It is understood that the Shanghai Equipment Materials Fund is the first focus on the field of semiconductor equipment materials industry investment funds, committed to market-oriented operation, the use of mergers and acquisitions integration, to promote China's semiconductor materials to achieve leaps and bounds.Some people say that the semiconductor is a modern industrial system Crown, equipment and materials are the pearl on this crown.
The total scale of Shanghai Equipment Materials Fund is 10 billion yuan, the first phase of the scale of 5.05 billion yuan. Fund investors (LP), including the National Integrated Circuit Industry Investment Fund (hereinafter referred to as the 'National Fund'), Shanghai, , Bank of Nanjing and Wanye Enterprise.The fund management company is Shanghai Semiconductor Equipment Materials Industry Investment Management Co., Ltd. (GP), which is jointly invested by Shanghai Pudong Science and Technology Investment Co., Ltd. (hereinafter referred to as "Puke Investment") and the State Funds composition and investment by the Pu branch.
The first phase of the operation of the National Fund entered the final phase of the decision-making level decided to invest 1 billion yuan to the Shanghai Equipment Materials Fund, the investment move is extraordinary, highlights the Shanghai Materials Funds in the semiconductor industry chain in China is important Sex.
February 6, Puke investment chairman and founding partner Dr. Zhu Xudong received surging news reporter exclusive interview, said: 'National IC Industry Fund is approaching the end of a phase, the National Fund did not intend to re-investment fund projects However, our fund has still got the approval of the national fund. This reflects the recognition and expectation of the National Fund from China. We also feel that we have a very low burden. '
'Materials and equipment are the preconditions of the semiconductor industry, and the current domestic market is very weak. Although some enterprises are up, they can not achieve much industrialization; they can receive orders even if industrialization is achieved But also to make money is less and less. "Dr. Zhu Xudong said Shanghai also hope that with the wave of integrated circuits development, materials and equipment to link up the weak link.
Based in Shanghai, facing the country, to the world
'Shanghai Equipment Materials Fund will be based in Shanghai, facing the country, to operate globally.' Dr. Zhu Xudong said.
It is understood that the Shanghai Equipment Materials Fund is 50 billion yuan in Shanghai IC industry investment plan an important part of the Fund will be based in Shanghai equipment materials industry based on the advantages of domestic and foreign investment in mergers and acquisitions, the use of market-oriented platform to create a domestic and international Influential Equipment Materials Group.
In order to implement the overall strategy of the State for the development of the integrated circuit industry and speed up the development of the industry of self-controllable integrated circuits, the National Large Fund was formally established on September 24, 2014, and the scale Super raised to 138,720,000,000 yuan.National fund in the use of capital power to promote China's IC industry has played a huge role.
In January 2016, Shanghai released a plan for the investment in the local integrated circuit industry with a total market volume of 50 billion yuan, and the IC industry investment fund in Shanghai took the mode of "1 + 3 + 1" operation, namely 10 billion yuan in the design industry fund and 30 billion yuan Yuan manufacturing fund and 10 billion yuan of equipment materials fund.Manufacturing funds and design funds have begun to operate.Shanghai Equipment Materials Fund was established, the entire Shanghai IC industry investment plan will all come to an end.
The operation of the three funds is not the same. 'Shanghai Design Fund is purely market-oriented GP operations, IC manufacturing funds are operated by the institutions within the system, we are both at the same time Although Puke Investment has been separated from the system, we are a non-state-controlled mixed ownership system that has emotional and asset links with the system and therefore has an advantage in the connection between the government and the market, "said Dr. Zhu Xudong.
'National IC Industry Investment Fund funded our participation in this fund, so we also assume the national mission. The positioning of this fund is to become the country's largest fund investment in the field of semiconductor equipment materials pioneer in the next few years, China's integrated circuits Each year the amount of investment is 500 billion yuan up and down, of which 70% of the investment is the procurement of equipment and materials, if China's own equipment and materials do not come, then the development of China's semiconductor industry is equivalent to pulling the foreign GDP. 'Zhu Xudong Dr. said.
Shanghai is the earliest city in the world to lay the integrated circuit industry, and has a relatively good foundation.But in recent years, Hefei, Chengdu, Wuhan and other places catch up with the trend and become the hot spot for semiconductor investment.At present, as the key industry of the domestic integrated circuit industry, Shanghai Municipal Party Committee and Shanghai Economic Commission attach great importance to the development of the semiconductor industry.
'The principle of operation of our fund is that both functional and economic benefits should be taken into consideration and the development of the semiconductor industry in Shanghai should be promoted with market-oriented measures,' said Dr. Zhu Xudong.
In an interview with surging reporters, Gu Wenjun, chief analyst of Xinmu Research, said that Shanghai is the most pragmatic and the most funded entity among the semiconductor industry funds that have been established all over the country with high profile. However, Shanghai Semiconductor Industry Fund, With the help of local businesses, maybe even harder.
Among the two founding funds, the design industry fund has acquired nearly half a billion U.S. dollars and acquired Semiconductor Manufacturing Co., Ltd., a project acquired through mergers and acquisitions (M & A) since the big round of industrial development. The manufacturing fund has invested in Huali Microelectronics and Medium Core International's 12-inch production line and advanced semiconductors have also made some moves this year, but they have not done anything with the equipment and materials so far. "Gu Wenjun said:" We look forward to the newly established Equipment Materials Fund to acquire a good project for Shanghai M & A. "
International mergers and acquisitions have new ideas
'The starting point for the development of integrated circuits around the world is more than the standard international standard, the slogan is proposed to be a world-class semiconductor industry. So positive competition with overseas giants, but this is actually very difficult.' Dr. Zhu Xudong, internationally, In particular, the United States is very wary of China's capital acquisition of semiconductor companies. It is very difficult to buy foreign trees for planting in China.
'Thinking to be innovative, Taiwan's region from the late 1970s early 1980s to develop semiconductors, TSMC founder Zhang Zhongmou proposed to do from the IC foundry started hanging himself in Silicon Valley, the chip design of the United States' locomotive 'On their own' locomotive 'behind the' train ', the United States to run faster, followed by Taiwan is fast, not a competitive relationship .This is the rapid rise of Taiwan's IC foundry reasons, this is a model innovation.' Dr. Zhu Xudong .
Dr. Zhu Xudong said: 'M & A investment zero break knock is not acceptable, there is a need for a structural arrangement in the merger and investment model, we have formed a combination of investment, graft-based investment and the introduction of investment and other modes of operation. Of course, we will According to different countries and regions, take different M & A strategy, for example, Europe and the United States are more sensitive to our acquisition, then they can engage in joint ventures in China.
'We may next select a few parks across the country for industrial consolidation and project landing, we have already started to conduct site selection and inspection across the country, and we hope Shanghai will be able to lead the way,' said Dr. Zhu Xudong.
Puke investment in the official website said the Shanghai Equipment Materials Fund will be combined with the status quo of small and scattered domestic equipment and materials companies to seize the opportunity to downstream manufacturers by line expansion, focusing on domestic weak links and key areas, relying on the national IC industry investment The industrial resources of the Fund, the policy advantages of Shanghai and Lingang area in Shanghai, the investment of Puke Investment and the management ability of Huaxin Investment Management Co., Ltd., and various modes of operation such as integrated investment, grafted investment and imported investment, Capitalize on the strength of capital, nurturing a number of equipment materials enterprises with global influence in the key segments, and drive the overall leap of China's IC industry chain.
Puke investment reason why the Shanghai Equipment Materials Fund to obtain the right to operate, mainly before its multiple overseas mergers and acquisitions, accumulating a certain reputation in the industry.
It should be said that the privatization of foreign listed companies to China A-share market, we are one of the forerunner, the concept started in 2012. At that time, there is a clear technical and valuation of high-tech enterprises at home and abroad is poor from the business logic point of view, Privatization of foreign companies to A-share listing is feasible. "Dr. Zhu Xudong said.
In 2013, PuKe Investment took the lead in launching a privatization merger with Rodik, a Nasdaq-listed chip design company, but halted its rival, Ziguang Group, for half a month for a few months Many games, the final shareholders of Ruidico chose the "rich and powerful" Purple Group, Pu Branch investment in the National Development and Reform Commission 'road "in the hands of the situation plundered.
The so-called 'small road' refers to the Chinese companies overseas mergers and acquisitions, need to be submitted to the NDRC, Development and Reform Commission approved the audit, issued to the relevant enterprises, "overseas acquisition or bidding project information report confirmation letter" (commonly known as the road).
However, after the defeat of M & A Ruidico Branch, Puco invested in and acquired Montag Technology, an exceptionally successful M & A bid and a project Puco has made so far to earn the most money. "Privatization profits from technology gains In support of Pu co investment ownership reform. 'Dr. Zhu Xudong confessed.
Li Yongjun, founding partner of Puke Investment, revealed to surging news reporters that some M & A projects have already been negotiated in the early stage and will not enter the project investment stage until the fund is officially put into operation. However, specific projects are not easily disclosed.
Public information shows: the current round from the country to the founding of the integrated circuit industry investment fund total plate up to 600 billion yuan.At present, the national fund is brewing two, is expected to phase two will also exceed 100 billion yuan, plus local funds Two, perhaps one or two total plate will be equal to one trillion yuan.