Since the end of 2019, the National INTEGRATED Circuit Industry Fund (REFERRED to as “Big fund”), which has gradually entered the exit stage, has successively announced the reduction plans of many listed companies in the secondary market, and ushered in a small peak of reduction in the second half of 2020.According to the incomplete statistics of securities Times · E Company, in recent years, large funds have reduced their holdings of A-shares by about 8.9 billion yuan.
On the other hand, phase II investment projects of large funds have been implemented gradually, and the investment style in the capital market has also changed.Combined with the interviews of insiders, the reporter found that the enthusiasm of large funds for secondary market investment tends to “retreat”, from the previous frequent agreement transfer, increasing, more to the investment before the listing, and joint ventures with semiconductor listed companies, the establishment of funds and other ways, precision participation in the industry front-line project investment.
Bearing IC industry to support the ears of large funds, first phase was established in September 2014, appeared in the secondary market began in 2015, power the world’s fourth largest leveraged buy-out long telegram technology assembly house star chippac, 2017, 2018, big fund more frequently through contract transfer and appeared A shares, customized set of industry accurate understanding, layout of the industry leading.
With some projects entering the exit phase, phase II was established. From the end of 2019, large funds began to disclose their plans to reduce their holdings. This year, high frequency of reducing holdings appeared in the Secondary market of A-shares.
According to Wind statistics, by the end of the third quarter of this year, large funds directly ranked among the top 10 shareholders of 22 listed companies, with a total reference market value of 89.854 billion yuan at the end of the period. In the third quarter of this year, they also generally achieved good performance, with the average growth rate of net profit reaching 49%.In addition, the fund through its investment company shares in China Micro corporation, SMIC International -U.
To be specific, large funds to its non-science innovation board listed companies intensive reduction, involving 10 listed companies;The proportion of reduction is not high, concentrated in 1%, a small part of 2%;The second half of this year, especially the third quarter for the reduction of high occurrence period;Based on the average stock price during the period of divestment, large funds have reduced their holdings to cash about 8.9 billion yuan during the year.
The latest example of a large fund to reduce the target is to hold the most long power technology.As A share semiconductor packaging test leader, this year to start the long power technology rally, A cumulative increase of more than 80%.
According to the reduction plan, the fund intends to reduce its holdings by 2% during the period of 23 solstice in September 2020 and 21 March 2021 by means of collective bidding, and the total amount of shares to be reduced shall not exceed 1% of the company’s total share capital in any consecutive 90 days.At present, the big fund has been in October 15 solstice 20 period has completed the reduction of half of the plan, combined with the average price of the stock price estimate, this round of reduction of cash about 600 million yuan.
From the perspective of scale, the accumulated reduction amount of the big fund for SAN ‘an Photoelectric, Zhaoyi Innovation and Hui Ding Technology in the year ranked first, with the estimated cash out scale of each company exceeding 2 billion yuan.Among them, large funds have adopted two rounds of reduction plans for Zhaoyi Innovation and Huiting Technology, and their shareholding ratio in Huiting Technology has been reduced to less than 5%.
As for the matter of divestment, senior executives of Huiting Technology said in the performance exchange meeting of the third quarter, as investors and shareholders, the divestment behavior of big funds and others is their normal exercise of shareholders’ rights as well as their marketization behavior as professional investment institutions, and the company did not pay special attention to their ideas.In general, they have enjoyed the value added brought by huiting’s previous development, which cannot be separated from the improvement of the company’s performance and capability.
In addition, huiting executives said the company has been in communication with existing and potential strategic investors in some long-term value investments.
For investors, the industry stock selection ability of large funds is quite optimistic. In recent years, The total increase of The large funds invested in Ruixinwei has been more than 4 times, and that of Shanghai Silicon Industrial-U, a science and technology innovation board company, has been more than 2 times. However, many private equity, public offering and even northward capital have chosen to follow up.But the specific operation, not blindly follow, even in the large fund began to reduce, the north capital or further add positions.
For example, Zhaoyi Innovation at the end of the third quarter has been reduced by a large fund again 1%, and northchina capital through The Lu Stock tong but resolutely increased its holdings to 2.6%, in addition, China Securities Semiconductor Fund new into the top ten shareholders of listed companies;Private equity boss Ge Weidong holdings also remain unchanged.
Although Huiding technology was reduced by large funds, Huifa International holdings, but in the third quarter also by China Guohua Semiconductor holdings, as well as Cathay CES semiconductor fund into the top 10 shareholders.
SAN ‘an Optoelectronics also obtained capital northup, China Guozisemiconductor holdings, Noran, Guangfa fund new top 10 shareholders.
In 2020, the capital market layout of large funds is relatively low: The investment behaviors of Xinjin as the top 10 shareholders of listed companies are all concentrated in listed companies of KEChuang Board semiconductor, and mainly focus on pre-IPO investment layout. The latest example in this aspect is the joint investment of 5 billion yuan to increase capital of chip design up-and-coming Unisplendour, helping to land the Kechuang Board.Compared with the past, the investment behavior of large funds in a-share placement, agreement transfer, etc. has basically disappeared, and the secondary market presents the state of contraction mainly by reducing holdings.
Close to the big fund insiders also told reporters that the second phase of the big fund will focus on increasing capital listed company subsidiaries, investment projects under the way to participate in the investment, or will not be directly transferred to the listed company shares agreement.At present, the phase I of the large fund is being gradually withdrawn and sealed, and the phase II of the record is being handed over. In addition, the phase II of the investment affected by the epidemic has been delayed.
From the perspective of specific projects, among a-share listed companies, the second phase of large funds focuses on autonomous and controllable subjects, and their joint investment or direct participation in project investment with listed companies in weak links such as semiconductor manufacturing and storage increase significantly.
As a listed company with a complete industrial chain of memory chips in China, Shenzhen Science and Technology Co., Ltd. announced in October this year that it plans to raise no more than 1.71 billion yuan in non-public offering, and intends to use all of it for advanced storage test and module manufacturing projects.According to reports, the total investment of the project is about 3.1 billion yuan, and The Shenzhen Science and Technology subsidiary Payton Technology signed an agreement with The Second phase of The Big Fund, Hefei Economic Development and Investment And related party CLP poly Core, jointly invested 3.06 billion yuan to set up Payton storage, as the implementation subject of the project.Among them, The second phase of The big fund invested 950 million yuan in cash, holding 31%, becoming the second largest shareholder.
According to Shenzhen Technology co., LTD., Formerly the asset of INTEGRATED circuit memory chip packaging and testing service under Kingston, Payton has been focusing on memory chip encapsulation and testing business for more than 16 years. It is the only domestic enterprise with a complete industrial chain from high DRAM/Flash/SSD memory chip encapsulation and testing to module and finished product production.After the implementation of the project, DRAM, Flash memory chip encapsulation and DRAM memory module manufacturing services that can meet the greater needs of customers are conducive to the in-depth localization of memory chip encapsulation in China.
In the chip manufacturing link, large funds focus on SMIC investment.In addition to holding about 15% of SMIC shares through Xinxin (Hong Kong) investment, the second phase of the big fund, together with Shanghai Integrated Circuit Industry Investment, injected capital into SMIC South again in May this year. In July, it invested 3.5 billion yuan to participate in SMIC’s return to A-shares.
In addition, the fund has invested in Shanghai Precision Electronics, a subsidiary of Precision electronics, to seek synergetic industrial mergers and acquisitions, investment, and further enhance its strength in semiconductor testing technology, capital, resource integration and other aspects;The large fund also invested in the guangzhou Xingke semiconductor under Xingsen technology, and invested in IC packaging industry projects.