经济观察报·2025-05-26 14:34Core Viewpoint - The major asset restructuring between Haiguang Information Technology Co., Ltd. and Zhongke Shuguang Information Industry Co., Ltd. is expected to significantly reshape China's computing power industry landscape, potentially creating a computing industry conglomerate with a total market value exceeding 400 billion yuan, which will have a substantial impact on the future direction of China's semiconductor industry [1][2]. Group 1: Restructuring Details - On May 26, Haiguang Information and Zhongke Shuguang announced a suspension of trading due to a planned major asset restructuring, where Haiguang will issue A-shares to absorb and merge Zhongke Shuguang [2]. - The restructuring marks the first absorption merger transaction between A-share listed companies following the revision of the "Management Measures for Major Asset Restructuring of Listed Companies" on May 16 [2]. - Haiguang Information, valued at approximately 316 billion yuan, is a leading company in CPU design, while Zhongke Shuguang, valued at around 90.6 billion yuan, is a veteran in the server and high-performance computing market [2]. Group 2: Strategic Intentions - The merger aims to establish a solid capital foundation for long-term development and enhance profitability through economies of scale [3][8]. - The integration will optimize the industrial layout from chips to software and systems, gathering high-quality resources across the information industry chain [3][9]. - Both companies share a common "Chinese Academy of Sciences" background, which has facilitated their strategic alignment over the years [5][7]. Group 3: Financial Performance - In 2024, Haiguang Information reported revenues of 9.162 billion yuan and a net profit of 1.931 billion yuan, with a significant R&D investment of 3.446 billion yuan, accounting for 37.61% of its revenue [7]. - Zhongke Shuguang's 2024 revenue was 13.148 billion yuan, a decline of 8.4% year-on-year, while its net profit increased by 4.1% to 1.911 billion yuan [8]. - The first quarter of 2025 saw Haiguang's revenue grow by 50.76% year-on-year to 2.4 billion yuan, while Zhongke Shuguang's revenue increased by 4.34% to 2.586 billion yuan [7][8]. Group 4: Market Implications - If the merger is successful, the combined entity could achieve a revenue scale exceeding 22 billion yuan and a total R&D investment of over 6 billion yuan, enhancing its market competitiveness and technological capabilities [12]. - The merger is viewed as a positive signal for policy encouragement of strategic mergers and acquisitions in the capital market [13]. - The integration is expected to strengthen the domestic AI industry by pooling resources and enhancing capabilities in AI full-stack solutions [12][13].