Shenzhen Minde Electronics Technology Ltd(300656)
About capital increase and shareholding in Zhejiang Guangxin Microelectronics Co., Ltd
outbound investment
Feasibility study report
February, 2002
catalogue
Section I Project Overview three
1、 Project content three
2、 Project background three
3、 Project subject Section II necessity and feasibility analysis of project implementation fifteen
1、 Wafer foundry industry analysis fifteen
2、 Necessity of project implementation twenty-five
3、 Feasibility of project implementation Section III project investment plan twenty-eight
1、 Project planning of the target company twenty-eight
2、 Shenzhen Minde Electronics Technology Ltd(300656) project investment plan Section IV Project Risk Analysis Section V project benefit evaluation 34 section VI conclusion of project feasibility analysis thirty-five
Section I Project Overview
1、 Project content
Shenzhen Minde Electronics Technology Ltd(300656) (hereinafter referred to as ” Shenzhen Minde Electronics Technology Ltd(300656) ” or “the company”) plans to use cash of 150 million yuan to increase the capital of Zhejiang Guangxin Microelectronics Co., Ltd. (hereinafter referred to as “Zhejiang Guangxin microelectronics” or “the target company”), after the capital increase, Shenzhen Minde Electronics Technology Ltd(300656) holds 48.8372% equity of the target company. The target company plans to increase its registered capital by 13.636354 million yuan, Shenzhen Minde Electronics Technology Ltd(300656) of the capital increase of 150 million yuan, 13.636354 million yuan is included in the paid in capital of the target company, and the rest 136.363646 million yuan is included in the capital reserve of the target company.
The main business of Zhejiang Guangxin microelectronics is the foundry business of high-end characteristic process semiconductor wafers. Phase I plans to build a foundry production line with an annual output of 1.2 million 6-inch high-end characteristic silicon-based wafers, so as to meet the growing product demand of power electronics technology for miniaturized and high-speed power modules, At the same time, the development of high-energy and high-speed devices suitable for high-capacity power supply and intelligent power module is carried out. After the completion of this capital increase, Shenzhen Minde Electronics Technology Ltd(300656) further deepened its strategic cooperation with Zhejiang Guangxin microelectronics, and accelerated the construction and early production of Zhejiang Guangxin microelectronics project, so as to meet the growing demand for wafer foundry capacity of the company’s power semiconductor industry, greatly improve the development efficiency of new products of power semiconductor, and contribute to the sustainable development of the company’s power semiconductor business Rapid growth opens the ceiling of production capacity, completely realizes the independent control of the supply chain, and finally forms a smart IDM ecosystem with innovative business model, which fundamentally improves the core competitiveness of the company’s power semiconductor industry. In addition, the successful construction of power semiconductor smart IDM ecosystem will benefit all enterprises in all links of industrial chain Ecology: they can cooperate with each other strategically and help each other; They also maintain independent operation and fully accept market competition.
2、 Project background
Since its listing, the company has gradually established the company strategy of “deeply cultivating bar code identification and focusing on power semiconductor”, established power semiconductor as the secondary industry supporting the company’s transition development, and is committed to building a smart IDM ecosystem of power semiconductor industry. In June 2018, the company entered the semiconductor component distribution industry through the wholly-owned acquisition of Shenzhen Taibo xunrui Technology Co., Ltd; In June 2020, the company entered the power semiconductor design industry through the acquisition of Guangwei integration (Shenzhen) Technology Co., Ltd; In July 2020, the company invested in Zhejiang Jingrui Electronic Technology Co., Ltd. to layout the semiconductor silicon wafer industry; In June 2021, the company further acquired 10% equity of Guangwei integration and increased capital of Jingrui electronics again, consolidating the company’s power semiconductor smart IDM ecosystem; In October 2021, the company invested in Zhejiang Guangxin Microelectronics Co., Ltd. to lay out the semiconductor wafer foundry industry.
Up to now, the Jingrui electronic project located in Lishui City, Zhejiang Province has achieved about 100000 pieces / month production and sales, and reached the construction goal of phase I project. The project has become a benchmark project of characteristic process semiconductor industry cluster in Lishui City, Zhejiang Province.
Wafer foundry is the core link of the semiconductor industry chain. Due to the heavy assets and high technical barriers of wafer foundry, more and more semiconductor design companies entrust professional wafer foundry for production, and the wafer foundry market is very broad. According to the statistics of IC insights, the global pure wafer foundry industry market scale was US $70.3 billion in 2020. It is expected that by 2025, the pure wafer foundry market will grow to US $125.1 billion, with a CAGR of 12.2%; Similarly, benefiting from the growing demand for semiconductors in China and the continuous promotion of supply chain localization, wafer foundry has increasingly become an important bottleneck restricting the release of production capacity of the whole industrial chain. China’s wafer foundry will usher in a golden period of vigorous development. Among them, the characteristic process wafer foundry is particularly suitable for China’s current national conditions due to its low dependence on the advanced process supply chain. The scale of China’s wafer foundry market increased from US $7.5 billion in 2017 to US $14.9 billion in 2020, with an average annual growth rate of 26%.
Zhejiang Guangxin microelectronics was established in October 2021. Its main business is wafer foundry business serving high-end characteristic processes, mainly for characteristic process products such as power semiconductors. The core technical team headed by Dr. Xie Gang has a deep technical accumulation in the field of characteristic process wafer manufacturing, maintains close technical and industrial exchanges with top research institutions in relevant fields of international and China, has undertaken a series of national technical research projects related to wafer manufacturing, and has rich experience in the construction and operation of wafer OEM production line. The team has abundant resource accumulation in the upstream and downstream of the industry, and has a clear and profound understanding of the development trend and technical iteration route of the characteristic process wafer foundry industry.
Since the company’s first capital increase in Zhejiang Guangxin microelectronics in October 2021, the Zhejiang Guangxin microelectronics project has progressed smoothly. Up to now, the core team of Zhejiang Guangxin microelectronics project has been established, the land purchase and plant design have been completed, and the construction has been officially started on January 5, 2022. Since the commencement of construction, Zhejiang Guangxin microelectronics project has been highly valued and strongly supported by Zhejiang provincial government and Lishui municipal government. It has been included in the implementation plan of “4 + 1” major projects in Zhejiang Province. It has also maintained normal construction during the Spring Festival in 2022. At present, the plant infrastructure project is proceeding in an orderly manner.
Based on the above background, in order to further accelerate the construction of Zhejiang Guangxin microelectronics project and complete the strategic layout of the company’s power semiconductor smartidm ecosystem as soon as possible, the company communicated and negotiated with Dr. Xie Gang, the shareholder of Zhejiang Guangxin microelectronics, on the capital increase, and finally agreed on the cooperation scheme.
All parties will work closely to integrate resources and achieve win-win results through coordinated development.
3、 Project subject
(I) investor – Shenzhen Minde Electronics Technology Ltd(300656)
Shenzhen Minde Electronics Technology Ltd(300656) was established in February 2004 and is located in 5, Section 1, building 25, industrial plant, science and Technology Park, Central District, high tech Zone, Nanshan District, Shenzhen
Floor (1), with a registered capital of 130.783843 million yuan. Through continuous efforts and development, the company was listed on the gem of Shenzhen Stock Exchange on May 19, 2017, stock code: 300656, abbreviated as: Shenzhen Minde Electronics Technology Ltd(300656) . The company is mainly engaged in the R & D, production and sales of bar code identification equipment, as well as semiconductor design and distribution business.
Considering the long-term and sustainable development of the industry, the company’s management team has actively explored and laid out the secondary industry – power semiconductor industry since its listing, gradually formed the company strategy of “deeply cultivating bar code identification and focusing on power semiconductor”, and established the dual industry growth curve of “bar code identification + power semiconductor”, as shown in the figure below.
Figure 1-1 Shenzhen Minde Electronics Technology Ltd(300656) “bar code identification + power semiconductor” dual industry growth curve
(II) target company – Zhejiang Guangxin Microelectronics Co., Ltd
1. Basic information of the target company
The target company was established in October 2021 and its main business is the foundry business of high-end characteristic process semiconductor wafers. In phase I, it is planned to build a foundry production line with an annual output of 1.2 million 6-inch high-end characteristic silicon-based wafers, so as to meet the growing product demand of power electronics technology for miniaturized and high-speed power modules, At the same time, the development of high-energy and high-speed devices suitable for high-capacity power supply and intelligent power module is carried out.
The basic information of Zhejiang Guangxin microelectronics is as follows:
Table 1-1 basic information of Zhejiang Guangxin Microelectronics
Project content
Zhejiang Guangxin Microelectronics Co., Ltd
Enterprise type limited liability company
Unified social credit code 91331100ma7ar3lt51
Registered address: floor 11-239, building 15, International Auto City, 309 Lvgu Avenue, nanmingshan street, Liandu District, Lishui City, Zhejiang Province
Legal representative: Xie Gang
The registered capital is 25454555 yuan
Paid in capital: 5.4555 million yuan
Date of establishment: October 9, 2021
Business term: October 9, 2021 to long term
General items: integrated circuit manufacturing; Integrated circuit design; Integrated circuit sales; Integrated circuit chip and product manufacturing; Sales of integrated circuit chips and products; IC chip design and services; Business scope of electronic special materials R & D; Manufacturing of special electronic materials; Sales of electronic special materials; Technical services, technical development, technical consultation, technical exchange, technology transfer and technology promotion; Professional design services; Sales agent; Technology import and export; Import and export of goods (except for items subject to approval according to law, carry out business activities independently according to law with business license).
2. Equity structure of the target company up to now, the equity structure of Zhejiang Guangxin microelectronics is shown as follows:
Table 1-2 equity structure of Zhejiang Guangxin microelectronics before this capital increase
No. shareholder name registered capital (10000 yuan) shareholding ratio (%)
1 Xie Gang 2000.0000 78.5714
2 Shenzhen Minde Electronics Technology Ltd(300656) 545.4555 21.4286
Total 2545.4555 100.00
3. Brief introduction to the core members of the target company’s team (1) resume of Mr. Xie Gang, executive director and general manager, male, born in November 1983, Chinese nationality, without permanent residency abroad. Mr. Xie Gang’s educational experience:
September 2006 to September 2009, University of Electronic Science and technology of China, microelectronics and solid state electronics, master’s degree and doctoral degree;
From September 2009 to September 2011, doctor of electronic and computer engineering, University of Toronto;
From September 2011 to may 2012, doctor of Engineering in microelectronics and solid state electronics, University of Electronic Science and technology;
Work experience of Mr. Xie Gang:
From June 2012 to June 2014, postdoctoral fellow, School of electrical engineering, Zhejiang University;
From June 2014 to now, he has been a full-time researcher in the school of electrical engineering, Zhejiang University;
From July 2016 to now, general manager of Guangwei integration technology (Shenzhen) Co., Ltd;
General manager of Zhejiang Guangxin Microelectronics Co., Ltd. since October 2021;
Mr. Xie Gang’s experience in scientific research projects (part):
Table 1-3 statistics of Mr. Xie Gang’s participation in scientific research projects (part)
Role of time item name
2012-2014 director of the youth fund CMOS compatibility enhancement project of the National Natural Science Foundation of China
Study on MIS AlGaN / ganhemts device and its gate reliability
2012 Ministry of science and technology 863 project – participation in fast IGBT devices and sub topics suitable for high-capacity power supply
Development of intelligent module
In 2014, participated in the 863 project of the Ministry of science and technology – photovoltaic inverter Development sub project based on wide ban charged force sub devices
And demonstration application
2016 person in charge of Jiangsu provincial power grid modularization project
Research on energy router technology
