'National IC industry investment fund' (hereinafter referred to as 'big fund') by the central finance, state finance, China Tobacco, Yizhuang Guotou, China Mobile, Shanghai Guosheng, China Electronics, China Branch, purple communications, Investment and other co-sponsored to promote the development of China's integrated circuit industry and the establishment of industrial investment funds.From 3 years ago, the big fund in the "National Integrated Circuit Industry Development Guide" under the guidance of the one hand, through equity investment, joint establishment of funds, etc. , The investment industry leading enterprises, effectively leveraging the social capital for the integrated circuit industry investment enthusiasm, as the driving force of the current round of the industry boom one of the starter; the other hand, to strengthen the integrated circuit manufacturing and equipment, materials and other short Plate weak areas of investment, is committed to improving the integrated circuit industry chain, has now become an important part of the domestic integrated circuit industry ecology, every move has been concerned about.
According to the plan at the time of establishment, the investment period of the large fund is 5 years and the payback period is 5 years. At present, the investment period of the large fund is over half, and the investment amount has reached 100 billion yuan, more than 2/3 of the total fund. It can be said that the large fund's pre-layout has been completed most of the next step, the focus of the work of the big fund will make those adjustments that will continue to play a role in promoting the "outline" to achieve the goal of the newspaper interviewed the national integration Circuit Industry Investment Fund Co., Ltd. President Ding Wenwu.
Fund leveraging role is obvious
Increased enthusiasm for social investment
One of the highlights of the "National Integrated Circuit Industry Development Fund" was established in 2014. Since entering the 21st century, the state has promulgated the National Development Council in order to promote the development of the integrated circuit industry. 2000] No. 18 document, [2011] No. 4 document, the implementation of the 'national science and technology major projects' in the market pull and policy support, China's IC industry strength has been enhanced.However, the integrated circuit as a global, high-tech Intensive industry, only in the industrial chain, innovation chain, capital chain, three chains in close cooperation, can really bigger and stronger. Previous '18', '4' and 'major' and other policies It is in the fiscal and taxation, R & D investment, import and export, personnel, intellectual property and other aspects of support, and restricting the development of industrial investment bottlenecks has not been significantly alleviated, the rapid development of the industry more need to follow up the investment means.
China's integrated circuit industry has not yet achieved a qualitative breakthrough so far, to achieve the goal of import substitution, one of the outstanding problems is the serious investment in the industry level. "Outline", especially the establishment of large funds to make up for China's integration The lack of investment means in the development of circuit industry.
In this regard, Ding Wenwu accepted the "China Electronics News" interview, especially pointed out: 'If there is no big investment, "outline" effect will be greatly reduced.' Ding Wenwu said: '"outline" put eight safeguards, two of which The bright spot is the establishment of national integrated circuit industry development leading group and the establishment of national integrated circuit industry investment fund.On the one hand through the organization of security, is conducive to the coordination of the ministries, strengthen the top design, integration and mobilization of all aspects of resources to solve major problems; On the other hand, the national industrial investment fund to solve the integrated circuit, especially the chip manufacturing industry investment, long front, high investment risk, social capital do not want to enter the issue of great significance, to some extent alleviate the field of integrated circuit investment and financing Bottleneck problem. '
With the industrial policy in place, China's IC industry also set off a round of development boom.According to the China Semiconductor Industry Association released the report, 2016 China's integrated circuit industry sales of 433.55 billion yuan, industrial growth rate reached 20.1%, much higher The global growth rate of 1.1% in 2016. Especially the wafer manufacturing industry, as the three industry in the fastest growing, reaching 25.1%, industrial scale reached 112.69 billion yuan, the technical level continued to improve.
In general, the industry's investment in an industry should be more than 10 times the R & D investment.Through the implementation of the 'National Science and Technology Major Project', both in the layout of the integrated circuit industry chain, in the mastery of the core technology, The improvement of enterprise innovation ability, China has made great progress, which for the rapid development of the industry to create the conditions, but the R & D level of funds, can not replace the industrial investment, but the industry investment in the prerequisite and elements. Special 'investment is tens of billions of dollars, then the industry investment should be hundreds of billions of dollars, or even reach the scale of trillion in order to effectively stimulate the growth of industrial scale.
'The establishment and implementation of the Big Fund is aimed at leveraging a larger investment in society.' '' '' '' '' '' '' '' '' '' '' '' '' '' '' '' '' '' '' '' '' '' '' '' '' '' '' '' '' '' '' '' '' '' '' '' '' '' '' '' '' '' ' After 2020, China 's IC industry will enter a new stage of development, to further achieve leapfrog development, so that a group of enterprises to enter the international first echelon, effective financial means is still essential.
Reporter: since the inception in September 2014, the operation of large funds have been 3 years in the past three years, the big companies on the backbone of the industrial chain investment situation?
Ding Wenwu: National IC industry investment fund was formally established on September 24, 2014. Two days later, that is, 26, the National Integrated Circuit Industry Investment Fund Co., Ltd. was formally established.We also commissioned a professional management company - - Huaxin Investment Management Co., Ltd., as the sole manager of the fund, is responsible for the investment operation of the fund.
The size of large funds, we originally planned to raise funds for the first 120 billion yuan, through the efforts of all parties, the actual funds raised to reach 138.72 billion yuan.After three years of operation, as of September 20, 2017, large fund cumulative investment 55 projects, involving 40 integrated circuit enterprises, a total commitment to invest 1003 billion yuan, committed to the amount of investment accounted for 72% of the initial funds, the actual contribution of 65.3 billion yuan, but also to raise nearly half of the first phase of funds.
Reporter: What is the effectiveness of these investments?
Ding Wenwu: In the past three years, we have been in accordance with the operation of the market, the principle of professional management operations, while adhering to the national strategy and market mechanism of organic integration of the guidelines to guide the Fund investment, the basic realization of the integrated circuit industry chain, Design, packaging and testing, equipment, materials, and the ecological environment and other aspects of the full coverage.
In the specific implementation, our strategy is to focus on investment in each industry chain in the backbone of the enterprise, is basically the industry the first three to wafer manufacturing, for example, advanced technology manufacturing we focus on investment in SMIC and Shanghai Huahuang; memory manufacturing and we Wuhan City, Hubei Province in conjunction with the purple group focused on the Yangtze River storage technology company, which is the largest single fund investment; special technology manufacturing we mainly invest in Hangzhou Silan Microelectronics; compound semiconductor In the field of packaging and testing, we have invested in the top three enterprises of Changdian Science and Technology, Tongfu Microelectronics and Huatian Technology. In the design field, we have invested in the development of the semiconductor industry. In the field of equipment, we have invested in the north micro and micro-semiconductor, and to promote the integration of the North Micro and Qixing Electronics, composed of the North Huachuang from the scale point of view, the North China has been a high-tech enterprises, Become the largest semiconductor equipment business, micro-semiconductor etching machine has been part of the large production line to be applied. Materials, we invested in the Shanghai Silicon Industry Group, in the field of large silicon field layout; investment in Jiangsu Xinhua, the layout of electronic grade polysilicon material; investment in the security of microelectronics, to promote the development of polishing liquid.
In addition, we invest in another direction is that the investment layout has a certain characteristics of the enterprise, such as resistance to Granville technology in the MEMS sensor has a feature, Guoke Microelectronics in the domestic live star chip market share of more than 70%, Suzhou Sheng Branch network in the domestic network switching chip market has a leading position.
Overall, after nearly three years of efforts, we are on the domestic industry chain of key enterprises and key enterprises, carried out a more comprehensive layout.
Reporter: In addition to direct investment, the big fund in the social capital investment in integrated circuits also do a lot of work, for the big fund investment led, how do you evaluate?
Ding Wenwu: First of all to point out that, with the "outline" the introduction of the local development of the integrated circuit industry are very positive, many local governments to develop integrated circuits as a key industry to support the social capital to see this trend, Also tend to invest in the integrated circuit industry.Therefore, this aspect is the leading role of national policy, on the other hand, large funds in leveraging social capital also do some work.
Specific to the actual operation of which large funds can be a direct equity investment, but also with local funds, social capital linkage to invest in large fund shares of the local funds, including Beijing Integrated Circuit Manufacturing and Equipment sub-fund, Shanghai IC manufacturing sub- Shanghai large-scale fund also set up investment funds, such as large funds and the BOE side, such as the establishment of investment funds, such as large-scale fund and the capital of the Hong Kong Fund, The establishment of the core kinetic fund, and SMIC established SMIC Juyuan Fund, and San An Optoelectronics set up the security fund.
In the process of the development of the integrated circuit industry, the role of local governments and social funds is very important, and their enthusiasm and motivation will effectively promote the landing and growth of this industry.
Reporter: If you briefly summarize the results achieved in three years, how would you say?
Ding Wenwu: a large fund to play a clear role in leveraging, and promote the enthusiasm of the community and local investment, initially alleviate the development of integrated circuit industry investment and financing bottlenecks to enhance the confidence of the development of the industry fund investment is progressing, the basic realization of the Investment layout in the whole industry chain.
Institutional innovation
Drive the development of the industry
The importance of innovation in the integrated circuit industry is particularly evident in the market size and industry growth on the leading global integrated circuit industry in China how to enhance the gold content? Industry consensus is to take the road of independent innovation. Big Fund in 3 years Development has made a series of results, and its actual operation to take a series of innovative reforms are inseparable.
'Our fund is a diversified mixed ownership company. The source of funds includes both financial and social security funds, life insurance, insurance and other institutions, the three major operators, electronic information industry enterprises such as China Electronics, China Electronics, Datang Telecom, also includes Beijing Yizhuang Guotou, Shanghai Guosheng, Wuhan Golden Control and other local investment platform, including private capital such as Wu Yuefeng, Tsinghua Unisplendour, etc. Diversified ownership structure for the operation of the fund company has an important impact. At the beginning of the interview, Ding Wenwu emphasized this.
This kind of institutional innovation also drives the fund companies to carry out a lot of innovative exploration in the actual operation of the management mechanism. 'First of all, the establishment of a large fund itself is an innovation, our investment is equity investment, and different from the previous government In order to guarantee the realization of this goal, the big fund explores the market operation and the professional management of Management model, the ownership and management of the separation. 'Ding Wenwu said.
In addition, the fund companies in the personnel management mechanism, investment decision-making mechanism, the project management mechanism have carried out a lot of innovative exploration is precisely these innovations, to protect the big fund in the three years to guide the role of play.
Reporter: big fund as the implementation of "national integrated circuit industry development outline" one of the important safeguard measures, bear the development of China's integrated circuit industry, the strategic task, while the fund should operate in accordance with the market model. Fund companies do what exploration The
Ding Wenwu: As you said, the big fund is to implement the "national integrated circuit industry development initiative" set up the goal, so in the actual operation must give full play to their own role.From the beginning, we have designed the market Management, professional management of the management system, while exploring the national strategy and market operation of the organic combination of this setting must be in the original institutional mechanisms for new exploration in order to complete the established goals.
Therefore, we first explored the management of the two-tier management structure to manage the fund.The first layer of management structure is the national integrated circuit industry investment fund Co., Ltd., we grasp from the national strategic and industrial development direction, major project approval, policy and The coordination of major issues to promote the rights and interests of the shareholders of the protection and balance of the level of comprehensive management.The second layer of the structure is commissioned by a specialized company as the sole manager of the Fund, namely, China Central Investment Management Co., Ltd., the fund investment Management. Fund companies and management companies through the entrusted management agreement to define their respective rights and obligations, to achieve the separation of ownership and management.
Second, the personnel management mechanism in all follow the principle of market-oriented.Currently, the identity of the company's employees are all social, no one is the civil service preparation.Even if some of the original staff from the organs, and now also out of the system into the market. The highest authority is the general meeting of shareholders, the appointment of executives from the board of directors, corporate executives are not officials, but a member of the market-oriented enterprises.
Third, in the decision-making mechanism, different from the government project 'declaration - approval' of a set of processes, completely to the market, that is, by the professional team of professional management, business needs can find the fund, the fund has investment demand Can take the initiative to go to the enterprise, is a two-way interaction, voluntary combination in the project investment decision-making, the management company set up investment decision-making committee, the general project management company through investment decision-making can invest, major projects need to fund the board of directors to approve. This mechanism eliminates the practice of the executive authorities, improves the efficiency of decision-making, and narrows the relationship between the fund and the business. In general, we operate the fund in a market-based mechanism.
However, from another aspect, the operation of large funds and other social funds operating mode is different.For some of the larger risk, long return cycle, short-term non-profit projects, if you really have strategic value, we have to To invest, such as advanced technology and storage projects, and such projects if it is other social funds, I am afraid it will not touch.
Of course, our goal is not to loss, in the long run, these projects will achieve the return on investment, but it takes time.
Reporter: Is it possible to understand that large funds can endure a long period of loss, but ultimately still need to pursue profitability?
Ding Wenwu: Our ultimate goal is certainly to be profitable, but this process may take a long time, such as chip manufacturing, a production line will be billions of dollars, three to five years is certainly not profitable Of the 8 years to make money is not easy. Profit is one of our important goals, and the industry stronger, to achieve rapid development is another goal, but also we pursue.
It should be stressed that the two are not contradictory, the size of the enterprise bigger, improve the level of technology, industrial strength, is the ultimate basis and premise of profit.
Reporter: big fund also shares the core Xin lease, which is a large fund for an innovative exploration?
Ding Wenwu: This is an innovative attempt in the construction of integrated circuit eco-environment, in order to solve the cost of some investment projects, such as the cost of some equipment to buy high, and by leasing equipment can significantly reduce investment Cost, but also enlarged the amount of large fund financing.Current Xinxin financing leasing financing amount reached 60 billion yuan, the big fund is about 140 billion yuan, the two can be added to reach the size of 200 billion yuan. Of the field will run through the integrated circuit industry chain, covering chip design, wafer manufacturing, packaging and testing, but also serve the field of generic semiconductors.
Investment progress of Qi Cheng
The center of gravity will turn to vote
As mentioned above, the duration of the big fund is 10 years, the first 5 years for the investment period, after 5 years for the payback period, the current large fund commitment to invest more than 70% .In this case, the future work of large funds is bound To make a certain change.
This year, the big fund will continue to implement the "National Integrated Circuit Industry Development Promotion Program", adhere to the principle of market operation, professional management, and further improve the working mechanism, and steadily promote the investment plan.However, the investment layout will be covered from the previous 'To' point break 'change, the focus will be gradually from the' focus on investment before 'to' vote before and after the vote '.' Ding Wenwu said.
Big fund work changes also reflects the trend of China's IC industry trends, on the one hand is an urgent need in advanced manufacturing technology, storage and other areas of a breakthrough, on the other hand, leveraging cloud computing, Internet of things, large data, new energy vehicles, Control and artificial intelligence and other emerging applications of vigorous development, will also actively seek 'corner overtaking' opportunities.
Reporter: With the investment period of more than half, the next step will focus on the work of large funds to do what adjustments?
Ding Wenwu: the beginning of the establishment of a large fund to determine the investment period of 5 years, the payback period of 5 years of planning.In addition, if necessary, approved by the shareholders meeting, the fund's duration can be extended for another 5 years. The duration may not be enough, because the investment chip manufacturing industry, not 8 to 10 years is not see the profitability.
However, the 5-year investment period is determined.From the fourth quarter of 2014 to start the first batch of investment to the present, commitment to investment has exceeded 100 billion yuan, accounting for more than 70% of the total fund is expected to the middle of next year, we will head Of course, the plan may also be adjusted.The first three years is the main investment range, the future investment will continue on the one hand, on the other hand to focus on the work from the vote before the vote to vote before the vote management Transition, and then the next step will be fully turned to post-management.
Reporter: In the future investment, whether the investment chain for the various sectors of the proportion of the appropriate adjustments?
Ding Weiwu: "outline" has been clearly pointed out that the focus of investment in large funds is the chip manufacturing industry, taking into account the design, packaging, equipment, materials, so the big fund to determine the principle is that the proportion of investment in the chip manufacturing industry, not low In the total amount of 60% of our current commitment to investment, the chip manufacturing industry funds 65%, design 17%, 10% of the packaging and testing industry, equipment materials industry 8%.
Now we are very concerned about the proportion of large fund investment, especially the focus on manufacturing investment can reach 60% .For this point, we have to be guaranteed in other areas, we will make appropriate adjustments to make it more reasonable The next stage, we will be appropriate to increase investment in the design industry, after all, the chip design is a leader.Now the big fund for the design industry investment ratio is 17%, the future this ratio may be improved.We will focus on national strategy And emerging industries to invest in planning, such as attention to smart cars, smart grid, artificial intelligence, networking, 5G and other fields.
Of course, there are experts called for, to increase the support for the equipment and materials. Equipment is China's current integrated circuit of the short board, should be the focus of support for these principles we all agree.However, in the investment process, we also encounter To a number of problems.For example, the size of the majority of domestic equipment companies are not large, the industry's metaphor is the 'big carrot' business. Large fund is engaged in equity investment, encountered such a situation, often more trouble, slightly larger investment Will actually achieve the holding of the enterprise or become the largest shareholder.In fact, these companies are also hesitant to accept large fund investment.Of course, in actual work, we will try to support the equipment and materials enterprises to promote its accelerated development.
Reporter: how will the post-management work be carried out? What are the plans?
Ding Wenwu: In the post-management, the first is to strengthen the intensity of corporate governance, the investment enterprises to send directors and supervisors, to understand the company's development, to participate in the company's major decision-making, the investment strategy for the development of our views , For example, in the process of corporate IPO, we can play to their own advantages, to help enterprises do a good job of communication and coordination. Third, the coordination of the work of the investment policy, Enterprises to promote mergers and acquisitions, structural optimization and other aspects of the work to SMIC and long power technology cooperation, for example, in the process, the big fund on a lot of work, the effect is also very obvious, the domestic leading enterprises do Further integration, to create manufacturing and packaging and testing of the industrial chain, such as the North Micro and Qixing Electronics between the same industry bigger and stronger, big funds also played a positive role in promoting the fourth, for some key projects will be large funds Such as: SMIC our total investment of nearly 16 billion yuan, Hua Li two projects invested 11.6 billion yuan, the Yangtze River storage investment of 19 billion yuan, three Anguang Invested 9 billion yuan.These key projects, the huge amount of investment, the project started after the inflow of funds is also very large in the spirit of the shareholders and enterprises responsible for the spirit, we should strengthen the management of these projects in the future we will focus on investment Management, will be more fully involved in these projects, including strategic decision-making, development direction, the use of funds, corporate governance, personnel incentives and restraint mechanisms, business norms and other aspects of the fifth, to promote investment enterprises upstream and downstream Sixth, for enterprises to obtain favorable policy measures to solve the problems encountered.
Adhere to open to the outside world
Into the global market
'The semiconductor industry has never been a fully marketed industry.' As a highly global industry, integrated circuits need to emphasize independent innovation, while at the same time emphasizing openness and cooperation, China can not close the door to develop integration "Only innovation, China's IC companies to master the initiative, and only based on independent innovation to carry out international cooperation in order to integrate into the global market, to avoid behind closed doors. 'Ding Wenwu pointed out.
However, at present, China's development of integrated circuits in the process, the international environment is becoming more complex and uncertain. US and other countries and regions in the field of integrated circuits to prevent the growing heart of China, this, Ding Wenwu pointed out that this Kind of situation, we should be practical to do their own work, no matter how the outside world changes, adhere to the independent development of the same time, increase the opening to the outside world is our established policy, closed the door to the development of poor integrated circuits.
Reporter: At present, the United States in the semiconductor field of China's prevention of the increasingly serious heart, how do you look at this?
Ding Wenwu: the beginning of the establishment of large funds by the international industry, including some government agencies concerned.People always mistakenly believe that the big fund is led by the Chinese government, is through subsidies to support China's integrated circuit industry, And even so far they are for the size of large funds are misreading, the size of the big fund from 120 billion yuan that is 120 billion US dollars.We do a lot of explanation for this work: the operation of large funds is market-oriented, capital The source is diversified, and the investment is also equity investment, not subsidy, so our operation is in full compliance with WTO rules.
From the international point of view, there is indeed a misunderstanding, accusation and suspicion of China's development of integrated circuits, such as the beginning of this year, the Obama administration issued a "to ensure that the US long-term leadership in the semiconductor field," the report, accusing China of active Becoming an important participant in the global chip area will bring a 'threat'. Recently, the Trump government started 301, of which the semiconductor will be one of the focus of the investigation.
For this situation, we first do our own work, and secondly in strengthening the independent development at the same time, or to adhere to the principle of opening up to the outside world, the door is to develop a bad integrated circuit.Finally, we also pointed out that, At present, China's circuit industry, regardless of level or scale, compared with the international advanced level there is still a big gap, there is no threat.