DigiTimes 综述：华大九天参股推动思尔芯(S2C)与亚科鸿禹(HyperSilicon)合并，补强硬件仿真验证EDA

China's electronic design automation (EDA) industry is consolidating, with Shanghai-based S2C and Wuxi-based HyperSilicon merging into a unified digital front-end EDA platform. Backed by Empyrean Technology and other investors, the deal aims to strengthen domestic capabilities in hardware emulation, chip verification, and simulation.

The merger agreement, announced on October 14, 2026, will bring CNY518.15 million (approx. US$77.6 million) in new investment to support R&D, engineering expansion, customer services, and commercialization of advanced verification tools.
The deal targets hardware-assisted verification, increasingly critical as chip complexity grows. Hardware emulation enables detailed debugging of large-scale designs, while FPGA-based prototyping supports software and firmware development at near-silicon speeds.
By integrating these technologies, the companies aim to establish a unified workflow spanning architecture design, software simulation, hardware emulation, prototyping, and digital debugging, reducing duplicated R&D and accelerating chip verification.
Empyrean-backed merger strengthens China's EDA capabilities
The S2C–HyperSilicon merger represents a broader effort to consolidate China's fragmented digital front-end EDA capabilities, particularly in hardware emulation, a critical technology for verifying increasingly complex chip designs.
According to Empyrean Technology's regulatory filing, the company will invest CNY150 million in cash alongside its existing stake in S2C to support the restructuring. The transaction follows Empyrean's initial investment in S2C in December 2025 and advances its strategy to address gaps in its digital EDA portfolio.
While Empyrean has largely established its core digital circuit design tools, hardware-assisted verification remains an area requiring substantial R&D investment. Combining S2C and HyperSilicon is intended to concentrate technical expertise, eliminate overlapping development efforts, and accelerate the commercialization of domestically developed verification technologies.
The restructuring will also draw support from the Greater Bay Area Fund and a central state-owned enterprise strategic emerging industries fund, providing additional financial resources for long-term development.
Hardware emulation takes center stage
S2C, founded in 2004, has developed a digital front-end EDA portfolio covering architecture design, software simulation, hardware emulation, prototyping, digital debugging, and cloud-based EDA services. Its products serve more than 600 companies across AI, high-performance computing, telecommunications, and automotive electronics.
HyperSilicon, established in 2009, specializes in functional verification, with eight generations of prototyping products and two generations of hardware emulators, including the VeriTiger and HyperSemu product lines. It has served more than 600 users worldwide.
The merger brings together their complementary capabilities to address one of China's key digital EDA development gaps: advanced hardware emulation for large-scale chip designs.
According to the companies' October 14 announcement, the combined platform will leverage more than 800 customers' application scenarios to refine verification tools, shorten development cycles, and accelerate commercialization.
Beyond consolidating product portfolios, the companies aim to integrate previously separate tools into a unified workflow, spanning architecture design, simulation, hardware emulation, prototyping, and system-level verification.
The objective is to reduce duplicated R&D investment while improving interoperability, engineering efficiency, and customer support, strengthening the competitiveness of China's domestic digital front-end EDA ecosystem.
Commercialization risks remain
HyperSilicon faces financial pressure and uncertainty over commercializing its core hardware emulation technology. Revenue reached CNY71.35 million in 2025, with a net loss of CNY51.61 million. In the first half of 2026, revenue was CNY11.69 million, while its net loss reached CNY35.56 million and net assets declined.
Empyrean cautioned that HyperSilicon's hardware emulator remains under intensive development, facing lengthy R&D cycles and uncertainties over product validation and commercial adoption.
The new funding will support engineering, product development, and market expansion, with the merged company's priority being to turn its combined technical capabilities and customer base into commercially viable verification tools. The deal also advances Empyrean's efforts to complete its digital front-end EDA portfolio, particularly in hardware emulation acceleration.