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pk10平刷稳赚攻略:One hundred billion billion fund investment roadmap

时间:2018/4/12 18:23:01  作者:  来源:  浏览:0  评论:0
内容摘要: In more than three years, "flowers spent" was RMB 138.7 billion. \n? Since its establishment in September 2014, the first-stage r...

In more than three years, "flowers spent" was RMB 138.7 billion.

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Since its establishment in September 2014, the first-stage raised funds of the National Integrated Circuit Industrial Investment Fund (hereinafter referred to as the “large fund”) have been basically completed.

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"Big fund concept stocks" and "domestic chip leaders" have become hot spots for speculation. All companies that have been funded by large funds are seen by the market as an important battleground for the nation’s integrated circuit industry. Of course, the stock prices of these listed companies are also continuously active, among which there is no shortage of big bull stocks that have risen doubling, even over 7 times.

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With the continuous upsurge of semiconductor investment around the world and the strong support of national policies, China's IC industry is about to give birth to an internationally competitive industry giant.

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How to look for future Samsung from these companies, Intel , TSMC , Moonlight? In the process of the second fundraising of large funds, the analysis of the past investment strategies of large funds and the potential of potential investment companies to invest in advance will be regarded as a superior strategy.

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Fund company Structure

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Shareholders of China National Integrated Circuit Industry Investment Fund Co., Ltd. include: Guokai Finance, China Tobacco, Yizhuang SDIC, China Mobile , Shanghai Guosheng, China Electronics, Ziguang Communications, and Huaxin Investment.

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According to public information, the registered capital of the "large fund" is 98.72 billion yuan, and the total scale of the first phase is 138.7 billion yuan.

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As of now, effective decision-making exceeds 62 projects involving 24 listed companies (including Hong Kong stock companies and indirect investment companies). Its investment scope covers the upstream and downstream of the IC industry. The proportion of investment in each link of the industrial chain, such as manufacturing, design, packaging and testing, equipment and materials, is 63%, 20%, 10%, and 7%, respectively.

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Various investment methods

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According to incomplete statistics, the National Large Fund currently holds 24 listed companies of A shares and H shares.

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Chinese semiconductor companies are at an early stage of growth. Due to the long industrial chain, the needs of various companies vary widely. Major funds have targeted and differentiated their support according to their own situation. After sorting out, major fund investment models mainly include the following methods:

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I. Cross-border M\u0026A

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International mergers and acquisitions, the major funds mainly use "listed company + PE" model, of which Changjiang Electronics and Tongfu Microelectronics case is the most classic.

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Changjiang Electronics: $780 million acquisition of Xingke Jinpeng. Xingke Jinpeng is the fourth largest packaging and testing plant in the world, and its body volume is almost twice that of Changjiang Electronics. In December 2014, Changjiang Electronics Technology signed an agreement with the major fund and the core semiconductor company, first through the three-tier equity structure, and received a major fund of 300 million US dollars to assist in the completion of the acquisition, into the third global semiconductor packaging and testing.

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Tongfu Microelectronics: In October 2016, Tongfu Microelectronics announced that it would issue shares to the fund to acquire the 49.48% equity interest in Furunda and 47.63% equity of Tongrunda. The transaction price is 19.21. 100 million yuan. These two companies are all shareholding platforms established by listed companies and major funds to acquire AMD Suzhou and Penang's two subsidiaries. At that time, the transaction price of the acquisitions was nearly 100 million US dollars, about 1 times the premium, in order to enter the world advanced chip packaging and testing technology. According to the agreement, after Tongfu Microelectronics completed the acquisition of assets such as Tongfu Chaowei Suzhou, the major fund will convert the equity held by the investment platform into the equity of the listed company.

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Second, increase by

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North Huachuang : It is planned to actively involve Qixing Electronics and absorb the reorganization of the northern microelectronics. The two companies were among the top ten semiconductor equipment manufacturers in China, among which Northern Microelectronics is a leading semiconductor etching and deposition equipment company in China.

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On December 26, 2015, Seven Star Electronics announced the issuance of shares to merge with Northern Microelectronics. At the same time, it raised matching funds and introduced large funds through fixed increase. In August 2016, Seven Stars completed the reorganization and changed its name to North Huachuang.

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Beidou Xingtong : In September 2015, Beidou Xingtong issued a fixed-income plan, and planned to raise RMB 1.68 billion to overwrite Beidou's low-power, high-precision chip projects, among which major funds swept the bulk and subscribe for 1.5 billion yuan; July 2016 , Compass completed the non-public offering, and the major fund holds 11.46%.

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Third, agreement transfer

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Zhao Yixin : Three shareholders such as Qidi Zhonghai have transferred most of the equity through a contractual transfer method. The recipients are the Great Fund and Shan Guoguo Investment and Fortune 28 Single Fund Trust. Among them, the large funds received a total of 22,255,000 new shares, accounting for 11% of the company's total shares.

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Fourth, capital increase

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1, Pre-IPO Capital Increase:

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Guoke Wei : In May 2015, it received a capital injection of 200 million yuan. In December 2015, Guoke Microelectronics won another fund of 200 million yuan, equivalent to holding 17.764 million shares of Guoke Micro. After listing in July 2017, the company's stock price has risen 7 times, and it has risen to 78.48 yuan per share.

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ChangChuan Science and Technology : In June 2015, the Grand Fund participated in the first capital increase of Changchuan Technology, and registered RMB 57.5952 million new registered capital for RMB 40 million. After the listing in 2017, it diluted 7.5%.

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2, Capital Increase Subsidiary:

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ZTE Corporation : November 23, 2017 ZTE Corporation An announcement was issued stating that China National Integrated Circuit Industrial Investment Fund Co., Ltd. injected 2.4 billion yuan into ZTE's subsidiary ZTE Microelectronics, which accounted for 24% of the shares.

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After the capital increase is completed, the major fund will hold 24% of ZTE Microelectronics, ZTE will hold 68.4% of the equity, and Shenzhen Saijiaxun Investment and Development Enterprise will hold 7.6% of the equity.

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Huatian Technology : On December 29th, 2017, Huatian Technology announced that the company and the National Integrated Circuit Industry Investment Fund Co., Ltd. signed a capital increase agreement, and the major fund plans to invest RMB 500 million to wholly-owned subsidiary Huatian Technology ( Xi'an Co., Ltd. (referred to as Huatian Xi'an) made a capital increase. After the capital increase was completed, the large fund held 27.23% of the shares of Huatian Xi'an, and the company held a 72.77% stake in Huatian Xi'an.

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V. Joint Venture

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Juhua Shares : The United Nations IC Industrial Investment Fund Corporation and other five investment platforms jointly funded the establishment of China Grand Core Technology. The company plans to invest 390 million yuan in monetary terms, holding a 39% stake.

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The company's joint large fund has established China Grand Core to develop electronic materials, and its shareholding ratio is the same as that of large funds.


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