From the perspective of industry investment promotion and landing development, the core idea of Hefei’s development of the semiconductor industry is to promote some core large projects with the power of policies and attract upstream and downstream companies through resource agglomeration effects.
The door signboard of the Hefei National High-tech Industrial Development Zone Administrative Committee sign, in addition to a row of bold red characters, there are three names followed: English, traditional Chinese and Korean.
In October 2016, Taiwanese company "Shixin Electronics", which provides FablessASIC chip design technology services, signed a contract with Hefei Hi-tech Zone to formally establish another R&D center in the mainland in Hefei.
Relevant person in charge of Jiexin Technology (Shixin Electronics Hefei Subsidiary) told reporters that the integrated circuit industry in Hefei has formed a good foundation and the advantages of science, education, talent, and policy are obvious. The decision to settle in Hefei “has done very quickly”.
Shixin Electronics is not a case. Over the past few years, dozens of companies, including Powerchip, MediaTek, Qunlian Electronics, Tongfu Microelectronics and Junzheng Group, have settled in Hefei. Some of them are mainland Chinese semiconductor emerging powers, while others are Taiwanese semiconductor companies that have been developing for many years. .
Starting from the “Twelfth Five-Year” plan, in recent years, Hefei has accelerated the development of the integrated circuit industry and has initially formed a relatively complete industrial chain covering design, manufacturing, packaging and testing, and has become one of the fastest growing cities in the nation’s integrated circuit industry. The National Development and Reform Commission was listed as one of the nine major integrated circuit development bases in China and one of the 14 key integrated industrial development cities.
In an exclusive interview with reporters, Zhu Shengli, the deputy director of the Hefei New Station High-tech Industrial Development Zone Management Committee, summarized the motivations for Hefei to develop semiconductors, especially the integrated circuit industry: First, the development of traditional industries such as home appliances and automobiles was upgraded. Needs, second, the talent advantages brought by colleges and universities, and third, valuable experience in developing new display industries and successfully advancing large projects.
From the perspective of industry investment promotion and landing development, the core idea of Hefei’s development of the semiconductor industry is to promote some core large projects with the power of policies and attract upstream and downstream companies through resource agglomeration effects. This logic, starting from BOE, continues to this day. Therefore, the only three major memory projects in the country, Hefei accounted for one.
State-owned assets "traction"
Hefei Jinghe Integrated Circuit Co., Ltd. (hereinafter referred to as "Jinxing Integration") was established on May 19, 2015. It is located in Xinzhan District of Hefei City and is the first 12-inch wafer foundry enterprise in Anhui Province, and is also Hefei City. The first billion-level integrated circuit project filled the gap in the high-end manufacturing field of the Hefei IC industry.
The source of the integrated technology of crystallization and integration is Taiwan-based Powerchip Technology, whose main area of focus is DRAM business. With the international memory industry becoming more concentrated, in 2008 Powerchip began to run into operational difficulties. According to reports, the Hefei Municipal Government began to seek cooperation with Powerchip in 2011, and the project was actually launched in 2013.
In fact, Powerchip had long been interested in the mainland market. It had previously planned to build a plant in Chongqing, but it was unfinished. Hefei is one of the cities that most welcome semiconductor companies. The local government provided an important support to the company. A hit it off.
It is reported that the Hefei Municipal Government has contracted the investment and construction of the plant, and Lijing will start from 2016 and gradually integrate a small amount of funds (the annual investment will not exceed 10% of the total amount) and technology as a shareholder. Ultimately, the company will hold no more than five shares. to make.
The reporter has not been able to verify the two data of the agency. However, public information shows that the integration of crystallization and integration is established by Hefei Construction Investment Holdings (Group) Co., Ltd. (hereinafter referred to as “Hefei Construction Investment”), the core screen industry investment fund (hereinafter referred to as “the core screen production investment fund”) and Taiwan Power Technology. Co-investment was set up, and the proportion of the three contributions was 40.75%, 17.95% and 41.29%, respectively.
This is a typical government-supported project: Hefei Jiantou is wholly-owned by the State-owned Assets Management Committee of Hefei, and has invested in many important companies such as Hefei BOE. Another shareholder of the core-screen production investment fund is Hefei Xinping Investment Management Co., Ltd. The company "managed" while the latter was established by Hefei Construction Investment in January 2016. It can be seen that Hefei Jiantou is the main investor in the integration of crystallization and integration.
It is reported that the investment duration of the core-screen investment fund is 10 years and the total scale is 10 billion yuan. It is used exclusively for the integrated circuit upstream and downstream industries and new display industry projects in Hefei. Currently completed investment is in addition to the integration of crystallization and integration, as well as Hefei BOE and Rainbow. Display, etc. Among them, the BOE project is mainly used for 10.5 generation line construction.
According to the official website of Jinghe Integration, the total scale of the project is approximately RMB 12.81 billion, which is divided into four phases. The current phase has been completed. On March 24, 2017, the registered capital of Jinghe Integrated was changed from 1.01 billion yuan to 3.27 billion yuan, and the total investment was changed from 1.11 billion yuan to 5.57 billion yuan. In December of the same year, Kyocera integration announced mass production.
Industrial Investment Fund "Relay"
From the above cases, it is not difficult to find out the role of industrial investment funds.
In addition to the core-screen investment fund, the Hefei municipal government has also established a government investment guidance fund with a total size of 3 billion yuan and a 1 billion yuan investment fund of Zhongxing Hechuang IC. In addition, there are Hefei Hi-tech Zone Angel Investment Fund and Xinzhan District Industrial Investment Fund.
It is worth mentioning that the angel investment fund, if the industry fund service is a relatively mature enterprise, then the angel investment fund "aimed at" the small and medium-sized companies that have not yet emerged.
According to Liu Peng, project manager of Hefei High-tech Zone Semiconductor Investment Services General Office, Hefei Hi-tech Zone Angel Investment Fund has achieved good investment results. On April 1, 2015, Hefei Hongjing Microelectronics Corporation landed on the National Small and Medium-sized Enterprise Equity Transfer System (the “New Three Boards”) and became the first company in Anhui Province to use the government’s angel investment guidance funds to support enterprises that landed on the national capital market.
The fund is the largest angel investment fund in the province. As of the first half of 2017, its total scale reached 309 million yuan, and the number of projects accepted was over 370. The total number of approved projects passed 50, and the total investment amount was 259 million yuan. The number of investment companies and investment scale respectively accounted for 62.5 of the province's angel fund statistics. % and 57.3%.
In addition, Hefei has also established investment funds through well-known investment institutions in the semiconductor industry at home and abroad, such as Jianguang Assets, Walden International, etc., to introduce and drive quality projects in Hefei.
According to the reporter's combing, at present there are at least three funds in Anhui Province with a scale of 30 billion yuan, involving the integrated circuit industry: the Anhui Integrated Circuit Industry Investment Fund, the Walden Semiconductor Fund, and the “Triple One” mother fund in Anhui Province.
On May 18, 2017, the Provincial Integrated Circuit Industrial Investment Fund was established with a total scale of 30 billion yuan and a first phase of 10 billion yuan. The sponsors include the National Integrated Circuit Industry Investment Fund (large fund), Anhui Provincial Investment Group, and Hefei City Industrial Investment Holdings (Group) Co., Ltd. (hereinafter referred to as “Hefei Investment”), which will use equity to set up sub-funds, equity investments, Industry mergers and acquisitions, etc., focus on investment in integrated circuit wafer manufacturing, design, packaging and testing, equipment and materials, and other industries.
The reporter learned that the fund is currently selecting projects and it is expected that investment will be finalized soon.
Capital Markets "Incited"
Hefei has long tried to utilize the financial means to help the development of high-tech enterprises.
In October 2008, BOE to build a 6th generation TFT-LCD production line in Hefei, with a total investment of 17.5 billion yuan.
The reporter learned that at that time, 8.5 billion funds had already obtained bank credit, but there were still 9 billion vacancies that needed to be filled. In 2008, Hefei's local fiscal revenue was only 16 billion yuan.
The thinking of the city’s leaders at that time was to adopt a market-based mechanism to solve the financing problems. On November 8, 2008, BOE A issued a “preplan for non-public issuance of shares”, and plans to issue shares to five strategic investors to raise 9 billion yuan. In this draft, all five strategic investors are Hefei SASAC holding company or state-owned assets platform.
However, only Hefei Xincheng and Hefei Lanke were eventually involved in BOE's increase, as the project attracted eight other investors.
Under the condition that the Hefei municipal government “endorsed” to a certain extent, Shanghai Nuodasheng Information Technology and Beijing Yizhuang International Investment Development and other companies have joined in, and the total raised amount has also become 12 billion yuan, far exceeding expectations. Among them, the "Hefei State-owned Assets and Resources Department" subscribed for 1.25 billion shares, totaling 3 billion yuan.
"Because of the flexible market approach, we used 3 billion yuan to shake up 17.5 billion projects and we can withdraw from it after three years." Talking about this project, Zhu Shengli said.
In 2013, BOE's 8.5-generation line went into operation, driving Xinyu PDP to invest 2 billion yuan, Rainbow high-generation liquid crystal glass substrate investment 3.7 billion yuan, and Rainbow Blue LED investment 10 billion yuan. A large number of projects have been settled one after another, and Hefei has initially formed a new type of display. Complete industrial chain.
In fact, the reason why Powerchip chose Hefei, to a large extent, also depends on this. It is reported that the IC IC driver chip of the first stage of the integrated crystal integration project will mainly supply BOE panels.
The pulling action of major projects has made Hefei City and even Anhui Province taste the sweetness. It is not difficult to understand how to build huge amounts of money to build memory.
However, the memory chip manufacturing project has a larger investment amount and a longer period, and the market funds are often unbearable. According to public information, the 12-inch memory wafer manufacturing base in Hefei was built by Hefei Changxin Integrated Circuit Co., Ltd. (hereinafter referred to as “Hefei Changxin”), with a total investment of RMB 53.4 billion, and Hefei Changxin is from Hefei. Investment in wholly-owned shares.
Follow-up project research and development also need financial support. According to the announcement of the listed company's Zhaoyi Innovation, the budget for the storage R&D project is approximately 18 billion yuan, and the required investment will be raised by the company and Hefei production and investment according to the ratio of 1:4.
Hefei with great enthusiasm can create "the second BOE", may wish to wait and see.
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