900亿芯片巨头明起停牌，股价已提前大涨11%

Core Viewpoint - Huahong Company (688347.SH) is planning to acquire the controlling stake of Shanghai Huali Microelectronics Co., Ltd. to resolve competition issues arising from its IPO commitments, with the transaction involving both cash and stock issuance [6][10]. Group 1: Acquisition Details - The acquisition aims to address the competition issues between Huahong and Huali Micro, both engaged in wafer foundry services, particularly in the 65/55nm and 40nm process nodes [10][11]. - The transaction is expected to be classified as a related party transaction but will not result in a change of control for Huahong [6][10]. - The assets being acquired are currently in the process of being separated and are related to the overlapping business in the 65/55nm technology node [6][10]. Group 2: Financial Performance - In Q2 2025, Huahong reported sales revenue of $566.1 million, a year-on-year increase of 18.3% and a quarter-on-quarter increase of 4.6% [14]. - The gross margin for Q2 was 10.9%, up 0.4 percentage points year-on-year and 1.7 percentage points quarter-on-quarter [14]. - The company expects Q3 sales revenue to be between $620 million and $640 million, with a gross margin between 10% and 12% [14]. Group 3: Stock Performance - Huahong's stock price has increased approximately 70% year-to-date, with a notable rise of 11.35% on August 15, closing at 78.5 yuan per share, giving it a market capitalization of 93.6 billion yuan [12][13]. - The stock is currently suspended from trading starting August 18, 2025, for a period not exceeding 10 trading days due to the planned acquisition [3][6]. Group 4: Industry Context - The global semiconductor market reached over $340 billion in the first half of the year, with a year-on-year growth of 18.9% [17]. - The logic semiconductor segment grew by 37%, while memory semiconductors grew by 20% in the same period [17].