Core Viewpoint - The planned major asset restructuring between Haiguang Information and Zhongke Shuguang has been terminated due to significant changes in market conditions and the complexity of the transaction, which involved multiple parties and a large scale [1][2]. Group 1: Transaction Details - The restructuring was initially announced on May 25, with a transaction value of approximately 115.97 billion yuan, marking it as the first absorption merger case following the new restructuring regulations by the CSRC [2][3]. - The proposed share exchange prices were set at 79.26 yuan per share for Zhongke Shuguang and 143.46 yuan per share for Haiguang Information, with the plan for Zhongke Shuguang to delist and Haiguang Information to acquire all its assets and business [2][3]. Group 2: Company Impact - Following the termination of the transaction, Haiguang Information stated that its production and operational status remains normal, and the termination will not have a significant adverse impact on its financial condition or the interests of minority shareholders [2]. - Both companies emphasized their ongoing collaboration in high-end chip products and AI solutions, indicating that the termination of the merger will not affect their future cooperative efforts [2][3]. Group 3: Company Background - Haiguang Information, established in 2014, has developed its first CPU in 2018 and went public on the Sci-Tech Innovation Board in 2022, focusing on CPU and DCU fields [3]. - Zhongke Shuguang, founded in 2006, specializes in servers, storage, security, and cloud computing solutions, and was listed on the Shanghai Stock Exchange in 2014 [3]. Group 4: Shareholding Structure - Zhongke Shuguang holds approximately 650 million shares of Haiguang Information, representing a 27.96% stake, making it the largest shareholder of Haiguang Information [4]. - As of December 9, Haiguang Information's stock closed at 219.30 yuan, with a market capitalization of 509.7 billion yuan, while Zhongke Shuguang's stock closed at 100.13 yuan, with a market capitalization of 146.5 billion yuan [4].