9月11日晚间，芯原微电子（上海）股份有限公司（下称"芯原股份"，688521）公告称，公司拟通过发 行股份及支付现金方式向芯来共创、胡振波、芯来合创等31名交易对方购买其合计持有的芯来智融半导 体科技（上海）有限公司（下称"芯来科技"）97.0070%股权，并募集配套资金。 截至目前，本次交易相关的审计、评估工作尚未完成，标的资产拟定交易价格尚未最终确定。本次交易 预计构成重大资产重组，不构成关联交易，不构成重组上市。 经交易各方友好协商，本次发行股份及支付现金购买资产的股份发行价格为106.66元/股，不低于定价 基准日前20个交易日上市公司股票交易均价的80%。 9月12日，公司股票复牌涨停，收盘价为183.6元。 还未能盈利 目前，上市公司直接持有芯来科技2.9930%股权，本次交易完成后，芯来科技将成为上市公司的全资子 公司。 据悉，芯来科技成立于2018年，主营业务为提供集成电路产品所需的半导体IP设计、授权及相关服务， 专注于RISC-V CPU IP及相应平台方案的研发及销售。截至目前，已有超过300家国内外正式授权客户 使用了标的公司的RISC-V CPU IP，处于业内领先水平，应用领域遍 ...

据悉，芯来科技主营业务为提供集成电路产品所需的半导体IP设计、授权及相关服务，专注于RISC-V CPU IP及相应平台方案的研发及销售。 芯原股份表示，通过本次交易，公司将进一步完善IP储备并强化在RISC-V领域的布局。 北京商报讯（记者 马换换 实习记者 李佳雪）9月11日晚间，芯原股份（688521）披露重组预案，公司 股票将于9月12日开市起复牌。 预案显示，芯原股份拟通过发行股份及支付现金方式向芯来共创、胡振波、芯来合创等31名交易对方购 买其合计持有的芯来智融半导体科技（上海）有限公司（以下简称"芯来科技"）97.007%股权，并募集 配套资金。截至预案签署日，公司直接持有芯来科技2.993%股权，本次交易完成后，芯来科技将成为 公司的全资子公司。本次交易预计构成重大资产重组，不构成关联交易，不构成重组上市。 ...

Group 1 - The core viewpoint of the article highlights the increasing trend of A-share companies pursuing mergers and acquisitions (M&A) of companies planning to IPO, driven by multiple benefits and a favorable regulatory environment [2][3] - Since the release of the "M&A Six Guidelines" on September 24, 2024, 40 A-share companies have disclosed related matters, with 31 focusing on industry-related integrations and 9 on cross-industry mergers, indicating a shift towards a more dynamic M&A landscape [2][3][10] - The simplification of mechanisms and efficiency improvements in the review process have significantly shortened the approval timeline for M&A compared to IPOs, enhancing the attractiveness of M&A as a strategic option [2][4] Group 2 - The article notes that some M&A transactions are being valued significantly lower than comparable IPO levels, with an average M&A price-to-earnings (P/E) ratio of approximately 14.36 times, compared to an average P/E ratio of about 21 times for newly listed A-share companies since 2025 [7][8] - The diversity of payment methods, including cash, shares, and convertible bonds, has increased the flexibility and success rate of M&A transactions, with 60% of the analyzed cases employing a mixed payment approach [6][10] - The majority of the M&A activity is concentrated in the technology sector and the "Double Innovation" board, with a notable focus on companies with clear technological advantages and industry barriers [10][11] Group 3 - The article emphasizes that the current M&A environment reflects a systematic improvement in resource allocation efficiency within the A-share market, driven by rational pricing and innovative transaction structures [2][10] - A significant portion of the M&A transactions involves companies related to the acquirer's main business, indicating a trend towards horizontal and vertical integrations within the same industry [12] - The regulatory framework has been enhanced to manage risks associated with M&A, including the introduction of investor protection clauses and performance guarantees, which aim to ensure the sustainability of these transactions [13][14]