluctuations [7]. - Regulatory bodies have maintained a "zero tolerance" stance towards illegal activities in M&A, with strict measures against fraudulent practices, ensuring the protection of small investors' rights [7][8].