业内人士：差异化并购等方式可降低半导体并购重组失败风险

Core Viewpoint - The semiconductor M&A activity in the A-share market is expected to surge in 2025, with the number of cases increasing by over 15% year-on-year, focusing on asset integration and strategic cooperation, despite a rising failure rate in M&A transactions [1] Group 1: M&A Trends - The number of semiconductor M&A cases is projected to rise by more than 15% compared to the previous year [1] - The focus of restructuring is shifting towards asset integration and strategic partnerships [1] Group 2: Challenges in M&A - The failure rate of semiconductor M&A transactions has increased, attributed to significant valuation discrepancies between buyers and sellers [1] - Difficulty in reaching consensus on key terms such as valuation, performance commitments, and other core clauses is becoming more pronounced [1] Group 3: Recommendations for M&A - Industry experts suggest adopting differentiated M&A strategies and phased incubation through M&A funds to mitigate the risks of failure [1] - Companies are beginning to implement differentiated M&A approaches, considering various factors such as valuation pricing, payment methods, share lock-up, and performance compensation [1]