On May 4, Jinghe Integration, another giant cultivated by Hefei, went public.
If we use some key words to summarize the integration, it should be: Hefei Manufacturing, the largest IPO in the history of Anhui Province, the third largest wafer factory in China, with a market value of 40 billion.
It is reported that in 2015, Hefei Construction and Investment Corporation, in conjunction with Powerchip Technology, established Crystal Integration. The company is currently the world's leading wafer factory for panel driver chips. According to Frost & & According to Sullivan's statistics, by the end of 2020, Crystal Integration has become the third largest pure wafer foundry enterprise (excluding foreign-funded holding enterprises) with the third largest revenue and 12-inch wafer foundry capacity in mainland China. According to TrendForce, a market research Institute, in the second quarter of 2022, Crystal Integration has been among the top 10 wafer foundries in the world, and its business income ranks ninth in the world.
According to the Listing Announcement of Jinghe Integration, from 2020 to 2022, business income increased from 15.12 to 10.051 billion yuan, with an average annual compound growth rate of 157.79%. Net profit was-1.258 billion yuan, 1.729 billion yuan and 3.156 billion yuan respectively. Production capacity also expanded significantly: 266,200 pieces/year in 2020, 570,900 pieces/year in 2021, and 1,262,100 pieces/year in 2022.
In the semiconductor industry, there is no doubt that the fab occupies a central position. Its investment is huge and its cost is the highest. As a result, some IC companies have abandoned the wafer factory and turned to the fabless (fabless) mode. The result of the prevalence of this model is that the wafer factory has become a scarce resource in the whole industrial chain and has a strong control over the whole upstream and downstream. Crystal integration, the third largest in the country and the ninth largest in the world, is promising in the future.
In the latest round of investment, 12 institutions injected capital. There are not only well-known institutions such as Dongfang Fuhai, CICC Capital, Lanpu Investment and Huiyou Investment, but also upstream chip design companies to create the North. More interestingly, Midea Group and Luzhou Laojiao are also among them.
Not only "home power plant" and "winery", but also "cement plant". According to a recent announcement issued by Shangfeng Cement , a listed company , In September 2020, Shangfeng Cement invested 250 million yuan to establish a private investment fund, Hefei Cunxin Integrated Circuit Investment Partnership (Limited Partnership) (hereinafter referred to as "Hefei Cunxin"), with Lanpu Venture Capital Management Partnership (General Partnership) in Suzhou Industrial Park. Hefei Cunxin accounts for 1.75% of the total share capital of Jinghe Integration before the issuance, which is the sixth largest shareholder of Jinghe Integration.
According to the prospectus, Jinghe Integration was valued at 14 billion yuan at that time, with a total capital increase of 3.095 billion yuan. Among them, the United States has invested 1 billion yuan in innovation, 450 million yuan in Zhongan Zhixin, 300 million yuan in Huiyou, 300 million yuan in Hefei Cunxin, 200 million yuan in Haitong Innovation, 175 million yuan in Dongfang Jiafu, 150 million yuan in Luzhou Longxin, 150 million yuan in Huatai, 150 million yuan in SME Fund (Dongfang Fuhai) and 100 million yuan in Anhua Innovation. Jichuang North invested 100 million yuan and CICC invested 20 million yuan. According to the current market value, this round of investment has increased by 2.85 times.
Specifically, the Midea Group is 1.85 billion yuan, Luzhou Laojiao is 277 million yuan, Zhongan Zhixin is 833 million yuan, Huiyou is 555 million yuan, Haitong is 370 million yuan, Dongfang Jiafu is 324 million yuan, Dongfang Fuhai is 277 million yuan, Anhua is 185 million yuan, and Zhongjin is 37 million yuan. Among them, "Cement Plant" Shangfeng Cement has a floating profit of 461 million yuan (Shangfeng Cement holds 83.06% of the investment share of Hefei Cunxin) . In this equity investment, Shangfeng Cement has gained a lot. Since the release of the "one main and two wings" strategy
, Shangfeng Cement has continued to extend and expand the industrial chain based on cement and "cement plus", and the new economic equity investment wing has focused on the investment layout in the fields of chip semiconductor, optical storage, new energy and new materials, with a cumulative expenditure of about 1.3 billion yuan. The successful listing of Jinghe Integration is an important achievement of the investment wing in the development strategy of "one main body and two wings" of Shangfeng Cement. The listing and circulation of equity is of great significance to the promotion of equity value and the optimization of capital structure, and has played a positive role in promoting the transformation and upgrading of Shangfeng Cement Industry, optimizing asset allocation and enhancing core competitiveness. The new economic equity investment wing will also provide important support for the sustainable and healthy development of Shangfeng Cement in the future.
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