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1, in order to win the Yangtze River storage orders fine measuring electronics to spend 32.5 million extension of the industrial chain;
After each reporter Chen Qing edited by Song Sijia Precision Electronics (300567, SZ) January 8 evening notice said the company and IT & TCo., LTD, Zhang Qingxun and Zhou Xuan signed a framework agreement to be set up Sino-foreign joint ventures, the semiconductor Testing equipment research and development, production, sales and technical services.According to the agreement, precision measurement electronics will invest 32,500,000 yuan in cash, holding a 65% stake in the joint venture.
Precision Measuring Electronics Previously mainly engaged in flat panel display detection system research and development, production and sales. Why the layout of the field of semiconductor test equipment, the investment on the company how?
The new company registered capital of 50 million yuan
According to the agreement, the newly established joint venture company tentatively named 'Wuhan Jinghong Electronic Technology Co., Ltd.' with a registered capital of RMB50 million, of which Jingshi Electronics invested RMB32.5 million, accounting for 65% of the joint venture; IT & T, Equity ownership, accounting for 25% of the shares; IT & T legal person Zhang Qingxun 2.5 million shares accounted for 5% of the shares; another natural person named Zhou also invested 2.5 million, accounting for 5% of the joint venture shares.
IT & T Co., LTD is a Korean company which was established on May 25, 2006 with its legal representative is Zhang Qingxun. Its main business is research and development and manufacturing of semiconductor testing equipment.
Why fine electronic measurement into the field of semiconductor test equipment? January 9, Czech electronic distribution market quoted quoted the Pacific Securities analyst Fang Jing revealed the news, taking into account the background of the two companies, and the status of the domestic semiconductor construction, fine The ultimate goal of this cooperation is to win the Wuhan Yangtze River storage orders.
On this investment (January 9), the reporter of the Daily Economic News called Precision Electronics and Securities Department, the staff said that if any progress has been made in the investment, follow-up news Will be announced in time.
According to "Hubei Daily" reported by the end of September last year, a total investment of 24 billion U.S. dollars of national storage base project phase one production and power plant has been capped 1 month ahead of schedule, the project is expected to 2018 Annual production, the annual output value will exceed 10 billion US dollars.
Companies simultaneously modify the scope of business
Why Fine Measurement Electronics The choice of cooperation with IT & T Co., LTD, the company for the future positioning of semiconductor testing how?
It is noteworthy that Precision Electronics previously faced a more concentrated risk of customers.According to the company's 2016 annual report said that during the reporting period, the company's top five customers accounted for sales revenue over the same period the proportion of revenue was 92.64%, the company's largest customer Of the sales accounted for 53.13% of revenue over the same period.Consumer account for the largest proportion of the company's performance a greater impact.
Precision Electronics said in a January 8 evening announcement that the reason to work with IT & T is because of 'IT & T's semiconductor R & D capabilities in the field of testing.' Precision Electronics Positioning this investment as a strategic plan to 'realize the company quickly The industrial layout in the semiconductor field, product promotion and gaining market share and cultivating new profit growth points.
Southwest Securities, a researcher told the "Daily Economic News" interview with reporters, said the pan-semiconductor field, including photovoltaic lighting, liquid crystal display and integrated circuits and other subdivisions. Although these subdivisions are different, but the process and technology are related Therefore, Jing Investment Electronics's investment belongs to the related layout in the industrial chain, and he also predicts that by the year 2018, the semiconductor industry will still be on the left side of the booming economy.
More than just extend to the field of semiconductor test equipment, Precision Electronics also announced the same day the same day, will change the company's business scope, the new semiconductor test equipment and solar energy, lithium batteries and other new energy and power test system research and development, production, sales and technical services For this change of business scope, precision measuring electronic said, according to 'the company's future development strategy and the needs of production and operation'. Daily Economic News
2, 2018 IPO panoramic trend Preview: Guangdong, Jiangsu and Zhejiang sounded the new horn of the rise of the economy;
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Dear readers, first of all, wish the blessing of the New Year will be all the best. From the beginning of 2018, our "Financing China Weekly" such as about to meet with you, every time you expect, every Tuesday we will meet in the text, in the information transmission and interaction Witness the mutual growth of China's capital markets and each other.
Direct financing has always been the basic function of the capital market and also the basic path for the real economy to make use of the capital market to take advantage of the realities of the realm of defaulters. "In the 19 major reports, 'deepen the reform of the financial system and enhance the ability of financial services to support the real economy and increase the proportion of direct financing. Chairman Liu Shiyu of the CSRC also said frankly that building a strong power in the capital market is an important task for realizing the great rejuvenation of the Chinese dream for the Chinese nation. As the witness of the capital market in the past few years, we can fully understand the great development of the direct financing market.
Direct financing, for the Chinese capital market, the most important from the IPO and refinancing two major components.
Financing China Weekly aims at reporting on the capital trends in all aspects of the IPO and refinancing process, reading the latest policies as soon as possible, tracking corporate stories, understanding capital trends and building big data releases, and we will launch ' Financing market sentiment index ',' IPO observation ',' policy direction ',' M & A big data 'and a series of thematic sections, each choosing a company or a typical class of capital topics for the solution to the German solution, and supplemented by The latest policy trends, with a view to clarifying the rights and wrong for investors, providing market feedback for the supervisory policy making for investors and intermediaries to learn from.
'Audit 6 No 2 over 4', which is given by the Securities and Futures Commission A shares issued in 2018 the first week IPO results.
In 2017, A shares will face trial on 479 IPO, 79.33% overall meeting rate, and 436 companies issue and market, refreshing a number of historical records .When 2018, the IPO market will show how the changes, so that the outside world is of particular concern .
As of December 28, 2017, a total of 484 proposed IPO companies are being lined up. According to the review and release of the 2017 meeting, these companies are expected to be put on trial or even be released in 2018, which means the IPO of 2018 Basic will be born in them.
On this basis, the 21st Century Institute of Capital through this set of reports, from the line where the enterprise is located, the industry and the sponsor in three areas, hope to make 2018 IPO market panoramic analysis and forecast.
According to 21st Century Institute of Capital Research, among the proposed IPOs in 2018, Guangdong, Jiangsu and Zhejiang are expected to continue to be the three provinces with the largest number of IPOs in all regions of the country in the proportion of nearly half, while some of the number of IPO in 2017 Smaller provinces, such as Liaoning and Hubei, are also expected to see a change in 2018.
In the industry, manufacturing will still be the area with the most IPO in 2018, accounting for more than 40%, but compared with previous years, some high-end manufacturing and new economy enterprises will become the highlights of this year's IPO market.
In addition, the competition of intermediaries in the IPO market is also of concern. In 2017, CSCB became the most successful brokerage in the IPO market with 95.65% of the sponsored overdos rate. GF Securities and CITIC Securities, respectively, underwritten the amount of underwriting and underwriting Won the top prize in 2018. These brokers can continue the 'brilliant' in 2018, but also time to give the answer.
Three major review to
2018, A-share IPO review will appear in what style? IPO market and what will change and change? Public IPOs to be proposed IPO queue from the capital market is a step away from or on this dream? This is the world's most concerned about the three A question.
In the last two months of 2016, IPO issuance started to normalize. The IPO audit trend in 2017 was not static and showed a trend of "highs and lows". In particular, after IPO approval was established in October, IPO approval was passed Rate and even cliff fall.
According to statistics, from January to December 2017, May has become the highest IPO review month, reaching 63, with 51 passing through 80.95% .March is the month with the highest IPO approval rate, with a total of 52 companies will be tried, over 49. However, from October to December, although the number of IPO audit entrepreneurs were only 25, 36, 32, but the number of rejected enterprises were up to 6, respectively, 16 And 11, the overall rate will be only 64%, 50% and 56.25% respectively.
21st Century Capital Institute believes that the IPO market in 2018 will be expected to maintain the normalization of IPO issuance, to maintain strict auditing trends and strengthen on-site inspection in three directions.
Hunting Securities analyst Kong Lingfei said on January 8 that both quality and quantity are the most prominent features of the 2017 A-share IPO, a feature that will be renewed in 2018.
Dafa trial commission on the performance of the proposed IPO companies more stringent. Dai Fa Shen Wei before taking office, the net profit of 30 million 81% of the following companies are not; after taking office, the recent year net profit of 30 million yuan in the company all At the same time, Dafa trial committee not only pay attention to the performance but also the normative and substantive issues such as the authenticity of the listed company's performance, the standard of internal control management, the sustainable profitability and the rationality of the fund-raising investment, It's all about its focus. '
The 21st Century Capital Research Institute found that among the 33 enterprises whose new audit committee took office, the words with higher audit results appeared mainly including the authenticity and rationality of the enterprise's financial data and the problems associated with the Company's related parties Abnormal gross profit margins and other issues.
In addition, on-site inspections of IPO will also be normalized again in 2018. According to the data disclosed by the SFC, two batches of on-site inspections were conducted respectively in the second half of 2016 and the first half of 2017, involving 47 enterprises. , Once again started 23 companies on-site inspection.
Although the IPO market has just begun its appearance in 2018, there seems to be an answer to the changes in the IPO market. In the first week of the past week, the SFC appeared to announce the results of the IPO review of 'auditing 6, rejecting 2, and passing 4' The tone of this year also verified the above conjecture.
Geographical polarization
As far as the relationship between regions and IPO is concerned, more and more data prove that there is a positive correlation between the degree of regional economic development and the number of IPO enterprises.
According to the 21st Century Capital Research Institute, of the 484 queuing enterprises that are about to enter the capital market in 2018, 91 are from Guangdong (45 from Shenzhen), 76 from Jiangsu and 69 from Zhejiang, and the three provinces together make up the entire line 48.76% of the enterprises, while the remaining more than 10 enterprises include Beijing, Shanghai, Anhui, Shandong, Hubei, Fujian and Hunan.
Of the 436 listed companies that went public in 2017, 98 came from Guangdong (40 from Shenzhen), 87 from Zhejiang and 65 from Jiangsu, while the share of listing of Guangdong, Jiangsu and Zhejiang reached as high as 57.21%. Shanghai, Shandong, Fujian, respectively, the amount of 37, 25, 25.
IPO fund-raising, Guangdong 98 listed companies in 2017 amounted to 52.123 billion yuan of fund-raising, accounting for 22.65% of the total fund-raising of A-share market, the first of various provinces and cities.
Ranked second and third are Zhejiang and Jiangsu. Last year, newly listed companies raised funds of 48.646 billion yuan and 30.35 billion yuan respectively.
As a result, the total financing of listed companies in Guangdong, Zhejiang and Jiangsu reached 131.119 billion yuan, accounting for 56.98% of total new financing.
However, the highest IPO fund in Yunnan last year was Yunnan, with only 2 companies listed in Yunnan in 2017. However, the total fund-raising was 4.221 billion yuan, with an average fund-raising of 2.111 billion yuan, significantly higher than the 527 million yuan This is due to last year Huaneng hydropower listed as high as 3.906 billion yuan fund-raising, ranked third in all 436 companies, second only to China Galaxy and the Treasury securities 4.086 billion yuan.
January 8, Yang Delong, chief economist at Qianhai Open-source Fund, believes that there are a large number of IPOs in coastal economically powerful provinces, on the one hand due to the relatively active economy in these regions, in particular, the private economy accounts for a relatively large proportion and the emerging industries are well developed The reason, on the other hand lies in the government's support for the listing of enterprises.
In a teleconference in Zhejiang Province in October 2017, the "Phoenix Action Plan" focusing on the listing and M & A of enterprises was put forward in Zhejiang Province, which proposed that Zhejiang Province will strive to achieve 700 domestic and overseas listed companies by 2020 , Focusing on listing companies to reach 300, doubling the number of listed companies.
Compared with the developed coastal provinces, the middle reaches of the Yangtze River, which has the reputation of "Rising of Central China," also saw quite a lot in the IPO markets in 2017 and 2018.
Among them, Hunan and Anhui respectively 17, 9 companies IPO, respectively, in 2017 raised 70.27 billion yuan and 5.003 billion yuan in 2018, there will be 10 and 19 companies in the two places to be listed.In addition, last year only Hubei listed two companies this year, 14 queues.
Compared with the above-mentioned regions, the three northeastern provinces where the share of state-owned enterprises is relatively heavy (152 listed companies currently account for 43% of the total) are facing a weak IPO situation. Last year, a total of only 4 enterprises went public in the three northeastern provinces with a total financing of only 16.23 100 million yuan in 2018. Queuing enterprises, in addition to seven enterprises in Liaoning, Heilongjiang and Jilin, respectively, only three and two companies to be IPO.
At the end of last year, when answering relevant suggestions of the NPC, the CSRC had said that while continuing to promote the normalization of new share issuance, it continued to give priority to supporting qualified IPO of enterprises in Northeast China. Within the scope of compliance, Give priority to support, promote early listing and listing of enterprises in the northeast region, and increase capital market support for enterprises in the northeast region.
On January 8, a large-scale brokerage strategist in East China said that at present, the degree of activity in the private economy has become the benchmark for the number of IPO companies. For Northeast China, which relied on the development of state-owned enterprises, it now needs to face industrial restructuring, brain drain, Private economy, such as the development of multiple dilemmas.
Compared with the Northeast, the vast majority of provinces in the western and southwestern regions also face the embarrassment of the number of companies planning to IPO.
According to Wind information data, none of the enterprises listed in Inner Mongolia, Qinghai, Guangxi and Shanxi were listed last year and none of the enterprises lining up in Inner Mongolia and Qinghai appeared in this year, while there were two in Guangxi and one in Shanxi.
Underdevelopment has led some regions to start stocking their stocks.
Take Guangxi as an example, currently there are 36 listed companies, ranking the 23th in 31 provinces, municipalities and autonomous regions in the country.Therefore, in order to prevent listed companies from being forcibly delisted for losses, some local governments started to directly subsidize cash Way to be saved.
Late December last year, * ST Liuhua (600423.SH) disclosure announcement said the company received 190 million yuan Liuzhou City Department of Finance policy subsidies the same day. Earlier in March, * ST Liuhua also received Liuzhou Financial Bureau of the 350 million yuan financial subsidies, but failed to solve the company's huge loss of 800 million yuan in 2016 the fact.
Similar with * ST Liuhua, in order to complete the shell, * ST in cashmere (000982.SZ) said earlier this year, the company received a total of Yinchuan, Lingwu City Finance Bureau operating financial subsidies of more than 600 million yuan, and funding has been At the same time, the parties also waived * ST in cash together a total of 112 million in debt.
'Listed companies are still a scarce resource for economically underdeveloped regions and using administrative force to keep an existing business out of the market without a new corporate IPO should be one of the important tasks in some places. The existence of a listed company means not only performance but also performance. "On January 8, a Beijing-based private equity executive said.
The rise of the new economy
Compared with the region where the enterprise is located, 21st Century Institute of Capital found that whether it is the company to be listed in 2018 or the new listed company in 2017, it shows the characteristics of 'new economy' and further reflects that capital ' The trend of development.
According to Wind statistics, the industries with the largest number of queuing enterprises in 2018 are still manufacturing industries, accounting for more than 40%. Specifically, according to the classification of CSRC's industries, the manufacturing of computers, telecommunications and other electronic equipment ranks 54 enterprises , Ranking first in all industries, followed by 41 in equipment manufacturing, 38 in chemical raw materials and chemical manufacturing, and 37 in software and information technology services.
This situation is similar to that of the corporate industries that have been listed in 2017. In 2017, 60 companies listed in computer, communications and other electronic equipment manufacturing companies, 33 and 32 chemical raw materials manufacturing enterprises, pharmaceutical manufacturers Industry companies landing A shares.
However, although the number of enterprises listed in the above-mentioned industries in the last year is mostly large, the majority of the enterprises in the industry are concentrated here.
Data show that in the past year, whether enterprises mainly concentrated in software and information technology services, special equipment manufacturing and other five industries, a total of 37, accounting for 43.02% of all enterprises.And after the issuance of a new audit committee In the fourth quarter, more than half of the top five companies, including the electrical machinery and equipment manufacturing industry, the business services industry, the Internet and related services, were vetoed and the rejection rate was much higher than in the first three quarters.
In the meantime, 21st Century Capital Institute found that cross-regional comparison shows that 21st century Capital Institute has found that any further increase in the proportion of technology, media, consumer goods and health industries this year or last year (both exceeding 20%) implies that ' New economy 'prominent proportion.
Among them, in 2017 and 2018, there are over 40 enterprises listed or planned to be listed in Shenzhen. Most of these enterprises are innovative enterprises and involve manufacturing, Internet and other industries. Beijing and Shanghai are planning to launch this year IPO companies, including the majority of pharmaceutical companies, software companies also occupy a small proportion; Jiangsu is in the field of industrial automation leader, but also a small number of pharmaceutical companies.
Take WuXi PharmaTech Co., Ltd. (hereinafter referred to as WuXi PharmaTech), which is expected to attend this year's meeting as an example. As the 11th largest pharmaceutical research and development giant in the world, WuXi Pharma was listed on the US stock market in 2007 Privatization delisting was completed in 2015. The IPO, WuXi PharmaTech to be listed on the GEM, raised 5.7 billion.
In 2017, a batch of enterprises representing "New Economy", such as Palm Technology (603533.SH) and Huada Gene (300676.SZ), were successfully listed. In the field of integrated circuit boards, for example, in the whole year of last year, Micro (300613.SZ), Jie Jie Microelectronics (300623.SZ) and more than 10 companies listed, some of them such as Jiangfeng Electronics (300666.SZ) products also break the monopoly of overseas technology to become the world's leading wafer manufacturing plant.
In line with the rise of the "new economy", there is also a decrease in the number of listed traditional industrial companies in the steel and real estate industry in 2017. No steel industry has emerged in 2018. Although the real estate industry includes Wanda Commercial , R & F Properties, including seven, but taking into account the policy factors, 21st Century Capital Institute believes that this year the real estate industry is still very difficult to break through.
January 8, Shen Wan Hongyuan Securities analyst Peng Wenyu said equity financing is responsible for the optimal allocation of resources, the need to fit the transformation of China's economic structure, in 2017 the issuance of new shares, the number of companies meeting the top ten computers, communications And other industries, fully reflects the pillar industries from traditional industries to emerging industries.
Among the enterprises lining up this year, 16 enterprises and 10 enterprises from the monetary and financial service industry and the capital market service industry respectively surpassed the previous year's 1 and 4 enterprises, of which the former mainly involved some city commercial banks and rural commercial banks Listed, which mainly include some brokers, well-known, such as CSC Securities, Tianfeng Securities, etc. 21st Century Business Herald
3, the national team more than billions of large funds pound IC involved 23 listed companies;
Since its establishment in September 2014, the investment in the first phase of the National Integrated Circuit Industry Investment Fund ("the Great Funds") has basically completed its investment of 137.7 billion yuan in less than four years and has accumulated over 62 effective decision-making projects, Involving 23 listed companies (including Hong Kong stocks and indirect investment companies).
Currently, the fund has completely covered the leading companies in the manufacturing and packaging of integrated circuits, partly covering the listed companies in the fields of design, equipment and materials, and has been involved in the third generation of semiconductors and sensors, etc. According to insiders, in the national policy With great support, China's IC industry will spawn an industry giants with international advanced level.
Large funds have been invested in listed companies include: SMIC Wafer manufacturing, Huahong Grace; packaging and testing of the Yangtze Power Technology, Huatian Technology, Tong Fu Microelectronics, Crystal Technology; IC design of the Na Sida, ZTE Microelectronics, ZTE, Siu Yi Innovation, Top Technologies, Jing Jiawei; North China in the field of equipment manufacturing, Changchuan Science and Technology; Materials Wansheng shares, Jacques, Juhua shares; and Three generations of semiconductor leader Sanan Optoelectronics, Beidou industry chain leading Dipper Star, MEMS sensor leader Nai Wei technology, and through the sub-fund layout of the terminal company Wen Tai Technology, a total of up to the sound.
How to find the future of these listed companies, 'TSMC', 'Samsung?' Industry veteran suggestions, one is to tap the large funds have been stationed in the value of the depression 'national team' listed companies; the second is concerned about the big fund has been Securitization of investment projects; third is to determine the next big investment fund direction, ahead of the potential lurking in the field of listed companies.
Here, we may wish to 'reprise' several cases.
On June 16, 2015, San'an Group, the controlling shareholder of San'an Optoelectronics, transferred 217 million shares it held to the Great Fund for a total consideration of RMB4.839 billion at a price of RMB22.3 per share. On December 16, 2015, the Great Fund And then 22.51 yuan / share price, a total of 1.6 billion yuan subscription San'an Optoelectronics 7107.95 million additional shares, shareholding ratio increased to 11.3%. Samo Optoelectronics latest price of 25.06 yuan, the large fund's market capitalization as high as 11.5 billion yuan in the In the short span of two years, the added value has nearly doubled.
Similarly, large fund investment in SMIC, National Micro, Micro Technology, North China and other listed companies are also increasing nearly 1 times or more.
In terms of the securitization of investments in major funds, Tongfang Microelectronics provided a reference case: It intends to acquire 49.48% equity of Furunda held by the Great Funds and reach 47.63% of the equity through RMB1.921 billion, So large funds 278 million US dollars of investment into a 14.65% stake in listed companies.According to incomplete statistics, get large funds such investments listed companies, including China Sky Technology, ZTE and so on.
Prior to this, Ding Wenwu, general manager of large funds, said in an interview with the media that the funds raised in the first phase can only meet the financing requirements of the target of 2020 in the National Integrated Circuit Industry Development Outline. In 2020, China Integrated Circuit to enter a new stage of development, the birth of the international first tier companies, effective financial instruments are still essential.
It is reported that the second phase of the fund-raising has started, raise more than one period.
The current large fund investment has completely covered the integrated circuit manufacturing, packaging leading companies, some covering the design, equipment, materials, listed companies, and slightly covered third-generation semiconductor, sensors and other fields.Next, the big fund will vote what?
According to Ding Wenwu, the general manager of the large fund, the next step will be to increase the investment in the design industry (currently only 17%) and will focus on national strategies and emerging industries for investment planning such as smart cars, smart grids, Intelligence, Internet of Things, 5G, etc., and try its best to support the equipment materials industry to speed up its development.
In this connection, insiders suggested that investors could analyze and predict the next move of large funds according to the "Outline for Promoting the Development of National Integrated Circuit Industry" and focus on the leading listed companies in the corresponding fields, with particular attention to the third generation of semiconductors , Sensors and other fields.
Reporter combing found that major funds focus on third-generation semiconductor sub-fund An Xin Fund has accelerated the pace of admission, recently placed Ruifeng Optoelectronics. In the large fund concerned with the design, materials, 5G and other fields, the leading listed companies Including ZTE, Yang Jie Technology, Jiang Feng Electronics, Shanghai Xinyang, Fiberhome, Optoelectronics, etc. Shanghai Securities News