Core Viewpoint - Chip Origin Co., Ltd. has terminated the acquisition of 97.0070% equity in Chip Lai Zhi Rong Semiconductor Technology (Shanghai) Co., Ltd. due to discrepancies between the core demands of the management and the market environment, policy requirements, and the interests of the company and all shareholders [1][5]. Group 1: Termination of Acquisition - The termination of the acquisition was announced on December 12, with the company stating that it had conducted thorough research before making the decision [3]. - The reasons for the termination include misalignment of key demands from the target company's management and the transaction counterpart with the current market environment and policy requirements [5]. - The company reassured that this termination will not adversely affect its normal business operations or the interests of shareholders, particularly minority shareholders [5]. Group 2: Future Plans and Investments - Chip Origin will continue to strengthen its layout in the RISC-V field and maintain and deepen its cooperative relationship with Chip Lai Zhi Rong as a shareholder [5]. - The company announced a new investment in Tian Sui Xin Yuan Technology (Shanghai) Co., Ltd. to acquire control of Zhu Dian Semiconductor (Shanghai) Co., Ltd. [7][10]. - The registered capital of Tian Sui Xin Yuan will be increased to 940 million yuan, with Chip Origin contributing 20 million yuan in shares and 350 million yuan in cash [10]. - After the investment, Chip Origin will hold 40% of Tian Sui Xin Yuan, becoming its largest single shareholder and gaining control over the majority of board seats [10]. Group 3: Company Performance - Chip Origin's stock price has seen a significant increase, rising over 180% year-to-date, with a closing price of 149.04 yuan per share and a total market capitalization of 78.4 billion yuan as of December 12 [12].

Core Viewpoint - The company announced plans to acquire a majority stake in Chipwise Technology (Shanghai) Co., Ltd. through a combination of share issuance and cash payment, but later decided to terminate the transaction due to misalignment of key demands with market conditions and shareholder interests [2][3]. Group 1: Acquisition Plans - On August 28, the company disclosed its intention to purchase 97.0070% of Chipwise Technology's equity, with the final price to be determined based on an evaluation report [2]. - The acquisition was intended to enhance the company's core processor IP and CPU IP capabilities, thereby strengthening its AI ASIC design flexibility and market competitiveness [3]. Group 2: Termination of Acquisition - The company received a notification from Chipwise Technology's management and stakeholders about the termination of the acquisition, which was agreed upon after careful consideration [3]. - The reasons for termination included discrepancies between the core demands of the target company and the prevailing market environment, policy requirements, and the interests of the company and its shareholders [3]. Group 3: New Investment Strategy - Concurrently with the termination of the acquisition, the company announced plans to invest in a special purpose vehicle, TianSuiXinYuan Technology (Shanghai) Co., Ltd., to acquire control of ZD Semiconductor (Shanghai) Co., Ltd. [3]. - TianSuiXinYuan plans to increase its registered capital by 94 million yuan, with the company contributing 20 million yuan in equity and 35 million yuan in cash [6]. Group 4: Financial Performance - In Q3 2025, the company reported a record revenue of 1.28 billion yuan, a significant increase of 119.26% quarter-over-quarter and 78.38% year-over-year [9]. - The company secured new orders worth 1.593 billion yuan in Q3 2025, a year-over-year increase of 145.80%, with AI-related orders accounting for approximately 65% [9]. - The company's net profit loss narrowed significantly to -26.85 million yuan in Q3 2025, showing improvements compared to previous quarters [9]. Group 5: Stock Performance - The company's stock price has seen a significant increase, rising over 180% year-to-date, with a notable jump of more than 7.2% on December 12, reaching 149.04 yuan [10].

Core Viewpoint - Chip Origin Co., Ltd. (芯原股份) announced the termination of a significant asset restructuring plan aimed at acquiring a majority stake in Chip Lai Zhi Rong Semiconductor Technology (芯来智融) due to discrepancies between the demands of the target company's management and market conditions [1][4]. Group 1: Termination of Asset Restructuring - On December 12, Chip Origin disclosed the termination of its major asset restructuring [1]. - The company had previously planned to acquire 97.0070% of Chip Lai Zhi Rong's equity through a combination of share issuance and cash payment [3]. - The termination was attributed to misalignments between the core demands of the target company's management and the interests of Chip Origin and its shareholders [4]. Group 2: New Investment Strategy - Concurrently with the termination announcement, Chip Origin plans to invest in Tian Sui Xin Yuan Technology (天遂芯愿) to acquire control of Zhu Dian Semiconductor (逐点半导体) [4]. - Tian Sui Xin Yuan will increase its registered capital by 94 million yuan, with Chip Origin contributing 20 million yuan in equity and 35 million yuan in cash [7]. - Following the investment, Chip Origin will hold a 40% stake in Tian Sui Xin Yuan, becoming its largest single shareholder and gaining control over the majority of its board seats [7]. Group 3: Company Performance - In Q3 2025, Chip Origin reported a record revenue of 1.28 billion yuan, marking a significant quarter-on-quarter increase of 119.26% and a year-on-year increase of 78.38% [10]. - The company secured new orders worth 1.593 billion yuan in Q3 2025, a year-on-year increase of 145.80%, with AI-related orders accounting for approximately 65% [10]. - As of the end of Q3 2025, the total order backlog reached 3.286 billion yuan, continuing a trend of high order levels for eight consecutive quarters [10]. Group 4: Stock Performance - Chip Origin's stock price surged over 7.2% on December 12, reaching 149.04 yuan, with a year-to-date increase exceeding 180% [11].

Core Viewpoint - Chipone Technology announced the termination of a major asset restructuring plan due to discrepancies between the core demands of the target company's management and the market environment, policy requirements, and the interests of the company and its shareholders [2][4]. Group 1: Termination of Major Asset Restructuring - Chipone Technology intended to acquire 97.007% of the equity of Chipwise Semiconductor Technology (Shanghai) Co., Ltd. through a combination of share issuance and cash payment [2]. - The termination was agreed upon after the target company's management and counterparties notified Chipone Technology of their decision to halt the transaction [2][4]. Group 2: New Investment Initiative - Following the termination, Chipone Technology plans to invest in a special purpose company, TianSuiXinYuan Technology (Shanghai) Co., Ltd., to acquire control of Zhudian Semiconductor (Shanghai) Co., Ltd. [4]. - TianSuiXinYuan will increase its registered capital by 94 million yuan, with Chipone Technology contributing 20 million yuan in equity and 35 million yuan in cash [4]. - Post-investment, Chipone Technology will hold a 40% stake in TianSuiXinYuan, becoming its largest single shareholder and gaining control over the majority of the board seats [4]. Group 3: Company Performance and Market Activity - Chipone Technology reported a record high revenue of 1.28 billion yuan in Q3, with a significant quarter-on-quarter increase of 119.26% and a year-on-year increase of 78.38% [7]. - The net profit attributable to shareholders was a loss of 26.85 million yuan, but the loss narrowed significantly compared to previous periods, with reductions of 75.82% and 73.02% respectively [7]. - The company's stock price has seen a notable increase, rising over 7% on December 12 and accumulating a rise of over 180% since the beginning of the year [8].