重大资产重组终止，780亿芯片大牛股突然宣布

Core Viewpoint - The article discusses the termination of a significant asset restructuring by Chip Original Co., Ltd. (芯原股份), which was set to acquire a 97.0070% stake in Chip Coming Technology (芯来智融) due to discrepancies between the core demands of the target company's management and the market environment, policy requirements, and the interests of the company and its shareholders [1][3][4]. Group 1: Transaction Details - The acquisition was initiated on August 28, 2025, with a suspension of trading on August 29, 2025, and a resumption on September 12, 2025 [3]. - The purpose of the acquisition was to enhance the company's core processor IP and CPU IP capabilities, as well as to strengthen its AI ASIC design flexibility and innovation [3][4]. - Following the termination, Chip Original announced plans to invest in Tian Sui Xin Yuan Technology (天遂芯愿) to acquire control of Zhi Dian Semiconductor (逐点半导体) [4]. Group 2: Company Performance - In the first three quarters of 2025, Chip Original reported revenue of 2.255 billion yuan, a year-on-year increase of 36.64%, while the net profit attributable to shareholders was a loss of 347 million yuan, a reduction of 49.15 million yuan compared to the previous year [5]. - The company secured new orders worth 1.593 billion yuan in Q3 2025, a significant year-on-year increase of 145.80%, with approximately 65% of these orders related to AI computing [5]. - Chip Original's semiconductor IP licensing business is projected to hold the largest market share in China and the eighth largest globally in 2024, with licensing revenue ranking sixth worldwide [5]. Group 3: Market Context - In the past month, 21 A-share listed companies have announced the termination of merger and acquisition restructuring, indicating a broader trend in the market [7][8]. - The article lists several companies that have recently terminated their restructuring plans, highlighting the challenges faced in reaching agreements on key terms and the impact of changing market conditions [8].