A project named 'Anshi Semiconductor' has gradually raised market attention in recent months. According to the data, Ann Semiconductor, formerly known as NXP's standard product division, is a global leader in discrete components, logic components and MOSFET components. The manufacturer, which began operating independently in early 2017, has strong profitability. This business was successfully completed in 2016 by a Chinese consortium led by Beijing Jianguang Asset Management Co., Ltd. with a consideration of US$2.75 billion (about 18.1 billion yuan). Acquisition, this entered the vision of domestic listed companies.
According to public information, domestic listed companies, including Yinge Investment and Tiida Technology, have announced their investment in shares of Anshi Semiconductor since July 2017. On April 13, 2018, Yinge Investment announced the "Intentional Agreement of Cooperation". The Supplementary Agreement, the extension involved the external investment of Ansi Semiconductor to May 15th, and the momentum for the finalization of its share seems to have been outlined. Ten days later on April 23, Wentai Technology also issued an announcement that its wholly-owned The consortium of three companies, including the company, obtained a share of equity from Anshen Semiconductor with a high premium of 11.45 billion yuan and a 63% premium.
On April 25, the Ministry of Industry and Information Technology indicated that it will further accelerate the breakthrough in the core technology of integrated circuits and strengthen international industrial cooperation. This attitude has made the remaining share of Ansemi Semiconductors more competitive.
Remaining competition for content may intensify
In 2017, China Guangjian Assets, Huarong International, Hefei Construction Investment and other co-funded acquisitions were completed and the Ansi Semiconductor Company, which was independently generated by this business, has since become the capital market's Shantou. In the listed companies participating in the acquisition, , Silver pigeon investment is the earliest involvement.
According to the data, Yinge Investment announced in July 2017 that the company and the relevant members of the Jianguang Assets Management Consortium had reached an agreement to acquire Answe and took the lead in achieving a breakthrough in this matter. Subsequently, Yinge Investment and PACIFIC ALLIANCE INVESTMENT FUND LP (Circum-Pacific Investment Fund), signed the "Intentional Agreement of Cooperation" on January 3, 2018, intending to acquire a limited partnership of not less than JW Capital Investment Fund LP (hereinafter referred to as 'JW Fund') The matters of the share were agreed.
According to a person familiar with the matter, according to the intention agreement on acquisition of fund shares announced by Yingou Investment on January 4th this year, such as the purchase price of $100 million paid by Silver Pigeon Investment for the acquisition of 100 million U.S. dollar equity of Anshi Semiconductor, compared with Wentai. The fair value of 131.66% of the premium paid by Science and Technology, which was held by Silver Pigeon Investment, should be USD 232 million, which translates into RMB 1.462 billion. That is, less than six months, the silver pigeon The potential income from investing in the investment is estimated to be approximately US$114 million, equivalent to approximately RMB720 million, with an appreciation of approximately 96.61%.
What kind of asset is the Anshi Semiconductor held by this fund share, and the price is so high?
According to industry insiders, Ansemi Semiconductors integrates design, manufacturing, and packaging and testing into one, which is a typical vertically integrated semiconductor company with strong profitability. 'This is a large overseas M&A project in China's semiconductor industry, the largest IDM. (Vertical integration) Companies and semiconductor companies with the best profitability, especially in automotive electronics, industrial control have global leading edge.
Then, what is the strategic intention of the active layout for the acquisition of Ansi Semiconductor's silver pigeon investment?
According to public information, Yinge Investment was originally a state-owned enterprise in Henan Province and its main business was manufacturing of paper products. In March 2017, Shenzhen Yingying Investment completed the acquisition of the controlling shareholder of Yinge Investment, Yinge Investment. The actual controller has changed in this way. Shenzhen Hao Ying publicly claimed after the completion of the acquisition of Silver Pigeon Investment that the listed company will plan to introduce new industries in the future and realize the development trend of dual main operation.
The aforementioned position of Yinge Investment was puzzling. In fact, only four months after the actual controller of the Silver Pigeon Investment was changed, Yinge Investment announced that it had reached an intent agreement to acquire equity from Ansemi Semiconductors, which made it impossible to guess. Yinge Investment has long been in a forward-looking layout in the semiconductor sector.
Some market participants believe that if the transaction is successful, the assets may be placed into listed companies in the future. With the stimulation of the successful transfer of Guangzhou Star Fund shares, and domestic key technologies such as chips, the rising demand for product safety, domestic capital security World Semiconductor’s remaining share of the competition may be even more intense.
In addition, Yinge’s investment has further arrangements. Public information indicates that following the signing of the Cooperation Intention Agreement with the Pacific Basin Fund, on April 12, 2018, the two parties signed the “Supplementary Agreement for the Agreement of Intent for Cooperation.” Market participants believe that Even if a listed company only participates in the acquisition of high-quality semiconductor assets as a financial investment, starting from the high-speed growth expectation of the domestic semiconductor industry, this part of the investment is expected to bring about considerable investment returns to listed companies in the future.
Silver pigeon investment pace may accelerate
Although competition with Ansemi Semiconductors is extremely fierce, however, the author has learned that Silver Pigeon Investment has a great deal of faith in it. The investment in silver pigeons based on the dual-core operation has changed frequently after completing the actual controller change, and not only completed the paper business. Improve quality and efficiency, and further expand the financial sector. This is considered to be a silver bedding investment for the successful acquisition of Anshi.
Earlier, Silver Pigeon Investment Management stated in an interview with the media that 'the future will actively participate in the development of new areas of business by leading and integrating modern business concepts.'