On April 18th, when the capital market was buoying chip concept stocks, Taiji Industry soared 6.63%, causing market concerns. There are rumors that the National Integrated Circuit Industry Fund (the “large fund”) has placarded, , Taiji Industry responded externally that if there is a case of over 5% of shares, it will be announced in time.
A national capital that swept across the capital market surfaced. With the strong shareholder strength and the support of the local chip industry in China as its mission, major funds have an important position in the capital market. Although tycoon Tai Chi Industry has not been confirmed, it has already begun to expand in the market. Scale layout.
According to the incomplete statistics of the Beijing News reporter, in more than two years, there have been 11 listed companies with large capital holdings of more than 5%, with a total market value of about 320 billion yuan. The major funds have a stock market value of about 35 billion yuan.
The Beijing News reporter found that large funds are not simple financial investors for listed companies and have already leapt to some of the company’s largest shareholders. With frequent capital operations, the stock market value of large fund investments has rapidly expanded, enjoying a huge amount of floating surplus.
Scan cargo capital market, holding over 5% of the shares of 11 listed companies
In September 2014, under the guidance of the Ministry of Industry and Information Technology and the Ministry of Finance, the National IC Industrial Investment Fund was formally established. Its purpose was to support the local chip industry in China in order to reduce the reliance on foreign companies. The fund is believed to support the support of China. Companies in the integrated circuit market to catch up with the mission of Europe and the United States.
After the founding of the big fund has been quite low-key. According to media reports in March this year, the large fund president Ding Wenwu said that as of the end of 2017, the fund has effectively decided to invest 67 projects, accumulative project commitments of 118.8 billion yuan.
Business information shows that the big fund shareholders camp is quite luxurious: the first largest shareholder is the Ministry of Finance, holding 36.47%; the latter holds 22.29%; other shareholders include well-known state-owned enterprises, central enterprises, such as China National Tobacco Corporation, China Mobile, etc. .
In October 2017, some media reported that the data from the Tianyi inspection showed that as of October 25, the large fund had become a major shareholder of the 38 companies. On April 21, the Beijing News reporter learned from the eye of the day that this figure has been updated. It is 52. Many of these 52 investment targets are listed companies.
According to the announcement of Tongfu Microelectronics at the end of February this year, the major fund currently holds 11.3% of Sanan Optoelectronics, 9.54% of Changjiang Electronics, 11.4% of Big Dipper Starcom, 7.5% of North Huachuang, and Changchuan Technology 7.5. % Shares, 15.79% shares of Guoke Microelectronics, 11% shares of Zhaoyi Innovation, 6.65% shares of Huiding Technology, and 15.7% shares of Tongfu Microelectronics.
In addition, the big fund also holds 15.91% shares of Hong Kong-listed company SMIC, and 9.89% shares of SMIC.
Accordingly, the major funds currently hold a total of at least 5% of the shares of at least 11 listed companies. According to the statistics of the Beijing News reporter, as of last Friday, the total market value of the 11 listed companies in which the major funds have stakes was approximately RMB 320 billion. Among them, the major funds have a stock market value of about 35 billion yuan.
In the recent outbreak of the ZTE event, chip concept stocks were active. The performance of the stocks that were invested by the chip's 'national team' funds was dazzling. For example, Huiding Technology rose from about 89 yuan on April 17 to 102.99 yuan on Friday, rising about At 14 yuan, the market value increased by approximately 6.4 billion yuan; Zhao Yi innovation, which rose by 27 yuan from 178 yuan on April 17th, increased the total market value by approximately 5.5 billion yuan.
More investment surplus, net profit of 2.1 billion yuan in 2016
The Beijing News reporter noted that compared to some privately-owned mystery capitals or 'barbarians' who licenlisted companies in the open market, the way that large funds are involved in listed companies is relatively modest. Agreement transfers are most common.
In December 2017, Jing Fang Technology announced that EIPAT, a shareholder, transferred its 9.32% shares of Jingfang Technology to its major fund with a consideration of RMB 680 million.
In addition to acquiring the equity of the shareholders of the relevant listed company, the large fund also participates in the share through participation in the restructuring.
In October 2016, Tongfu Microelectronics announced that it intends to issue shares to major funds to acquire 49.48% of the equity held by Furunda, and 47.63% of Tongrunda. The transaction price is 1.921 billion yuan. Capital operation, Tongfu Microelectronics was able to acquire the equity of two subsidiaries of AMD, and the large fund also became a shareholder of Tongfu Microelectronics.
The Beijing News reporter found that the big fund had also implemented 'attack into shares' on the eve of the listing of the company.
According to the Guoke micro-prospecting book, in May 2015, the company received a large fund of 200 million yuan investment; in December of that year, it received a large fund of 200 million yuan to increase capital and held a total of 176.47 million shares. This shareholding has been maintained so far. The proportion of shares is 15.79%.
In 2015, some media reported that this meant that Guoke Microelectronics, the largest integrated circuit design company in Hunan province, became a member of the national team. The Beijing News reporter noted that on April 28, 2016, Guoke Micro The SFC submitted the initial public offering of the GEM Stock Exchange prospectus.
Since it was a "surprise shareholder" before the National Micro-IPO, the big fund has made considerable profits.
In July 2017, Guoke Micro's IPO continued to skyrocket. As of now, the stock price is 68.83 yuan, the market value is 7.693 billion yuan, and the major funds have a stock market value of 1.2 billion yuan, which is 3 times the investment cost.
The large fund's investment in Sanan Optoelectronics also gained a lot. As early as June 16, 2015, Sanan Optoelectronics' controlling shareholder Sanan Group transferred 217 million shares held by it to a large fund at a price of RMB 22.3 per share. , The price was 4.839 billion yuan; On December 16, 2015, the major fund repurchased a total of 1.17 billion shares at a price of 22.51 yuan per share, and subscribed for 7.1075 million shares of the company with a shareholding ratio of 11.3%. Based on the current stock market value, The big fund has floated 3.6 billion yuan for more than two years, making a big 56%.
In another example, Huiding Technology, which announced on November 22, 2017, that Huifa International planned to hold 22.71217 million shares (5%) of the company it held, and that Huixin Investment sold 748.7083 million shares (1.65%) of its holdings. The major fund, the price per share was 93.69 yuan, and the transfer price was 2.829 billion yuan. After 5 months, Huiding Technology's share price rose by 9 yuan to 102.99 yuan, about 10%, and the fund's book floating surplus was about 300 million yuan.
The major funds are still investing in related stocks. In September 2017, Changjiang Electronics issued a fixed-income program, the total amount of funds to be raised does not exceed 4.55 billion yuan, of which major funds subscribe for less than 2.9 billion yuan, and the shareholding ratio increases after the end of the issuance. To 19%. On October 7, 2017, Changjiang Electronics took off after the resumption of trading, from the 17.3 yuan before the suspension (September 19) all the way up, more than a month later rose to 24 yuan, an increase of about 40%.
More capital operations have also been on the way. On April 13, Jacques Science and Technology announced that it intends to purchase assets such as large funds and other Komet holdings, which together account for 90% of the equity, etc. after the completion of the transaction. The fund's shareholding in Jacques changed from 0 to 26,518,800 shares, holding 5.73% of the shares.
After large purchases and acquisitions of huge profits in the capital market, the size of the big funds continued to expand. According to the company’s announcement, the total assets of the major funds were 35.57 billion yuan in 2015, increasing to 65 billion yuan in 2016, and the liabilities remained stable. It was 248 million yuan and 290 million yuan. In terms of revenue, it was 180 million yuan in 2015, and it was increased to 205 million yuan in 2016; net profit was 926 million yuan and 2.13 billion yuan respectively.
Big fund has become the largest shareholder of some listed companies
According to reports, Ding Wenwu, the president of the major fund, once stated that the main direction of major fund investment is the industry leader, not risk investment and angel investment, and it is generally not a major shareholder.
The Beijing News reporter found that although the large funds held more than 5% of the shares of the aforementioned 10 listed companies, they did not become controlling shareholders or actual controllers. However, the large funds’ investment in individual companies is increasing and is gradually increasing. The largest shareholder.
For example, Changjiang Electronics Technology Co., Ltd. announced in September 2017 that Changjiang Electronics Technology Co., Ltd. has announced a fixed-income program. The total amount of funds to be raised will not exceed RMB 4.55 billion. The large-funded fund subscription will not exceed RMB 2.9 billion, and the shareholding ratio will increase to 19%. The three major shareholders leapt to become the largest shareholder. For this change, Changjiang Changji Technology Secretary Zhu Zheng said to the media, the National Integrated Circuit Industry Fund, has a long-term positive significance for the company's development. At present, Changjiang Electronics Technology Co., Ltd. Increase has not been completed.
At the same time, listed companies invested by major funds frequently launched equity integration. For example, Changjiang Electronics announced in April 2016 that it will issue 129.7 million shares to SMIC and SMIC at a price of 15.35 yuan per share to acquire related assets. Core International issued no more than 150.8 million shares of matching fund-raising. After the transaction was completed, SMIC became the largest shareholder of Changjiang Electronics with a shareholding ratio of 14.28%.
If Ruyi Yi innovation, its announcement in November 2017, to subscribe for 5,000.337 million shares of SMIC International at approximately HKD 533 million. After the transaction is completed, it will hold 1.02% shares of SMIC.
Reorganization of abortion with the purple light, the SMIC failed to perform well
The Beijing News reporter noticed that the capital operation of the large fund is not completely without failure, and its restructuring with the purple light system has failed.
In July 2017, Ziguang Guoxin announced that it intends to acquire Changjiang Storage Technology Holdings Co., Ltd. through the issuance of shares. However, since the Yangtze River Memory Chip Factory project is still in the initial stage of construction, it will not be able to generate sales revenue in the short term, and the acquisition conditions are not mature enough. , So it ended the reorganization.
In this capital operation, the status of the big fund is important. In July 2016, Changjiang Storage Technology Co., Ltd., with a total investment of approximately 160 billion yuan, was established. The major fund is the main shareholder. It was reported that the Yangtze River Storage Project is a single fund contribution to the large fund. The largest project, with an investment of over 10 billion yuan.
Another major project invested by the big fund is SMIC, which has seen twists and turns in recent years.
SMIC is known as the world's leading integrated circuit foundry company and the largest and most technologically advanced integrated circuit foundry in Mainland China. In 2015, the major funds spent nearly HK$3.1 billion through the subscription of SMIC. Become the second largest shareholder.
In August last year, SMIC announced that SMIC North’s IC has received US$2.4 billion in capital injections from eight shareholders. The major funds spent US$900 million, and the shareholding ratio increased from 26.5% to 32%. In January of this year, SMIC’s China The core South intends to increase capital and expand stocks. The major funds contribute up to 946.5 million U.S. dollars. Based on this calculation, the major funds' transfusion to SMIC has exceeded 12 billion yuan.
However, SMIC’s long-term predecessor’s huge loss status. In 2017, SMIC’s profit was HK$126 million, a drop of 60.13%.
Beijing News reporter Zhao Yibo reports from Beijing