证券时报·2025-12-11 00:26Core Viewpoint - The merger between domestic computing power giants Zhongke Shuguang and Haiguang Information has been terminated, signaling risks in asset restructuring for listed companies, even among leading stocks in the booming AI sector [1][2]. Group 1: Merger Details - The merger aimed to create a vertically integrated "computing power aircraft carrier" by combining Haiguang's strengths in high-end chip design (CPU, GPU) with Zhongke's extensive market presence in server manufacturing, storage devices, and cloud computing solutions [1]. - The initial plan was to streamline the entire industry chain from chip design to hardware manufacturing and software services, enhancing core competitiveness in AI and high-performance computing [1]. Group 2: Market Reactions - Following the announcement of the merger termination, Zhongke Shuguang's stock price hit the daily limit down, while Haiguang Information experienced a slight decline [1]. - Investors had mixed reactions, with some expressing confidence and others questioning the valuation of Haiguang's shares held by Zhongke, especially as Zhongke's stock price had previously doubled, leading to concerns about valuation discrepancies [1][2]. Group 3: Company Statements and Market Environment - Despite the termination, both companies' executives denied any abrupt changes, stating they were still working towards the merger until the last moment, citing the complexity and scale of the transaction as factors for the lengthy evaluation process [2]. - The market environment has changed significantly since the merger was first proposed, indicating that conditions for executing major asset restructurings were not mature [2].