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1. Shi Lei: AMD packaging and testing plant, through the rich micro-circuit is still concerned about other opportunities for mergers and acquisitions;
Set microblogging / Le Chuan
Since 2014, mergers and acquisitions in the field of semiconductors continue, the Chinese capital from onlookers has gradually become the protagonist of the international mergers and acquisitions.Optimization of the acquisition of overseas semiconductor companies with key technological capabilities is one of the ways to improve the development of the domestic semiconductor industry chain, Semiconductor acquisition and testing through mergers and acquisitions has become the highest degree of maturity of the semiconductor industry chain in mainland China, technology and world-class manufacturers can be a part of convergence.
Before and after the merger, the sublimation of China IC packaging and testing industry environment
In 2014, Cheung Kong Technologies acquired Starkey Jinpeng at a price of USD780 million. Starkey Jinpeng is headquartered in Singapore with revenue of No. 4 in the world and a market share of 6.4% in 2013. Merger and Acquisition Technology Friends jumped into second only to ASE and amkor the world's third largest packaging and testing plant, the global market share of 9.8%.
In 2015, Tongfushipo invested approximately 370 million U.S. dollars to acquire Suzhou plant in AMD and Penang in Malaysia. The two plants mainly engaged in the IC packaging and testing business. Its main products include CPU, GPU, APU and Gaming Console Chip.
In addition, Huatian Technology acquired 42 million US dollars of the United States FCI, has made several acquisitions, the rapid rebuilding of China's IC packaging and testing industry in the global market has achieved good market share, as shown below.
From the chart, it is not difficult to find out that with the acquisition, the scale of China's IC packaging and testing industry has expanded rapidly, and its output value has increased from 62.9 billion yuan in 2010 to 152.3 billion yuan in 2016, with a compound annual growth rate of almost 20% .In the first half of 2017, Circuit packaging and testing industry sales of 80.01 billion yuan, an increase of 13.2%, reaching the 2012 annual sales.
Among the top ten IC packaging and testing companies in the world, the proportion of Chinese enterprises has risen from 17.62% in 2014 to 24.77% in 2017. At the same time, China's IC packaging and testing technology innovation capability has also been greatly improved. According to the IC packaging and testing industry Complete statistics, by 2016, some of the major IC packaging and testing companies in the integrated circuit products, the use of advanced packaging technology has reached 40% to 60%.
According to Topology Research Institute data, among the global IC packaging and testing foundries in 2017, Jiangsu Changdian ranked third with a market share of 6.2%, Tianshui Huatian and Tongfu Microelectronics ranked second with 2.0% and 1.8% respectively Column 6, 7. China's IC packaging and testing plant Sanxiong Jiangsu Changdian, Tianshui Huatian, Tongfu Microelectronics in 2017 YoY up to double-digit performance, far superior to the global IC packaging and testing YoY 2.2% average.
China's overall IC packaging and testing market sublimation, on the one hand to benefit from the rapid growth of China's semiconductor market, more importantly, the scale of the industry brought about by mergers and acquisitions.
In the three giant IC packaging and testing, the acquisition of Starbucks by the latter when the latter at a loss, coupled with Star Branch Shanghai Jinping relocated to Jiangyin, a certain impact on capacity, is expected to be the fastest until after the end of this year to have The improvement.When Tianshui Huatian acquired FCI when the latter is also in debt, the situation is the best of the three Tong Fu through.
Recalling the development history of Weifu Microelectronics in the past 20 years, the comprehensive profit of enterprises increased at an average annual rate of 20% .The total assets increased by 91.3 million yuan from the opening of 91.13 million yuan, an increase of 113.3 times and the sales income increased by 37.1 times , Total profit increased 21.5 times.
Starting from leasing factories, the company started to expand its business and expand its career map. On the basis of enlargement and strengthening of its headquarters in Chongchuan, Su-Tong Factory and Hefei Factory have been built successively. The acquisition of two AMD seals by AMD in Suzhou and Penang, Malaysia Testing factory is under construction in Xiamen factory, the company from the beginning of the establishment of a factory, developed into a cross-regional, cross-market, inter-provincial and transnational group and international companies.
Before the merger in 2015, Tungfu Microelectronics CO., Ltd. business revenue was about 2.3 billion yuan. After the completion of the merger, in 2016 revenue doubled to 4.6 billion yuan in the first three quarters of 2017 has more than revenue Revenue totaled 4.85 billion in 2016. M & A played a very positive role in boosting the leap-forward growth of Fortis Microelectronics.
Through this merger, Tongfushi Microelectronics obtained advanced packaging technologies such as PGA, BGA-stiffener, BGA-coreless and LGA-coreless in the mainstream of the world at that time, as well as over a thousand technicians and engineers to play a role in the subsequent digestion and absorption of advanced packaging technologies Key role.
Overseas mergers and acquisitions in the unavoidable problem
The 2016 Corporate Overseas Financial Risk Management Report pointed out that the effective rate of overseas mergers and acquisitions by Chinese enterprises is only 1/3, weighted cross-border cross-cultural integration factors, only less than 20% of overseas mergers and acquisitions can be truly successful.
The history of international mergers and acquisitions has repeatedly proved that snake swallows are often mortified, like swallowing snakes may be poisoned.
Cultural differences, corporate integration and technology absorption are the three challenges that overseas mergers and acquisitions can not evade.After mergers and acquisitions, how to form a synergistic effect through resource integration and industrial linkage, but also face many challenges such as corporate talent pool, corporate culture and business patterns .
Fujitsu Microelectronics President Shi Lei said on the set of micro-grid, M & A has been considered a very complicated and demanding economic activities, overseas mergers and acquisitions even more so. 'We also encountered in the process of the acquisition of AMD packaging and testing plant Challenges include lack of knowledge of mergers and acquisitions, differences in business culture, differences in bargaining power in bargaining, legal differences, cross - border tax problems, differences in financial accounting standards, simple payment methods, etc.
In the face of these challenges, he pointed out that through the power of external professional intermediaries, Tongfang Microelectronics first conducted due diligence work in various fields and negotiated with counterparties in a targeted manner based on the problems found during the due diligence process. In this regard, we deeply appreciate the importance of hiring a high-level law firm; secondly, mergers and acquisitions are ultimately a kind of commercial transaction. Although there are cultural and linguistic differences between the two parties, the principle of commercial negotiation is similar. In some On the key issues, we exclude external interference, return to the nature of business judgment to consider, back to industrial development and synergies to consider, and ultimately reached agreement with counterparties. 'He said.
Reviewing the acquisition in 2015, Tongflux adopted a joint venture with AMD to acquire two IC packaging and testing plants in Suzhou and Penang, Malaysia, and Shi Lei explained that there is no need to introduce more in Suzhou and that Chinese companies have the same culture; Penang is Malaysia, which is most suitable for overseas investment in China, has always been friendly to China, and the semiconductor industry in Southeast Asia is basically concentrated in Penang. There are many Chinese here and there are relatively few language and cultural barriers.
Weifu Microelectronics has a high level of internationalization and cultural tolerance. 'We had good cooperation with the Japanese side (Fujitsu Japan), will certainly be able to stand on the international point of view, to absorb the advantages of the American culture, and AMD together to run the two joint ventures, he stressed.
At the beginning of the establishment of Weifu Microelectronics, the cooperation with Fujitsu can be said to have benefited a lot from Tongfu Microelectronics (then Nantong Fujitsu), drawing on the more advanced experience of Fujitsu in Japan in terms of technology, organizational structure and management methods And practices, making the company a higher starting point, can quickly integrated into the global IC industry chain.Shi Lei said, 'On this basis, we are also based on the actual business environment facing Chinese enterprises, the appropriate adjustments to some of the original Japanese Practice, formed more suitable for the development of micro-rich business methods. '
In terms of technology absorption, Shirley said obtaining advanced flip-chip packaging and testing technology and processes that can stabilize large-scale mass production is one of the important goals of the acquisition, and for this purpose, Qualcomm Microelectronics and AMD signed the Intellectual Property License ", Agreeing that AMD grant non-exclusive, worldwide, paid, free, non-transferable, perpetual and irrevocable, non-exclusive, and license-free licenses to the Suzhou and Penang factories. With these basic technologies, Rich Microelectronics can be improved on this, to enhance and form their own intellectual property.
At present, Suzhou Plant already has seven patents of its own, and is gradually implementing the technology of the United States as its own purpose and laying a solid foundation for the establishment of a complete and independently controlled CPU industrial chain in the future.
In corporate governance, mergers and acquisitions, the business model at Suzhou and Penang factories has undergone a fundamental shift from an 'old AMD internal factory' to an 'OSAT enterprise that takes orders to all customers in the market.' "This change is what we The biggest problem we encountered in management was Shirley pointed out: 'To this end, we set up a sales management department in response to the weakest sales links between the two factories, arranged dedicated sales staff to actively conduct customer visits and track customer needs, Customer Needs and Final Import of Customers and Products' AMD products continue to grow and non-AMD customers are well on the way, for example Broadcom products are already being mass-produced in Penang.
According to statistics, the products currently including Broadcom and IDT have been mass-produced in Tongfang Chaowei Penang. ZTE has completed the introduction of new products and started mass production in Tongfang Chaowei Suzhou. Samsung has completed the assessment. Socionext, UMC, Higon Has entered the assessment stage; Alchip, Godson, Core sharp, purple Tongchuang has entered the trial production phase of engineering samples; Faraday, Fastprint, LogicResearch, Beijing Huaxin Tong has entered the quotation stage.
In addition, after the merger, the core management and technical teams of the Suzhou and Penang factories remained stable, with Tongfong Microelectronics headquarters managing the financial, procurement and personnel management of the two factories from a group level. It should be said that the post-merger integration is still relatively Smooth.Shi Lei stressed that talent is an important aspect of M & A can not be ignored, especially for the backbone of technology, management personnel, it is worth the company to spend energy to stay.
The role of large funds in industrial mergers and acquisitions
Global IC packaging technology by leaps and bounds, the entire industrial chain technology to the high-end areas of development.Size integration between large companies for the development of new technologies also plays an important role.Not only in the field of packaging and testing, with large funds represented by the national and local funds, As well as the numerous private capitals brought by it, have had a profound impact on the development of China's semiconductor industry. In recent years, China's semiconductor industry has been able to set off an upsurge of mergers and acquisitions. Apart from its international background, domestic capital bottlenecks can not be overcome No.
In the merger of Weifu Microelectronics, the cooperation with large funds also played a very crucial role.Shi Lei pointed out that firstly, large funds provide trading funds through two holding platforms (Nantong Furunda, Nantong Tongrunda). A total of 370.6 million US dollars in M & A funds, through the rich micro-funded 100 million US dollars, a large fund invested 270.6 million US dollars; the second is in the process of M & A transactions, the large fund played a very good role in checks and balances, while large funds Work together to help negotiate a better completion.
Recently, Weifu Microelectronics Co., Ltd. plans to recover the remaining equity interests of the two shareholding platforms and turn over the funding of the large-scale fund into Tongfang Microelectronics Co., Ltd. Shilei said this will help strengthen the control of Suzhou and Penang factories, The market position of the integrated circuit industry is also conducive to obtaining more qualified customers and human resources while further expanding its advanced packaging business. 'Our cooperation with major funds has been very successful and very important, fully demonstrating the support of major funds The strategic role of the industry through this turnaround, large funds exit channels at the same time will also become a strategic shareholder of the company, with the capital bond, the greater foundation to give the company more support and help achieve 'win-win ' the goal of. '
He explained that "Tongfong Microelectronics will hold 85% of the equity interests in Tongfang Chaowei Suzhou and Tongfu Chaowei Penang through wholly-owned subsidiaries, which will increase the control over these two factories and speed up the production of , Sales, technology and management, etc. It is also conducive to the stability of the management team and core technical staff in these two factories and the expansion of the Company's market share in high-end IC packaging and testing.
In response, the semiconductor specialist Modi Kang believes that for the large fund, the exit is also beneficial: 1 can enjoy the A shares of semiconductor stock gains brought about asset value; 2 exit channels more flexible, after the cash can be realized through the reduction.
Radical and steady steady, how to balance the development of semiconductor companies?
After the development of semiconductor enterprises to a certain stage, due to slow growth, market stability and other reasons to take this radical approach to acquisition and development to obtain development, then how to balance the radical and steady development of two roads? Shi Lei's point of view, the development of the IC packaging and testing industry At present, the expansion of mergers and acquisitions is a good way to develop.But IC packaging and testing enterprises in order to achieve rapid development, we must also attach importance to 'endogenous development' and 'epitaxial mergers and acquisitions', both hands have to grasp, both hands are To be hard.
China Semiconductor Industry Association IC Branch Vice Chairman and Secretary General, IC packaging and testing industry chain technology innovation strategic alliance Secretary-General in the sec-Kang believes that further promote the development of the IC packaging and testing, mergers and acquisitions is an important means by increasing the industry Integration efforts to cultivate one or two internationally competitive large enterprises is one of the ways to revitalize the IC packaging and testing industry as soon as possible.For the IC packaging and testing industry through the promotion of corporate mergers and acquisitions will be able to extend and perfect the industrial chain and improve industrial concentration, To promote large-scale and intensive operations and to form one or two large enterprises and large groups that play leading roles in the industry will help adjust and optimize the industrial structure and promote the sustained and healthy development of the industry.
Mo Taikang pointed out that the merger between the major manufacturers in order to expand the scale and reduce operating costs, in a collectivized form to cope with the competition of other competitors through mergers to reduce competition in the overall market competition intensified circumstances may be Access to greater scale advantage.In addition, he did not agree to blindly mergers and acquisitions in China to do a large-scale mergers and acquisitions. 'Enterprise development, content is the key. And what is the connotation? Is the technology research and development and innovation.' After a series of IC packaging and testing companies mergers and acquisitions, the depth of mergers and acquisitions enterprises should become the focus of the future.
To this end, Shi Lei emphasized that overseas investment and mergers and acquisitions by Chinese capital have aroused people's vigilance in the United States, Europe, Japan, Korea and other countries.With the global industry consolidation and competition intensified, the number of alternative M & A targets is gradually decreasing, and the difficulty of overseas M & A of domestic capital continues In the above context, China's semiconductor industry in the future mergers and acquisitions, especially overseas mergers and acquisitions, will become more rational, more mature and more pragmatic.It is expected for those large-scale mergers and acquisitions of semiconductor companies is difficult to appear, instead of Part of the industrial chain, part of the product line, part of the characteristics of technology and technology and part of the acquisition of shares, and mergers and acquisitions will pay more attention to synergies and subsequent integration.
Weifu Microelectronics 20th anniversary, how to continue the new journey
In the field of chip packaging, electronic systems and complete machines are moving towards smart, high performance, small size, light weight, portable, high speed, low power consumption and high reliability .Agent merger and reorganization is only a means to promote China's IC packaging and testing Industry and technology to the high-end areas, the core competitiveness of enterprise development, but also from the cutting-edge technology innovation capability.
For the future trend of IC packaging and testing technology and through the layout of micro-Fu, Tong Feng, deputy general manager Jiang Feng pointed out a few key points: 1. Embedded PCB will occupy a certain share of the IC packaging and testing industry; 2.LCD drive the mainland is still Blank, TDDI and other technologies on the Bumping, Flip-Chip and other advanced packaging requirements; 3.Fan-Out and other wafer-level packaging, 3D packaging technology gradually accumulated; 4.Memory packaging, but also depends on the size of the industry and Speed of development.
It is worth mentioning that the expansion of China's wafer manufacturing market to the packaging and testing market has brought a broader space for development is expected before the end of 2018 China 12-inch wafer production capacity actually added about 162,000 per month, then China total Its monthly production capacity is 1.8 times of its original capacity, and its production capacity upgrade will become an important thrust for the growth of China's IC packaging and testing industry in 2018. Jiang Feng emphasized that on the positive side, the OEM market expansion will be helpful to the IC packaging and testing industry. On the other hand, , They also need to measure whether the capacity has products to fill. 'Although the three major domestic IC packaging and testing plant market share together less than the first share, but the shift, and in emerging markets, the outbreak of applications, Driven closer to the customer and other factors, the domestic IC packaging and testing enterprises will have the natural advantage in the future.
Among these emerging applications and markets, Chen Shaomin, the chief executive officer and chief commercial officer of Fortis Microelectronics, mainly focuses on three areas: the continuous fermentation of application markets such as smartphones, 5Gs and image sensors, cloud computing, Emerging markets for high-performance computing, artificial intelligence, and other new applications, and the gradual explosion of automotive electronics and electronics markets Weifu Microelectronics achieved high-end packaging technology and market share through mergers and acquisitions, which will then focus on the 'cloud pipe end' In the development of key markets and the development of advanced packaging technologies such as Fan-Out and SiP, he calls it a "compatible package, a well-established product" that has gradually entered the ranks of followers in the field of IC packaging and testing.
In the first decade, Tongflux grasped the opportunity for the development of integrated circuits and grew into one of the top 10 IC packaging and testing enterprises in China, realizing the listing of the shares. In the second decade, the company ranked the top ten integrated circuits IC packaging and testing enterprises in the seventh, occupy a place in the world IC industry chain into the new stage of development, Shi Lei said locked into the same industry in the world's top five goals, from the traditional package for the intelligent era cloud-side applications The magnificent transformation of advanced packaging.
2. Sunny Optics officially acquired global manufacturing license for ImmerVision panoramic lens technology;
ImmerVision, developer of patented Panomorph wide-angle imaging technology, is pleased to announce that Sunny Optical (Zhongshan) Co., Ltd., a subsidiary of Sunny Optical Technologies (Group) Co., Ltd., a global leader in the integration of optical components and products, Global production license for Panoramic Lens Technology and the first small panoramic high-resolution ultra-wide-angle lens for smartphones and mobile devices to be launched in the first quarter of 2018.
Panomorph lens technology incorporates advanced optimization algorithms such as modern optical design and low power distortion correction to capture high-resolution, distortion-free, ultra-wide-angle images in low-light conditions.
Sunny Optical is one of the most popular lens suppliers for smart phone brands and OEM applications in China, including motion cameras, surveillance, 360-degree image capture, automotive, unmanned aerial vehicles, TOF, life sciences, factory automation, video conferencing, machine Learning and artificial intelligence.
Through this agreement, Sunny Optical will meet the world's growing demand for the highest quality micro-ultra-wide-angle optics with field of view (FOV) ranging from 100 degrees to 260 degrees for single-lens, dual-lens and multi-lens Equipment and advanced imaging solutions for emerging applications in the areas of IoT, artificial intelligence, XR / AR, autonomous driving and more.
This agreement, as a follow-up to several successful joint projects between the two parties, also includes a project cooperation section. ImmerVision's unique technical insight and imaging expertise, together with Sunny Optical's high-quality controlled batch manufacturing process, Picky immersive optical components, and shorten the time to market.
Mr. Zhang Zhiping, General Manager of Sunny Optical, said: "We are honored to be able to provide ImmerVision's panoramic technology to our customers, and with this partnership, Sunny Optical will increase its attractiveness to the market to meet the demand for commercial panoramic products and provide new and emerging Technology provides advanced imaging options, which are a win-win for Sunny Optical, ImmerVision and our customers. '
Alessandro Gasparini, Executive Vice President and Chief Commercial Officer at ImmerVision, added: "We are pleased to welcome Sunny Optical as a fully licensed global manufacturer of panomorph panoramic lenses. Sunny Optical's manufacturing expertise will enable everyone to achieve high quality, high resolution Ultra-wide-angle panoramic image. This partnership will promote the next generation of smart phones and visual effects devices to promote the development of machine learning and AI products, so that all applications around the world can see more and better ' American Business Information
3. Qingdao East soft carrier lead 'core' tide
Only half the size of the fingernail carrier chip, but it is a veritable "core" when China's power grid automatic meter reading.
Prior to this 'core' has been mastered in the hands of foreign companies until Qingdao Neusoft carrier narrowband high-speed chip development success, it eventually broke the monopoly of overseas chip technology.
Power line carrier communication based on a powerful carrier chip, using the existing power line as a carrier to transmit network information, China's power grid enterprises through the set of concentrators, collectors and other equipment can be real-time access to electricity consumption data to achieve automatic meter reading As early as the early twenties of last century, European and American countries have already realized the application of power line carrier technology.
During the transformation of the first phase of the national grid electricity information collection system, Neusoft Carrier has sold nearly 200 million chips, accounting for about 40% of the entire market, which can be said to have firmly locked the industry's leading position.
This year in the nationwide power grid fully rolled out the second round of communications technology transformation will be the main broadband carrier, the technical threshold is very high, but with many years of accumulation of technology, Neusoft carrier has become the first round of broadband carrier communications products supplier.
Sit down the position of the leading carrier communications in China, the soft carrier began to extend the vertical industry chain, and gradually involved in integrated circuit chip design and intelligent home.
At present, 60% of the country's charging treasure are Neusoft carrier circuit chips, because the Neusoft carrier MCU (micro-control unit) in the range of -40 ℃ to +105 ℃ can work, Bluetooth chip 5.0, security chip , Meter chip has also been developed, it is the only one in China to get the United States Apple manufacturing manufacturing, product development and software development of the three qualifications of the global partners. (International)