China hits obstacles in state push to consolidate chip sector
中国在推动芯片产业整合进程中遭遇阻力

Beijing is facing obstacles in its push to consolidate China’s fragmented semiconductor industry into a handful of national champions that can compete against large US and European rivals.
北京在推动整合中国分散的半导体行业时遭遇阻力，该计划旨在打造少数几家能与欧美大型企业抗衡的国家级龙头企业。

China’s government convened a group of chip equipment makers this year to discuss a potential megamerger that would combine different technologies into a single state-backed giant, according to multiple people familiar with the talks.
据多位知情人士透露，中国政府今年召集了一批芯片设备制造商，商讨可能进行的超级合并，旨在将不同技术整合为一家国家支持的巨头企业。

The merger plan, led by the National Development and Reform Commission, is part of a broader policy shift aimed at streamlining China’s semiconductor sector, which Beijing sees as vital for strengthening its domestic chip industry amid continuing US export controls aimed at curbing the country’s high-tech ambitions.
这项由国家发展和改革委员会主导的合并计划，是旨在精简中国半导体行业的更广泛政策转变的一部分。在美国持续实施出口管制以遏制中国高科技雄心的背景下，北京认为此举对加强国内芯片产业至关重要。

However discussions between the chip manufacturing equipment groups have faltered following opposition from companies and investors over ownership structure and valuation, the people said. The NDRC did not respond to a request for comment.
但知情人士表示，由于企业和投资者在所有权结构和估值方面存在异议，芯片制造设备企业间的谈判已陷入僵局。国家发改委未就置评请求作出回应。

“There were too many split interests,” said one person briefed on the negotiations. “The prospective sellers don’t want to sell at a loss and the buyers don’t want to pay a premium.”
一位了解谈判情况的人士表示："各方利益分歧太大。潜在卖家不愿亏本出售，买家也不愿支付溢价。"

Another individual added that talks were ongoing but were unlikely to result in the large-scale consolidation that the government had initially envisaged.
另一位知情人士补充说，谈判仍在进行中，但不太可能实现政府最初设想的大规模整合。

While Beijing’s initiative has hit some roadblocks, a rise in dealmaking indicates some progress is being made to streamline the country’s semiconductor industry.
尽管北京方面的举措遇到了一些阻碍，但交易数量的增加表明中国半导体行业的整合正在取得一些进展。

There have been 26 semiconductor acquisitions announced so far this year, according to data from financial information provider Wind. The most high-profile deal was a merger announced in May between Hygon, which designs central processing units for servers and data centres, and supercomputer maker Sugon.
金融信息提供商万得数据显示，今年以来已宣布 26 起半导体行业并购交易。其中最引人注目的是 5 月宣布的服务器及数据中心 CPU 设计公司海光信息与超级计算机制造商中科曙光的合并案。

If completed, the activity would place 2025 potentially on track to match the post-pandemic high of 45 deals achieved last year.
若顺利完成，这项交易将使 2025 年并购案数量有望追平去年疫情后达到的 45 宗高点。

Consolidation in the chip equipment space would help boost China’s bid to build a self-sufficient semiconductor supply chain and replace equipment from US groups such as Applied Materials and Lam Research, said Edison Lee, semiconductor analyst at Jefferies.
"芯片设备领域的整合将助力中国建设自主可控的半导体供应链，替代应用材料、泛林集团等美国企业的设备，"杰富瑞半导体分析师李裕生表示。

Currently, a Chinese fab buying local equipment has to use multiple vendors, whose technology is not well integrated. “In the equipment industry, it is difficult to be very successful as a single-product company. Fabs prefer to buy multiple machines from the same vendor, which makes it easier to use,” he added.
目前，中国晶圆厂采购本土设备时不得不采用多家供应商，而这些供应商的技术整合度不高。"在设备行业，单一产品公司很难取得巨大成功。晶圆厂更倾向于从同一供应商处采购多种设备，这样使用起来更方便，"他补充道。

By consolidating, Beijing also hopes to better direct funding to firms deemed strategically significant.
通过整合，北京方面还希望将资金更好地引导至具有战略意义的企业。

“There has been a realisation that scattered investment doesn’t create the scale necessary to make the sector profitable,” said Lin Qingyuan, a semiconductor analyst at Bernstein. “It is focusing resources to create a few national champions that can compete in the international market.”
伯恩斯坦半导体分析师林青原表示："人们已经意识到，分散投资无法形成使行业盈利所需的规模。现在正集中资源打造几家能在国际市场竞争的国家级龙头企业。"

Yet scepticism remains about whether consolidation alone can deliver meaningful technological breakthroughs for China’s tech sector.
然而，仅靠整合能否为中国科技行业带来重大技术突破仍存疑。

“A lot of the companies for sale have no defensible technology moat,” said a Shanghai-based chip investor. “It doesn’t mean it’s going to be a successful acquisition unless the partnership is bringing something strategic.”
上海一位芯片行业投资人表示："许多待售企业缺乏核心技术壁垒。除非合作能带来战略价值，否则收购未必能成功。"

Lin added that integration risks are high. “Often, the companies best positioned to buy an asset don’t want to buy the company because they understand why it’s underperforming and often believe the valuation is too high.”
林补充道，整合风险很高。"通常，最有实力收购资产的企业并不愿出手，因为他们清楚标的公司表现不佳的原因，且往往认为估值过高。"

The state-led campaign has also attracted a wave of interest from companies outside the chip sector, with listed firms — from real estate developers to fungicide and knitting machinery manufacturers — announcing plans to acquire semiconductor assets.
这场由国家主导的整合行动还吸引了大量芯片行业外部企业的关注，从房地产开发商到杀菌剂及针织机械制造商等上市公司纷纷宣布收购半导体资产的计划。

But many of the deals also fail to close. So far in 2025, eight deals that were previously announced have failed to complete, according to an FT calculation based on Wind data.
但许多交易最终未能达成。根据英国《金融时报》基于万得数据的统计，截至 2025 年已有八起先前宣布的交易宣告流产。

Chinese electronic design automation (EDA) leader Empyrean Technology announced a deal to acquire smaller rival Xpeedic in March, an acquisition that would have expanded its tool kit. Last month, the deal was ditched due to a failure to agree on terms.
中国电子设计自动化(EDA)龙头企业概伦电子 3 月宣布收购规模较小的竞争对手芯禾科技，这笔交易本可扩充其工具组合。上月因条款未能达成一致，交易宣告终止。

Zhejiang Aokang, a leather shoe manufacturer, and Ningbo Cixing, which specialises in knitting machinery, have both recently abandoned proposed chip acquisitions, citing valuation disputes.
皮鞋制造商浙江奥康和针织机械专业企业宁波慈星近期都放弃了拟议的芯片收购计划，理由是估值存在争议。

Valuation mismatches between buyers and state-backed sellers remain a persistent hurdle, according to chip industry insiders. “Many investors are unwilling to offload assets below their book value, even if financial performance has deteriorated,” said one chip investor.
芯片行业内部人士表示，买卖双方对估值的认知差异仍是持续存在的障碍。"许多投资者不愿以低于账面价值的价格出售资产，即便财务状况已经恶化，"一位芯片投资者表示。

Little progress has yet to be made in consolidating China’s sprawling network of foundries — a segment that remains highly fragmented and politically sensitive.
中国在整合庞大晶圆代工网络方面进展甚微——该领域仍呈现高度分散化且具有政治敏感性。

The past decade saw a surge in foundry projects backed by local governments, many of which built capacity in parallel, resulting in a glut of supply of mature chips and steep price competition.
过去十年间，地方政府支持的晶圆厂项目激增，其中许多项目同步建设产能，导致成熟制程芯片供应过剩和激烈的价格竞争。

Chip experts note that China could also benefit from streamlining its advanced fabrication market, to concentrate talent and the most advanced chip equipment machinery in one place instead of being spread across disparate projects.
芯片专家指出，中国若能整合先进制程制造市场，将人才和最先进的芯片制造设备集中而非分散于不同项目，也将从中受益。

Despite newer investments in advanced nodes to build cutting-edge chips for smartphones and AI applications — including investments in 7mn lines in Shenzhen and Shanghai — the industry continues to suffer from overlapping efforts and scattered talent.
尽管为智能手机和人工智能应用生产尖端芯片的先进制程领域获得新投资（包括深圳和上海的 7 纳米生产线投资），但该行业仍存在重复建设和人才分散问题。

“This is where consolidation is needed the most. But the local governments, which have a majority stake in these fabs, cannot sell for a big loss — so there are no willing buyers,” said one chip investor. “They do not want to be accused of losing the country’s assets,” they added.
"这里是最需要整合的地方。但地方政府在这些晶圆厂中占多数股权，不能承受巨额亏损出售——所以没有愿意接手的买家，"一位芯片投资者表示。"他们不想被指责导致国有资产流失，"他补充道。

Additional reporting by Nian Liu in Beijing
北京年柳补充报道