The second phase of the fund with a registered capital of more than 200 billion is accelerating the layout of the semiconductor industry chain.
On February 21, Hangzhou Silan Microelectronics Co.Ltd(600460) announced that the second phase of the large fund plans to jointly invest 885 million yuan with Hangzhou Silan Microelectronics Co.Ltd(600460) to subscribe for the new registered capital of Shilan Jike. More than 10 days ago, the second phase of big fund also participated in the fixed increase of PCB leading enterprise Shennan Circuits Co.Ltd(002916) .
Statistics show that up to now, there are more than 10 A-share listed companies invested by large funds in phase II.
Hangzhou Silan Microelectronics Co.Ltd(600460) plans to jointly increase the capital of Shilan Jike with the second phase of large fund
On February 21, Hangzhou Silan Microelectronics Co.Ltd(600460) announced that the company plans to jointly invest 885 million yuan with the national integrated circuit industry investment fund phase II Co., Ltd. (hereinafter referred to as “big fund phase II”) to subscribe for the new registered capital of Shilan Jike. Of which: Hangzhou Silan Microelectronics Co.Ltd(600460) contributed 285 million yuan and the second phase of large fund contributed 600 million yuan.
The capital increase price will be used for the technology improvement and production expansion project of 240000 12 inch high voltage integrated circuits and power device chips of Shilan Jike. The main purpose of the capital increase is to further increase the capital adequacy ratio of Shilan Jike, accelerate the construction and operation of the 12 inch line, improve the production capacity of Shilan Jike and provide production capacity guarantee for Hangzhou Silan Microelectronics Co.Ltd(600460) .
After the capital increase is completed, the second phase of large fund will hold 14.655% equity of Shilan Jike, and the proportion of Hangzhou Silan Microelectronics Co.Ltd(600460) holding Shilan Jike will rise from 15% to 18.719%. Xiamen semiconductor, the other shareholder of Shilan Jike, gave up the preemptive right and the shareholding ratio will be reduced from 85% to 66.626%.
Hangzhou Silan Microelectronics Co.Ltd(600460) is a big chip stock. From December 2020 to July 2021, the company’s share price rose by more than 3.65 times. So far, the company’s share price has remained high and volatile, with the latest market value of 70.9 billion yuan. Hangzhou Silan Microelectronics Co.Ltd(600460) it is estimated that the net profit in 2021 will increase by 1.45 billion yuan to 1.46 billion yuan compared with the same period of last year, with a year-on-year increase of 2145% to 2165%. During the reporting period, the operating revenue of power management chips, MEMS sensors, IPM (intelligent power module), MOSFET, led and other products increased significantly.
It is worth noting that this joint capital increase with the second phase of the large fund is not the first cooperation between Hangzhou Silan Microelectronics Co.Ltd(600460) and the large fund. Last July, Hangzhou Silan Microelectronics Co.Ltd(600460) purchased 19.51% equity of Jihua investment and 20.38% equity of Shilan Jixin held by big fund phase I by issuing shares. As a result of this transaction, the first phase of the large fund became the shareholder of Hangzhou Silan Microelectronics Co.Ltd(600460) , holding 82.35 million shares, with a shareholding ratio of 5.82%, which is the second largest shareholder of Hangzhou Silan Microelectronics Co.Ltd(600460) .
Shilan Jike announced its expansion of production in May last year, with a revenue of 433 million in the first three quarters
Statistics show that the business scope of Shilan Jike includes: integrated circuit manufacturing; Semiconductor discrete device manufacturing; The manufacturing of electronic components and components is a project company jointly invested and established by Hangzhou Silan Microelectronics Co.Ltd(600460) and Xiamen semiconductor in accordance with the investment cooperation agreement on 12 inch integrated circuit manufacturing production line project signed by both parties in December 2017. At that time, it was agreed that the two sides would cooperate to build a 4 / 6-inch compatible compound semiconductor production line in Haicang District, Xiamen. The main body of the project was taken charge by Shilan Jike, with a total investment of 5 billion yuan.
In 2020, the first 12 inch chip production line of Shilan Jike was put into operation in December of that year. In the first half of 2021, Shilan Jike produced a total of 57200 12 inch chips. In June, the chip output has reached 14000. It is expected to achieve the goal of monthly chip production of 35000 by the end of 2021.
At that time, under the background of the high prosperity of the integrated circuit chip and power device market, Shilan Jike further increased its investment and launched the first 12 inch chip production line in May 2021, “the technology improvement and expansion project with an annual output of 240000 12 inch high-voltage integrated circuits and power device chips”. The total investment of the project is 2 billion yuan and the implementation cycle is 2 years, Strive to form a production capacity of 60000 12 inch wafers per month in the fourth quarter of 2022.
As of September 30, 2021, the unaudited total assets of Shilan Jike were RMB 5.728 billion, liabilities were RMB 3.408 billion and net assets were RMB 2.32 billion. From January to September 2021, the operating revenue was 433 million yuan and the net profit was 119 million yuan.
large fund phase II has invested in more than 10 listed companies
The second phase of the big fund was registered and established on October 22, 2019, with a registered capital of 204.15 billion yuan. Its investment mainly focuses on the field of semiconductor equipment and materials with obvious short board. In April 2020, the second phase of the large fund completed its first investment and invested 2.25 billion yuan in Ziguang zhanrui. Subsequently, the second phase of the large fund successively invested in more than 10 enterprises.
There are signs that the second phase of large fund is accelerating the layout of semiconductor industry chain companies. Before the 600 million yuan capital increase of Shilan Jike, the second phase of big fund also participated in the fixed increase of PCB leading enterprise Shennan Circuits Co.Ltd(002916) .
Shennan Circuits Co.Ltd(002916) launched the fixed increase project in August 2021 and officially launched the share issuance in late January 2022. According to the subscription quotation of investors, the issuance price is determined to be 107.62 yuan / share, the number of shares issued is 23.69 million, and the total amount of funds raised is 2.55 billion yuan. According to the issuance results disclosed on February 10, 19 issuers were finally determined. Among them, the second phase of the large fund was allocated 2.7876 million shares, with an amount of 300 million yuan.
Shennan Circuits Co.Ltd(002916) of the 2.55 billion funds raised this time, 1.8 billion yuan will be invested in the manufacturing project of IC carrier products for high-order flip chip, and 750 million yuan will be used to supplement working capital.
With the rapid increase of the requirements for miniaturization of electronic products, as an important material for chip packaging, packaging substrate is widely used in smart phones, digital cameras, portable electronic devices and supercomputers. Packaging substrate has entered a period of rapid development and has a good market prospect. In recent years, the high-end integrated circuit market and advanced packaging market based on packaging substrate have developed rapidly and become the main packaging category. Packaging substrate has become one of the fastest growing varieties in PCB downstream applications. According to prismark data, the global output value of packaging substrates in 2022 is estimated to be about US $8.8 billion, especially the growth of packaging substrates for flip products.
Shennan Circuits Co.Ltd(002916) previously said in the fixed increase plan that the packaging substrate is still in its infancy in China and there is no large-scale packaging substrate enterprise. At present, China’s packaging substrate products are mainly imported, which limits the development of the whole IC industry chain. The IC carrier product manufacturing project for high-end flip chip of the raised and invested project of this non-public offering will further improve China’s integrated circuit industry chain.
Some research institutions pointed out that due to the strong barriers of packaging substrate in technology, capital, customers and other aspects, it is difficult to enter the market. The industry is controlled by large international manufacturers and is known as the “pearl on the crown of PCB“.
At present, Xinxing electronics, ibiden and Samsung Electromechanical, the world’s top three suppliers, account for about 36% of the total market, while the domestic IC carrier industry started late. Now the rising demand and supply shortage are providing it with a good opportunity to rise.
Statistics show that up to now, there have been more than 10 listed companies invested in the second phase of the large fund, involving China Resources Microelectronics Limited(688396) , Semiconductor Manufacturing International Corporation(688981) in the manufacturing link and SMIC South ( Semiconductor Manufacturing International Corporation(688981) subsidiary), Jiangsu Nata Opto-Electronic Material Co.Ltd(300346) in the material link, Advanced Micro-Fabrication Equipment Inc.China(688012) , Hangzhou Chang Chuan Technology Co.Ltd(300604) , Pnc Process Systems Co.Ltd(603690) , Naura Technology Group Co.Ltd(002371) in the equipment link, Tianshui Huatian Technology Co.Ltd(002185) in the sealing and testing link, Galaxycore Inc(688728) in the design link and Starpower Semiconductor Ltd(603290) in the power semiconductor enterprise.
In addition, the second phase of big fund also participated in the fixed growth of Xingfu electronics, a holding subsidiary of Hubei Xingfa Chemicals Group Co.Ltd(600141) . The latter is mainly engaged in wet electronic chemicals, and the products have been supplied in batches to Semiconductor Manufacturing International Corporation(688981) , Huahong group, Changjiang storage, TSMC and other well-known semiconductor customers.
accelerated exit of large fund phase I
At the same time, after years of investment and huge profits, the first phase of the national large fund with a scale of 100 billion is accelerating the withdrawal of some investment projects.
When the first phase of the large fund was established, the fund-raising scale was 138.72 billion yuan, and the equipment capital was more than 500 billion yuan. The first phase of the large fund completed the project investment in May 2018, involving more than 20 A-share listed companies such as Anji Microelectronics Technology (Shanghai) Co.Ltd(688019) , Shenzhen Goodix Technology Co.Ltd(603160) , Gigadevice Semiconductor (Beijing) Inc(603986) , China Wafer Level Csp Co.Ltd(603005) , Wuxi Taiji Industry Limited Corporation(600667) , Jiangsu Yoke Technology Co.Ltd(002409) , Sanan Optoelectronics Co.Ltd(600703) , Shanghai Wanye Enterprises Co.Ltd(600641) , Hangzhou Chang Chuan Technology Co.Ltd(300604) , Jcet Group Co.Ltd(600584) . According to the plan, the first phase of the large fund has entered the exit period, and many investment projects will gradually exit from 2019 to 2024.
On February 17, China Resources Microelectronics Limited(688396) announced that from December 6, 2021 to February 17, 2022, the first phase of the large fund has reduced its holdings of China Resources Microelectronics Limited(688396) 0.9181% shares, and its shareholding has decreased to less than 5%. The national large fund is no longer a shareholder of more than China Resources Microelectronics Limited(688396) 5%. This is also the third company to reduce the holdings of large fund phase I this year after Hunan Goke Microelectronics Co.Ltd(300672) and Changsha Jingjia Microelectronics Co.Ltd(300474) .
On January 10, Hunan Goke Microelectronics Co.Ltd(300672) announced that the first phase of shareholders’ large fund plans to reduce the company’s shares by means of centralized bidding within 6 months after 15 trading days from the date of disclosure, that is, not more than 2% of the company’s total share capital. That night, another chip stock – Changsha Jingjia Microelectronics Co.Ltd(300474) announced that the first phase of the shareholder’s large fund planned to reduce the company’s shares by centralized bidding transaction by no more than 6024800 shares, that is, no more than 2% of the company’s total share capital. Both Hunan Goke Microelectronics Co.Ltd(300672) and Changsha Jingjia Microelectronics Co.Ltd(300474) are big bull stocks in 2021.
In addition to the above-mentioned enterprises, semiconductor companies such as China Wafer Level Csp Co.Ltd(603005) , Gigadevice Semiconductor (Beijing) Inc(603986) , Anji Microelectronics Technology (Shanghai) Co.Ltd(688019) , Hangzhou Chang Chuan Technology Co.Ltd(300604) , Jcet Group Co.Ltd(600584) , Rockchip Electronics Co.Ltd(603893) , Hunan Goke Microelectronics Co.Ltd(300672) , Wuxi Taiji Industry Limited Corporation(600667) , Jiangsu Yoke Technology Co.Ltd(002409) , Sanan Optoelectronics Co.Ltd(600703) , Shanghai Wanye Enterprises Co.Ltd(600641) have experienced large fund reduction since 2021.
The Research Institute pointed out that the reduction of large funds does not shake the country’s positive and optimistic attitude towards the future development prospect of the semiconductor industry. On the contrary, it is a structural adjustment of funds, transferring funds from leading enterprises that have made some breakthroughs in technology to enterprises that still need funds to support R & D and operation.
