Junior high school capital led the first round, and harvested a super IPO depth

This is the beautiful battle of middle school capital this year.

Today (July 29), the domestic EDA leading company, Huada, officially landed on the GEM of the Shenzhen Stock Exchange. The IPO issuance price was 32.69 yuan/share, and only 15 minutes after the opening, the stock price rose to 75.5 yuan/share, an increase of more than 130%, and the market value exceeded 40 billion. At this point, Junior High School Capital has harvested a semiconductor IPO.

Witnessing the growth process of Huada Nine days, Shi Anping, chief partner and chairman of the middle school capital, was very emotional: "In fact, many of the investment community had been in contact with Huada nine days, but because of various reasons The stress was cast. Today's result proves the judgment of our team. "

As early as 2016, the EDA track of the Middle School Capital team monopolized in foreign giants discovered the nine days of Huada, which was still small at that time. For the first time, Shi Anping was moved by the sincerity and rigor of Liu Weiping, chairman of Huada Nine Days. In 2017, Junior High School Capital Strategy led the Nine Days of Huada, and then invested two rounds in a row. After the IPO, middle school capital holds 5.15%, corresponding to the market value exceeding 2 billion yuan.

The middle school capital, which dares to bet on bold bets, is a low -key venture capital national team. Earlier, the national SME Development Fund, which is 6 billion yuan in the 2015 China SME Development Fund, was selected again with the first place in the first place in the total score of the first place. The amount of capital reaches 10 billion yuan.

Three rounds of consecutive rounds to create a hardcore IPO

Market value 40 billion

The nine -day conclusion of the middle school capital began 6 years ago.

Around 2016, the investment wind direction of the venture capital circle was also concentrated in the mobile Internet field, mainly based on model innovation projects. Even investors who are concerned about the semiconductor industry will choose to invest in chip design projects. However, the middle school capital was excavated in the field of semiconductor industry chain, combing key nodes such as semiconductor materials, equipment, industrial software, chip design, and found that the domestic EDA head company Huada Nine days.

EDA is the automation software of integrated circuit design, which is equivalent to the brush of chip designers. Strategic positions are no less than that of lithography machines. The nine days of Huada, established in 2009, can be regarded as a local EDA enterprise with a large domestic scale, full product, and integrated technical strength. However, at that time, the three international EDA giants such as Shinse Technology, Kai Deng Electronics and Siemens monopolized more than 90%of the world's markets. The scale of the Nine Days of Huada was still small and the situation was very difficult.

"Customer recognition is not high, funds are tight, and financing is blocked. During that time, Huada Jiutian saw many investment institutions that did not integrate funds." Shi Anping recalled.

What is even more dramatic is that at that time, some colleagues heard that the capital of the middle school was going to invest in the University of China for nine days, and came to persuade Shi Anping: "Overseas leaders have finished the market. No value. "

However, in Shi Anping's view, the nine days of Huada are a piece of jade that needs to be carved. When I first visited Huada nine days, Shi Anping's team deeply realized that this was a team with a solid theoretical and practical experience. Chairman Liu Weiping graduated from Fudan University's microelectronics major. He has participated in national scientific research projects many times. He has deep theoretical technologies and experience in the development of the front -line industry, which is very rare.

"President Weiping's sincerity and rigor moved us." Talking about this past, Shi Anping was still impressed. When I met for the first time, Liu Weiping frankly told the Junior High School Capital Team that there were not many customers who were willing to try the company's products. "He didn't want to amplify his achievements for many times like some entrepreneurs.

In fact, the middle school capital team clearly knew this during the investigation: EDA software, as the basis of the semiconductor industry, needs to ensure independence. "The Chinese do not have their own EDA. This is unimaginable. Once someone else does not sell 'brushes' for you, it is how rich and colorful in their minds, and it is difficult to express it on the paper."

In December 2017, Middle School Capital led tens of millions of yuan in strategic led by China. After completing the investment, the middle school capital sorted out the problems encountered by Huada in nine days and provided solutions one by one. "When investing in the nine days of Huada, we were prepared to start a business with the company team." At that time, the middle school capital team contacted a lot of investors in the semiconductor field and let them try the software of Huada Nine Days. It is an important breakthrough. "Many chip design companies have established cooperation one after another after using the nine days of Huada."

In addition, middle school capital also provides help in human resources training, equity structure design, and future strategic planning of the enterprise, and even use its own government resources to call on the country to support national industrial software companies. In the following years, with the outbreak of ZTE and Huawei incidents, the autonomous control of the semiconductor industry became vital, which also brought a transfer to the nine days of Huada.

The prospectus shows that from 2018 to 2020, the Nine-day revenue of Huada was 151 million yuan, 257 million yuan, and 415 million yuan, of which in 2019 and 2020, the year-on-year growth rates were 70.59%and 61.26%, respectively. Speed ​​growth; even more importantly, from January to September 2021, the company's net profit was 76.8252 million yuan, an increase of 89.4801 million yuan from the same period last year, achieving a profit of turning losses. During the period, Huada began to be watched by more investors. Investment institutions such as Yuanhe Huahua, Jianyuan Fund, and CLP Gold Investment have successively invested in. The prospectus shows that after the listing, the capital of the middle school has a total of about 5.15%of Huada's nine days. Based on the market value today, the capital of the middle school capital holds up to 2 billion yuan.

But Shi Anping is most pleased that in the fields of domestic industrial software, we have cultivated the seeds that belong to the Chinese people.

All -industry chain layout

Set a huge semiconductor territory

Through the nine days of Huada, the semiconductor investment scroll of the middle school capital slowly unfolded.

From the material and equipment from the upstream of the semiconductor, the EDA software to the semiconductor manufacturing link, to the downstream chip design company, the national middle school capital finds the key technical nodes on the industrial chain to systematically layout. From the perspective of middle school capital, new technologies, especially technology, need to be imported. The entire industry chain jointly promotes faster than a company alone, as well as investment.

In the process of investing in the East Micro Semiconductor, the advantages of the overall industrial chain of the middle school capital are reflected. When studying key technical nodes on the power semiconductor industry chain, the middle school capital team realized that the super -knot MOSFET has a market prospect. As a result, as early as the successful research and development of the East Micro Semiconductor MOSFET MOSFET, the middle school capital team began to notice the company. "The founders Wang Pengfei and Gong Yi have both the work experience of the European and American international chip giants, but also the scientific research experience of colleges and universities, with outstanding product research and development capabilities."

In 2017, middle school capital officially invested in East Micro Semiconductor, and also helped to connect downstream customers in the direction of industry and mobile phones to steadily expand the market size. In February of this year, the aura of the East Micro Semiconductor was officially landing on the Science and Technology Board of the Shanghai Stock Exchange with the aura of "the first share of the charging pile chip". On the first day of the opening, it increased by more than 13 %, and the market value exceeded 10 billion yuan. With the decline of chip stocks all the way, East Micro Semiconductor's stock price rose against the trend, and now the market value exceeds 17 billion.

Another advantage of the layout of the entire industry chain is that it is early. In the wave of domestic alternatives of semiconductor, the field of semiconductor equipment represented by lithography machines has always been a lingering pain in the semiconductor industry in China, and it is also a field that most investors can easily touch. Many investors have feedback, and it is difficult for semiconductor equipment to grab it. Some companies that master core technologies even have to reverse their investment institutions.

"When we started investing in semiconductor equipment, our counterparts thought that the industry was huge uncertainty." Shi Anping said. However, in 2017, Junior High School capital invested in the semiconductor super precision measurement and control equipment and the whole machine -Huazhuo Precision Department. This is a semiconductor equipment company founded by Tsinghua professor Zhu Yu. Its product is mainly the core manufacturing of semiconductor core manufacturing The key components required for equipment, such as ultra -precision sports platforms, laser annealing equipment, wafer bonding equipment and other machine equipment.

"Of course, the pressure of investing in semiconductor equipment is indeed not small." Shi Anping bluntly. During the process of investing in high -end domestic semiconductor equipment suppliers, there have been large differences within the middle school capital. The main product of the original Lei nano is the R & D and mass -produced ALD equipment. "This kind of equipment has also been monopolized by overseas leaders, and the craftsmanship is extremely complicated and the capital investment is large. Once the development verification fails, the risks that investors and entrepreneurs need to bear are high."

But the middle school capital team still stood up with the pressure. Tianyancha showed that in March this year, the middle school capital invested in the original Lei nano, with a shareholding ratio of 4.45%. It is understood that the first industrial -grade ALD device independently developed by Lei Nano was successfully imported from customers and successfully passed the verification. Several prototypes have also entered the production line to try production.

In addition, the middle school capital is also in the DPU, high -performance power device, high -end simulation chip, high -performance optical module, OLED materials and equipment and other subdivisions. Semiconductor, wide energy semiconductor, Huayinxin and other companies. For the investment in semiconductor industry, Shi Anping's experience is: "To dare to find a direction, recognize the team, and dare to invest a certain amount of energy, you may find the most suitable target."

Investment into industry

The "young" middle school capital is a legendary institution of the "new biography of veterans".

On September 1, 2015, Premier Li Keqiang of the State Council hosted a executive meeting of the State Council and decided to set up a national SME Development Fund. After a complete market -oriented public competition, in December of the same year, the winning bid in the middle school venture capital (predecessor of the middle school capital) and began to manage the first physical fund of the National SME Development Fund with 6 billion yuan.

In the early days of the establishment, the capital of the middle school set up a core team with deep venting backbone and formed a core team. As the helm of the middle school capital, Shi Anping is a veteran veteran who has a long -lasting trainer. He is a doctor of industrial economics in Xi'an Jiaotong University and a doctorate in management of Fudan University. He has also been a university teacher. In 2001, Shi Anping joined the Shenzhen Innovation Investment and officially entered the venture capital industry. It almost witnessed the historical changes of Chinese venture capital from a barren period to gradually mature. Before the establishment of the middle school capital, he served as the vice president of the group in Shenchuang Investment Group. According to the group's leadership team, he was in charge of investment decision -making and fund construction, and invested a series of star cases. Although the middle school capital is composed of a group of powerful venture capital veterans, the venture capital and lakes of the tiger and wolf are like a piece of white paper. "We have no brands and project cases. If we want to get the entrepreneur, the investment community, and even the capital market, we must form a unique play." Combining the industrial accumulation for many years, the national middle school capital team proposed "the research first, the combination of investment and research, the combination of investment and research, and the combination of investment research. Investment strategy according to the industrial chain layout ".

Along this strategy, middle school capital drove in new energy vehicles and intelligent driving, new materials, new energy, ecological and environmental protection and intelligent equipment, semiconductor, electronic information technology and artificial intelligence, big data, cloud computing, network security and corporate services, The six major areas of new consumption and Internet applications, biomedicine and great health form a relatively complete industrial chain layout. Frankly speaking, any of the above industries consist of various intricate subdivided tracks. It is not easy for investors to eat throughout the industry chain.

In addition to routine writing research reports, the middle school capital team emphasizes all members to learn and do deep industry research. At present, the Shenzhen headquarters has established a postdoctoral workstation. There are 4 batches of post -doctoral enrollment, and 5 or 6 post -doctoral entering stations have been carried out to conduct research.

In addition, middle school capital will push investment members to the front line, and often maintain the interaction with the invested enterprise in order to deepen the depth of industrial research. "Tracking the supply chain and customer changes of a invested enterprise can more deeply feel the key information such as technological changes or industry trends." Shi Anping introduced that the strategic layout of national middle school capital on the new energy track is also from Inspired by the investment enterprise.

"In fact, as early as 2016, the new energy vehicle had already been hot once. At that time, the market bubble was very serious. Tractors and agricultural vehicles were put on the battery. When running on the playground, a few laps were claimed to be new energy vehicles, core technology, core technology, core technology, and core technology. Without one, the state subsidy has been deceived a lot. "Shi Anping recalled that the National China Capital Team witnessed the crazy years.

At that time, the middle school capital team made a judgment during the interaction with the invested enterprise. The upstream and downstream of the new energy battery was undergoing tremendous changes, and the track was more determined. From the positive electrode materials, negative electrode materials, septum materials to electronic control, motor, and autonomous driving decision -making system, middle school capital has invested in more than 30 companies.

"When other people rushed to this track, we had made a layout at key nodes and connected a group of leading companies." Shi Anping was not exaggerated. For example, Jiayuan Technology, a lithium battery copper foil company, has become one of the first 25 companies listed on the opening board of science and technology innovation boards. Now the market value has reached 19 billion; Both installed capacity ranks first in the industry; the automation equipment supplier in the lithium battery field has captured well -known domestic and foreign battery manufacturers such as Ningde, LG Chemistry, BYD, etc. enumerate.

Nowadays, middle school capital has gone through 6 years, managing two national SME Development Fund, a national SME Development Fund with a total size of 10 billion yuan, the national SME Development Fund with RMB 6 billion Yuan's National SME Development Fund Phase II Fund.

Right now, the first physical fund of the middle school capital has completed all investment tasks and gradually entered the harvest period. According to the data of the Qingke Research Center, in the first quarter of 2022, Junior High School Capital was ranked among the four new listed companies including Yahong Pharmaceutical, East Micro Semi -Director, Capitaine, and Leit Optoelectronics. The top three in the industry. In addition, the Rongchang creature, which participated in the investment in the middle school capital, also successfully landed on the science and technology board in the first quarter.

"We are not necessarily the largest venture capital institutions in the industry, but we must do one of the most unique and visible institutions." Shi Anping often emphasized internally with the team.

In 2022, what else is VC/PE voted?

Semiconductor mergers and acquisitions are coming

In 2022, the activity of the venture capital circle gradually rose, and the investment and financing status of various industries changed — Yuan Universe, Web3: Ahead of fiery and disputes; The water rose high; last year, the hot semiconductor investment field began to cool down slowly, and even some investors admitted: "This year, the investment action in the semiconductor field will be suspended."

From the perspective of financing data, the semiconductor industry is ushered in a wave of large shuffles. Research on Research on Qingke showed that during the first quarter, the amount of financing of semiconductors and electronic equipment industries increased by 11.8%year -on -year, and the amount decreased by 19%year -on -year.

Behind the slowing of investment, there is no change in the supply and demand relationship of the global semiconductor market. In the first half of 2022, the needs of computers, tablets, and mobile phones gradually declined. Data show that in the first quarter of 2022, global smartphone shipments were 311.2 billion units, a year -on -year decrease of 11%. Gartner expects that global PC shipments will drop by 9.5%by the end of this year. This has led to overcapacity in the semiconductor field, and there is a "cut tide". Following it, the prices of chips such as IC, MCU, GPU, DRAM, NAND FLASH, NOR Flash, etc. In Shi Anping's view, the price increase of semiconductors is very state, and the decline in price is the norm. In terms of stretching, prices in some categories will not affect the past and future high -speed growth of the semiconductor industry.

When everyone was worried that the cold winter of semiconductor investment was about to hit, Shi Anping seemed to be calm: "Many people blindly enter the field to start a business in order to catch up the wind, and make a new concept circle investor's money, which has spawned a lot of bubbles." He admits Some companies are obviously only the status of the A round, but it has shouted the valuation of the C round. Now the financing of the round B is also blocked. Entrepreneurs must have a sober understanding of their development status. Don't think that the higher the valuation, the better. Whenever you have to survive to develop, you must not help the seedlings.

Right now, the semiconductor industry can just reduce the fire and take the opportunity to rationally analyze the track. Shi Anping further added that taking EDA software as an example, EDA entrepreneurs have sprung up in recent years, and everyone uses this. However, EDA is by no means the direction of entrepreneurship in the whole people. This industry is destined to be a winner. Only a few companies can impact the international market.

At the same time, Shi Anping also reminded that from the perspective of capital operation, future opportunities should come from mergers and acquisitions, not to support a group of small seedlings with independent IPOs. There is often such a sentence in the industry: "No mergers and acquisitions, no giants." Throughout the development of the semiconductor industry, it is a merger and acquisition of a "big fish to eat small fish" -Intel, Nvidia, Qualcomm, MediaTek and other giants are constantly acquiring and growing up, as well as the domestic semiconductor industry.

However, if you want to usher in the true wave of mergers and acquisitions, you need to consider the wishes of entrepreneurs. "Many domestic entrepreneurs can start their own business with the company with the company in the city, and they are unwilling to accept mergers and acquisitions." Shi Anping said in a word. Therefore, investors need to communicate more with entrepreneurs and create more successful cases. At present, middle school capital has begun to lay out in the M & A market. There is no doubt that this will be a new journey.

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