半导体并购为何频频“刹停”？

Group 1 - Several recent mergers and acquisitions in the A-share semiconductor sector have been halted, raising market concerns [1] - DiAo Micro announced the termination of its acquisition of Rongpai Semiconductor due to failure to reach consensus on key terms [1] - SiRuPu decided to terminate its acquisition of Ningbo Aola Semiconductor as the conditions for major asset restructuring were not fully mature [1] Group 2 - The majority of terminated transactions involve small and medium-sized private listed companies, primarily focusing on significant cash or share transactions [2] - The core issues leading to transaction terminations are the inability to agree on key terms and changes in market conditions that render transaction conditions immature [2] - The success rate of mergers and acquisitions in the Sci-Tech Innovation Board is over 70%, indicating that a certain percentage of terminated transactions may be a normal aspect of market-driven mergers [2] Group 3 - The high activity level in the semiconductor industry and the complexity of shareholder structures contribute to increased negotiation difficulties in mergers and acquisitions [3] - Market demand fluctuations and changes in the market environment have made companies more cautious in pursuing acquisitions to avoid operational risks [3] Group 4 - To protect investor interests, regulations have been established to enhance information disclosure and communication regarding terminated restructurings [4] - Companies that terminate restructurings have been proactive in disclosing reasons and potential impacts, often holding investor meetings to address market concerns [4] - Following the termination of restructurings, related companies' stock prices have seen an approximate decline of 4%, reflecting a stable market response without significant irrational fluctuations [4] Group 5 - The China Securities Regulatory Commission has proposed regulations to standardize merger and acquisition behaviors and clarify the responsibilities of financial advisors [5] - In 2024, regulatory authorities addressed 35 cases of insider trading related to mergers and acquisitions, demonstrating a strict regulatory approach [5] - The regulatory environment emphasizes a "zero tolerance" policy towards fraudulent activities in mergers and acquisitions, aiming to protect the rights of small investors [5]