Gu Wenjun, chief analyst at the chief analyst of the semiconductor research institution, pointed out that this round of anti -corruption storm is not unprecedented.As early as November last year, Gao Songtao, the former vice president of Huaxin Investment, was investigated for suspected serious violations of the law. The supervisory organs should start collecting more evidence and information from then on to close the net at the right time.
The anti -corruption storm of the Chinese chip industry has continued to upgrade, and the operating model of the "National Chip Fund" of the Storm Center has also been questioned.Some analysts believe that it is time to rectify the "national team" of this chip industry based on the new situation, so as to better assist the Chinese chip industry out of the predicament of being surrounded by being surrounded.
Since mid -July, a total of six Chinese chip industry executives have been officially reported to be investigated, or it is rumored to be taken away for investigation.They are closely related to the National Integrated Circuit Industry Investment Fund Co., Ltd., commonly known as the "National Chip Fund".
On July 15th, the former president of Huaxin Investment Management Company of Management Chip Fund, former Deputy Director of China National Development Bank National Development Fund Management Department, and former deputy general manager of Guokai Development Fund Co., Ltd.Serious violations of discipline and law were notified for investigation.On the same day, Wang Wenzhong, a partner of Shenzhen Nanshan Hongtai Equity Investment Fund, a subsidiary of Da Fund, was also taken away for investigation.
Since then, Zhao Weiguo, former chairman of Ziguang Group, has been brought away by the former chairman of Ziguang Group. Diao Shijing, the former president of the group, was taken away by the investigation.Ziguang Communication, a subsidiary of Ziguang Group, is one of the investors in the big fund. After half a year of the establishment of the Great Fund, the first large -scale investment target is Ziguang Group.
On July 30, Ding Wenwu, the former director of the Electronic Information Department of the Ministry of Industry and Information Technology and general manager of the chip fund, was accepted by the Disciplinary Inspection and Supervision Group of the Ministry of Industry and Information Technology of the Ministry of Industry and Information Technology of the Central Commission for Discipline Inspection.The notice pushed this "core anti -rot" storm to a climax.
Gu Wenjun, the chief analyst of the semiconductor research institution, pointed out in the Lianhe Zaobao interview that this round of anti -corruption storm is not unprecedented.As early as November last year, Gao Songtao, the former vice president of Huaxin Investment, was investigated for suspected serious violations of the law. The supervisory organs should start collecting more evidence and information from then on to close the net at the right time.
Gu Wenjun also observed that despite the large number of people involved, only Gao Songtao, Lu Jun and Ding Wenwu were notified to be investigated. The remaining people have not been clearly determined. It may be to assist the investigation or the circumstances.
Xiao Yaqing, the former Minister of the Ministry of Engineering, who was investigated on July 28, was also suspected to be related to the corruption case of the Great Fund.However, when the Great Fund was established, Xiao Yaqing had not yet served in the Ministry of Industry and Information Technology.Judging from the official report, he still called him "comrades", and his violations of discipline and law were not serious.
The United States will be caught off guard in the industry after passing the chip bill
When the U.S. Congress voted to support the chip bill of the domestic semiconductor industry and increased restrictions on Chinese chip companies, this anti -corruption storm caught the industry by surprise, and the stock price of the semiconductor sector fell.Jordan Schneider, a senior analyst of Rongding Consulting, believes that this time the shocking of the chip big fund will sound the alarm bell, and the future investment style may become more conservative.Do not admit that it is a waste of investment. "
Public information shows that the chip fund was initiated by China -Cai Financial, China Tobacco, Yizhuang Guotou, China Mobile, Ziguang Communication, Huaxin Investment and other companies in June 2014.The first phase of the fund raised 13.8.7 billion yuan (RMB, the same below, the same, S $ 28.3 billion). In May 2018, all the investment was completed, covering head enterprises in the fields of manufacturing, design, seal testing, equipment and materials.The second -phase fund established in 2019 was raised for 204.15 billion yuan, focusing on investing in the field of semiconductor equipment and materials.
According to the Research Report of Huachen Securities, as of January 2021, the first phase of the Great Fund's 20 listed companies invested at 36.7 billion yuan, with a total market value of 95.9 billion yuan and a return rate of 262 %.However, there are also cases that in order to pursue the return rate, the Great Fund has participated in mature enterprise shares with a history of 20 years, not the key technical links of investment.Some investors believe that if the big fund is blindly pursuing returns, it will not only violate the original intention of establishment, but also bring the industry investment atmosphere.
After the anti -corruption storm upgrade of the chip industry, the negative rumors of the big fund have increased.Some people in the industry revealed that in order to obtain high returns, some funds did not invest in the chip industry, but invested in other industries.It is also reported that some semiconductor factories invested by the Great Fund will exaggerate the cost of building a factory by 10 times during construction, and there are many doubts about the project.
Chen Bo, dean of Wuhan Optics Valley Free Trade Research Institute, analyzed in an analysis in the interview that in addition to excessive pursuit of investment returns, large funds may also have a common problem with other government industrial investment funds: due to the low cost of obtaining government funds, investors make investorsThere is a small space for arbitrage for low buying and selling high prices."The problem of covering up the ledger did not invest special funds into the special purpose, and obtained a high return rate through other industry projects. This set of operations also provided soil for benefit transmission."
Gu Wenjun pointed out that when the Great Fund was established in 2014, the semiconductor industry was not optimistic about investors because of long cycles and high risks.Industry companies solve the problem of early development and acquisitions, which play an important role in promoting the rapid development of the semiconductor industry.
But after 2019, the United States' targets for SMIC and Huawei have caused Chinese chip companies to face the supply chain blocking crisis; the establishment of the science and technology board allows more social capital to flood to the semiconductor industry, and the shortage of funds is no longer the shortage of funds.Industry development bottlenecks; at the same time, the domestic semiconductor industry is becoming increasingly decentralized.
Gu Wenjun believes that with the changes in the international situation, the capital market, and the industrial composition, the large fund should also adjust the investment strategy in a timely manner.For example, the investment is turned to strengthen the security of the supply chain and reduce the risk of the industrial supply chain; hand over the short -level fast project to the market fund investment, focus on the "hard bones" that cannot be solved by marketization, and focus on supporting key links in key links.
"This anti -corruption storm allows more people to pay attention to the big funds and also provide it with the opportunity to dynamically adjust the positioning and mission. Facing the increasingly fierce global semiconductor competition and the continued target of the United States, a big thing is to keep pace with the times.Fund helps the Chinese semiconductor industry to highlight. "
