Fast Optical Power Sensor

Haiguang Information and Zhongke Shuguang announced plans for major asset restructuring

On the evening of May 25, 2025, Haiguang Information (listed on the Science and Technology Board, code 688041) and Zhongke Shuguang (listed on the main board, code 603019) announced plans for major asset restructuring: Merger method: Haiguang Information intends to absorb and merge Zhongke Shuguang by issuing shares to all A-share shareholders of Zhongke Shuguang, and issuing A-share shares to raise supporting funds. Trading in both shares has been suspended since May 26 and is expected to be suspended for no more than 10 trading days. Relationship between the two parties: Zhongke Shuguang is the largest shareholder of Haiguang Information, holding 650 million shares as of the end of the first quarter of 2025, with a shareholding ratio of 27.96%. However, there is no controlling shareholder and actual controller in Haiguang Information. The controlling shareholder of Zhongkeshuguang is Beijing Zhongkehuayuan Asset Management Co., LTD., holding 16.36%, and the actual controller is the Institute of Computing Technology of the Chinese Academy of Sciences. Merge background and significance: Policy support: This is the first merger transaction between listed companies after the revision of the Management Measures for the Reorganization of Major Assets of Listed Companies was issued on May 16, reflecting the encouragement of the policy to the integration of the science and technology industry. Industrial collaboration: Haiguang Information is a major supplier of x86 architecture CPU and DCU chips in China, and its products are used in key fields such as finance and telecommunications. Zhongke Shuguang is a leading enterprise in the field of high performance computing in China, and has undertaken 80% of the core node projects of "East Digital West Computing" in the country. After the merger, the full chain from chip design to server manufacturing to computing power service will be localized, forming a closed loop of the complete industrial chain of "chip design-high-end machine design-computing power service", reducing external dependence and enhancing the independent controllability of the domestic computing power industry. Cost reduction: The chips independently developed by Haiguang Information will be seamlessly connected with the high performance servers, liquid-cooled data centers and cloud computing platforms of Shuguang, which can reduce the industrial chain collaboration cost by 20%-30% and enhance the customization ability of domestic technical solutions. Enhance competitiveness: After the merger, the market value is expected to exceed 400 billion yuan, ranking among the top five computing power companies in the world, which is expected to promote the domestic x86 architecture to become an international standard alternative and challenge the monopoly position of Nvidia in the GPGPU market. Potential risks and challenges: The x86 architecture license currently used by Haipuang Information will expire in 2027, and both parties need to complete the research and development reserve of independent instruction set during the transition period. The latest export control policy of the United States restricts the equipment with 25% domestic production rate, and the merged enterprise needs to maintain strategic flexibility in supply chain management. This transaction will generate about 28 billion yuan of goodwill, how to digest the valuation pressure through performance growth has become the key.