Original title: The National Big Fund opened the “New Year’s First Bomb Reduction” and cashed out more than 1.3 billion from two semiconductor leaders
At the beginning of 2022, the National Fund will start a reduction action.
On the evening of January 10, Guoke Micro (300762) and Jingjia Micro (300474) successively issued announcements stating that the National Integrated Circuit Industry Investment Fund Co., Ltd. (referred to as Big Fund) will reduce its shareholding in the company.
The big fund has always been the bellwether of the industry. On January 11, affected by the large fund’s holding reduction plan, the semiconductor sector was in a downturn as a whole, and the Wind National Big Fund Index fell by 2.51%. Jingjia led the decline slightly, closing down 8.83%, with a total market value of 37.625 billion yuan; Guoke fell slightly by 2.78%, with a total market value of 28.502 billion yuan.
Big funds reduce their holdings of two chip bull stocks
According to the announcement of Guokewei, the National Large Fund plans to reduce its holdings of the company’s shares by no more than 3.64 million shares in a centralized bidding transaction within 6 months after 15 trading days from the date of the announcement, that is, not more than 2% of the company’s total share capital. %.
Guoke Micro is engaged in the design and development of chips in the fields of digital audio and video, wireless communication, high-definition monitoring, storage control and other fields. As early as 2015, it received 400 million yuan of capital from a large fund, becoming the first integrated circuit design enterprise to receive investment from a large fund. .
In 2017, Guoke Micro was listed at an issue price of 8.48 yuan per share. In 2021, the shortage of cores will sweep the industry, and many chip companies have ushered in a proud market. Guokewei is one of the most “eye-catching” stocks in 2021. Last year, the company’s stock price rose from a minimum of 37.08 yuan to a maximum of 244.44 yuan. rose nearly 6 times. The latest closing price on January 11 was 156.5 yuan.
This also means that large funds that have been in ambush for many years have gained at least 17 times more returns.
At present, the big fund holds 22.7235 million shares of Guoke Micro, accounting for 12.48% of the total share capital, and is the company’s second largest shareholder. According to the latest closing price, the big fund can cash out about 570 million yuan under the condition of reducing its holdings at the top price.
This is not the first time that Goke Micro has been reduced by a large fund. From July to November 2021, the large fund sold a total of 3.6 million shares of Goke Micro through centralized bidding transactions, accounting for 2% of the total share capital. The transaction amount is 478 million. However, during the reduction period, it did not have a negative impact on the stock price of Goke Micro, and the largest increase of Goke Micro during the period exceeded 115%.
Jingjiawei is the first time that a large fund has reduced its holdings.
Jingjiawei is engaged in the research and development, production and sales of high-reliability military electronic products. The company has multiple concepts such as military industry and chips. In 2021, Jingjiawei’s biggest increase is over 225%, and it is also one of the big bull stocks.
The announcement shows that the National Integrated Circuit Fund plans to reduce its holdings of Jingjiawei shares by no more than 6.02 million shares within 15 trading days from the date of this announcement. %. According to the latest price calculation, the top price reduction can cash out 750 million yuan.
The big fund is the subscriber of Jingjiawei’s fixed increase in 2018. Up to now, the big fund holds 27.5366 million shares of the company, accounting for 9.14% of the total share capital, ranking the second largest shareholder. It is worth mentioning that the Jingjiawei shares held by the big fund have just been lifted from the sales restriction on December 28, 2021.
On the 10th, Jingjiawei’s annual performance forecast has also been issued. The company’s pre-profit in 2021 is 270 million-320 million yuan, a year-on-year increase of 27.85%-54.38%; it is expected to achieve an operating income of 1.08 billion yuan to 1.2 billion yuan in 2021, an increase of 65.20%-83.55% over the same period last year. The main reason for the increase in performance was the substantial increase in the company’s product sales in the chip field and the stable year-on-year growth in product sales in the graphics display and control field.
According to the announcements of the two companies, the main reason for the reduction of holdings of large national funds is to achieve good returns for shareholders.
20 projects have been laid out in the second phase
Judging from the above-mentioned reduction of holdings, the exit plan of the first phase of the National Fund is still continuing.
Public information shows that the first phase of the National Fund was established in September 2014. The registered capital of the first phase is 98.72 billion yuan, and the total investment scale is 138.72 billion yuan. The investment scope includes manufacturing, design, packaging and testing, equipment, materials, and ecological environment. full coverage. At the beginning of the establishment of the big fund, it planned the time point of investment recovery. The investment plan is 15 years, which is divided into investment period, payback period and extension period of 5 years. Based on the establishment in 2014, after the 5-year investment period, it will enter the payback period at the end of 2019, which is now the third year of the large fund investment payback period.
A reporter from the 21st Century Business Herald previously reported that since 2021, the first phase of the big fund has accelerated its exit. According to incomplete statistics, Zhaoyi Innovation, Jingfang Technology, Changchuan Technology, Changdian Technology, Sanan Optoelectronics, Jacques Technology, Wanhua Semiconductor companies such as industrial enterprises, Tongfu Microelectronics, Rockchip, and Guoke Microelectronics have all been reduced by large funds successively. From the perspective of the reduction rhythm, the first phase of large funds is generally sold through centralized bidding, and the reduction plan will be completed within the predetermined range.
Taking Zhaoyi Innovation as an example, the company disclosed the large fund holding reduction plan on October 16, 2021, which was implemented in less than two months. It reduced its holdings by 1% through centralized bidding, and the reduction amount was 1.084 billion yuan. The shareholding ratio fell below 5% in one fell swoop.
While the first phase of the big fund is accelerating its exit, the second phase of the big fund is accelerating its layout.
The second phase of the Big Fund was registered and established in October 2019 with a registered capital of 204.15 billion yuan. There are 27 shareholders, including the Ministry of Finance, CDB Finance, China Tobacco and other state agencies and national funds, as well as local government background funds, Central enterprise funds, private enterprise funds, etc.
Compared with the layout of the manufacturing field in the first phase, the second phase focuses more on upstream fields such as semiconductor equipment materials.
In November 2019, the president of Huaxin Investment, a large fund management institution, said that the second phase will first focus on the companies and projects that have been invested, focusing on the memory chip industry; for the equipment field, the second phase will focus on etching machines, thin-film equipment, and testing equipment. Companies already deployed in fields such as lithography and cleaning equipment will maintain high-intensity continuous support to promote leading companies to become bigger and stronger; in addition, they will accelerate the investment in core equipment such as lithography machines to fill the gap in the first phase.
The 21st Century Business Herald reporter once reported that the investment pace of the second phase of the big fund will be significantly accelerated in 2021. In June 2021, China Resources Micro announced that it plans to establish a project company with the second phase of the big fund and Chongqing Xiyong Microelectronics Industrial Park Development Co., Ltd., The registered capital is planned to be 5 billion yuan, and the 12-inch power semiconductor wafer production line project will be invested. In July, he appeared on the list of China Micro Corporation’s fixed increase, and was allocated 24.44 million shares with an amount of 2.5 billion yuan. In August, it participated in the strategic placement of Gekewei, and was allocated 6.9541 million shares with an amount of about 100 million yuan. In December, as a strategic investor, it participated in the strategic placement of Dongxin shares, and was allocated 3.297 million shares with an amount of 99.5025 million yuan. In addition, the second phase of the big fund also participated in the capital increase and share expansion of Xingfa Group’s subsidiary Xingfu Electronics and Zhichun Technology‘s subsidiary Zhiwei Technology.
According to Qixinbao data, there are currently 20 public investment projects in the second phase of the large fund, involving Smartway, SMIC, Apex Microelectronics, Zhixin Microelectronics, etc.
Judging from the current layout of the second phase, it has obviously tilted towards the equipment field, and continued to support enterprises that have existing layouts in the fields of etching machines, thin film equipment, testing equipment and cleaning equipment.
Qu Yiping, an analyst at Shengang Securities, pointed out, “The benign exit of the first phase of the big fund will help the second phase of the big fund to invest funds in the weaker links in the semiconductor industry chain in a targeted manner to create a better ecology.”
(Author: Zhang Sainan, Xie Yunli Editor: Wu Yanling)