收购终止即股改 芯来智融谋上市？

Core Viewpoint - The termination of the acquisition of 97.0070% equity in Chip Coming Technology by Chip Origin Co., Ltd. has led to significant corporate changes at Chip Coming, indicating a potential move towards independent IPO preparation [1][3]. Group 1: Acquisition Background - In August 2025, Chip Origin planned to acquire Chip Coming to fill its gap in the RISC-V CPU IP sector, aiming to build a comprehensive IP capability [3]. - Chip Origin, a leader in semiconductor IP with a strong portfolio including GPU and NPU, had previously held a 2.99% stake in Chip Coming since 2019 [3]. - The acquisition was ultimately terminated due to disagreements between the management of Chip Coming and the transaction counterpart regarding valuation and strategic differences, particularly in the rapidly growing RISC-V sector [3]. Group 2: Corporate Changes - On February 6, 2026, Chip Coming completed several significant corporate adjustments, including changing its name and transforming from a limited liability company to a non-listed joint-stock company, which is a key step towards preparing for an IPO [1][2]. - The registration authority was upgraded to the Shanghai Municipal Market Supervision Administration, reflecting an elevation in its development positioning [4]. - Key management changes were made to enhance governance structure and address shortcomings in IPO preparation [4]. Group 3: Market Position and IPO Potential - Chip Coming is positioned as a leading player in the RISC-V sector, boasting over 300 customer resources and benefiting from favorable policies and market conditions, which supports its potential for an IPO [4]. - The series of corporate adjustments signals a clear intention for independent listing, with previous financing rounds and partnerships with industry leaders providing additional support [5].