The strongest semiconductor LP: Well shares 700 million a day

Chinese semiconductor richest people do LP.

Author i Daichangzhou

Report i investment community-decoding LP

This time, Well's shares invested 700 million.

Investment industry-decoding LP learned that on June 25, Weir issued an announcement that Shaoxing Wehao, a wholly-owned company and company, participated in the investment in Shanghai Daohe New Private Equity Investment Fund Partnership, Ningbo Yuxin Wehao's third-phase semiconductor industry investment Partnership.

Among them, Shanghai Daohe New Private Equity Investment Fund Partnership was initiated by Shanghai Daohe Long -term Investment Management Co., Ltd. ("Daohe Long -term"), with a fundraising scale of 1.02 billion yuan; and Ningbo Yingxin Wehao's third semiconductor industry Investment partnerships were initiated by Ningbo Wehao Communication Administration Consulting Partnership (referred to as "Ningbo Wehao"), and the fundraising scale was RMB 1 billion.

At this point, Well's shares have become the most active LP in the semiconductor circle.

Another super LP:

Two GPs a day, invested 700 million

Specifically, among Shanghai Daohe's new private equity fund, Well shares subscribed to 500 million yuan as a limited partner, with a capital contribution of 49.9%; 1 million yuan, the investment ratio is 0.1%. Shanghai Lingang New Trinity District Private Equity Management Co., Ltd. subscribed for 500 million yuan as a limited partner, with a capital contribution of 49.9%; the fund manager and executive transaction partner Shanghai Daohe Long -term Management Co., Ltd. subscribed for 1 million yuan, contributed The ratio is 0.1%. It is reported that the private equity fund will mainly invest in the new generation of information technology and advanced manufacturing.

And another, Ningbo Yongxin Wehao's third -phase semiconductor industry investment partnership, Well's wholly -owned subsidiary Shaoxing Weihao subscribed for 198 million yuan as a limited partner, with a capital contribution of 19.8%. Ningbo Wehao Tongshong Business Administration Consulting Partnership (Limited Partnership) subscribed for 2 million yuan in capital, with a capital contribution of 0.2%. Ningbo Yingxin Industrial Investment Partnership (Limited Partnership) subscribed for 350 million yuan as a limited partner, with a capital contribution of 35%.

In addition, there are no shortage of government industrial funds with a state -owned background as a limited partner in the private equity fund, such as Ningbo Haiweiyuan Kunpeng Equity Investment Partnership (Limited Partnership), Zhejiang Free Trade Zone (Ningbo) New Power Industry Investment Fund partnership (limited partnership), Yu Yaoyangming equity investment fund Co., Ltd., etc.

It is reported that Ningbo's third -phase semiconductor industry investment partnership company focuses on the investment in the advanced technology, process, and product field of investment pan -in -semiconductor industry, and focusing on the industrial ecology of leading companies in the semiconductor industry industry.

Weir's shares are already one of the most active LPs in the semiconductor circle. Its history can be traced back to 2017. The company spent 60 million yuan to participate in the establishment of Qingdao Haisin and Semiconductor Fund Enterprise (Limited Partnership).

At that time, Well's shares had been established for ten years and had just been listed in A shares. In order to expand the company's product line, Well shares has invested in the private equity fund, hoping to use the advantages of the fund and fund participants to conduct related industries and investment integration.

Well's second investment was three years later. In 2020, as a limited partner, the company subscribed for 200 million yuan to participate in the investment partnership (limited partnership) of Qingdao Jiyuanxinxin equity investment partnership (limited partnership). The total fundraising scale was 2.305 billion yuan. Industrial chain.

With the continuous cultivation of the integrated circuit field, Well shares has shifted the investment perspective to the semiconductor field outside its own business. In 2020, Zhejiang Weir Equity Investment Co., Ltd., a wholly -owned subsidiary of Weir Co., Ltd., invested 2.5 million yuan to participate in the investment of Shanghai Weijo Chuangxinxin Management Co., Ltd.

The announcement shows that Wei Hao Chuangxin focuses on investment in pan -semiconductor industry, focusing on transcending vision (investment portfolio with image sensor chips as its core), automotive semiconductor (for automotive automotive control device and vehicle -mounted electronic control device) semiconductor products). , Five core investment tracks including wearable devices, power supply and signal chain, integrated circuit manufacturing equipment and materials.

After participating in Wehao's core, Well's outlook layout was significantly accelerated. Data from Tianyan Check shows that Wei Hao Chuangxin has participated in 33 investment in about 2 years since its establishment, and most of the early A round financing was mostly. The 100 million -level projects participating in the investment include Simeter, security semiconductor, Aixin Yuanzhi, Kuang Guang Technology, Tori Sisi, Pinoris Prophesee, etc. The field covers the intelligent manufacturing system platform, independent chip testing, artificial intelligence processing Instrument chip research and development, spectral chip development, semiconductor separate device manufacturing, computer visual solution, etc. At present, Wehao Chuangxin has become an important starting point for Well's shares to deploy the pan -semiconductor industry.

In addition to participating in the private equity fund, Weir also actively sought to cooperate with local governments to empower the power through the power of state -owned assets to leverage more resource leverage. The company's investment partnerships in Ningbo Yongxin Wehao Phase I, the second, and third semiconductor industry investment partnerships, the first phase of the Wehao Wehao Weizhin Chuangxin Equity Investment Partnership, and the Tianjin Weihao Haihe River Phase I of Tianjin in March this year Behind the equity investment partnership, there are local government industrial funds.

Chinese semiconductor richest man

Since its first investment in private equity funds in 2017, Well's shares have become more familiar with LP. As everyone knows, the current semiconductor company that is second only to SMIC in A shares has always been with a stronger investment mergers and acquisitions. The origin of this gene has to mention Yu Renrong, the chairman and founder of Well's shares. In 1966, Yu Renrong was born in Ningbo City, Zhejiang Province. The wicked road of Yu Renrong, who was young, begged for learning. Middle school was studying in Hai Middle School of Ningbo's local traditional famous schools. The college entrance examination was admitted to Tsinghua University and studied at the radio department. It is worth mentioning that most of the leaders in the Chinese semiconductor industry are from the EE85 class where Yu Renrong was in that year.

It can be said that Yu Renrong lived in the university when he was studying in college, but his grades were still excellent. Not only that, maybe it is the commercial sensitivity of Zhejiang people. Yu Renrong also started a small business and sold Haidian's paper to Hebei Baoding, which is relatively poorly developed. Among the people, "sending home" early.

After graduating from undergraduate, Yu Renrong entered the wave of state -owned enterprises and became an engineer. Two years later, Yu Renrong shifted from technology to sales. Six years of sales managers have helped Yu Renrong accumulate a lot of supply and customers in the electronic component industry.

After I felt that the time was ripe, in 1997, Yu Renrong resigned to the sea and established his own sales company. Nine years later, Yu Renrong has become the largest electronic component distributor in Beijing, known as "chip pour". However, Yu Renrong was not satisfied, thinking that "engagement of research and development is the last word", this time he expanded his career to the chip design field. In 2007, the predecessor of Well's shares, Well Semiconductor was established. The main business was divided into two major pieces. One was semiconductor design business, and the other was the distribution business of Yu Renrong's old -fashioned electronic components.

The development of semiconductor design is not easy, it takes a long time, and the investment cost is high. In order to improve the company's comprehensive strength faster, Yu Renrong's response strategy is to "buy and buy". From 2013 to 2017, Well Semiconductor acquired projects every year. The product line gradually expanded from early TVC and MOSFET to SOC chips, radio frequency chips, broadband carrier chips and high -performance IC products. In 2017, Well Semiconductor was successfully listed in A shares and changed its name to Well's shares.

(Data source: Nomura Oriental International Securities)

After the listing, Well's shares still did not stop the pace of acquisition, and in 2019, it made a purchase project that made a sensation in the capital market and semiconductor circle -the acquisition of Beijing Haowei. The acquisition of this "snake swallow" by the outside world brought to everyone than that of Li Shufu's Geely Motor to annex Volvo. There is no reason for him. The difference between the strength between the two is too different. Beijing Haowei's assets are five times that of Well shares!

Beijing Haowei's predecessor was actually a CMOS image sensor company named Haowei's technology. In 1995, Chen Datong, a senior who graduated from the Department of Electronic Engineering of Tsinghua University in 1995, was founded in the United States and landed in Nasdaq in 2000. This company has developed the world's first chip that can be applied to digital photography. The epoch -making iPhone 4 mobile phones use the CMOS chip produced by Hawai Technology.

Even though Sony, Samsung and other electronics giants later, they have seized a lot of market share of Haowei Technology, but the thin camel is bigger than Malaysia, and Haowei's technology is still the top three in the world in this field. In 2016, Chen Datong and Beijing Qingxin Huachuang and CITIC Capital established Beijing Haowei. Haowei's technology was sold to Beijing Haowei for $ 1.9 billion.

Regardless of the volume and research and development capabilities, Well's shares seem to be "not worthy of" Beijing Haowei, but with the help of Tsinghua University senior Chen Datong, Well's shares still have won this one. It seems impossible to complete. After the completion of the merger, Well shares became a CMOS image sensor giant, which has greatly enhanced the comprehensive competitiveness and grew into the leading semiconductor leading enterprise in China.

However, Well's shares no longer depend on directly investing in mature companies, but do LP by himself. At first, the way to invest GP is more flexible and diverse. Compared with direct investment and mergers and acquisitions, the amount of investment is lighter and the risk is lower. Secondly, the difficulty of investing in mergers and acquisitions in the relatively mature semiconductor companies in the market is gradually increasing.

In fact, companies with industrial backgrounds in recent years have formed a wave of LP. For Well's shares, frequently doing LP is a good way to maintain growth; and for those start -up semiconductors and intelligent manufacturing companies, why not a new "source of living water"?

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