Xin Lang Cai Jing·2025-12-17 14:19Core Viewpoint - The planned merger between Haiguang Information and Zhongke Shuguang, aimed at creating a comprehensive "chip-server-computing service" giant, has been halted due to significant changes in market conditions and the complexity of the transaction [4][21]. Group 1: Company Background - Haiguang Information, established in 2014, has Zhongke Shuguang as its largest shareholder, holding 27.96% of its shares as of September 30 [2][18]. - Haiguang focuses on CPU and DCU chip design, while Zhongke Shuguang specializes in server manufacturing and cloud computing services, with over 2 million cloud platform users [3][19]. Group 2: Business Synergy - The merger was expected to allow Haiguang's chips to be deeply integrated with Zhongke Shuguang's server systems, reducing adaptation costs and accelerating product iteration [20]. - The combination was seen as a strong partnership in the context of increasing demand for AI computing and domestic alternatives [20]. Group 3: Reasons for Termination - The termination was attributed to the large scale of the transaction, the number of parties involved, and significant market changes since the merger was proposed, making the conditions for restructuring no longer viable [4][21]. - Both companies have committed to a "cooling-off period" of at least one month before planning any major asset restructuring [6][22]. Group 4: Financial Health and Strategic Focus - Zhongke Shuguang reported a healthy cash flow, with a cumulative net inflow of 6.834 billion from 2021 to 2024, indicating strong profitability and self-sufficiency [10][25]. - The termination of the merger allows both companies to focus on their core competencies without the distraction of integration challenges, with Haiguang needing to concentrate on chip development and Zhongke Shuguang on system integration [12][27]. Group 5: Market Opportunities - The current "new infrastructure" wave in China, with a total investment of 5.75 trillion planned for key projects by mid-2025, presents significant opportunities for Zhongke Shuguang as a major supplier of computing equipment [28][29]. - The reduction in sales expense ratio from 5.88% in 2024 to 5.51% in the first three quarters of 2025 indicates improved market expansion conditions for Zhongke Shuguang [13][31]. Group 6: Future Collaboration - Despite the merger's termination, both companies will continue to deepen their collaboration in system product applications, focusing on high-end computing and AI platforms [15][32]. - This approach allows them to maintain flexibility in technology paths and market responses while avoiding potential management redundancies from a merger [32].