Core Viewpoint - Sirepu (688536) announced the termination of its planned acquisition of 86.12% of Ningbo Aola Semiconductor Co., Ltd. through share issuance or cash payment, citing that the conditions for the major asset restructuring were not fully mature [1][6]. Company Summary - Sirepu has been actively promoting the major asset restructuring in compliance with relevant laws and regulations, engaging in discussions with the transaction parties, but ultimately decided to terminate the plan to protect the interests of the company and its shareholders [3][8]. - Despite the termination of the acquisition, Sirepu plans to continue pursuing its strategic goals and explore various business cooperation opportunities with Aola Semiconductor when conditions are favorable [5][9]. Industry Summary - The M&A market has seen increased activity due to policies like the "M&A Six Guidelines," but changing market conditions have led many companies to adjust or terminate their major asset restructuring plans. Over ten non-related major restructuring transactions have been terminated this year, with a termination rate higher than that of related transactions (19%) [4][9]. - Analysts suggest that companies adjusting or terminating expansion plans in the current market environment is a rational response to uncertainties and risk management [5][9]. Performance Summary - Sirepu has established itself as a leader in signal chain chips, with three main product lines: signal chain, power, and mixed-signal. The company reported a revenue of 582 million yuan in the third quarter, representing a year-on-year growth of 70.29%, marking six consecutive quarters of growth [5][9]. - The company remains committed to its platform development strategy, focusing on innovation and value creation, and aims to strengthen its R&D and manufacturing capabilities while optimizing its product layout to become a leading analog and mixed-signal chip design company both domestically and internationally [10].

业务高度互补构建完整产品矩阵 思瑞浦作为信号链芯片领域的领军企业，已形成"信号链+电源管理+数模混合"三大产品线协同发展的 格局。奥拉半导体是一家专注于高性能模拟和数模混合芯片设计的创新企业，其产品包括去抖时钟芯 片、电源管理芯片和传感器芯片，产品已广泛应用于信息通讯、高性能计算、数据中心、物联网、消费 电子领域。 通过此次并购，思瑞浦将填补在时钟芯片领域的产品空白，同时进一步强化电源管理产品线。奥拉半导 体凭借其在时钟芯片领域的深厚积累，成为国内极少数能够与国际巨头直接竞争的企业，其去抖时钟芯 片在国内通信设备市场占据重要地位。此外，奥拉半导体也是领先的提供多相电源完整解决方案的中国 公司。 近日，国内模拟芯片行业传出重大整合信号。思瑞浦11月25日发布《关于筹划重大资产重组事项的停牌 公告》，计划以发行股份及（或）支付现金方式收购宁波奥拉半导体股份有限公司股权。这一并购若顺 利完成，将有望重塑中国模拟芯片产业格局，打造更具综合竞争力的平台型芯片企业。 据了解，本次收购的核心价值在于双方产品与技术的高度协同。 外延成长持续落子平台化发展进程加速 业内人士表示，全球模拟芯片巨头TI、ADI等均是通过持续并购实 ...

Core Insights - Ningbo Aola Semiconductor Co., Ltd. signed a multi-phase power technology licensing agreement with ON Semiconductor for a total amount of $144 million, allowing ON Semiconductor to sell Aola's products outside China while Aola retains all technology and patent ownership [1] - This agreement represents a new model of deep cooperation rather than a technology sale, with a market division established until the end of 2030, where Aola focuses on the mainland China market and ON Semiconductor on overseas markets [1] - The collaboration is seen as a pathway for Chinese companies to expand into international markets through intellectual property licensing, providing direct economic benefits and helping domestic firms accumulate international shipping records and quickly validate product performance [1] Company Developments - This is the second time Aola Semiconductor has licensed core technology to a U.S. semiconductor company in recent times, having previously reached a $270 million IP licensing agreement with SiTime for clock chips in 2023, indicating Aola's growing international competitiveness in clock and power management chip sectors [2] - Aola Semiconductor has been dedicated to the research and innovation of high-performance analog chips since its inception, with its first de-bounce clock chip successfully launched in 2018, breaking foreign monopolies and achieving large-scale applications in communication infrastructure such as 5G base stations and optical transmission network equipment [2] - The company's development reflects China's integrated circuit industry's commitment to independent innovation and active integration into the global market, with future plans to continue evolving towards becoming a platform-based analog integrated circuit design enterprise [2]