Just now, the largest fund in the history of China's chips was born

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2024-05-28 09:31Published on the official account of Beijing China Investment

Just now, the largest chip fund of all time has finally arrived.

Last year, the news about the establishment of the third phase of a large fund with a scale of 300 billion yuan has been circulating in the market. Today, the rumor has finally landed.

According to industrial and commercial information, on May 24, 2024, the National Fund was registered and established with a registered capital of 344 billion yuan, the legal representative is Zhang Xin, and its business scope includes private equity investment fund management and venture capital fund management services; Engage in equity investment, investment management, asset management and other activities with private equity funds; Business management consulting.

According to public information, the following points are worth paying attention to:

One is scale. The registered capital is 344 billion, far exceeding the registered capital of the first phase of the fund of 98.72 billion yuan and the scale of the second phase fund of 204.15 billion yuan. In the first phase of the fund, more than 500 billion yuan of local funds and private equity investment funds were finally leveraged, and if the leverage of the first phase of the large fund was still calculated as high as 1:5, the total scale of social capital that the next three funds could leverage is expected to reach 1.5 trillion yuan.

The second is shareholders. As many as 19 entities participated in the investment (see the table below). Among them, the Ministry of Finance contributed the most, with 60 billion yuan. In second place is China Development Bank Capital, a wholly-owned subsidiary of China Development Bank, with a capital contribution of 36 billion. Guosheng Group, a subsidiary of the Shanghai State-owned Assets Supervision and Administration Commission, ranked third, invested 30 billion. In addition, China Tobacco, Beijing Yizhuang, China Chengtong, China Resources Capital, China Mobile Capital, etc. have all participated in the investment.

It is worth mentioning that the capital of the banking system has also come to an end. Bank of Communications invested 20 billion yuan, Postal Savings Bank invested 8 billion yuan, China Construction Bank, Bank of China, Industrial and Commercial Bank of China, and Agricultural Bank of China all contributed 21.5 billion yuan, and the six major state-owned banks contributed a total of 114 billion yuan, accounting for 33.14%.

In addition, in the second phase of the fund, state-owned assets in Chengdu, Wuhan, Zhejiang, Chongqing, Anhui and other places, as well as GCL Capital, San'an Group, Wu Yuefeng Science and Technology Innovation and other enterprises and institutions did not participate in the third phase of the fund.

Figure/data source: Qixinbao

The third is the investment field. According to the statistics of the previous micro-network, the investment in the first phase of the national fund is mainly focused on the integrated circuit manufacturing link, and the investment distribution is manufacturing (67%), design (17%), packaging and testing (10%) and equipment and materials (6%). It has mainly invested in Anji Technology, GigaDevice Innovation, Jingfang Technology, Jacques Technology, Xinpeng Micro, Jingjia Micro, Changdian Technology, BDStar and other enterprises.

On the basis of investing in manufacturing, the second phase of the large fund has increased the proportion of investment in upstream fields such as semiconductor equipment and materials, such as investing in companies such as North Huachuang and Perry Special Gases.

At present, the third phase of the fund has just been established, and the investment plan has not yet been announced. However, according to the report released by Huaxin Securities in March this year, the third phase of the future big fund, "in addition to continuing to support semiconductor equipment and materials, is more likely to list HBM and other high value-added DRAM chips as a key investment elephant." "Of course, the investment scope of the third phase of the National Fund will definitely be far more than this, and the domestic substitution of equipment, materials and parts in the high-end field will become its key layout area.

This can be seen in the reaction of the secondary market. As soon as the news was announced, the A-share semiconductor industry chain companies collectively rose, and the photoresist and other directions set off a tide of daily limits, and Lanying Equipment and Rongta Photosensitive touched the 20% daily limit.

Of course, there is no one more boiling than investors in the primary market. Nowadays, semiconductor investment has entered the second half, on the one hand, it is evolving to a more specialized and refined investment direction, and on the other hand, the wind of mergers and acquisitions is gradually rising. The establishment of a large fund of more than 300 billion yuan will inevitably bring a new scenery to the investment in the semiconductor industry chain.

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