Li Zhenghao
At present, China's semiconductor industry has received unprecedented attention in every move.
On the one hand, the funds are gathering further. The Wall Street Journal recently disclosed that the National Integrated Circuit Industry Investment Fund (hereinafter referred to as the “large fund”) has prepared to announce a new fund with a scale of about 300 billion yuan (US$47.4 billion). Meanwhile, Driven by major funds, SMIC (00981.HK) also announced on May 3 that it will jointly establish a semiconductor industry fund with major funds, Shanghai Haoxin, etc., with a total scale of 1.616 billion yuan.
On the other hand, there are a large number of new players. According to the May 5th Taiwanese media DigiTimes, the world’s largest foundry company Foxconn Electronics has formed a semiconductor group and is considering the construction of two wafer fabs. Meanwhile, according to *ST Datang 5 On the 5th of this month, the company's joint venture with Qualcomm and other companies have received approval from regulatory authorities. In addition, the Chinese-owned ARM mini China initiated by the British ARM company has been confirmed to be operational.
An analyst of CITIC Securities told the “China Business” reporter: 'The Sino-US trade dispute breaks the original pattern of the semiconductor industry in both countries, and in the long term it will strengthen the determination of domestic alternatives to the domestic cornerstone industry. With the second phase of the In 2018, China will continue to accelerate investment, and the semiconductor industry is expected to usher in the golden decade.
The scale of investment will exceed one trillion yuan
The Grand Fund was established in 2014 and invested by 15 companies including Guokai Finance, China Tobacco, Yizhuang State Investment, China Mobile, Shanghai Guosheng, China Electronics, Ziguang Communications, and Huaxin Investment. The registered capital is 98.72 billion yuan. The Ministry of Industry and Finance Division chief Wang Zhanqi is the legal representative and chairman of the board of directors.
According to the announcement of the share change on March 13, 2018, the largest shareholder of the major fund is the Ministry of Finance, accounting for 36.47% of shares, followed by China Open Finance with 22.29%, China Tobacco with 11.14%, and Yizhuang with 10.13%. , Wuhan Financial Holdings, Shanghai Guosheng, China Mobile accounted for 5.06% of the shares, other shareholders together accounted for 4.78%.
According to public information, since the establishment of the Big Fund in September 2014, the initial investment of RMB 138.7 billion has been basically completed. The investment scope has taken into account the chip design, packaging and testing, equipment and materials industries, among which, as of now, manufacturing, design, The proportion of investment in all aspects of the industry chain, including packaging and testing, equipment and materials, was 63%, 20%, 10%, and 7%, respectively.
The reporter combed and found out that as of March 31, 2018, the effective decision-making project of the first phase of the big fund exceeded 62 projects and 52 foreign companies were invested; one of the letter sources showed that the direct investment of major funds accounted for more than 5% of the shares in China. Outer listed companies include: Huiding Technology (603160.SH) in the field of chip design, Zhaoyi Innovation (603986.SH), Guoke Microelectronics (300672.SZ), Beidou Xingtong (002151.SZ), Micro Micro Technology (02239) .HK); Changjiang Electronics Technology (600584.SH), Tongfu Microelectronics (002156.SZ) in the field of packaging and testing, North Huachuang (002371.SZ) in the field of semiconductor production line equipment, and Changchuan Technology (300604.SZ), ACM Research (NASDAQ: ACMR); SMIC of foundry manufacturing; Sanan Optoelectronics (600703.SH) in the field of compound semiconductors and specialty processes; a total of 12 listed companies with an average shareholding ratio of approximately 10%.
In addition, according to the research report of Huachuang Bonds, the major fund has incited local industrial investment funds in the first phase of approximately 514.5 billion yuan. That is to say, the shake ratio of the first phase of large funds and social capital is already close to 1: 4. The reporter combed and found , Beijing, Shanghai, Wuhan, Shenzhen, Gansu, Anhui, Jiangsu, Shandong, Tianjin, and other semiconductor towns have established local promotion funds before and after the establishment of large-scale funds, which are generally between several billion yuan and tens of billions of yuan.
According to media reports, the overall size of the second phase of the big fund will be between 150 billion and 200 billion yuan. However, the Wall Street Journal quoted anonymous sources as saying that the size of the fund's fundraising will reach 300 billion yuan. .
Everbright Securities estimates that according to the scale of the second phase of the big fund of 150 billion to 200 billion yuan, and the ratio of funds of 1:3, it is expected that the second phase of the fund will instigate about 450 billion to 600 billion yuan in social funds. If you add a large fund of RMB 1387 million in the first phase and its instigated RMB 514.5 billion, the large funds and their total investment will easily exceed the trillion-dollar level.
In addition, it is worth noting that Ding Wenwu, the managing director of the major fund, publicly stated in January 2018 that the future investment layout of major funds will shift from 'face coverage' to 'point breakthrough,' and the focus of work will gradually shift from 'focusing on pre-investment'. 'After investing and paying equal attention', large funds must not only complete the industrial layout, but also seek 'overtaking' opportunities.
Ding Wenwu also revealed that the next big fund will increase the proportion of investment in the chip design industry, and will focus on national strategies and emerging industries for investment planning, such as smart cars, smart grids, artificial intelligence, Internet of things and 5G, etc., and try to Increase support for the equipment and materials industry.
Domestic companies are already gearing up
At the same time that all funds were running and entering the stadium, many companies also acted.
In the manufacturing sector, according to Digitimes related reports, Foxconn Electronics (ie Hon Hai Precision Industry) has formed a semiconductor subgroup and is considering the construction of two wafer fabs. Another report disclosed that Foxconn has already established a chip manufacturing related subsidiary. For example, Jingding Precision Technology, which manufactures semiconductor equipment, and Infocore Technology, which is based on semiconductor module packaging and testing, and Tianye Technology, are included in the operation of the semiconductor subgroup. At the same time, Foxconn has established a technology development team with engineers from outside and let This team is responsible for evaluating the feasibility of the semiconductor group's construction of two 12-inch fabs.
Our reporter tried to verify the authenticity of the above-mentioned news with Foxconn by telephone and email, but Foxconn did not reply.
There is also a big news from Ziguang Group. On May 2nd, the former Director of Electronic Information Department of the Ministry of Industry and Information Technology, Yan Shijing, has officially joined the Ziguang Group as the co-president and reports directly to Zhao Weiguo, Chairman of the Ziguang Group, mainly assisting Zhao Weiguo in managing the purple light. Group chip industry business planning and development.
According to public information, Shi Shijing has more than 30 years of working experience in the ICT field in China. In addition to the former director of the Electronic Information Department of the Ministry of Industry and Information Technology, Yan Shijing also serves as the deputy director of the Nuclear Special Project Office for the implementation of major projects, and the national integrated circuit industry development leading group. Office officials and other duties.
An industry source and the reporter said during the exchange, Zhai Shijing, who is in charge of the Ziguang Group’s chip business, is likely to concurrently serve as Ziguang Guoxin Chairman and Changjiang Storage Chairman. Ziguang Group’s chip business includes Ziguang Guoxin, Ziguang Exhibition. Sharp, Yangtze River Storage etc.
The source also stated that Yan Shijing's entry into the Ziguang Group was a major signal that the Chinese integrated circuit industry will no longer be fighting independently. He will use the entire Chinese electronic information industry ecological environment in the future to completely change the unfavorable situation in China's integrated circuit industry.
Alibaba’s layout in the chip field is also attracting attention. At the end of April, Alibaba’s Dharma House announced that it is developing a neural network chip Ali-NPU. However, Alibaba announced publicly that it would acquire the only domestic company with wholly-owned assets. The company's proprietary embedded CPU IP Core Co., Ltd. – Shanghai Zhongtian Micro, and Beijing Xiansheng Interconnect Technology Co., Ltd. developed a speech recognition chip.
The reporter combed and found out that in fact Alibaba had already invested a lot in AI chips, including strategic investment star startup company Cambrian, Shenzhen Jian Technology, programmable chip company - Barefoot Networks, Kneron, 翱5 companies such as ASR.
At the same time as Chinese-funded enterprises are making efforts, foreign-funded enterprises are not far behind. Among the most concerned British ARM companies. ARM recently told reporters via e-mail that its joint venture with China has just begun operations. Our focus is to make this The new joint venture company has succeeded in developing new ARM IP and standards, enabling the Chinese market, and promoting local innovation and growth.
Zhou Zixue, chairman of SMIC, said recently: 'Central and local support has driven the semiconductor industry's positive situation. Although semiconductors are very hot now, I believe that the development of the semiconductor industry must be prepared for long-term hard work. A landmark event is the issuance of 5G licenses. The arrival of 5G will lead to the emergence of a new generation of emerging technology industries. From the stage of view, the arrival of 5G is divided into issuance of license plates, networking, and terminal upgrades. The shortest time in terms of 1 year, the most For 2 years, 5G is in sight. In terms of market structure, we should realize that in the communications and electronics field, the future will be a market pattern where Chinese customers and foreign customers are equally divided. In the areas of computing and storage, it will take a long time to come. It will also be dominated by foreign countries, supplemented by China's market structure.'