At the beginning of the new year, large funds opened the "first bullet of reducing Holdings".
On January 10, Hunan Goke Microelectronics Co.Ltd(300672) (300762) and Changsha Jingjia Microelectronics Co.Ltd(300474) (300474) successively announced that the national integrated circuit industry investment fund Co., Ltd. (hereinafter referred to as big fund) would reduce its shares.
Before this announcement, the reporter of the science and Innovation Board daily found that Hunan Goke Microelectronics Co.Ltd(300672) was only reduced by large funds by 2% of the company's shares in November last year. This time, the big fund plans to reduce its shares of Hunan Goke Microelectronics Co.Ltd(300672) 2%.
After the completion of this round of reduction, the number of shares held by large funds in Hunan Goke Microelectronics Co.Ltd(300672) will be reduced to 10.62%, but it will still be more than 5% of shareholders.
In fact, since the fourth quarter of last year, large funds have been reducing their holdings and withdrawing. Star mining data show that in the above-mentioned period, the number of large funds that have reduced their holdings and intend to reduce their holdings is 17, and the reduction proportion is about 1% - 2%.
Data from star mine data
Bu Rixin, a partner of chuangdao investment consulting, told reporters of the science and Innovation Board daily that strictly speaking, large funds do not have too many strategic investment attributes, and financial investment attributes will be more. However, the significance of large funds does not lie in Industrial Synergy, but plays a guiding and exemplary role.
increase the frequency of reduction, exit or become normal?
As the wind vane of the market, the big fund was established in September 2014 to promote the development of integrated circuit industry and basically complete the project investment in May 2018.
According to its own plan, 2019-2023 will enter the payback period and begin to exit selectively and in stages. This means that for some mature projects, large foundations gradually reduce their holdings and exit.
Star mine data show that since the fourth quarter of 2021, the reduction frequency of large funds has increased.
In September 2021, Shanghai Wanye Enterprises Co.Ltd(600641) , Jiangsu Yoke Technology Co.Ltd(002409) announced one after another that large funds planned to reduce their holdings of 2011.65 million shares and 4.6285 million shares, with the reduction ratios of 2.1% and 1% respectively.
Then, in October, the large fund planned to reduce its holdings of China Wafer Level Csp Co.Ltd(603005) and Gigadevice Semiconductor (Beijing) Inc(603986) , with the number of shares of 408000 shares and 665732 shares. By November, the number of companies that large funds intend to reduce or have reduced their holdings reached 8, a fourfold increase over the previous two months.
Specifically, it was announced on Beijing Bdstar Navigation Co.Ltd(002151) November 11 that the national integrated circuit industry investment fund Co., Ltd., which holds 8.57% of the shares, plans to reduce the shares of the company by centralized bidding within 6 months from the date of disclosure of this announcement, accounting for 2% of the total share capital of the company.
On the same day, China Resources Microelectronics Limited(688396) also announced that for shareholders holding 5.92%, the large fund plans to reduce its holdings of no more than 1% of the company's shares. Hangzhou Chang Chuan Technology Co.Ltd(300604) it is announced that the "big fund", a shareholder with a shareholding of 7.76%, plans to reduce its shareholding by no more than 1% within six months
After that, Rockchip Electronics Co.Ltd(603893) , Hunan Goke Microelectronics Co.Ltd(300672) , Tongfu Microelectronics Co.Ltd(002156) , Sanan Optoelectronics Co.Ltd(600703) , Jcet Group Co.Ltd(600584) successively announced that they had received the reduction plan of large funds.
Taking Hangzhou Chang Chuan Technology Co.Ltd(300604) as an example, the reporter of science and Innovation Board daily saw that all the large funds originally planned to reduce their holdings within six months were reduced within one month. On December 17, 2021, the large fund reduced 3021700 Hangzhou Chang Chuan Technology Co.Ltd(300604) shares in total, with more than half of the shares planned to be reduced, accounting for 0.5% of the total share capital.
A few trading days later, that is, on December 29, Hangzhou Chang Chuan Technology Co.Ltd(300604) announced that large funds completed the reduction of 1% of their shares through centralized bidding. Since then, the reduction of large funds has been intensive.
Ding Kaizhong, general manager of Suzhou Zhenghe private equity fund, believes that large funds do not want to make money in all stages of growth in one company.
"As the industrial capital of the primary market, it is not sensitive to the short-term fluctuation of stock price. The follow-up fundamental investigation of the reduced company is what medium and long-term investors need to do."
At the same time, Ding Kaizhong believes that the reduction of large funds can cool the excessive exuberant mood in the secondary market and make the stock price relatively more stable. "The funds reduced by large funds can also invest in more and better enterprises in need."
fixed increase + IPO is allocated, and large funds operate actively
Of course, in addition to reducing holdings, large funds also have a layout, one in and one out to operate funds.
Through the star mine data, the reporter saw that in the fourth quarter of last year, the large fund was allocated two companies and the IPO was allocated three companies.
On November 2, 2021, Naura Technology Group Co.Ltd(002371) issued the report on fixed increase. According to the disclosure, the offering price is 304 yuan / share, and the total fund-raising is nearly 8.5 billion yuan, including nearly 1.5 billion yuan for the second phase of large fund, nearly 734 million yuan for UBS, and nearly 250 million yuan for Beijing integrated circuit advanced manufacturing and high-end equipment equity investment fund center.
It is found that Naura Technology Group Co.Ltd(002371) is mainly engaged in the research and development of semiconductor basic products. It is formed by the strategic reorganization of Seven Star Electronics and Northern microelectronics. It has four platforms: semiconductor equipment, vacuum equipment, new energy lithium battery equipment and high-precision electronic components.
However, from the perspective of fixed increase price, large funds are currently in a state of floating loss. As of the closing on January 14, Naura Technology Group Co.Ltd(002371) closed at 288.71 yuan, a discount of 5% compared with the fixed increase price of 304 yuan a share.
Another company favored by large funds to participate in fixed growth is Tianshui Huatian Technology Co.Ltd(002185) . According to the announcement, Tianshui Huatian Technology Co.Ltd(002185) raised a total of 5.1 billion yuan at the issue price of 10.98 yuan / share, and the national integrated circuit industry investment fund phase II Co., Ltd. was allocated 1.13 billion yuan.
On January 14, Tianshui Huatian Technology Co.Ltd(002185) closed at 12.27 yuan, with a large fund floating profit of 9%.
In terms of IPO allocation, canqin technology, Dongxin shares and China Mobile also won the favor of large funds respectively.
the primary market is mostly strategic investment
In the primary market, the reporter of science and Innovation Board daily noted that since the fourth quarter of last year, there have been 8 investments by large funds, most of which are strategic investments.
On October 18, big funds invested in micro technology. The latter is the main body carrying "from process equipment support system to process equipment" and investing in wet equipment R & D and industrialization. Since its establishment, it has accumulated more than 160 wet equipment orders from major integrated circuit manufacturing leading enterprises, becoming one of the main suppliers of wet equipment in China.
Xi'an Guanglian Aviation Industry Co.Ltd(300900) and Xingfu electronics are also favored by large funds for war investment. Specifically, Xingfu electronic new materials is a manufacturer of electronic chemicals. Wu Yan, a new material expert of Yunxiu capital, said in an interview with the reporter of science and Innovation Board daily that in the manufacturing industry, all the bottom layers are materials and equipment, but the bottom layer of equipment is also materials.
"In the past, China did more in material processing and molding, and did not touch the core raw materials upstream, but now if China wants to develop hard science and technology, materials must break through."
In terms of equity investment, large funds also participated in the c-round financing of Baiwei storage and the C + round financing of rising software. Query found that Baiwei storage is a semiconductor memory company. Previously, VC institutions Dachen Caizhi and Dongfang Fuhai have entered.
Rising software is the first software company in China to provide services specifically for semiconductors, Cecep Solar Energy Co.Ltd(000591) photovoltaic and led, providing manufacturing execution system (MES), statistical process control system (SPC) and equipment automation scheme (EAP) technical products.
Before the company was invested by large funds, it also attracted the blessing of Shenzhen Venture Capital, Hubble investment and xingorange capital.
Bu Rixin told the science and Innovation Board daily that from the perspective of investment rhythm, although the large fund is positioned as an investment in the semiconductor industry, the main capital volume is still invested in companies at a more mature stage or additional issuance of listed companies, and the purpose is to increase the value and preserve the value of state-owned assets.
"As for the projects with high risk in the early stage, large funds are also participating through the master fund and handed over to market-oriented investment management companies for operation. It can be seen that the subsequent capital path of enterprises will generally be clearer through the projects invested and recognized by large funds."
