In recent years, the STAR Market has tightened its supervision, raising the IPO review thresholds for sectors such as chip companies, resulting in a decline in valuations. Amidst this scenario, mergers and acquisitions (M&A) have emerged as a viable alternative for corporate capitalization and fostering industrial synergies. The policies introduced in June 2024 explicitly support M&A activities among hard technology enterprises, aimed at boosting transaction efficiency and mitigating valuation risks. These M&A activities facilitate the rapid development of product closed loops, integration of technologies, and expansion of resources, making them a crucial pathway for domestic IC companies to expedite their industrial implementation.