More than 80 in 2 years! Listed companies spin-off subsidiaries have "addiction" semiconductor independent IPO most

Since 2021, in addition to unlisted semiconductor manufacturers competing to declare IPO, many listed companies have also implemented capital operations in their semiconductor businesses, involving BYD, Goyle shares, Holtai, Nanda Optoelectronics, Xingfa Group, Nasta, Suzhou solid technetium and so on.

A number of enterprise officials told Science and Technology Innovation Board Daily that the introduction of strategic investors at the subsidiary level is mainly to support their business development considerations, and then decide whether to be independent IPO according to the actual situation of the subsidiary.

Big fund "blesses" three semiconductor materials companies

Recently, semiconductor material manufacturers have made frequent actions in terms of capital operation. In addition to Nanda Optoelectronics and Xingfa Group two listed companies, SMIC also submitted IPO application materials to the Shanghai Stock Exchange to be listed on the Kechuang board. Behind the three enterprises, there is the figure of the national integrated circuit industry fund (hereinafter referred to as "big fund").

The giant core of electronic chemical materials was launched and established in December 2017 by shareholders such as Juhua shares, Big Fund, Zhiyuan Fuhai and other shareholders. Juhua shares and Big Fund respectively hold 35.2% of the shares and rank first among the largest shareholders. The main body of the company's business, Kaisheng Fluorochemistry and Bouri Electronics, were transferred from Juhua shares, which is also a kind of spin-off behavior.

Insiders close to MMC told Science and Technology Innovation Board Daily that the split is mainly due to factors such as Juhua shares supporting the company's independent development and the introduction of strategic investors. "the goals and interests of the initiating shareholders are the same, and they hope to make the company bigger and stronger with the help of the capital market."

Xingfu Electronics, a holding subsidiary of Xingfa Group, also specializes in wet electronic chemicals, announced on December 15, 2021 that it intends to introduce 15 strategic investors, including Big Fund II, SMIC Juyuan, and Hynix Investments, by way of a private agreement, with a total capital increase of 768 million yuan in cash at the price of 4.80 yuan / 1 yuan of registered capital. After the completion of the capital increase, the shareholding proportion of Xingfa Group decreased from 79.87% to 55.29%. The second phase of the big fund holds 9.62% of the shares, making it the second largest shareholder of the company.

In response to inquiries from the Shanghai Stock Exchange, the company said that the introduction of high-quality strategic investors with industrial background will not only consolidate the company's capital strength, promote the construction of projects under construction, but also enhance the company's ability to integrate resources. It is reported that after Xingfa Group announced its plan to spin off Xingfu Electronics on August 13, 2021, strategic investors such as Big Fund II discussed investment matters with the company or Xingfu Electronics one after another.

Nanjing University Optoelectronics announced on December 30, 2021 that the holding subsidiary Ningbo Nanda Optoelectronics has completed the introduction of strategic investors. It is reported that the second phase of the big fund increased its stake in Ningbo Nanda Optoelectronics at the price of 2.72 yuan / registered capital, which is the main body of the ArF photoresist business of Nanjing University. After the completion of the capital increase, Nanda Optoelectronics's shareholding decreased from 71.67% to 58.53%, and the second phase of the fund held 18.33%, making it the second largest shareholder.

"the large fund has made investment plans for key materials, and its equity participation is mainly focused on the company's AFr photoresist business. We have two AFr photoresist through customer verification, there are small batch orders. " The person in charge of Nanjing University Optoelectronics told Science and Technology Innovation Board Daily.

A reporter from Science and Technology Innovation Board Daily noted that when the second phase of the fund was increased, it also agreed with Nanjing University Optoelectronics on the relevant buyback terms. The contents of the transaction agreement show that within five years from the date of delivery, NTU Optoelectronics needs to actively plan for Ningbo NTU to complete an independent IPO, or NTU Optoelectronics will issue shares to investors to purchase the underlying shares held by investors, so that the second phase of the fund will hold shares at the level of NTU Optoelectronics.

Capital operation for semiconductor business

Based on the regulatory policy support, business capital requirements and corporate value maximization and other factors, listed companies have put forward subsidiary spin-off listing plans. According to incomplete statistics of Star Mining data, a reporter from Science and Technology Innovation Board Daily has clearly put forward spin-off and listing plans for more than 80 listed companies since 2020, and nine subsidiaries of Shengyi Electronics, Railway Construction heavy Industry, Xiamen Tungsten Xinneng and Chengda Biology have been spun off and listed in 2021.

In the semiconductor field, in addition to the return of time Electric and Fudan Micro Power from Hong Kong stocks to A, and the listing of Shanghai Science and Technology Innovation Board, a spin-off holding subsidiary of Nasdaq listed company ACMR, many listed companies implemented capital operations on their semiconductor business in 2021. For example, the spin-off plans for the subsidiaries of BYD, Gale shares, and Ertai and other industry segments are already in the listing process.

Among them, new energy car giant BYD announced on May 11, 2021 that it plans to spin off its holding subsidiary BYD Semiconductor to the gem for listing. One and a half months later, BYD Semiconductor IPO materials were accepted by the Shenzhen Stock Exchange, and the company updated the second round of inquiry and audit reply materials on January 14, 2022; Gale MicroIPO materials, a subsidiary of Gale shares, were accepted by the Shenzhen Stock Exchange on December 28th, 2021 and planned to be listed on the gem.

Unlike BYD and Gore shares, Hetai holding subsidiary Qianchang Technology Source external acquisition. In May 2018, Heertai acquired 80% of Changchang Technology at a price of 11.82 yuan per registered capital from shareholders such as Ding Wenheng and Xincore Investment, which became the main body of the phased array Tamp R chip business. Three years after the change of the actual controller, and Thai actively promote the spin-off of Changchang Technology to the main board of the Shenzhen Stock Exchange to be listed on the main board of the Shenzhen Stock Exchange, and Changchang Technology is currently in the pre-disclosure update stage.

In early 2021, Nasida, the domestic printing leader, completed the plan of introducing strategic investors into its subsidiary Epike Weidian, and the second phase of the big fund, Gree Capital Investment, Goldstone Investments and other investment institutions invested in the form of capital increase or equity conversion. According to the data, Epike Micro Power is a full range of printer chip design company from printer master SoC chip to consumable encryption chip, and it is also a global supplier of printer general consumable chips. After the completion of the shareholding, Nasta's shareholding decreased from 100% to 83.16%, and the second phase of the fund's 7.9% stake became the company's second largest shareholder.

"the development of the chip has its own unique logic, and it was intended to support the independent development of Epike at that time. It needs to do financing, so we will open up a round and introduce investors such as large funds. It will be decided whether or not to split up according to the actual situation. " The relevant person in charge of Nasida said in an interview with a reporter from Science and Technology Innovation Board Daily.

In addition, a reporter from Science and Technology Innovation Board Daily learned that Suzhou Mingyi Sensor Technology Co., Ltd., a subsidiary of semiconductor manufacturer Suzhou solid technetium, completed a new round of financing in May 2021. Hubei Xiaomi Yangtze River Industrial Fund, small and medium-sized Enterprises Development Fund (Shaoxing) and other well-known investors to participate in the investment. Tianyan survey data show that Suzhou solid technetium holds a 24% stake in Mingyi Sensor as the largest shareholder.

The person in charge of Suzhou solid technetium told Science and Technology Innovation Board Daily: "in recent years, the semiconductor industry is relatively flexible, the market demand is strong, and the performance of industrial chain enterprises has improved significantly." Although Mingyi Sensor is only an affiliated company, if it meets the conditions for separate listing, we will also go in this direction. "