Industry insiders: Differentiated mergers and acquisitions and other methods can reduce the risk of failure in semiconductor mergers and acquisitions.

In 2025, there will be a wave of mergers and acquisitions in the A-share semiconductor listed companies, with the number of M&A cases increasing by over 15% compared to the previous year. The focus of the restructurings will be more on asset integration and strategic cooperation. At the same time, the failure rate in the semiconductor M&A industry is also on the rise. Many industry insiders have told the Securities Times reporter that despite the improvement in regulatory approval process, the significant discrepancies in valuations between the primary and secondary markets in the semiconductor industry have become a key reason for M&A failures. Currently, it is becoming more difficult for buyers and sellers to reach agreements on core terms such as valuation, performance commitments, etc. Some industry insiders suggest that M&A parties should consider adopting differentiated M&A strategies, segmented incubation of M&A funds, etc., to reduce the risk of failure in semiconductor M&A restructurings. According to observations by reporters, in some semiconductor acquisition cases, listed companies have begun to pursue differentiated M&A strategies for target companies with diverse shareholder backgrounds and cost demands, planning transactions in multiple dimensions such as valuation pricing, payment methods, share lock-ins, performance compensation, etc.