VeriSilicon(SH:688521) 半导体行业观察·2025-10-16 01:00Core Viewpoint - Chip Original intends to acquire 100% equity of Zhudian Semiconductor for a transaction price not exceeding 950 million yuan, which will enhance its competitive edge in the AI ASIC market [2][5][9]. Group 1: Transaction Details - The acquisition will be conducted through a special purpose company, Tian Sui Xin Yuan, with Chip Original holding a 40% stake, funded by a combination of its own funds and external financing [7][9]. - Zhudian Semiconductor is a subsidiary of Pixelworks, which holds 78.14% of its shares, and the acquisition is expected to be completed by the end of 2025 [5][8][9]. - The market value of Zhudian Semiconductor's 100% equity is estimated between 1.01 billion to 1.04 billion yuan, with the agreed transaction value set at 950 million yuan [8]. Group 2: Strategic Impact - The acquisition is expected to create synergies that will strengthen Chip Original's technological advantages in visual processing, enhancing its competitiveness in both edge and cloud AI ASIC markets [5][15]. - The combination of Chip Original's image pre-processing IP and Zhudian Semiconductor's image post-processing IP will provide a comprehensive image processing solution for mobile clients [15][16]. - Zhudian Semiconductor's advanced technologies in image quality optimization and AI image enhancement will complement Chip Original's existing capabilities, particularly in the fields of AI smartphones and other AI-enabled devices [13][15]. Group 3: Market Position and Technology - Zhudian Semiconductor has successfully entered the supply chains of major global smartphone brands and holds over 80% market share in the 3LCD projector chip sector [12][16]. - The company is recognized for its advanced circuit design and image processing algorithms, which are critical for enhancing visual quality in mobile devices [13]. - The recent launch of a spatial media technology platform by Zhudian Semiconductor integrates AI with 3D reconstruction algorithms, aiming for applications in data centers, cloud gaming, and more [17].