The largest merger of the domestic computing power industry is the share exchange of Haiguang Information to absorb and merge with Zhongke Shuguang.Haiguang Information is a domestic CPU/DCU chip leader. In 2024, it will take 53.6% of the domestic server CPU market and master the core technology of chip design. Zhongke Shuguang is a giant of server, storage and cloud computing, and its business covers the whole chain from hardware to computing services. Although the two companies belong to the same system of the Chinese Academy of Sciences, their business has been divided before, and it is difficult to form a synergy. In the face of technical barriers of international giants such as NVIDIA and Intel, their competitiveness is limited.
Merger plan:
Haiguang Information intends to absorb and merge Zhongke Shuguang with a share exchange ratio of 0.5525:1, issue A shares to all exchange shareholders of Zhongke Shuguang, and exchange the shares of Zhongke Shuguang. The exchange price of Haiguang Information is 143.46 yuan/share, and the exchange price of Zhongke Shuguang is 79.26 yuan/share, with a transaction amount of 115.967 billion yuan. After the merger is completed, Haiguang Information will inherit all the assets, liabilities, etc. of Zhongke Shuguang. The listing of Zhongke Shuguang will be terminated, and the shares issued by Haiguang Information will be listed and circulated on the Science and Technology Innovation Board of the Shanghai Stock Exchange.
Market reaction:
After the resumption of the listing on June 10, Zhongke Shuguang rose and stopped, with a quotation of 68.09 yuan. Haiguang Information once rose nearly 9% at the beginning of the session to 148 yuan. As of 11:06 on the same day, the stock price was 142.87 yuan, an increase of 4.95%, with a total market value of 332.1 billion yuan.
The significance of the merger:
Technical level:
It can build a technical closed loop. The DCU chip of Haiguang Information combined with the liquid-cooled server technology of Zhongke Shuguang can increase the utilisation rate of AI computing power by 30%, benchmarking the “NVIDIA + Dell” ecosystem.
Security level:
In government cloud, financial core system and other scenarios, it can provide a full-stack localisation solution to meet the level 4 standard of security 2.0. It is expected that the market share of the party, government and financial industry will increase from the current 25% to more than 45% in 2026.
Industrial level:
It is conducive to the formation of the whole industrial chain of “chip design-server manufacturing-computing power service”, improving the competitiveness with leading international enterprises, and helping the healthy development of China’s computing power industry. After the merger, the new company has a market value of nearly 400 billion yuan, a revenue of more than 22.3 billion yuan (2024 data), and a research and development investment of more than 6 billion yuan. It is expected to become the “third pole” in the global computing power pattern.
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