Capital boom "swallow" China Chip Small Company

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Capital boom "swallow" China Chip Small Company

2022-01-15 12:04:12 11 ℃

The investor's money, companies are flocking head. The head of the company's money, the tail will allow businesses to sign their life away about. Wen Shu Lei Feng network ID: leiphone-sz

Author Shu package Yonggang editor | Wang Yafeng

Following the choking chip technology become the focus of attention of all the people, in 2021, chip investment has become a topic of national debate, Tsai Song Song Lion Fund managers are heavy semiconductors was once touted as the star fund managers. Hot secondary market, a direct response to heat domestic semiconductor investment.

Yunxiu capital collated data show that in 2019 the amount of investment in the domestic semiconductor industry was 300 billion yuan in 2020 soared to 140 billion yuan, setting a historical record, the year 2021 is expected to reach 150 billion yuan.

Domestic investment semiconductor fiery behind, not only the birth of several one hundred billion market capitalization of Chinese chip companies, there have been dozens of year $ 500 million financing startups chip, chip to China, especially the development of domestic high-end chip injected power.

At the same time, capital boom is accelerating the arrival of mergers and acquisitions wave of China's chip industry.

A China-made CPU industry executives said: "In the industry chain, the vast majority will die chip companies, mergers and acquisitions is the best destiny."

This determines whether or not withstand scrutiny? Rain descends chips capital market, when to enter Matthew? M & A wave will appear in what way?

Coming on the eve of the cruel: chip one hundred billion investment trillion market capitalization of listed companies

Domestic semiconductor development and investment experienced several tide, the latest round of large-scale investment started in 2014 100 billion set up the National Integrated Circuit Industry Investment Fund (referred to as large funds). Driven by large funds, semiconductor total domestic investment continues to increase. Later, the US sanctions against ZTE and Huawei, plus upgrade chip independent of the rate of domestic demand, stimulated further capital to focus on hard-chip as the representative of the domestic technology companies.

But met the new capital regulations of 2018, fund-raising and investment in the primary market declined sharply, leading to gross domestic chip investment declined in 2020 began to grow again. Yunxiu Capital Partners and chief technology officer Zhaozhan Xiang said: "The 2019 open board Kechuang board to lead a market out of the winter, the performance in 2020 and 2021 Kechuang board is also very good."

Branch set up the board, for the implementation of the innovative drive and technological power strategy to promote high-quality economic development, support for major reform initiatives and technological innovation center of an international financial center construction Shanghai. July 22, 2019, Branch Board to open, the first batch of 25 companies listed on, there are five chip companies.

The second anniversary of the Branch Board to open July 22, 2021 on the occasion, Kechuang board accepted 91 of the semiconductor industry chain, the company's listing application, which has 32 companies traded, it has listed 32 companies a total market value of about 1.25 trillion yuan, of which about 19 businesses over ten billion market capitalization, SMIC, China Resources micro, medium and micro-enterprise company worth more than three billion.

Walden, vice president of the Soviet Union and said, "5--10 years ago, the country is difficult to see annual revenues of over one billion dollars in chip company, in 2021 a lot of chips listed companies have reached this level."

Since then, several chip companies listed on the Branch board. Financial data and analytical tools service providers Wind data November 29, 2021 ended show that the number Kechuang plate 362 listed companies, of which 56 semiconductor companies.

Also noteworthy is that the market value of the top ten Kechuang board, semiconductor companies accounted for half. Wind data show that the top ten Kechuang board market capitalization accounted for the proportion of the total market capitalization reached 20.41% Kechuang board, board Kechuang semiconductor market capitalization accounted for Kechuang board capitalization ratio reached 26.35%.

"The first half of 2021, Kechuang board chip companies listed on the overall market value of little change, even a slight decline in the second half of the market capitalization of these companies soaring, even some chip equipment market capitalization rose 1 times the market value of the chip design company He rose. "Zhaozhan Xiang explained," the core reason for this change is the lack of core tide sweeping the world. "

The chip industry is a long cycle, high investment industries, Kechuang board so that investors proved to invest chip can make money, but whether it can continue to attract investment capital?

Matthew sweeping: only capital flock to the head chip company

"2021 domestic semiconductor investment and a slight increase compared to last year, 2020 is 140 billion yuan, in 2021 expected to be about 150 billion yuan, but the money in semiconductor manufacturing to head the project gathered a few, such as high investment needs, IDM enterprise. "Zhaozhan Xiang pointed out that" although the total amount of investment is similar, but the number of investment cases in 2021 than in 2020 by 50% in 2020 is more than 400, 2021 is more than 600, the core reason is early in the project increases a, lot a round, Pre-a wheel of the company. "

Soviet Union and believes that investment in the chip is still hot. "2021 chip investment boom is reflected in two aspects, one is that a lot of performance of listed companies in 2021 grew by at least 50% or even doubled, in addition to financing may prove chip hot chip company's performance is also reflected in the secondary market On the other hand, the relatively large investment chip heat from GPU, the ARM architecture CPU, then DPU. "

However, Wang Nan, general manager of Xiaomi Group Industry Investment, has different opinions. He believes that "2021 chips do not automatically drive, whether it is from financing or from commercial progressive perspectives. Chip 2021 investment is mainly large XPU On, for example, GPU, DPU, capital is gathered in head company. "Statistics show that the total number of financing of more than 500 million yuan from July 28, 2021, accounting for the financing project The number of 7%, the financing is 133.3 billion yuan, accounting for 59.6% of the total number of project financing (total project financing amounts of $ 22.3 billion).

The logic of capital to head chips and large chips is also very simple. Big chip and high-end EDA have achieved a long period of earnings, usually in more than five years, these companies have not necessarily be able to make profits, prove the success of their commercialization, and can be shipped to top customers or There is a large-scale revenue to attract a lot of capital.

"The next fund will continue to invest, but it will become more and more good companies. Just nowado, there are more than a dozen GPU and EDA entrepreneurship, which is the same as the original AI entrepreneurship. To send a volume, the last will only have a few more. "Zhao Zhanxiang judged.

In fact, the effect of capital to the head company aggregate has begun to appear. For example, in the GPU field, the wall of the GPU, declared B round financing in March 2021, and the accumulated financing of only more than one year, has been as high as 4.7 billion yuan, and it is still a long distance from the product. The amount of A round financing announced at the end of the same field of 2021, also reached 2 billion yuan. Similarly, it wanted to build a high-performance GPU's Muyi integrated circuit, and it was completed $ 1 billion in August last year.

Leifeng.com learned that the time in China's GPU startups can send the volume is probably in June this year.

GPU Entrepreneurship attracted enough attention and financing in 2021, DPU startups' financing is also very hot, cloud leopard intelligence, Zhongke, Daxie Zhiyi has also been recognized.

Gu Huhu Hui, a head of the Shenzhen Investment Headquarters Information Science and Technology Group, said, "Because the current GPU, DPU is relatively concentrated, it is basically the customer's customers. Now the definition of the chip is guided by the customer's demand, this time tied Ding one or two clouds have an influential customers, and they are more important in the market. "

Zhao Zhanxiang believes that the future China Semiconductor Industry will present the pyramid pattern, and there will be no 100 leading enterprises and thousands of specialized new enterprises, focus on the data center, smart cars, and semiconductor manufacturing three areas.

However, the statistics of the China Semiconductor Industry Association show that as of December 202, there were 2,67% in the number of chip design companies in China, an increase of 26.7% over 2020.

This means that if the Chinese semiconductor industry has to form a pyramid pattern, most chips will be acquired or quit the market in the future.

Edge the beginning of the chip chip company

"The same chip has seven or eight or more companies to compete. In the end, there will definitely have a company, and the company will be acquired by the head of the company, probably can see M & A in the next two to three years. "Su Dong also said.

"A large number of US chip design companies, by head chips, more than billion or billions of dollars. China has been listed on the scale of chip design companies, they have enough shares and funds to merge, domestic It is also possible to develop in the direction of the United States. "

Gu Hui Huai analyzed from another angle. M & A can get a relatively high market value, which promotes the mergers and acquisitions of other small companies listed on the public. "

Wang Nan holds a different view, he believes that China's personality and the Americans are different, and it is difficult to acquire in China. Everyone is not losing, as long as there is money on the book, or can also integrate money, even if others do better than me, the purchase price is good, the founder may not choose to be acquired, looking for overseas, more suitable target is a good choose.

Zhao Zhanxiang referred to the importance of the merger point of time, and he also greeted the example of the acquisition of the Hournie of Well. "Ghast choice is 76 years old, and the company's operation has encountered certain problems. The founder has begun to find a buyer because of the age problem. It is a very good time point. I found a Jun. Positive, Wentai, the last Vail foal, successful 'snake swallowing ", becomes a giant of 20 billion markets today."

"There are many mergers and acquisitions in the future in the future, but big mergers and acquisitions should also look at the opportunity. They will not appear so fast, and they will not be so much." Zhao Zhanxiang believes.

The occurrence of mergers, the cycle of semiconductors is also very important.

"Domestic wants to have large-scale mergers and acquisitions may have market guidance, otherwise it may not take the initiative. If the domestic experience is very painful semiconductor downstream cycle, it will put many companies 'wash' out, 'Wash', there are some products. And IP can be used. "Wang Nan said," Some industries are very easy to do mergers, such as power fields, and EDA platform, M & A, all kinds of tools. "

Power Management IC Company Silicone is a typical example. In 2016, Silicone acquired a Weixin smart meter and energy monitoring department and NXP AC LED lighting driver IC department. In 2019, it acquired Xinjie Electronics wireless charging. Relevant business, continuous development of business categories.

One CEO in the field of power management also said that "excellent company is more mergers and acquisitions. China will definitely have a lot of mergers. If there is no company in ten years, it means that the purchase is completed in advance."

Written in the last

The history of the global semiconductor industry is actually a history of buying, mergers and acquisitions have been accompanied by the development of the semiconductor industry.

In recent years, Intel, British Wenda, AMD, and other global chip giants are also in big hand. With the development of the domestic semiconductor industry, with the continuous increase in the market value of the chip listed company, as well as the continuous investment of capital, China will also have a chip company's merger.

However, in the end, the strength of the simple capital drives the occurrence of mergers and acquisitions, or the boosting of the semiconductor cycle is still an unknown.

It is almost certain that most of the chip companies in China will disappear in the next 5-10 years.

(First Source: Parm)

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