紫光国微欲“收编”瑞能半导，半导体并购潮下谁在狂奔

Core Viewpoint - The acquisition of Ruineng Semiconductor by Unisoc is a strategic move aimed at enhancing business synergy and addressing Unisoc's power semiconductor shortfall, while providing Ruineng with a viable exit after unsuccessful attempts to go public [2][6][15]. Company Summary - Unisoc has initiated a suspension of trading as it plans to acquire controlling stakes in Ruineng Semiconductor from its three major shareholders, which are private equity funds holding 24.18%, 24.18%, and 22.75% respectively [3][12]. - The acquisition is structured as an associated transaction rather than a major asset restructuring, due to the existing connections between the companies' leadership [3][12]. - Unisoc reported a revenue of 5.511 billion yuan and a net profit of 1.179 billion yuan for 2024, with a market capitalization of 66.959 billion yuan prior to the suspension [4][13]. Industry Context - The semiconductor industry is experiencing a wave of mergers and acquisitions, with nearly 50 restructuring plans reported in the A-share market last year, reflecting a significant trend towards consolidation [8][16]. - Major players in the semiconductor sector, including SMIC and Northern Huachuang, are actively pursuing acquisitions to enhance their market positions [8][16]. - The ongoing acquisition trend is seen as a necessary step for Chinese semiconductor companies to integrate resources and overcome technological challenges, indicating a maturation phase in the industry [9][17].