Over the past few years, Beijing Jian Kwong Asset Management Co., Ltd. has invested heavily in domestic and foreign semiconductor manufacturers through mergers or acquisitions, but compared with those high-profile industrial investment funds, Extremely low profile, executives rarely interviewed, the outside world also know little about it.
On December 22, China Construction Investment Capital Management Co., Ltd. (hereinafter referred to as "CCT Capital") and its member firm Beijing Jianye Asset Management Co., Ltd. (hereinafter referred to as " 'Guangsheng Assets') held a small-scale salon in Beijing, inviting investment and financing institutions, research institutes, IC companies and related industry chain business guests around the emerging artificial intelligence, 5G, smart cars, IoT robots and other emerging Areas, explore the creation of industrial ecology, as well as future development opportunities.
It is noteworthy that almost all senior executives of Canton Construction Asset Co., Ltd. attended the event, including Li Bin, Chairman of the Company's Investment Review Committee. Many executives gave speeches at the meeting, revealing the logic of investment in these projects in the past few years Opinions on M & A Weibo is also invited to attend as a few media.
Investment logic: investment in high-tech hardware industry, choose the country has a large market capacity needs
According to the website of Jian-Guang Asset, the Company currently has a wide range of investment projects in layout and various types of projects in the world. It has invested in dozens of enterprises in succession. Over the past hundreds of visits and investigations, it has cultivated a number of leading enterprises in the industry. These companies both semiconductor power devices, there are hydraulic cylinders to create such high-end technology and equipment. Outside the world is very curious about the investment logic of broad assets is what?
According to the survey found that investment returns and growth rate of emerging industries are 2 times the traditional industries, so Jian-wide assets choose to invest in emerging technology industries.
In this industry, semiconductor, new materials, equipment, high-end equipment manufacturing and other hardware-related industries, with high technology, high threshold, but also our country has strategic needs, and the gap between the big industry.So in these areas to find the investment target Ground
At the same time, Li Bin believes that all investment projects both have market demand, but also with economic benefits, have a certain market share makes sense.
How to vote: Only three overseas mergers and acquisitions, compliance and trustworthiness is the most important
In the choice of a good investment direction, how to vote, which specific cast became the focus.In the construction of broad assets expert view, the semiconductor industry is very competitive industry.To vote will have to choose the world's top three or the world's top two, and Higher profit margins. The same type of profit is 2 times the domestic similar industries.
However, there are also many problems in this field.Nowadays, the U.S. government is increasingly wary of the vigorous development of China's semiconductor industry. The White House in the United States even released a The report titled "Ensuring the Leadership of the United States Semiconductor" believes that China is actively involved in the global chip industry and brought a "threat." Therefore, the overseas mergers and acquisitions of many domestic enterprises have been plagued.
Interestingly, we found that the current construction of a wide range of assets investment projects have passed the approval of a number of important projects.Guangguang assets that compliance is very important .Build a wide range of assets before the acquisition through the communication with customers, mutual understanding, to eliminate each other concern.
Credibility in the area of investment is crucial, Jian-Guang has established a good reputation in the industry through a number of mergers and acquisitions. 'They think CCW is a credible buyer, which is the highest rating, which means that many meanings "Said Li Bin.
Investment management is very important, the core investment is to bring value to users
M & A is a rather complex process. It seems the construction of wide assets, if judged by the workload, the negotiation is 1, the entire delivery is 10, and investment management is 100. Investment management is very important, which has many cultural differences , Legal differences, system differences and so on.
To this end, built a broad asset-rich set up a senior executive team.The core members are from such as China Investment Corporation, China Construction Bank, China Life Insurance, Intel, NXP, Infineon, Micron, SMIC and other well-known Chinese and global Financial Institutions and Semiconductor MNCs with Outstanding Competence in Industrial Investment and Cross-border M & A Operations.
In addition to the investment of a single project, Jian-wide assets are also promoting the construction of the industrial chain.Jian-wide asset experts said that we are not investing in a business, but to invest in an industrial cluster.Current competition has evolved from the competition among enterprises to the entire The competition of the industrial chain, so the construction of wide assets in the industry chain also made a lot of the same layout, so as to ensure that enterprises have a long-term development environment.
It is reported that at present the construction of wide assets through mergers and acquisitions and investment, the business has basically covered all aspects of the industrial chain (material - equipment - design - manufacture - IC packaging and testing), and in communications, automotive, industrial, consumer electronics and other industries have certain applications Market share.
Finally, Li Bin added: 'Judging the core value of investment destination is whether it can ultimately bring value to users, can bring greater benefits to customers. Construct a wide asset is to see the long-term goal, not for the short term Interests give up long-term goals and positions. '