估值倒挂、监管趋严 半导体并购“收油减速”

Core Viewpoint - The semiconductor industry is experiencing a significant slowdown in merger and acquisition (M&A) activities, with several high-profile deals being terminated due to valuation discrepancies and regulatory scrutiny [3][4][5]. Group 1: Termination of Mergers - Zhongke Shuguang (603019.SH) and Haiguang Information (688041.SH) have terminated their planned merger, which aimed for deep integration through a stock swap absorption merger [1]. - Chipone Technology (688521.SH) has also abandoned its acquisition of RISC-V unicorn Chipwise due to unmet key conditions [1][4]. - Other semiconductor companies, such as Sierpo (688536.SH) and Diaowei (688381.SH), have similarly announced the termination of their M&A plans in December [2]. Group 2: Reasons for Termination - The primary reasons for the halted M&A activities include valuation mismatches and stricter regulatory environments [3][5]. - Haiguang Information's CEO noted significant fluctuations in stock prices since the merger announcement, with Zhongke Shuguang's stock rising by 61.76% and Haiguang's by 61.1% since the proposal [3]. - The complexity of shareholder structures and the large asset scale involved in these transactions have added further challenges to achieving consensus [3]. Group 3: Market Environment and Valuation Issues - The semiconductor sector has seen a decline in valuations due to changing market conditions, making it a challenging environment for M&A [4][9]. - The founder of Chipone Technology indicated that high seller valuation expectations have been a significant barrier to successful negotiations [4]. - The recent surge in M&A activity, driven by supportive policies for high-tech acquisitions, has also led to an increase in the number of terminated deals [5]. Group 4: Regulatory Scrutiny - Regulatory bodies are increasingly scrutinizing semiconductor M&A activities, particularly those involving cross-industry mergers [6][7]. - The Shanghai Stock Exchange has issued guidelines to prevent speculative mergers and ensure the quality of injected assets [7]. Group 5: Future M&A Trends - Despite recent setbacks, the trend towards consolidation in the semiconductor industry remains strong, with companies like Chipone Technology actively seeking new acquisition opportunities [8][9]. - The focus on acquiring high-quality assets and enhancing technological capabilities continues to drive M&A strategies in the sector [8][9].