1. After Guangzhou, the Hubei Semiconductor Industry Association was established;
On the 8th of July, the Hubei Semiconductor Industry Association held an inaugural meeting in Wuhan East Lake High-tech Zone. The association was established on January 26 this year by the Social Organization Administration of Hubei Provincial Civil Affairs Bureau. After years of development, Hubei has owned 180 semiconductor-related companies, including 8 listed companies, the upstream and downstream industry chain was initially formed.
On June 3, Guangzhou Semiconductor Association announced its establishment in Huangpu District, Guangzhou Development Zone, and held an unveiling ceremony. The association was initiated by Yuexin and served as the president unit, and 51 units jointly created a conference.
At the meeting, Deputy General Manager of Tianma Microelectronics Co., Ltd., General Manager of Wuhan Tianma Microelectronics Co., Ltd. became Chief Engineer of Hubei Xingfa Chemical Group Co., Ltd., Chairman of Hubei Xingfu Electronic Materials Co., Ltd. Li Shaoping, Hubei Taiji Semiconductor Co., Ltd. Xing Yan, Chairman of the Board of Directors, Liu Wei, General Manager of Huacan Optoelectronics Co., Ltd., Vice President of Fiberhome Technology Group Co., Ltd., Yu Shaohua, Academician of Chinese Academy of Engineering, Zou Xuecheng, Executive Dean of Wuhan International Microelectronics Institute, Huazhong University of Science and Technology, Wuhan Liyuan Information Technology Co., Ltd. Zhao Mark, Chairman of the Board of Directors, Zhao Yong, General Manager of Wuhan Huaxing Optoelectronics Semiconductor Display Technology Co., Ltd., Vice President of Global Technology and Chairman of the Board of Directors of China Ge Gequn, elected vice president (sorted by last name strokes). Hubei Jiutongfang Microelectronics Co., Ltd. General Manager Li Hong was elected secretary general.
The association was initiated by the Yangtze River Storage Technology Co., Ltd. in conjunction with semiconductor companies and scientific research institutions in Hubei Province in the context of the country's vigorous development of the semiconductor industry. It was established on January 26 this year by the Social Organization Administration of Hubei Provincial Civil Affairs Bureau. .
In the future, the association will mainly serve the service enterprises, guide the industry, and contact the government to contribute to the development of the semiconductor industry in Hubei.
2. My scientist successfully synthesized 'metal nitrogen', and the energy density is more than ten times that of TNT;
Science and Technology Daily Hefei July 8th (Reporter Wu Changfeng) The reporter learned from the Hefei Institute of Material Science of the Chinese Academy of Sciences that the researchers of the Institute of Solid State Physics of the Institute used ultra-fast detection methods and extreme high-temperature and high-pressure experimental techniques to successfully synthesize ordinary nitrogen as raw material. The ultra-high energetic materials polymerize nitrogen and metal nitrogen, revealing the extreme conditions of metal nitrogen synthesis, transformation mechanism and photoelectric characteristics, etc., and advance the research of metal nitrogen. The relevant results have been published in international famous days. The comprehensive journal "Nature" is published in the journal.
The all-nitrogen polymer is considered to be one of the five conventional ultra-high energetic materials. Under extreme high temperature and high pressure conditions, nitrogen molecules undergo a series of complex structural and property changes, such as molecular dissociation and polymerization to form a polymerization. Nitrogen or further form metal nitrogen. These two forms of nitrogen materials are typical ultra-high energetic materials. They are more than ten times the energy density of commonly used explosives TNT. If they can be used as fuel for manned rockets, secondary propulsion It is expected to increase the current takeoff weight by several times. However, metal nitrogen is not readily available and requires extreme high pressures of up to one million atmospheres (GPa) and high temperatures of several thousand degrees.
Researchers introduced pulsed laser heating technology and ultra-fast spectral detection methods to build an in-situ integrated experimental system that combines high temperature and high pressure generation and physical property measurement. Using a comprehensive experimental system, the researchers obtained high temperature and high voltage extreme conditions of up to 170 GPa and 8000 K. Under these conditions, the optical absorption characteristics and reflection characteristics of nitrogen molecules in the insulator-semiconductor-metal transition process were studied in situ, and the phase boundary of the dissociation of nitrogen molecules and the extreme pressure temperature conditions of metal nitrogen synthesis were determined. The bit spectroscopy study further confirmed that the experimentally synthesized polymeric nitrogen with semi-metallic properties and 'metal nitrogen' with perfect metallic properties were synthesized.
This achievement not only provides guidance for the synthesis of other forms of high-energy nitrogen materials, but also lays an important foundation for the successful synthesis of 'metal hydrogen' in the future.
3. The recovery of Watmar Flash: Why a listed battery giant fell to the edge of bankruptcy;
When the news that Waterma stopped production for six months has not yet been 'hot search list', Jianrui Wooneng (main body of Waterma listed company, 300116.SZ) announced on the evening of July 4 that the wholly-owned subsidiary Shenzhen City Watmar Battery Co., Ltd. (referred to as 'Wotma') intends to realize the realization of some assets through inventory sales. The book value of the assets involved is about 700-800 million yuan, after disposing according to 2-3 fold. The change in cash is expected to be no more than 150 million yuan. It is expected that this cash will result in a net loss of 600 million yuan in the company's current net profit. 'At present, the probability of resurrection (Wotma) is very small. 'An unnamed Walter Insider informed the Economic Observer, Waterma has already reached the edge of bankruptcy and may become the first leading manufacturer of power flash in the new energy vehicle investment boom. Another person familiar with the matter told Economic Watch Reporter, Waterma is currently awaiting bankruptcy and restructuring, but due to the disagreement of the regulatory banks, the time for bankruptcy reorganization and bankruptcy liquidation has been postponed.
In 2016, A-share listed company Jianrui Fire (later renamed 'Jianrui Wooleng'), after the acquisition of Watmar with a price of 5.2 billion yuan more than four times the price of Wattmar at the time of 900 million yuan, the performance of the year It was once soaring. However, as a domestic power battery company that researched and developed lithium iron phosphate vehicle batteries and engaged in the operation of new energy vehicles on a large scale. In 2013, Watermain formed the 'Watma Innovation Alliance' with nearly 1,000 companies. The model entered the industry's sight, and invested in more than 20 new energy industrial parks across the country, and its shipments jumped to the third place in the country. After the break of the capital chain, it faced bankruptcy and collapse, and it took less than three years.
After being blocked by suppliers in March this year, on April 2 this year, Jianruiwo, who is in the midst of planning a major asset restructuring suspension, issued an announcement stating that the company has already had a debt overdue of 1.998 billion yuan, facing creditors. As of the end of March, the company's total debt reached 22.138 billion yuan. Under the debt repayment risk, the company's acquisition of the Australian lithium mine, the introduction of strategic investors and other major asset projects are facing the possibility of termination. Subsequently issued multiple risk tips The overall pledge rate of the shares directly held by the owner of the listed company Guo Hongbao is 94.95%. If the company's share price continues to fall, there is a risk of liquidation; the major shareholder and managing director Li Yao holds all the listed companies of 330 million. The stock has been frozen by the judiciary; a total of 13 bank accounts under the name of the listed company and its subsidiary Waterma were frozen by the Intermediate People's Court of Wuhan City, Hubei Province.
The sudden break of the capital chain has caused Waterma's aura of power battery giants to disappear instantly. Its business model, product line, and continuous debt investment, which are bet on new energy subsidies, have also become targets of torture and new The opposite of the transitional investment in the energy automotive industry. But in the eyes of Waltma insiders, things are not so simple, the technical route, the pace is too radical, and the policy adjustments are only superficial, non-primary reasons. 'More accurate It is said that Waterma is defeated by management out of control, improper employment, and the style of family business, 'The above insiders said. After listing in 2016, Waterma still uses the extensive management culture and methods of private family-owned enterprises to govern the company. The management lacks decision-making mechanisms in procurement, finance, supplier management, etc., especially the major mistakes in the late financing decisions. The crisis that has caused the capital chain to be tight is not solved in time. The person said that the crisis occurred. Afterwards, in fact, the capital market gave half a year to correct the error, but ultimately the management still missed the first time to take protective measures. The timing.
'A carelessness' that led to the defeat
On June 28th, Watmar Battery Co., Ltd. issued a notice to all employees, saying that the company had a tense situation of financial difficulties. In order to solve the occupational development impact caused by insufficient funds and difficulties for all employees, it was decided from July 1 Since the beginning of the day, all employees have been on holiday for 6 months. It is reported that after the 'Notice of Holidays' was issued, the watermark of Voltma employees resigned.
At this time, according to the leak of supplier dunning in March this year, only three months, why is the crisis of Waterma developing so fast? The above-mentioned insiders told the Economic Observer that the liquidity crisis of Waterma under 2017 Half a year has already appeared. After the outbreak in November, through the circumstance of Chairman Li Yao, it was spent in the short term by borrowing. But the mistakes in financing and crisis management led to total loss of control. This mistake is not accidental, it is Water. The inevitable result of the chaotic management of the company.
Jianruiwo can announce that Waterma Chairman Li Yao and President Li Jinlin are brothers. Li Yao, who has been a senior executive of BYD Lithium Battery Company, is responsible for the strategy. The actual management and execution level are handled by Li Jinlin, and the procurement manager It is also a family close relative, this family-style management and employment style is also mapped to the most important financial system. The above-mentioned insiders said, 'The lack of professional financial team and responsible person with financing experience directly leads management to not understand The real capital situation of enterprises, the confusion of funds, and the struggle for power and guilt in the procurement and financial management departments have intensified the situation that funds can't keep up.
It is reported that in the early stage of this crisis, Li Yao, who is the chairman of the board, has been in a state of being "hidden", and he does not even know that Watmar has been in danger. A capital market person told the Economic Observer, 2018 After the New Year's Day, due to the deterioration of the capital situation, the bank began to lend, and the financing channel of the new energy industry tightened. The financial team of Waterma now bet on the rescue of the Shenzhen Municipal Government and the Pingshan District Government, which are based on the headquarters. But in fact, although the Shenzhen Municipal Government will write the growth of Waterma into the 2018 government work report, but facing the situation that Waterma is hard to return, it did not succeed in the rescue. At this time, Watmar also missed the first Time and opportunity to implement layoffs, asset sales and other protective measures.
After the Lunar New Year in February 2018, the financial system lending was further tightened, and Waterma was in a hurry. 'Reliably relying on local governments is the biggest mistake. Local governments cannot give money, and Shenzhen has no more market to expand. At this time, I can only rely on self-disarming and seeking other ways of financing the market to survive. ' Nearly informed by Waterma's people. After being acquired by Jianruiwo in 2016, Watmar became the new favorite of the capital market, but according to According to the person, the corporate system, as well as the understanding of the capital market and the awareness of the rules, did not seem to improve.
According to various sources, the Waterma executives themselves did not realize that the crisis would deteriorate so quickly. In an interview with the media in early April 2018, Waterma executives still publicly stated that the company is only facing short-term cash flow tensions. In many interviews, Wattmar emphasized that high debt ratio is the commonality of the power battery industry, especially Waterma, which not only produces and sells batteries, but also purchases electric vehicles for operation, which inevitably involves upstream and downstream payment. The period is longer, and the time difference between waiting for subsidies is in place. It is pointed out that while the total debt is as high as more than 20 billion yuan, Watmar's accounts receivable is also as high as 10 billion yuan.
It is reported that the main foreign management team members of Waterma have already left, and the outside world is quite embarrassed by the overnight drop that Watmar can avoid. Although the accounts receivable is high, the cash flow is tight for a long time, but Waterma 2017 Still ranked third in domestic power battery shipments, second only to the Ningde era and BYD.
The alliance is already 'empty shell'
The timing of the loss of self-help in financing decisions is only the last step of Wattma's fall. In fact, long before this, Waterma has misjudged the situation in terms of technical routes and corporate development. Starting in 2017, the ternary lithium battery has become Inevitable government-led trend, but until today, Waterma’s ternary lithium battery has not yet been put into production. Jianruiwo said in a reply to the Shenzhen Stock Exchange’s annual report on June 3 that the company’s ternary lithium battery has been developed. Upon completion, the progress of the production of the ternary lithium battery will be suspended due to the current fund and debt situation of the company. It will be restarted after the company's funds and debts are properly handled.
The construction of the ternary lithium battery production line is estimated to be 1.5 billion yuan. The construction fund comes from commercial financing and self-raised by the company. It is currently in the design stage and the estimated production capacity is 3GWh, but it has not started construction yet. In Waterma 2017 Among the sales revenue, the power battery revenue of 115Wh/kg or more accounted for only 14.29%; the power battery revenue of 95-115Wh/k accounted for 11.24%. According to the new subsidy policy of 2018, the battery energy density only reached 105Wh/ Above k, you can enjoy the subsidy.
Product technology can not meet market demand, which seriously consumes Walter's market competitiveness. Jianrui Woon's 2017 annual report disclosed that the total sales contract (over 400 million yuan) has been signed, totaling about 10.73 billion yuan, but as of the end of the reporting period. Only 4.157 billion yuan was executed, and a major contract of about 6.14 billion yuan was cancelled. The cancellation of the order amount of about 5.2 billion yuan was due to the change of battery specifications required by the other party, and Watmar could not be satisfied.
In addition, it has to be pointed out that although insiders stressed that internal management out of control is the main reason for Wattma's fall to the 'Altar of the Altar,' the development of the 'gambling style' in the first half of the process has already been buried for the late dilemma. The line.
Waterma will bet on the industrial chain of subsidized asylum and the solid interests of the alliance. This has also made its development in the past three years always accompanied by the question of 'barbaric expansion'. In 2013, Watmar New China was formed. When the Energy Automotive Industry Innovation Alliance (hereinafter referred to as the Waterma Alliance), Waterma, which focuses on lithium iron phosphate batteries, is the industry leader. In the initial coverage of the 'three power' system, upstream material suppliers, downstream operating companies, etc. Among the members of the entire industry chain, Waterma is the only power battery manufacturer, which brings a stable order for Waterma.
However, the industry immediately questioned Watmar's order to obtain orders through the alliance's 'reverse customization'. The most typical representative is that Wattmar is operating to the auto company through the operating company Shenzhen Xinwo Transportation Co., Ltd. (hereinafter referred to as 'Xinwoyun'). Released the purchase order, but designated it to purchase the Waterma battery. Although Watmar denied the relationship with Xinwo Power, this 'left-handed, right-handed' approach ultimately accumulates the pressure of funds back. On your own body.
The 2017 financial report shows that Waterma still has nearly 30% of orders from the league. But at this time, the alliance has deteriorated, 'the alliance is already empty,' said the insider, the model of the Waterma Innovation Alliance itself does not The problem, and in the early stage of new energy development, is to reduce the cost and the advanced nature of the model innovation. However, driven by the interests, there is gradually a phenomenon of 'who gives more discounts'. Who is supporting the corruption phenomenon? In addition, the alliance is blind. The expansion has also become one of the reasons why this model is difficult to maintain.
Although the inside of the alliance is close to falling apart, in the foreign investment, the Waterma Innovation Alliance is still a 'seat guest' of the local government, and invests in the industrial park. In the first two months of the supplier's siege of the Waterma headquarters, Wo Tema still led the alliance to sign the Luzhou New Energy Automobile Town Project with a total investment of 20 billion yuan, and the Pingshan District New Energy Automobile Industry Fund with a total amount of 3 billion yuan.
In September 2017, when the Alliance successively signed two major new energy automobile industrial park projects with a total amount of 15 billion yuan in a week, some insiders questioned that the Waterma Alliance has more than 20 industrial parks across the country, and all industrial parks have power batteries. After the construction capacity is reached, it is the first in the world. In addition to the alliance to build an industrial park, Waltmar's own expansion also deviates from rationality.
Watmar, vice president of the company, when the company’s spokesperson Zhong Mengguang explained the reasons for the tightness of the Waterma’s capital chain in April this year, he acknowledged that the company’s decision-making mistakes in three aspects, first of all, underestimated the state’s policy adjustments to the electric vehicle industry in 2017. In particular, the impact of the operating threshold of 30,000 kilometers; Secondly, the industry is too optimistic, in the case of shortage of funds, it will increase the speed of expansion, build factories across the country, comprehensive technical reform, and hope to make use of scale expansion to make up for loss of profits. Third, long-term The use of short-term debt long-term investment to expand the scale of operations, leading to the capital directly in trouble when the monetary tightening.
Since the rapid expansion in the country since 2016, Waterma has 11 production plants in the country. The company has reached 10,000 employees during its peak period, and the comprehensive cost behind it is enough to be daunting. The company learns the model of the Waterma Alliance, but it should be fully vigilant about the formation of the Waterma crisis, especially after the listing of corporate governance. 'Watma, an employee who did not want to be named, said.
Approaching the industry's big warning
Watermar's financial conference on 'self-digging graves' was considered to be the 'last straw' that pushed Waterma into desperation. According to insiders, the seniors at Waterma were shocked to express themselves. When faced with short-term funding problems, the banking system has actually completely squandered Waterma. The key to this result is Waterma’s step-by-step move – pushing the Shenzhen Financial Office to hold a financial meeting to discuss how Saving Wattmar. An insider who knows the inside story said that the meeting was held at 4 o'clock that day, and it was spread in the national financial circle at 7 o'clock. Finally, it was rumored that the 'Banking Regulatory Bureau required all financial institutions not to lend to the company. At one time, all banks announced that they had stopped lending and demanded a refund. It was reported that within one day, under the market panic, 20 banks had one-time take away of Watmar’s 1.6 billion in cash. The upstream suppliers and downstream The customer apparently felt the crisis and the order dropped sharply.
'Wotma is not a case, it is the general state of the industry today.' Zhang Junyi, a partner of Weilai Capital, said that all companies are betting that they can support the new energy vehicle industry with a self-healing capacity, but with the due response The continuous accumulation of accounts, as well as the expansion of investment in R&D and production, the reliance of enterprises on financing. In the third quarter of 2017, the accounts receivable in Jianrui Wo reached 9.9 billion yuan, and the net cash flow from operations When the amount was 2.6 billion yuan, the industry once commented that 'it is completely taking money to grab orders.'
As an emergency measure to save the capital chain, Waterma plans to sign a syndicate agreement with 16 banks in May, involving an initial loan amount of about 4.234 billion yuan. To maintain bank stability, take the patent of Waterma, land, should The bank will increase the letter to the syndicate, and the bank promises not to lend.
On June 29, Jenwengeng responded to the report of Waterma’s six-month holiday, saying that the holidays involved only employees in the Waterma Shenzhen area, and other parts of the Waterma area, the factory is not included. At present, Waterma's production line has been discontinued on a large scale, specifically the operating rate of the Shenzhen battery cell production line is 4%, and the battery production line in other regions is shut down; the operating rate of the Shenzhen PACK (battery unit) production line is 24%, Shucheng PACK production line The operating rate is 9%, and the PACK production line in other regions is shut down.
The announcement also pointed out that through the inventory sales and sales of fixed assets, the debts payable to the relevant suppliers will be deducted, and the company's liabilities will be reduced. Up to now, the total amount involved is about 2.9 billion yuan. Currently, the company's bills payable is over 2.595 billion yuan, bank loans. Overdue 1.173 billion yuan, financial leasing long-term payables 218 million yuan, other non-financial institutions borrowed 329 million yuan.
'For the automotive supply chain sector, there is currently no suitable financial product to support', Zhang Junyi pointed out that at present, the medium and large enterprises in this industry rely on multiple mortgages to obtain the required loans. After the bank fully tightens the loan loans, interest, The cost of capital and the threshold have been raised, and the current requirements for mortgages are also increasing, not only for collateral, but also for the actual controller of the company. The current equity of Waterma is almost collateralized, leaving only the assets to be sold. This fastest way to get urgently needed funds.
According to the announcement of Jianrui Woeng on July 4, most of the bank accounts have been frozen, some equipments have been sealed up, production and operation have been greatly affected, and orders have also been greatly reduced. The Shenzhen Pingshan District Government has requested Wattmar. The employee's salary and social security issues must be resolved as soon as possible. Therefore, the implementation of asset discount realisation is initiated.
'Wotma is only the first to fall, and the situation will be more severe next year', Zhang Junyi said, companies with funds can prepare for low-priced acquisitions. Economic Observer
4.Finisar grabs VSCEL business opportunity. The new plant is put into operation before the end of the year.
Optimistic about vertical cavity surface emitting laser (VCSEL) business opportunities, optical communication module and VCSEL manufacturer Finisar actively expand production capacity, announced that its new manufacturing plant in Sherman, Texas, is about to start, will hold a ribbon cutting ceremony recently. Finisar has produced and shipped more than 300 million VCSEL chips to date, and the company will use the new plant to further enhance the production capacity of VCSELs and related 3D sensing products.
Finisar Chief Executive Michael Hurlston said that the upcoming new manufacturing plant will be able to meet market demand and further expand the important VCSEL capacity; it will also bring hundreds of manufacturing jobs to the US.
It is reported that Finisar has been actively preparing for the smooth operation of the new plant, which was originally owned by MEMC and SunEdison, and Finisar has been undergoing renovation since December 2017, with the goal of starting production before the end of 2018. The room has been certified and the first batch of production equipment has been installed and verified. The company has recruited nearly 200 new employees, including production operations and support personnel for production, and is expected to go further this year. Expanded recruitment to support the expected mass production.
Finisar initially applied VCSEL technology to its optical communications products and has expanded to include consumer and scientific applications, including 3D face recognition, augmented reality (AR), automotive in-vehicle sensors, and automotive laser radar; Also showcased VCSEL and diffractive optics at 2018 Sensors Expo, such as field 3D light field measurements, 3D time-of-flight (ToF) and 2D infrared imaging applications.
Craig Thompson, vice president of market and business development at Finisar 3D, points out that VCSEL technology offers many advantages, including high output power, high uniformity in extended source regions, temperature wavelength stability, and high reliability for IR lighting and Strict automotive applications are important; VCSEL technology has been widely introduced into many applications, including biometrics certification, AR and automotive light (LiDAR), and the company will continue to enhance VCSEL design and create new ones. Experience. New Electronics