Core Viewpoint - The major asset restructuring plan between Haiguang Information Technology Co., Ltd. and Zhongke Shuguang Information Industry Co., Ltd. has been terminated after nearly seven months of planning, marking the first case of a "subsidiary reverse merger with the parent company" in the Sci-Tech Innovation Board [2][10]. Group 1: Termination Details - Both companies held board meetings on December 9, 2025, where they unanimously approved the termination of the transaction [4][12]. - The termination was attributed to the large scale of the transaction, involvement of multiple parties, prolonged proposal discussions, and significant changes in the market environment since the initial planning [5][13]. - The original plan involved Haiguang Information issuing shares to all A-share shareholders of Zhongke Shuguang, with an estimated transaction value of approximately 115.967 billion yuan [6][13]. Group 2: Future Cooperation - Despite the termination of the merger, both companies emphasized that their existing industrial cooperation would continue [14]. - Haiguang Information stated it would focus on high-end chip products and collaborate with industry partners, including Zhongke Shuguang, to advance technology research and development [15]. - Zhongke Shuguang indicated plans to establish closer cooperation in system-level product applications [15]. Group 3: Market Impact and Commitments - Following the announcement of the restructuring plan, the stock prices of both companies experienced significant fluctuations [16]. - The termination of the transaction is not expected to have a major adverse impact on the operational and financial status of either company, nor will it harm the interests of the companies and minority shareholders [16]. - Both companies have committed to not planning any major asset restructuring for at least one month following the announcement of the termination [15].