The national integrated circuit industry investment fund (hereinafter referred to as “big fund”) is strengthening the industrial foundation step by step around the semiconductor industry. The latest trend is that large funds began to layout semiconductor equipment parts.
On March 30, Shanghai Wanye Enterprises Co.Ltd(600641) disclosed that the second phase of big fund and Shanghai semiconductor equipment and materials industry investment fund partnership (limited partnership) (hereinafter referred to as “equipment and materials fund”) planned to increase the capital of Zhejiang praseodymium core, a joint-stock subsidiary of the company, by 350 million yuan and 40 million yuan respectively. This is also the first time that large funds have laid out semiconductor parts companies. After this capital increase, the company is still the largest shareholder of Zhejiang praseodymium core, holding 29.63%, and the second phase of large fund holds 17.284%.
According to the announcement, in December 2020, Shanghai Wanye Enterprises Co.Ltd(600641) jointly with domestic and foreign investors, Zhejiang praseodymium core and praseodymium core holdings as the shareholding body, acquired 100% equity of compart systems PTE. Ltd. (hereinafter referred to as “compart company”), with a transaction price of US $398 million. Zhejiang praseodymium core directly holds 73.11% equity of praseodymium core holdings, and praseodymium core holdings directly holds 100% equity of compart company. As of the benchmark date of December 31, 2021, the total equity of shareholders of compart company was 2.786 billion yuan. All parties confirmed that the pre investment valuation of Zhejiang praseodymium core was 1.585 billion yuan.
According to public information, compart is the world’s leading supplier of parts required for semiconductor equipment and one of the few companies in the world that can complete all links of precision processing of parts and components in the field of flow control. Its products mainly include gas transmission parts, components, seals, gas rod assembly, mass flow controller (MFC), etc. it is a leader in high-end MFC components in the integrated circuit industry, The company has two factories in Shenzhen, China and kulin, Malaysia. With its unique seal manufacturing process and technology, the company has served many world-famous integrated circuit equipment customers for many years, and the supply relationship has remained stable.
After acquiring compart company, Shanghai Wanye Enterprises Co.Ltd(600641) also seized the opportunity of high prosperity of semiconductor equipment and signed a contract with Haining to start the compart manufacturing center project in June last year, with a total investment of about 3 billion yuan. At present, compart’s related products have entered the supply chain of China semiconductor equipment company, and its revenue continues to grow. It is reported that the operating revenue of Zhejiang praseodymium core in 2021 is about 920 million yuan.
The capital increase of Zhejiang praseodymium core is the first time that the large fund has laid out the field of semiconductor equipment parts, which means that it is optimistic and attaches importance to the future development prospect of semiconductor parts and helps to create a more complete local semiconductor industry ecosystem.
At present, Shanghai Wanye Enterprises Co.Ltd(600641) has superimposed a variety of front-end equipment such as etching machine, rapid heat treatment / fire fading, film deposition, single-chip cleaning machine, trough cleaning machine, tail gas treatment, manipulator and so on on on the basis of the original integrated circuit ion implanter equipment, forming a “1 + n” product platform mode.
