Core Viewpoint - The article discusses the trend of semiconductor companies facing significant valuation corrections, as evidenced by recent acquisitions at prices much lower than previous valuations, indicating a shift in the investment landscape within the semiconductor industry [4][5][6]. Group 1: Acquisition Trends - Semiconductor companies are increasingly engaging in mergers and acquisitions, with 90 related transactions disclosed in the A-share market since January 1, 2025 [4]. - The acquisition of ZD Semiconductor by Chip Origin is highlighted, where the company was valued at $500 million (approximately 3.56 billion RMB) but was acquired for only 950 million RMB, representing 26.7% of its previous valuation [5][10]. - Another example includes the acquisition of Ruicheng Semiconductor by Gelaun Electronics, where the highest valuation was 4.878 billion RMB, but the transaction price was only 1.9 billion RMB, reflecting a significant discount [6]. Group 2: Transaction Structure - Chip Origin's acquisition of ZD Semiconductor involved the establishment of a Special Purpose Vehicle (SPV) called Tian Sui Xin Yuan, where Chip Origin holds 40% of the shares, allowing it to control the acquisition while minimizing cash outlay [9][19]. - The acquisition price of 950 million RMB includes 930 million RMB in cash and transaction fees, with the deal structured to ensure that external investors could still participate and benefit from the transaction [9][19]. - The transaction structure allowed external investors to increase their ownership stakes, with Pixelworks reducing its stake from 78.14% to 49.49%, thereby compensating external investors and ensuring they would not incur significant losses [14][17]. Group 3: Financial Performance and Strategic Decisions - ZD Semiconductor's financial performance has been poor, with projected revenues of 385 million RMB and a net loss of 120 million RMB for 2024, raising concerns about its future viability [20]. - Pixelworks, the parent company, is also facing declining revenues and increasing losses, prompting a need to liquidate assets to stabilize its financial situation [20][22]. - The urgency for Pixelworks to divest its Chinese operations is compounded by geopolitical risks and the need for cash flow, making the sale of ZD Semiconductor a strategic necessity [22].

根据公告披露，芯原股份已设立全资子公司天遂芯愿作为本次收购的主体，将按照40%的股权比例对天 遂芯愿进行出资和增资，成为其单一第一大股东。交易完成后，芯原股份将通过天遂芯愿持有逐点半导 体100%的股份。 10月15日，芯原股份宣布，公司拟联合共同投资人，通过特殊目的公司收购逐点半导体100%股权，交 易对价不超过9.5亿元，预计该项交易于2025年底完成。 芯原股份在公告中表示，逐点半导体在AI图像增强领域的领先技术，可与自身GPU IP技术相结合。通 过此次交易可以强化公司在视觉处理领域技术优势，进一步提升在端侧AIASIC市场竞争力。 资料显示，逐点半导体是一家创新视频、显示处理芯片和解决方案提供商，于2004年成立，系纳斯达克 上市公司Pixelworks在中国的控股子公司。值得一提的是，逐点半导体还曾于2023年6月启动科创板IPO 辅导。 市场表现上，逐点半导体研发的智能手机AI独立显示芯片专注图像处理增强，突破了国产手机图形渲 染方面的技术和算力瓶颈。目前已成功进入全球主流手机品牌供应链，建立稳定合作关系。并且，其还 是全球3LCD投影仪主控芯片的龙头供应商，市场份额超过80%。 业绩层面上，2 ...