As a market weathervane, every move of the national integrated circuit industry fund (hereinafter referred to as “big fund”) has attracted much attention.
Nowadays, with the disclosure of the annual report and the first quarterly report of listed companies coming to an end, the shareholding of this heavyweight fund has also surfaced. According to the statistics of the reporter of the science and Innovation Board daily, in 2022, four new shares of large funds were purchased and three shares were reduced. As an LP, in addition to direct investment, the shareholding of many sub funds of large funds, such as Juyuan Juxin, yuanhepuhua (Suzhou), Beijing core kinetic energy and Fujian Anxin industrial fund, are also clear.
newly entered 4 shares and reduced 3 shares
The focus of the fund’s stock market has always been large. In 2022, large funds emerged behind the four companies of Guoxin technology, Shennan Circuits Co.Ltd(002916) , National Silicon Industry Group Co.Ltd(688126) , and tuojing technology, all of which were new entrants.
Latest positions of large funds
From the perspective of new reasons, there are two companies from the successful listing, allowing large funds to stand in front of the stage. Guoxin technology was listed on January 6, with an issue price of 41.98 yuan. The large fund holds 8.63%, corresponding to 155306 million shares, which is the third largest shareholder.
The prospectus shows that the large fund will invest 100 million yuan in 2020. Up to now, although Guoxin technology has broken its hair and closed at 38.72 yuan on April 22, the large fund has made no loss on this investment.
Another enterprise, tuojing technology, also exposed the number of shares held by large funds because it was listed on the science and Innovation Board on April 20. The large fund became the largest shareholder of the company with 25121800 shares, accounting for 19.86%. The second largest shareholder is also venture capital. SDIC (Shanghai) holds 172973 million shares. The third largest shareholder is Zhongwei semiconductor, with 106225 million shares.
Interestingly, seven of the top ten shareholders of tuojing technology, which makes film deposition equipment, are VC institutions. Since the large fund only entered in May 2021 and is the largest shareholder, it needs to wait 36 months for the sales restriction period.
Among the other two new companies, National Silicon Industry Group Co.Ltd(688126) made a fixed increase of 5 billion yuan on February 26, and the large fund invested 1.5 billion yuan. But previously, large funds had held the company, which was equivalent to continuous overweight. Behind the large-scale fixed increase, or from National Silicon Industry Group Co.Ltd(688126) 12 inch lightly doped silicon wafer, the inflection point of gross profit margin has reached.
Founder Securities Co.Ltd(601901) research report shows that the 12 inch silicon wafer of National Silicon Industry Group Co.Ltd(688126) has basically achieved full technical coverage of process nodes of 14nm and above, and full coverage of 300mm customers in China, and has entered the supply chain of Changjiang storage 3D NAND and Hefei Changxin DRAM. “This year, National Silicon Industry Group Co.Ltd(688126) 200mm and 300mm silicon wafer business revenue increased, and the gross profit margin increased.”
As for Shennan Circuits Co.Ltd(002916) , the company was listed in 2017, and big funds paid little attention to it. However, in the first quarter, it suddenly increased its position by 2.7876 million shares, becoming the seventh largest shareholder. Danshui spring, a star private equity fund, has held the company since the second quarter of last year.
In terms of reduction, large funds reduced Hangzhou Chang Chuan Technology Co.Ltd(300604) 6043300 shares, Shenzhen Goodix Technology Co.Ltd(603160) 4583600 shares, and Sanan Optoelectronics Co.Ltd(600703) 89586700 shares, with a reduction ratio of approximately 2% compared with the shareholding before Sanan Optoelectronics Co.Ltd(600703) before.
In addition, in 2022, the large fund will continue to hold Changsha Jingjia Microelectronics Co.Ltd(300474) , Wuxi Chipown Micro-Electronics Limited(688508) , Beijing Bdstar Navigation Co.Ltd(002151) , and the number of shares will remain unchanged.
9 invisible positions were also exposed
As we all know, as an industrial fund of integrated circuits, in addition to direct investment, large funds have also become LP and foreign investment sub funds in recent years.
In the huge investment territory, the reporter of science and Innovation Board daily found that Juyuan Juxin, yuanhepuhua (Suzhou), Beijing core kinetic energy and Fujian Anxin industrial fund are all sub funds of large funds and appear in the sequence of the top ten shareholders of listed companies.
Tianyan check shows that the largest shareholder of Juyuan Juxin is a large fund, holding 45.09%. In 2022, Juyuan and Juxin entered Dongwei semiconductors and Fengyi technology, holding 5028000 shares and 2075600 shares respectively, accounting for 7.46% and 2.25%. Meanwhile, Shanghai Gentech Co.Ltd(688596) 3941700 shares were reduced.
Juyuan Juxin invested in East micro semiconductor in 2017, with an investment of 20 million yuan; Another company, Fengyi technology, invested 40 million yuan. At present, the market value of Dongwei semi guide exceeds 10 billion yuan, and the market value of Fengyi technology is nearly 6 billion yuan. As an investor, Juyuan and Juxin have both made huge returns.
Another sub fund, yuanhepuhua (Suzhou), is the third largest shareholder, with a large fund holding 2134146%. This year, Xinjin Chuangyuan instrument and Junpu intelligence. The former is a selected layer company of the new third board, and the latter landed on the science and Innovation Board on March 22, but the share price is only 4.83 yuan.
Beijing core kinetic energy is 37.35% owned by large funds. This year, it entered yingjixin and held Talant Optronics(Suzhou) Co.Ltd(301045) 2553 million shares unchanged. According to the prospectus, Beijing core kinetic energy obtained 362389 million shares of yingjixin with an amount of 40 million yuan.
Fujian Anxin industrial fund is 33.2% owned by large funds, and the shareholding of Accelink Technologies Co.Ltd(002281) remains unchanged this year.
Bu Rixin, a partner of chuangdao consulting, said in an interview with the reporter of the science and Innovation Board daily that the operation of large funds in the secondary market mainly focuses on enterprises with large volume, stable growth expectation or core links in the semiconductor industry chain, reflecting the attribute of steady investment of large funds.
“Although it is an industrial fund, large funds also have certain financial investment attributes and need to maintain and increase the value of management funds, so they will invest in some mature, stable and stable income projects; for industrial support, large funds invest in some high-risk and high-income projects by participating in other market-oriented funds.”
As for the position trend of large funds, bu Rixin said that his every move in the capital market will be concerned. “Projects involving large funds will play a certain role of demonstration and guidance.”
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