Newspaper reporter Yang Ping shenzhen, Guangzhou report
Under the technology independent Innovation tide, the fund began to pour into the semiconductor industry. ' Who doesn't care about this industry now? It's so hot.
' Recently, in the Shenzhen-related industry chain Capital Docking Forum, a VC institutional investors to the 21st century economic reporting reporter said. The docking meeting has not officially begun, the venue has been full, hundreds of flat hall to accommodate nearly 400 people, most of the investors, including the government's background of industrial funds, small and medium-sized venture capital institutions and the search for mergers and acquisitions of listed companies.
Due to the limited seating, many investors even stood up to hear the whole meeting. ' Now the domestic semiconductor industry chain is basically complete, but also gradually began to high-end areas of development, on the one hand, policy support, on the other hand downstream applications, especially the mobile phone-driven communications, the emergence of a number of high-quality enterprises, will inevitably promote the development of domestic industries.
"said the investor to the 21st century Economic report reporter.
Investors on the sidelines In recent years, investment institutions have been more concerned about the semiconductor industry.
"A Shenzhen state-owned venture investment agency also said to the 21st century Economic report reporter. In the above industrial chain Capital docking meeting, an institutional investor in the site created by the organizer of the micro-letter group found that more than 200 people in the group almost all peers.
The site only 6 companies involved in roadshow, and biased in the early days, mostly in the B-round financing, small enterprises. 21st Century Economic Report reporter noted that the site of the investment institutions appear to be large, but the real experience of semiconductor investment enterprises are not many, of which there are still some participants are not engaged in direct investment projects.
Many respondents said that the industry actually do not understand, the main purpose of the participants is to learn.
When it comes to specific investments, the institutional attitude is more ambiguous and most of them are on the sidelines.
The above state-funded venture capital is also one of the participants, after the event he also left the initiative to contact, in order to communicate with the enterprise.
A week later, he told the 21st century economic reporter that after the meeting, he did have a lot of agencies to contact him, mainly in the design and encapsulation of testing enterprises, but currently has not been to the company research, in addition to time, he also said another technical level of concern. We have not been to a similar project before, and even did not see the relevant areas of the project, and now out of several projects to finance, we are a little confused, do not know the technology in the end, where the risk points. Although semiconductors are now being watched, most organizations are watching, in part because many have not previously invested in the field, and now they have a bit of a problem with this project.
' he said.
Confused more than ' do not understand ' the institutions, even the slightly experienced investors, the same cautious. Another investment director, who has focused on the semiconductor sector for nearly two years, told reporters that its investment projects focused on teams and core technologies. It bluntly pointed out: ' Investment mainly cast people, academic background must be good-looking, no good education must not do a high-tech things.
'
In specific projects, he is more inclined to invest in the middle and late, and some projects of the enterprise has a profit requirements. ' We are concerned about the direction of the basic need to have a higher technical content of the enterprise, in addition to profitability, after a certain market test. As far as our Organization is concerned, the general requirements of enterprises to have a profit of about 10 million, especially excellent enterprises, even if not profitable, the latter potential will also consider long-term holdings.
' said the investment director. As for the 6 projects on the road of the Forum, the investment director has not shown any investment intent: ' Two financial better companies (to achieve profitability), one is to do the lifting power management, a low-end, terminal semiconductor, technology general, and more homogeneous competitors, while another enterprise (panel-level fan out packaging) technology is better, but The project was too early (a round).
'
Looking for potential Unicorns ' According to the Order of benefit, the end result is relatively fast, because the domestic seal technology is more mature, then design, for example, digital circuit is more easy than analog circuit. In addition, a number of subdivision areas are also worth cutting, such as a small part of the material, such as jiangfeng electrons made of high purity sputtering targets.
' May 7, a Shanghai-medium brokerage Securities analyst on the 21st century Economic report reporter said.
But because the semiconductor domain belongs to the capital-intensive industry, generally has the long period, the big investment, the high risk, the investment threshold high characteristic, the venture capital investment organization is generally cautious in this field. ' In addition to some discrete devices, seal the test enterprises in the short term, the semiconductor sector investment cycle is very long, especially some small enterprises, 5-10 years are not necessarily able to do, non-governmental organizations can not support such a long cycle, so most of the investment is concentrated in large enterprises, SOEs.
' said the securities analyst.
It is worth noting that even the investment of large enterprises, only the strong capital constantly overweight, can have real results.
such as the domestic semiconductor leading enterprises in Beijing Oriental A, once a a-share losses, after many efforts to reverse the cycle of expansion, the final ' reverse attack ' success, 2017 to achieve the net profit of 7.568 billion yuan.
However, overall, the quality of the domestic semiconductor industry, the majority of private venture investment institutions are still relatively conservative. ' Now the Red Sea market of semiconductors can be profitable, and high-end technology has yet to be improved, especially excellent enterprises are not easy to find, the vast majority of private institutions do not have the abundant funds to invest in high-end semiconductor field, institutions can only be found in the vast sea to fit their own.
' said the investment director. The Semiconductor Investment Portrait Sketch: Industry chain Opportunity Emerges | The institutions are watching carefully