华大九天并购终止半年后：芯和半导体回IPO赛道，中信保荐

Core Viewpoint - The recent completion of the IPO counseling report by Chip and Semiconductor Technology (Shanghai) Co., Ltd. indicates a clear direction for the company's capital actions after various events, including its failed acquisition by Huada Jiutian and the initiation of its A-share IPO process [1][6]. Company Overview - Chip and Semiconductor was established in 2010, focusing on electronic design automation (EDA) software development, providing comprehensive EDA solutions applicable in various fields such as 5G, smartphones, IoT, AI, and data centers [2]. - The company launched the world's first 3DIC Chiplet advanced packaging system design analysis EDA platform in 2021 [2]. - Co-founder and Chairman Ling Feng has over 20 years of experience in EDA and related fields, having worked for major companies like Motorola and Cadence [2]. - Co-founder Dai Wenliang, who has a strong academic background and experience in EDA, emphasizes the potential of the EDA market, which is expected to exceed one trillion yuan in the coming years [3]. Investment and Recognition - The company has attracted investments from notable institutions, including funds affiliated with SMIC and Shanghai's IoT venture capital [4]. - Chip and Semiconductor won the first prize in the National Science and Technology Progress Award in 2023 for its project on key technologies in RF system design automation [4]. Capital Movements - In early 2025, the company accelerated its capital movements, officially starting its A-share IPO process in February 2025 [5][6]. - An attempted acquisition by Huada Jiutian was announced but ultimately failed due to disagreements on core terms [6][7]. - The management's decision to potentially pursue an independent IPO may have influenced the termination of the acquisition [7][8]. EDA Industry Context - The EDA market is crucial for the semiconductor industry, with a projected global market size of $19.246 billion by 2024, dominated by three major players [9]. - The domestic EDA market is characterized by low localization rates, with expectations for an increase from 11% in 2021 to 19% by 2025 [10]. - Chip and Semiconductor focuses on areas such as analog chip signal simulation and electromagnetic field simulation, with a cumulative shipment of over 2 billion integrated passive devices (IPD) [11]. Future Prospects - The company is embracing AI to transition EDA from traditional rule-driven design to data-driven design, aiming to carve out a differentiated market space [12].