The development of the chip industry is welcoming new impetus
According to the data of the China Foundation, since April this year, there have been 14 private equity funds with the words 'chip', 'integrated circuit' and 'semiconductor' filed by the fund industry association, accounting for about 51 funds. 27.45%. That is to say, the three-month-long chip-related primary market funds accounted for nearly 30% since the filing began in 2014. Recently, Nanjing has also established a total of 20 billion US dollars of integrated circuits. Industrial Investment Fund.
Not only the fund, the China Foundation's data also shows that since April, a total of three fund managers specializing in chip-related industries have registered and filed, respectively, Anhui Integrated Circuit Industry Investment Management Co., Ltd., Shanghai IC Industry Investment Management Limited Company and Shanghai Semiconductor Equipment Materials Industry Investment Management Co., Ltd.
In addition, the National Integrated Circuit Industry Investment Fund (referred to as the 'Big Fund'), which was established in September 2014, also reported the second phase of the plan to the State Council in May this year and has been approved, and has recently begun to have new investment actions. Everbright Securities ( 601788, shares it.) The research report shows that the second phase of the big fund is expected to be between 150 billion yuan and 200 billion yuan. According to the swaying ratio of 1:3, the scale of social funds mobilized is about 450 billion yuan to 600 billion yuan.
Investigate the investment in the integrated circuit industry, and issued and filed five related funds in the past year. Its partner Jiang Yuming analyzed the logic of selecting the integrated circuit industry in many industries in an interview with reporters. 'From an industrial perspective The integrated circuit industry is currently developing well in China: downstream demand is strong and continues to grow, industries are accelerating inward shifting, localization is low, but various segments are catching up, and policy support is strong.
In addition, Jiang Yanming believes that from the perspective of investment targets, the integrated circuit industry has a large market, many sub-divisions, and the market capacity of each segment is large enough to facilitate investment layout. From a competitive perspective, the IC industry has high professional thresholds and technological changes. Fast, high learning costs, long-term continuous investment, long investment cycle, such a 'work hard' many people are not willing to do, but it also means that the industry competition is relatively less intense.
Chip industry investment opportunities
Indeed, chip investment is often considered to be 'hard work'. Industry insiders generally believe that the difficulty of chip investment lies in: On the one hand, the company has large investment in the early stage, long cycle and high cost; on the other hand, chip profit return is on average, enterprise estimate Values are often not high enough. Therefore, for institutions, the return on investment is not as high as that of investing in Internet companies.
Yang Ligong, director of risk analysis department of Citigroup, estimates that China will break the chip blockade in certain areas in about five years, and the biggest driving force is from the capital side and the national industrial fund, which is the result of the joint efforts of both parties.
Jiang Yuming said that the country must reach a strategic consensus and accelerate the localization of the integrated circuit industry, which has brought about the benefits of talents and capital. The huge market of one billion people is the biggest driving force for the accelerated transfer of the integrated circuit industry to China. It is also the decisive factor for the successful localization of the integrated circuit industry. At this stage, the iterative slowdown of integrated circuit technology has also brought rare time windows and opportunities for Chinese companies to catch up with advanced technologies.
Yingnuo Fund, a partner of Jinyun Venture Capital, Zhu Xiaocheng said in an interview that the chip industry needs big funds, long-term, government support and industrial cooperation. The future development has a long way to go. At present, under the rapid development of artificial intelligence, AI chips are also Very concerned. 'In addition to considering the future market space, the team's differentiated technical capabilities and rich industry background, we are also very concerned about the application scenarios and time of project landing.