The evening of December 22nd, Changjiang Electronics Technology (market, inquiry) and SMIC has issued notice, Changdian technology, core electric Shanghai (in core international subsidiaries), National IC fund will be part of a consortium to jointly bid the world ranking of semiconductor packaging and testing companies stats. This marks the first investment of national integrated circuit fund formal be born, also initially revealed the investment logic the billions of funds.
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Coincidentally, on the same day, in the Zhangjiang IC enterprise leadership salon, as "national industrial fund managers," general manager of Hua core investment strategy Department Zhou Wei do detailed disclosure of the fund's fund-raising and investment ideas. Allegedly, this aims to support China integrated circuit industry state funds, is expected in the next 10 years for the industry to move 5 trillion of investment.
Since June, "National IC industry development outline for promoting" (hereinafter referred to as the "compendium") proposed the establishment of special national industry funds, just 2 months, to open the country to finance, China tobacco, Huaxin investment 8 institutions will have finished building the fund companies, fund a financing target of 120000000000 yuan.
Said general manager of Hua core investment strategy Zhou Wei in 22 held a salon, national integrated circuit industry fund is expected to raise more than 130000000000 yuan.
According to Zhou Wei introduction, the national integrated circuit industry fund is divided into common and preferred shares of two parts, a period of ordinary shares prospectus was completed in December 16th, 98720000000 yuan prospectus; preferred stock issuance for roughly 40000000000 yuan, taking into account the issue of object is financial insurance clients such as the background, this part of the plan was completed in 2015 April, at present still negotiating the terms of.
It is reported, now has seven capital to increase state funds, including Cerberus capital, Wuhan, Chinese Unicom (Jingfa investment market, inquiry), China Telecom, China electronic, Datang Telecom (market, inquiry).
For fund management and exit mechanism, Zhou Wei is described in detail, "completely adopts the operating mechanism of the market," Zhou Wei said that this is a principle, fund management commissioned by the management mode of separation of the three powers, separation of ownership and management rights, the fund trusteeship; national integrated circuit industry investment fund Limited by Share Ltd ownership, Huaxin investment management limited liability company to fund the exercise of the right of management, the state development bank entrusted with the management of fund.
Who will become the fund beneficiary? This is the fund since the establishment of the subject matter of concern.
Earlier media reports said, "the focus of the fund investment in chip manufacturing, both chip design, packaging and testing, equipment and materials industry". In response, Zhou Wei said, "the national industrial fund 60% to integrated circuit manufacturing, both the whole industry chain development."
Talking about specific investment ideas, Zhou Wei said, will focus on the layout of Beijing, Shanghai, Jiangsu, Wuhan, Shenzhen and other integrated circuit industry in developed areas; on the main leading enterprises, focus on manufacturing, taking into account other link; make full use of credit, taxation, the strength of the fund, to form policy. "Mainly by private equity fund investment and mezzanine investment, open market investment; except in special circumstances, do not venture capital and angel investment; investment also does not seek to become the largest shareholder of the enterprise be throw". "National industrial fund does not seek controlling, mainly perform auxiliary business." Zhou Wei stressed.
But for investors and companies are very concerned about the funds withdrawal mechanism and timing, Zhou Wei said the main use of "repurchase, mergers and acquisitions, publicly listed" way; funds for a period of 15 years, from 2014 to 2029, five years before the intensive investment period, the middle 5 years for the recovery period, the last 5 years to fund the extension.
It is worth noting that the industry fund the country jointly listing Corporation Changdian technology and SMIC to overseas mergers and acquisitions advantage enterprises, reflects the industry mergers and acquisitions boom is in the ascendant. Prior to this, Ziguang group has acquired Spreadtrum and RDA, China Electronics Industry Group and Pudong branch for the M & a montage technology.
