Recently, three preeminent semiconductor enterprises—SMIC, HuaHong Semiconductor, and Advanced Micro-Fabrication Equipment Inc. (AMEC)—have been actively driving forward with merger and acquisition restructuring initiatives. On December 30, 2025, SMIC unveiled a draft transaction plan for the acquisition of a 49% stake in its controlled subsidiary, SMIC Northern, with a transaction price set at RMB 40.601 billion. This strategic move is aimed at bolstering business synergy through the "upward roll" of minority equity. On January 1, 2026, HuaHong Semiconductor declared its intention to issue shares for the purpose of acquiring a 97.5% stake in Shanghai Huali Microelectronics Corporation, with the transaction price reaching RMB 8.2679 billion. This endeavor is designed to eliminate horizontal competition and expand production capacity. On the very same day, AMEC disclosed its scheme to issue shares and pay cash for the acquisition of a 64.69% stake in Hangzhou Zhonggui Technology Co., Ltd. Once the transaction is finalized, AMEC will establish a comprehensive capability system encompassing four core front-end processes, thus facilitating a transformation from a mere provider of single dry etching equipment to a holistic solution supplier. Since the introduction of the "Eight Measures for the Science and Technology Innovation Board," companies listed on this board have cumulatively announced nearly 170 equity acquisition transactions. In 2025 alone, over 100 new deals have been added, including 37 major asset restructurings. This figure significantly surpasses the cumulative total of 17 from the period spanning 2019 to 2023.