Who is the next "Taiwan Semiconductor Manufacturing Co., Ltd." for the second phase of the National IC Fund?

The second phase of the National Integrated Circuit Fund will be launched. Who is the next "Taiwan Semiconductor"?

The amount raised by Phase II of the National Integrated Circuit Industrial Investment Fund will exceed one phase. The first phase will raise funds of 138.7 billion yuan, and the market is expected to reach a scale of 200 billion yuan in the second phase.

The second phase of the National Integrated Circuit Fund will be launched.

The total size of the fund's second-stage fundraising program is 1500-200 billion yuan. Among them, the central government directly contributes 20-300 billion yuan; Guokai Finance Corporation invests 30 billion yuan; China National Tobacco Corporation invests 20 billion yuan; China Mobile and other central enterprises invest 20 billion yuan; China's insurance investment fund invests 20 billion yuan. Yuan, the national level funding is not less than 120 billion yuan.

At the same time, in order to bring into play the local government's role in the development of the integrated circuit industry, and strengthen coordination among provinces and provinces, and encourage local capital participation, the second-stage seats of major funds are expected to invest 15 billion yuan. It is proposed that the first three directors of Beijing, Shanghai, and Hubei be appointed as directors. The unit increased its capital contribution and continued to retain the board seats of the second-phase fund. At the same time, it also requested Zhejiang, Jiangsu, Guangdong, Shenzhen and other places with strong strength and good industrial base to consider whether to enter the board of directors. The meeting requires all localities to specify the total amount of capital contribution by the end of January 2018, complete the subscription in the second half of the year and pay the initial capital contribution.

According to Ding Wenwu, the general manager of the big fund, the next step is for the large fund to increase the proportion of investment in the design industry (currently only 17%), and to plan investment around national strategies and emerging industries such as smart cars, smart grids, and artificial intelligence. , Internet of things, 5G, etc., and as far as possible to support the equipment and materials industry to promote its accelerated development.

Listed companies that have invested in major funds include: SMIC, Huahong Hongli in the field of wafer manufacturing; Changjiang Electronics (600584), Huatian Technology (002185), and Tongfu Microelectronics (002156) in the field of packaging and testing. Crystal Technology (603005); Nasda (002180), Guoke Micro (300672), ZTE (000063), Zhaoyi Innovation (603986), Huiding Technology (603160), Jingjiawei (300474) in the field of IC design ); Northern Huachuang (002371), Changchuan Science and Technology (300604) in the field of equipment manufacturing; Wansheng (603010) in the materials sector; Jacques (002409), Juhua (600160); and the third generation of semiconductor faucets. An Optoelectronics (600,703), Beidou Industrial Chain Leading, Beidouxingtong (002151), and MEMS sensor leader Neiwei Technology (300456), and through the sub-funds arranged the terminal company Wentai Technology (600745), a total of electric sound (002655).

How to find future "Taiwan Semiconductor" and "Samsung" among these listed companies? Some industry veterans suggested that the first is to tap the “national team” listed companies whose major funds have been stationed in low-lying areas; the second is to focus on the securitization of investments that large funds have invested in; and the third is to determine the next investment direction of major funds. Lurking in the field of leading listed companies.

Tongfu Microelectronics provided a case to learn from: it plans to acquire a 49.48% stake in Furunda and a 47.63% equity of Tongrunda from a major fund for 1.921 billion yuan, turning the investment of a large fund of 278 million U.S. dollars into an IPO. The company's 14.65% stake. According to incomplete statistics, listed companies that have received such investments from major funds include Hua Tian Technology and ZTE.

Ding Wenwu said that the funds raised in the first phase can only meet the financing requirements for the phased goals of the 2020 target in the National Outline for Promoting the Development of the Integrated Circuit Industry; after 2020, China’s integrated circuits will enter a new stage of development and be the first international An echelon company, effective financial instruments are still essential.

The fund focused on the third-generation semiconductor sub-fund Ancore Fund has been accelerating the pace of entry, recently licensed Ruifeng photoelectric (300241). In the fields of design, materials, and 5G that the Fund is concerned about, related leading listed companies include ZTE, Yangjie Technology (300373), Jiangfeng Electronics (300666), Shanghai Xinyang (300236), FiberHome (600498), and Xun Technology (002281).

Yangjie Technology: The A-share stocks are scarce IDM high-quality enterprises focused on power semiconductors, with high-end products and customer layout. In 2016, China ranked the 2nd among the top 10 semiconductor power devices, successfully developed ultra-thin high-power integrated circuit packaging products, and achieved mass production. Currently, 8-inch wafer-related technologies have been reserved.

Jiang Feng Electronics: a leader in the field of domestic high-purity metal target materials, high-purity sputtering targets are mainly used in semiconductor chips, flat panel displays and solar cells. The main competitors are the United States and Japan; G8.5 generation and G6 generation ultra-high-purity aluminum sputtering targets and other products have begun to replace imports, and began to supply large quantities of liquid crystal panels to the leading enterprises in China.

Shanghai Xinyang: China's leading company in on-wafer chemicals + silicon wafers, is expected to complete the first phase of 150,000 wafers per month by the end of June 2018. Semiconductor chemicals are the mainstream suppliers in the domestic packaging market in the traditional packaging industry and are the main source of current business income. At the same time, we will cooperate with Siemens Sixin to develop 300MM electroplating equipment and batch wet equipment.

Fenghuo Communications: The leading 5G ultra-broadband equipment is the leading product. The company's products are centered on the entire industry chain of optical communications and are technologically advanced. It is the most complete enterprise in China's optical communications products and can maximize the opportunities brought about by growth in the optical communications industry.

Ascension Technology: The only manufacturer that can produce 10G and above high-end optical chips in China. In the future, the 5G base station site density in the IF and high-frequency bands is several times that of 4G. The demand of the front-end network for 25G low-cost optical modules is extremely strong.

In addition, the analog chip of the St. State shares, the packaging of Changjiang Electronics Technology and Huatian Technology, the equipment of the North Huachuang, the material of Jacques Technology, IDM storage of Ziguang Guoxin, the printer chip of Nasda, compound semiconductor Sanan photoelectric Such subdivision leaders are expected to become the shares of the National Fund II.

The significance of integrated circuit industry funds, in addition to funding support, is reshaping the synergy and linkage among participants in the entire semiconductor industry in China. The upstream and downstream diversions promote the flow of production factors, and the generation of virtual IDM is an important direction. The docking of resources between the production enterprises under the blessing of the National Integrated Circuit Industry Fund and the upstream and downstream enterprises under the remodeling structure of the manufacturing industry will all become the beneficiaries of changes in the production relationship.

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