Chip big man

Economic Observation Network reporter Feng Qingyan Ren Xiaoning Qian Yujuan Zhou Yingmei recently has frequent anti -corruption actions in the chip field. The latest official position of the official news is Ding Wenwu. His previous position was the general manager of the National Integrated Circuit Industry Investment Fund Co., Ltd. (hereinafter referred to as the "Big Fund"), which is the helm of the Great Fund. On July 30, the website of the Central Commission for Discipline Inspection announced that Ding Wenwu was suspected of serious disciplinary violations.

Not only Ding Wenwu, but also Ding and Ding in the Ministry of Industry and Information Technology (hereinafter referred to as the "Ministry of Industry and Information Technology"), Diao Shijing, who was a colleague, was also reported to take away the investigation recently. It is currently in a state of loss. Diao Shijing was the director of the Electronic Department of the former Ministry of Engineering and former president of Ziguang Group. In this regard, on August 3, reporters of Economic Observation Network confirmed to two familiar people who were familiar with Ding and Diao.

"They must have a problem. They are still talking and understanding the situation. When the final result," a person familiar with Ding Wenwu and Diao Shijing told the reporter of the Economic Observation Network.

In November last year, Gao Songtao, the former vice president of Huaxin Investment Management Co., Ltd. (hereinafter referred to as "Huaxin Investment"), was investigated and the outside world regarded it as the beginning of the anti -corruption storm in the chip field. In July of this year, it was a climax of anti -corruption storm in the field of chips -outside Gao Songtao, Ding Wenwu, and Diao Shijing, the list of investigations had been stretched.

In the past July, it is destined to be a strong ink in the history of anti -corruption in the field of chip in my country.

Chip big gangsters dismissed

Judging from the identity of the Dowato chip, the hardest hit area for the anti -corruption of chips is currently in the large fund and its subordinate institutions, Ziguang Group, and so on. In the Great Fund and its only management agency Huaxin Investment, there are Ding Wenwu, general manager of the Great Fund, which have been announced by the State Commission of Discipline Inspection, Gao Songtao, former vice president of Huaxin Investment, and the former president of Huaxin Investment. Yang Zhengfan, deputy general manager of Huaxin Investment Investment, and Wang Wenzhong, a partner of Shenzhen Hongtai Fund Investment Management Co., Ltd. (hereinafter referred to as "Shenzhen Hongtai Fund"). It is understood that Shenzhen Hongtai Fund is a large fund Shenzhen Zifu manager company.

And involved the Ziguang Group, and three people were exposed to the investigation. Zhao Weiguo, former chairman of Ziguang Group, who was revealed by the media, Diao Shijing, former president of Ziguang Group, and Li Luyuan, chairman of Beijing Ziguang Technology Service Group Co., Ltd. In this regard, the reporter from the Economic Observation Network asked insiders from the Ziguang Group. The person said that he had left the work earlier this year, and it was not clear about it. Another executive of Ziguang Group declined the reporter's interview.

As the helm of the Great Fund, Ding Wenwu's dismissal made the outside world surprise. Just half a month ago, on July 16th, Ding Wenwu also appeared and delivered a speech at the 6th Micro Semiconductor Summit in Xiamen, Fujian. At that time, he said that the situation in the semiconductor industry in the past two years was very good, and some even said that "if you can't make money, it is a fool", but this situation has begun to change. One day before, Ding Wenwu also attended the 6th Alliance Council as the general manager of the Great Fund and the chairman of the China Semiconductor Investment Alliance Council.

On July 30, the website of the Central Commission for Discipline Inspection issued a news that Ding Wenwu was suspected of serious disciplinary violations and was under the jurisdiction of the Central Commission for Discipline Inspection. , Beijing Municipal Supervision Commission Supervision Investigation.

Ding Wenwu has been the general manager since its establishment in 2014, and has been 8 years. In the meantime, Ding Wenwu successively served as the general manager and director of the first and second phases of the Great Fund. Before being investigated, Ding Wenwu was one of the main heads of the big fund.

The road troops were earlier than Ding Wenwu. On July 15, the website of the State Commission of the Central Commission for Discipline Inspection announced that Lu Jun, former deputy director of the State Development Fund Management Department of the State Development Bank, was suspected of serious disciplinary violations and was accepting the disciplinary review of the State Discipline Inspection Commission's State Development Bank Discipline Inspection and Supervision Team And Jilin Provincial Supervisory Commission Supervision Investigation.

Different from Ding Wenwu's investigation, from the establishment of the Great Fund in 2014, he served as the President of Huaxin Investment. He was transferred back to the State Development Bank at the end of 2020. Last September last year, the Luo Army from the National Development Bank National Development Development Fund in September last year The management department resigned and later served as chairman and president of Guangzhou Bay Area Semiconductor Industry Group Co., Ltd. On August 3rd, a reporter from the Economic Observation Network inquired about Tianyancha found that Lu Jun was the company's legal representative, actual controller, and the ultimate beneficiary. The company's establishment date was October 29 last year.

On the same day of the investigation, Wang Wenzhong, a partner of Shenzhen Hongtai Fund, was taken away by the relevant departments. Lu Jun and Wang Wenzhong are classmates. Earlier, the partner of Shenzhen Hongtai Fund showed that Wang Wenzhong graduated from the undergraduate undergraduate of the Radio Technology of Beijing University of Technology, and later obtained a master's degree in finance at Peking University.

On August 3, reporters from the Economic Observation Network logged in to Shenzhen Hongtai Fund official website and found that in the management team column, there was no name, photo and partner introduction in the management team. However, Tianyancha shows that there are three shareholders of the company, namely Huang Xueliang, holding 33.34%; Wang Wenzhong, holding 33.33%of the shares; Shenzhen Houwang Investment Management Co., Ltd., holding 33.33%. Among them, Huang Xueliang is a major shareholder, actual controller, and the ultimate beneficiary; Wang Wenzhong is the ultimate beneficiary.

Yang Zhengfan should be the smallest among the large funds and its subordinate management agencies. Born in 1981, a master's degree in computer departments at the University of Bristol University in the United Kingdom, has been a senior manager, senior manager, and investment deputy general manager of Huaxin Investment since December 2014. Yang Zhengfan was investing in equipment investment at Huaxin. Tianyan Checai showed that as of now, Yang Zhengfan has served as a director in 15 semiconductor equipment such as semiconductor equipment, and also the vice chairman of Shanghai Silicon Industry Group Co., Ltd. The earliest fund was investigated by Gao Songtao. From the establishment of the Great Fund in 2014 to 2019, he served as the vice president of Huaxin Investment. When he was investigated from November 2019, he served as the general manager of the national manufacturing transformation and upgrade fund Co., Ltd.

Zhao Weiguo was once a figure in the chip industry and was known as "chip madman". Since 2009, he has been in charge of Ziguang Group's power. Until July 11 this year, Ziguang Group announced that it had completed the registration procedures for industrial and commercial changes, and the Ziguang system ended the Zhao Weiguo era.

One day in December last year, the reporter of the Economic Observation Network met Zhao Weiguo, the former chairman of Ziguang Group in Ziguang Group's Zhizhen Building in Beijing, at the time. He claimed to have lost dozens of pounds at that time, and he also paid more attention to health and health.

Diao Shijing joined the Ziguang Group in May 2018. He is the co -president and is in charge of the chip business section. Later, he also served as chairman of Ziguang Guowei, chairman of Ziguang Zhanrui Executive, Executive Director of the Yangtze River Storage, and Chairman of the DRAM Business Group of Ziguang Group.

Li Luyuan, who was exposed to the investigation, is the chairman of Beijing Ziguang Technology Service Group Co., Ltd. Li Luyuan is the helm of Ziguang's real estate business. In his early years, he was an assistant to Zhao Weiguo, and later founded Jiankun Investment with Zhao Weiguo in 2005, holding a 15%equity of Jiankun Investment.

Recently, a picture of Ding Wenwu and Lu Jun surveyed Ziguang on the Internet recently circulated on the Internet. The pictures include Diao Shijing, Zhao Weiguo, Ding Wenwu, Lu Jun and Ziguang Group President Zhang Yadong, and Ziguang Group's joint president Qi Lian. What is sighing is that the top four are now investigated. At present, only Zhang Yadong is still in the executive team of Xinzuang Group.

Anti -corruption area

In the recent surveyed people's resumes, a name appeared frequently: big funds.

The time goes back to 2014. In June of that year, the State Council issued the "Outline of the Development of the National Integrated Circuit Industry", which clearly established a national industrial investment fund. It mainly attracts large enterprises, financial institutions and social funds, adopts market -oriented operations, focuses on supporting industrial development such as integrated circuits, and promotes industrial transformation and upgrading.

In September of the same year, the Great Fund was established. Ding Wenwu, Lu Jun, Gao Songtao, Yang Zhengfan, etc. all gathered from their respective positions to the Great Fund that year. Later, due to the mission of the big fund, a large number of investment chip companies were exposed to the investment chip company. Essence Several people who originally had south and north finally had intersections.

According to public information, the large fund adopts a double -layer management structure. The first floor is a large fund. From the direction of the strategy and industrial development, the approval, policies and major issues of major projects, the protection and balance of the equity of the shareholders and interests of the shareholders and interests Comprehensive management at the equal level; the second floor is the only manager who commissioned Huaxin Investment as the fund, that is, investment management of the fund. Between the fund company and the management company, through the entrusted management agreement, they define their respective rights and obligations to realize the separation of ownership and management power.

Ding Wenwu explained the division of labor between the large funds and Huaxin investment in 2017: In terms of project investment decision -making, the management company set up an investment decision -making committee. Generally, the project management company can invest The Board of Directors of the Fund is approved.

The Great Fund was initiated by Guokai Finance, China Tobacco, Yizhuang Guo Investment, China Mobile, Shanghai Guosheng, China Electricity Department, Ziguang Communication, Huaxin Investment and other companies. For industries such as materials, implement market -oriented operations and professional management.

Big Fund currently has the first and second phases. According to statistics from Guotai Junan, the scale of fundraising in the first phase of the Great Fund was 138.72 billion yuan, and the social funds were leveraged more than 500 billion yuan. The second phase of registered capital is 204.15 billion yuan, which is expected to leverage trillion funds. Tianyancha showed that the big fund invested 110 times. According to data from the CITIC Investment Research News, as of the end of the first quarter of 2022, the second phase of the Great Fund announced a total of 38 companies, with a cumulative agreement of 79 billion yuan.

Economic Observation Network reporters have sorted out the investment in the 8 -year investment of the Great Fund and found that in 2020 and previous years, Ziguang Group is a guest of the big fund's heavy investment. In December 2015, Da Fund spent 4.5 billion yuan to invest in Ziguang Group, Ziguang Zhanrui; in December 2016, Ziguang Group United Da Fund, Hubei Integrated Circuit Industry Investment Fund, and Hubei Provincial Science and Technology Investment Group Co., Ltd. jointly invested 38.6 billion yuan RMB Construction of the National Memory Base Project -Yangtze River Storage, Zhao Weiguo, then chairman of Ziguang Group, served as chairman of the Yangtze River Storage and Ding Wenwu as the vice chairman; in March 2017, Huaxin Investment was signed with Ziguang Group as the only management agency of the Great Fund. After the "Strategic Cooperation Agreement", Huaxin Investment invested 50 billion yuan in the intention of Ziguang Group, focusing on supporting Ziguang Group's development of integrated circuit -related business sectors; in March 2020, the second phase of the National Fund signed the first project. The investment amount of the Great Fund to Ziguang Zhanrui was about 2.25 billion yuan. During the Ziguang Group of Zhao Weiguo, Ziguang Group's assets increased from 1.3 billion yuan in 2009 to 296.6 billion yuan in June 2020. Especially from 2014 to 2020, a big merger and acquisition, Zhao Weiguo also received the "chip madman" title. In 2015, it spent $ 2.5 billion to acquire Xinhua 351%of the shares of Xinhua, US $ 3.8 billion to invest in global storage giants western data, and US $ 600 million in semiconductor seal seal testing manufacturer Taiwan Licheng Technology. In 2015, the annual mergers and acquisition funds of more than 60 billion yuan. In 2016, after entering Wuhan Xinxin, another Yangtze River storage was established with other companies, with a planned total investment of 160 billion yuan; three major semiconductor manufacturing bases were established in Wuhan, Chengdu, and Nanjing, with a planned total investment of more than 70 billion US dollars.

Ziguang Group not only mergers and acquisitions in the chip field, but also attacked in non -chip fields such as real estate and small cans. In 2018, after penetrating the new shareholders of the small pot tea company, Zhao Weiguo's Jian Kun invests. At that time, Li Luyuan and Long Tao's investment companies were also investing in shareholders.

In the early years, Zhao Weiguo, who started in the fields of real estate and energy, did not give up this field after the helm at the Ziguang Group, but continued to increase. In 2016, Ziguang Real Estate, a real estate platform of Ziguang Group, was renamed Ziguang Technology Service Group, and began to develop the Ziguang Science and Technology Park project in first- and second -tier cities such as Beijing, Nanjing, Wuhan, Chengdu, Suzhou, and Xiamen. In December 2019, Ziguang Group, Ziguang, Ziguang Guowei and Ziguang Sciences cost 6.609 billion yuan to win the road plot of the Haixian District College of Beijing.

However, it is precisely because of mergers and acquisitions and investment spending too much, and the debt ratio is high for many years. In 2021, the bond defaults in Ziguang Group, and later detonated the debt crisis and entered the bankruptcy reorganization. In August of the same year, Diao Shijing, who entered Ziguang for more than three years, left Ziguang and went to a domestic GPGPU manufacturer named Sky Digestyo as chairman.

The Executive Dean, Professor Pan and Lin of the Digital Economic Research Institute of Zhongnan University of Economics and Law told reporters that the problem of Ziguang is that the problem of Ziguang is not sinking to overcome the difficulty of cutting -edge technology, but increasingly diversified into some low -efficiency areas. At the same time, in order to diversify, it continues to raise debt, thereby getting heavier assets.

"I want to make fast money, but the money is not easy to make. The diversified business earns less money. In the end, the diversified business becomes a golden beast. It needs to continue to enter the resources to promote business development, so that it is impossible to extricate themselves." In fact, this is not a problem of the Ziguang Group. Especially in recent years, the core goal of many chip companies is to get more resources, such as government subsidies, bank financing, and high valuations. Patience, use traffic thinking instead of product thinking to do chip semi -guided. "Their achievements often have a strong purpose, not to solve the specific problems of the semiconductor industry, or in other words, there are a large part of the semiconductor research and development of semiconductor companies, which are greater than the lilies."

It is worth noting that the company's second -phase investment is no longer Ziguang Group, but SMIC. The reporter's incomplete statistics were that from July 2020 to the end of 2021, the Great Fund contributed to the establishment of SMIC, SMIC, SMIC, and SMIC, and participated in the listing of SMIC. 100 million yuan.

Starting again?

A chip design company told reporters that the big fund was regarded as the hands of the industry in the industry. "Whoever invests in." The helm of the Great Fund is a guest of semiconductor industry.

Gao Songtao's dismissal was regarded by the outside world as the beginning of the chip anti -corruption. An administrative penalty decision released by the China Securities Regulatory Commission in December 2019 shows that Gao Songtao was involved in the insider trading case related to the listed company Huiding Technology during his tenure in 2017, and reduced the great fund transfer Huo Ding Technology to reduce his holdings. The matters of the shares revealed to Wang Ping, who had worked at the Software and Integrated Circuit Promotion Center in the Ministry of Industry and Information Technology and had a direct relationship with Gao Songtao. As the vice president of Huaxin Investment, Gao Songtao participated in the planning, decision -making, and implementation of the Great Fund's transfer of science and technology equity.

A semiconductor industry investment researcher who is close to Huaxin Investment revealed to reporters that in 2017, Zhang Fan, chairman of Huiding Technology, and Wang Li, the secretary of the director Wang Li, met in Shenzhen in mid -September of that year. Lu Jun met. It was not until September 26 of that year that Huaxin Investment determined to establish the investment project of Huiding Technology. As for the reasons why Ding Wenwu, Lu Jun, Diao Shijing, Zhao Weiguo, etc. were investigated. According to media reports, Zhao Weiguo may involve the benefit delivery of the interests between its personal control companies and the original Ziguang Group's company, such as equipment procurement and decoration projects that have not been bidded by public bidding. Yang Zhengfan was investigated related to the Lu Jun, involving Xinxin Financial Leasing Co., Ltd. (hereinafter referred to as "Xinxin Financial Leasing") in financial issues. However, there are no official information disclosure and confirmation at present.

Tianyancha shows that Da Fund is a shareholder of Xinxin Financial Lease with 6.6562%of the shares. From June 2018 to August 2021, Lu Jun has been a director of Xinxin Financial Leasing. The company was established in August 2015 with a registered capital of about 13.21 billion yuan. It is a financial leasing company of an integrated circuit industry.

Public information shows that Xinxin Financial Leasing has provided financial services for a number of industrial leading enterprises and projects such as SMIC, Yangtze River Storage, Ziguang Zhanrui, Changdian Technology, China Micro Semiconductor, and Shenyang Takuya. As of the end of 2021, the company's total assets were nearly 61.5 billion yuan, and a total of 128.9 billion yuan was realized, and more than 70%were invested in integrated circuits and semiconductor fields.

Before Ding Wenwu was investigated, he served as the general manager of the Great Fund. In the 8 years of employment, from the return on investment, the big fund led by Ding Wenwu has achieved brilliant achievements. There are two issues in the Great Fund, and the first phase has been reduced by 2020. As of the end of 2020, there were 28 A -share companies invested by the Fund, including 24 listed companies directly holding stocks. At that time, the large fund's investment profit (floating profit) of 28 companies was positive. Among them, the highest investment in the investment is more than 30 times, and the lowest is close to 50%.

According to incomplete statistics from reporters, after 2021, three large funds holding semiconductor companies have been listed, and 11 are on the road to listing.

In 2020, the Great Fund has been reduced. At that time, the listed company invested in the first phase of the Fund was calculated based on the closing price on April 10, 2020. The return on investment exceeded 100%. Among them, the large fund's investment floating profit and return on Sino -Micro Corporation were the highest. The investment floating profit was 13.768 billion yuan, and the return rate reached 28.68 times.

The good performance of the Great Fund is closely related to the rising trend of the stock price of the semiconductor sector in the late August 2019. After the launch of the science and technology board, more and more semiconductor companies were successfully listed, and their stock prices were flourishing. 2020年下半年，多家半导体公司市值破千亿大关，其中包括中芯国际、韦尔股份、汇顶科技、中微公司、兆易创新、澜起科技、三安光电、北方华创、 Zhuo Shengwei and other chip companies. Among them, only Well's shares, Lanqi Technology, and Zhuo Shengwei were not within the scope of investment in the Great Fund.

Even if it is not a direct investment, companies with the concept of big funds can skyrocket. On March 11, 2020, the price of Taijing convertible bonds doubled within two days. At that time, Taijing Convertible Treasury Tyramto Technology participated in the simultaneous design and development of chip solution providers such as Ziguang Zhanxun and Ziguang Zhanrui. At that time, it was reported that the Great Fund Investment Committee passed the news of the investment resolution of Ziguang Zhanrui.

Since 2020, the large fund has been reduced by large -scale holdings, and the most frequently held in 2021, and the news reduction news will be reported almost every month. As of now, the Great Fund has reduced its holdings and plans to reduce its holdings of Huiding Technology, Guoxi Micro, San'an Optoelectronics, Zhaoyi Innovation, Jingfang Technology, Tai Chi Industrial, Tongfu Microelectronics, China Resources Micro Ririni, Yaka Technology Jingjiawei, Changchuan Technology, Wanye Enterprise, Anji Technology and many other semiconductor listed companies.

"In recent years, the chip industry has become a wind, and the secondary market has also been sought after, but those companies that can really play are just those who can play." A person who has worked in the semiconductor industry for more than 10 years to analyze the reporter of the Economic Observation Network. Semiconductor investment, now looking back at short -term behavior, has not invested in semiconductor companies with real core value.

Once the market value of 100 billion yuan, the top semiconductor company Huiding Technology, on August 4, the market value was only one -7th, and Zhaoyi Innovation's stock price was cut. As of August 4, the domestic semiconductor market value of more than 100 billion yuan has only a few companies such as SMIC, Weir, and Northern Huachuang. In the market value, there is still a large gap between domestic semiconductor companies, and the problem of chip "stuck neck" still exists.

In the face of the goal proposed by the "National Integrated Circuit Industry Development Promotion Outline" in 2014, that is, by 2020, the 16/14nm manufacturing process will be mass -produced. In 2030, the integrated circuit industry chain reached the international advanced level, and a group of enterprises entered the international first development echelon to achieve leapfrog development.

A chip industry told reporters that the goal in 2020 was originally conservative, although it was basically achieved. However, when it encounters the ban and restrictions on the United States, my country's semiconductor industry needs to rebuild the ecology. It is still difficult to achieve the goal of 2030. Xing Orange Capital Feng Jinfeng mentioned at the Investment and Financing Forum of Nansha International Integrated Circuit Industry Forum that "the start of the big fund has made the entire society truly an investment boom." After that, China's chip companies enjoyed the three or five years of market dividends. It should be clear that "Capital dividends and market dividends are becoming smaller in the next 5-10 years."

On August 3, Yuan Feng, general manager of GAC Capital, told reporters from the Economic Observation Network, "There are too many chip startups in China." Not only because of frequent chip startups found, Yuan Feng said In the previous search, Chinese chip startups doubled every six months, and he laughed that it was another law of Moore.

When I met with GAC New Energy at one time, someone talked to Yuan Feng that the pain in the first half of 2021 was a lack of core. The pain in the second half of the year was "I can't wait to receive 10 chip companies a day, and I don't know which one."

In Feng Jinfeng's view, from equipment to materials, to manufacturing, storage, and design, "Mainland China is the only one who has no highlights, no strengths and specialties." Of course, from another perspective, China in the international international in the above fields in the above field Competitiveness has room for improvement and more possibilities.

A national investment manager has been confused recently. He said, "mainly because the industry is now in a relatively sluggish state." Many executives of large funds were investigated. He said, "I understand the entire chip in the entire chip In the investment process of related industries, we should pay more attention to the requirements of compliance and risk control. "For a wave of dynamics in the industry in the near future, Yuan Feng feels that no matter from the overall development of the industry or long -term perspective," it is a good thing. "

During the Pan and Lin's view of his anti -corruption of the chip, "Anti -corruption is necessary. It is necessary to pull down the hypocrisy, face, and formalism of the semiconductor industry. R & D semiconductor needs to start with talent training, step by step. "

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