<p>➀ A multi-billion yuan chip merger between Huizheng Technology and Yunying Valley was terminated due to price disagreements.</p><p>➁ Yunying Valley, founded by a Harvard graduate, has been focused on semiconductor display chip design and has attracted numerous investors.</p><p>➂ The merger failure highlights the challenges in the exit strategy for startups in the semiconductor industry, with many seeking IPOs as an alternative.</p>