Semiconductor anti -corruption fund shake

Economic Observation Network reporter Shen Yiran Wang Yajie According to the official website of the Central Commission for Discipline Inspection, in mid -July, Ding Wenwu, general manager of the National Integrated Circuit Industry Investment Fund Co., Ltd. (hereinafter referred to as "Big Fund") investigation. During the period, there were media reports that Wang Wenzhong, a partner of the Fund Fund, and Yang Zhengfan, the subordinate project manager of Huaxin Investment, were taken away. Zhao Weiguo, former chairman of Ziguang Group, was taken away from home. Diao Shijing was investigated and lost contact with the outside world.

Several of the above -mentioned investigators mainly involved institutions, large funds, Huaxin Investment, State Development Bank (hereinafter referred to as "National Truster"), Ziguang Group. Among them, Huaxin Investment and Guohuang are the only managers and major shareholders of the Great Fund (the most shares holding the Ministry of Finance); Ziguang Group is the largest comprehensive integrated circuit enterprise in China, and it is also the fund's investment enterprise. one.

According to the Economic Observation Network, many industries have been taken away for investigation, mainly involving semiconductor investment in large funds. The incident has not yet ended and is still ongoing.

The vibration around the large fund in 2022 is not an emergency. The Economic Observation Network was informed that in 2021, the regulatory authorities had made relevant regulatory actions on the large funds.

Semiconductor -level market investors told reporters that in 2021, the large -scale fund was turbulent and many senior officials left.

The first phase of the Fund was established in 2014. At the beginning of its establishment, it was when the chip industry mergers and acquisitions and technological iterations were established.

A close person close to the National Tripts told the Economic Observation Network that since the establishment of the Great Fund, the Great Fund has set up a standardized mechanism from shareholders' meeting, investment committee, to the project team. In terms of operation, the big fund is a market -oriented fund. Fundamentally, the large fund is the will to support the development of the state. Commercial profit is not its goal. It is only a bonus in the process of supporting the development of the industry.

The person said that the large fund still needs to be explored in terms of governance mechanisms, including personnel management mechanisms, personnel performance mechanisms and supervision mechanisms.

A participant involved in the establishment of the Great Fund stated to the Economic Observation Network that the national will and business thinking are the two fundamental dimensions of the investment committee's judgment project.

According to the large fund schedule, since 2019, the first phase of the fund has entered the exit period. At present, the second phase of the fund established in 2019 is still continuously invested. All Huaxin Investment as a manager, the first phase of participating in a number of investment institutions, the second phase of the investment is industrial companies.

A semiconductor -level market investor said that large funds have become the vane of the semiconductor investment field, "it can be invested in projects that others cannot invest."

Big Fund Voc

After the establishment of the Great Fund in September 2014, Ding Wenwu has been the general manager and director. Previously, Ding Wenwu was the director of the Electronic Information Department of the Ministry of Industry and Information Technology.

30%of the 138.7 billion funds raised by the first phase of the fund (National Integrated Circuit Industry Investment Fund Co., Ltd.) came from the Ministry of Finance. Except for the Ministry of Finance, the second shareholder of the Great Fund was the National Bank of China. When the Greater Fund was established in 2014, the Luo Army served as the vice president of the National Kaiya Financial Co., Ltd. (a wholly -owned subsidiary of the National Bank of China). As the sole manager of Huaxin Investment as a big fund, since then, the Luo Army has served as the vice president and president of Huaxin Investment under the National Development Bank system.

According to media reports, during the investigation of Ding Wenwu and Lu Jun, Yang Zhengfan, deputy general manager of Huaxin Investment Corporation, was also taken away for investigation. Management Co., Ltd. Wang Wenzhong was also taken away by relevant departments.

Media reported that on July 22, Zhao Weiguo, who had just stepped down as the chairman of Ziguang Group, was taken away for investigation.

Earlier, Ziguang Group has gone through several months of bankruptcy reorganization. A person who had deeply participated in the reorganization of Ziguang Debt told reporters that Ziguang Group's debt and debt structure was intricate, including equity relations. The working group found a way to set up an investment group to activate the system of Ziguang Group. Some obstacles were encountered in the process, because each reform had to touch the core interests.

Ziguang Group's 100%control Ziguang Communication is one of the shareholders of the big fund. In 2015, the large fund began to invest frequently. Among them, Ziguang Zhanrui and the Yangtze River Storage of Ziguang Group, the most important companies under Ziguang Group, were also investment companies of Da Fund.

In 2016, the Yangtze River Storage was also established under the joint capital of the Da Fund and Ziguang Group. Ziguang Group Zhao Weiguo served as the chairman and Ding Wenwu, general manager of the big fund as the vice chairman.

In 2018, Diao Wenwu's Diao Shijing, the old colleague of the Electronic Department of the Ministry of Industry and Information Technology and the then Director of the Electronic Department of the Ministry of Industry and Information Technology.

The Economic Observer was informed that in 2021, the relevant regulatory authorities had made relevant regulatory actions on the large funds.

An article published in the official website of the Central Commission for Discipline Inspection in 2021 stated that according to the "rotten project" of the integrated circuit industry that focused on social attention, the Central Commission for Discipline Inspection of the Central Commission for Discipline Inspection Integrated circuit investment and other issues were supervised, and went to 5 provinces to conduct on -site inspections on 6 projects to understand the problems of local industrial investment and industry development. The party group of the Ministry of Ministry was urged to effectively take measures, perform their duties, improve investment efficiency, reduce investment waste, promote the promotion of investment The healthy development of the industry. On November 19, 2021, Gao Songtao, the former vice president of Huaxin Investment Management Co., Ltd., was under the supervision and investigation of the Discipline Inspection Commission. Huaxin Investment was a member of the State Development Bank system and the only manager of the Great Fund.

Investment "vane"

The first phase of the Fund was established in September 2014, and the second phase of the Fund (the National Integrated Circuit Industry Investment Fund Phase II) was established in October 2019.

In 2014, the "Outline of the National Integrated Circuit Industry Development Promotion" released by the State in 2014 has made a 15-year investment plan for the Great Fund. From 2015 to 2019, it is an investment period, 2019-2024 is the exit period, and 2025-2030 is the extension period.

According to the company's investigation data, from the perspective of the holding enterprise, the investment style of the large fund from the first to the second phase is changing. Among the 80 enterprises controlled by the first phase of the Fund, 55 industrial enterprises and 25 financial companies; all 38 companies in the second phase of the holding were all industrial enterprises, without financial companies.

A semiconductor -level market investor told reporters that the first phase of the large fund invested some money to investment management companies. Many managers are very professional and market -oriented institutions. From the perspective of the effect of the industry, the first phase More successful than the second phase.

The first phase of the company is the enterprise with a certain scale and entering the mature period, and the second phase will further focus on some more large -scale enterprises. Judging from the 38 projects that have been invested in the second phase, 29 are subsidiaries that have completed listing or listed companies at the time of investment, or enter the listing counseling process. The development stage is still later.

A person who has participated in the first phase of the fund investment committee told reporters that the key part of some industrial chain is that the large fund must be voted, and the relatively segmented link cannot be taken into account. The source said that during the period, many projects also had a lot of controversy in the investment committee. After several rounds of discussions, the investment committee decided, including the prospects and growth expectations of the subject of the investor; The design of the mechanism.

The above -mentioned people who are close to the National Trouge told reporters that the industrial environment faced by the first and second phases of the Great Fund was different. In 2015, China's semiconductor was in a state of "hundreds of wastes." Enterprises, but social capital did not invest, so it was easy to achieve results at the time of large funds, and its leadership for other social capital was strong.

Nowadays, the buyer and the seller's market reversal, semiconductor is almost the hottest track in hard technology. The institutions flocked. The semiconductor has achieved a high degree of localization in some small, low -end and partial consumer electronics fields. Take a step away, this requirement for investment institutions is higher.

A semiconductor secondary market investor said that the large fund has a strong demonstration effect in the secondary market, and it has an impact on the short -term price of listed companies and the short -term price of listed companies, so it is also concerned by other funds.

The above -mentioned semiconductor first -level market investors said that now that the large fund can be invested in projects that others cannot invest due to their status, it is precisely because it is a national platform that the best project has been invested in.

Semiconductor industry policy path

When the large fund was established, the semiconductor industry was experiencing a period of dark time. Frequent acquisitions and investment in tens of billions of wafer fab have released great funding demand for the industry, but social capital is unwilling to invest in semiconductors.

Professor Wei Shaojun, Chairman of the Integrated Circuit Design Branch of the China Semiconductor Association, mentioned at the 2014 China Integrated Circuit Design Annual Conference that China's semiconductor industry has developed to the present. Capability, now the investment in advanced technology is huge, the profitability of China's wafer fab is generally not high, and it is unable to invest in independent investment to expand production, so the country must shoot.

After the establishment of the Great Fund, it resolved the urgency of funds for the mergers and acquisitions of Chinese semiconductors and factories at that time, and also became an important capital force in China's semiconductor development.

Semiconductor has the characteristics of fast technical iteration, high investment amount, and long investment cycle. Based on this, Japan, South Korea and other governments have continued to launch policies such as related industrial plans, support funds, and tax incentives for the semiconductor industry.

China has explored multiple paths in semiconductor scientific research and industrial policies, and some of them have also exposed problems such as inefficient and corruption.

In 2006, the "Outline of the National Middle and Long-term Science and Technology Development Plan (2006-2020)" listed integrated circuits as 01 special, namely "core electronic devices, high-end general-purpose chips and basic software industries". The central, local and supporting financial funds are expected to invest more than 100 billion yuan. A total of three special groups of 01, 02, and 03 were followed up in the follow -up.

The above -mentioned person close to the first phase of the Great Fund told reporters that essentially, the state gave scientific research funds to scientific research institutions and universities to allocate, and the professor will judge and distribute the investment of semiconductor projects. In the end, only 03 special achievements made some achievements. At least the project team included Huawei enterprises. There are few developments in the project of 01 and 02, and some scams appeared. The "Hanxin" scam appeared at the time. The person said that the reflection of the industry was that the problem appeared more in the top -level design. It is in the reflection of previous industrial policies that the big fund came into being.

In 2012, a group of people in a group of semiconductor industry jointly believed that the State Council hoped that the state would change the way of dominating semiconductor finances and set up a fund for commercial operations. These people include the chairman of the semiconductor listed company and the partners of professional institutions.

The above -mentioned semiconductor -level market investors said that without large funds, many outstanding semiconductor companies in China can only seek international capital and go public to the US stocks. The valuation of US stocks on semiconductors is generally not high. "Pull" them back.

The above -mentioned people close to the State Crossing said that the original mechanism design of the Great Fund was also the result of the industry for several years. It sought the opinions of many industrial people, but the changes in the industrial environment and the mechanism need to be further explored. There is a chip anti -corruption in the industry. This is a good thing for the chip investment community and is conducive to the healthy development of the chip industry.

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