The restructuring transaction of the semiconductor sector on the Sci-Tech Innovation Board has been terminated, industry experts say there are three reasons.

Recently, some restructuring transactions on the science and technology innovation board have been terminated, especially cases related to the semiconductor industry which have attracted market attention. In response to this, industry insiders in the semiconductor sector analyzed that there have been many recent cases of mergers and acquisitions termination in the industry, mainly due to two objective reasons: on one hand, the high activity in industry mergers and acquisitions and a large number of disclosed cases have led to a corresponding increase in the number of termination cases; on the other hand, the rapid development of the domestic semiconductor industry in recent years has led to a high level of market attention and valuation in the primary market, along with some target companies having complex shareholder structures and diverse interests, which also increases the difficulty of merger negotiations for listed companies. At the same time, fluctuations in industry demand and changes in market environment also prompt listed companies to proceed with mergers and acquisitions more cautiously, in order to avoid operational risks caused by hasty decisions. Analysis of relevant cases found that, in terms of disclosed reasons, the core issue often lies in the failure of the two parties to reach an agreement on key terms. For example, DiAOMei clearly disclosed that the two parties "have not been able to reach a consensus on key terms such as the transaction scheme, transaction price, and performance commitments for this transaction." Xinyuan shares also stated that "the core demands and key issues raised by the target company's management and the trading parties are inconsistent with market conditions, policy requirements, and the interests of the company and all shareholders." In addition, changes in market conditions leading to immature transaction conditions is also an important reason, such as the merger and reorganization project between Haiguang Information and Inspur Group, where the two parties disclosed that "due to the large scale of this transaction and the involvement of multiple parties, the deliberation on the major asset restructuring plan took a long time, and the current market environment has undergone significant changes since the initial planning of this transaction, making the conditions for implementing this major asset restructuring not yet mature."