2021 IPO inventory | Capital arena “numerous barriers”, semiconductor IPO enterprises can smoothly pass through?


With the comprehensive deepening of the reform and opening up of the capital market, the results of the reform of the registration system continue to appear, the capital market continues to highlight the vitality and resilience, IPO normalization into the real economy continues to inject “source of fresh water”.In 2021, many domestic enterprises have applied for listing and want to land on the capital market.Under the capital tuyere, every IPO enterprise in the capital arena needs to break through many barriers, and pass through five passes and kill six general in this capital game.Successful, won the crown of capital market;If you lose, you leave, or you pick yourself up and try again.In fact, there are many successful IPOS. In 2021, both the number of A-share IPOS and the amount of funds raised hit A record high.According to Wind statistics, in 2021, a total of 522 companies completed IPO (excluding the merger of Gezhouba, China Construction Energy and re-listed Huilu Ecology), an increase of 20% year on year;The ipo raised 542.654 billion yuan, up 12.92% year on year.In the capital arena, the success of the former also inspires the successors to advance one after another.At present, there are still many companies in the IPO queue.According to Wind statistics, a total of 704 COMPANIES in the IPO queue are applying to go public in 2021, involving a number of industries including medical and pharmaceutical, consumer, new energy and semiconductor.It is worth noting that the semiconductor industry is the cornerstone of the development of modern electronic information society, and its technological level and development scale have become one of the important standards to measure the comprehensive national strength and industrial competitiveness of a country.In the capital market, the semiconductor industry as 2021 investment hot track, also ushered in the IPO tide.With the improvement of domestic semiconductor equipment, the trend of listing domestic semiconductor equipment companies is gradually moving to subdivision and parts fields.Among them, according to Wind industry classification, under the name of “semiconductor products and semiconductor equipment”, a total of 30 IPO queuing enterprises.In addition to Hanbo High-tech Materials (Hefei) Co., LTD., the other 29 queuing semiconductor listed companies raised a total of 49.572 billion yuan, with an average of 1.7 billion yuan.From the IPO amount of a single company, the 522 companies that completed the IPO in 2021, the average IPO amount of 1.04 billion yuan, by contrast, queuing semiconductor companies, the average amount of 1.7 billion yuan, higher than the average amount of 2021 listed IPO companies.In addition, new energy as one of the market investment hot track in 2021, the average amount of new energy IPO enterprises in 2021 is only 732 million yuan, lower than the average amount of semiconductor IPO enterprises.Among semiconductor IPO companies in 2021, each company intends to raise more than 100 million yuan, but the specific amount varies.There is only one semiconductor enterprise that intends to raise more than 10 billion yuan, namely Jinghe Jicheng Circuit Co., LTD. (hereinafter referred to as “Jinghe Jicheng”);There are a total of 14 semiconductor enterprises with the proposed capital amount between 1 billion yuan (including 1 billion Yuan) and 10 billion yuan;The remaining 13 semiconductor companies have raised between 200 million yuan and 1 billion yuan, with obvious differentiation in the amount of capital to be raised.The top 10 companies to raise funds in 2021 are: Jinghe Jicheng, with 12 billion yuan;Haiguang Information Technology Co., LTD., proposed to raise 9.148 billion yuan;Byd Semiconductor Co., LTD., proposed to raise 2.686 billion yuan;Zhuhai Jeli Technology Co., LTD., proposed to raise 2.50 billion yuan;Jiangxi Zhao Chi Guang Yuan Technology Co., LTD., proposed to raise 2.00 billion yuan;Hefei Xinhuicheng Microelectronics Co., LTD., proposed to raise 1.564 billion yuan;Shanghai Canrui Technology Co., LTD., proposed to raise 1.55 billion yuan;Shenzhen Demingli Technology Co., LTD., proposed to raise 1.537 billion yuan;Asia Silicon (Qinghai) Co., LTD., proposed to raise 1.50 billion yuan;Guizhou Zhenhua Scenery Semiconductor Co., LTD., proposed to raise 1.20 billion yuan.Fundraising is mostly used to expand the production scale of the PARTICIPANTS in the IPO arena, most of them are tempted by “heavy money”, seeking capital support after listing.Benefiting from the support of national policies and the demand of domestic alternative markets, semiconductor IPO companies have applied for listing to raise funds, which are mostly used to expand production scale.Specifically, as the semiconductor IPO company with the largest amount of capital to be raised, Crystal Cluster is mainly engaged in 12-inch wafer foundry business, committed to research and development and application of advanced technology in the industry, and providing customers with wafer foundry services of various process nodes and different process platforms.This time, Wafer Integration plans to raise 12 billion yuan, all of which will be invested in hefei Wafer Integration Circuit Co., LTD. 12-inch wafer manufacturing Plant Ii project to build a 12-inch wafer foundry production line with a capacity of 40,000 wafers per month.The main products include power management chip (PMIC), Display drive integration chip (DDIC), CMOS image sensor chip (CIS). In addition, a micro production line will be built for OLED display driver and logic process technology development and pilot production.The total investment of the project is about 16.5 billion yuan, including 15.5 billion yuan for construction investment and 1 billion yuan for working capital.Collection becomes in the prospectus said: “to raise funds investment projects in accordance with relevant national industrial policy, to further enhance our key chip manufacturing power in the semiconductor industry chain, improve its self-sufficiency rate of chips, is advantageous to the company to strengthen the research and development ability, expand production scale, rich technology, meet the demand of market.”The second largest company, Haiguang Information, develops, designs and sells high-end processors used in computing and storage devices such as servers and workstations.The company makes the processors through a technology licensing agreement with AMD, an American chipmaker, and the underlying architecture comes from AMD.Wind data shows that Haiguang information plans to IPO in the science and technology Innovation Board, hitting the “CPU first share”, and now enters the inquiry stage.The raised funds and investment projects are carried out around the industry and main business of the company, including the r&d project of the new generation of Haitron universal processor, the r&d project of the new generation of Haitron coprocessor, the construction project of the advanced processor technology R&D center and the technology and development reserve fund project.Haiguang is expected to raise 9.148 billion yuan and issue no more than 10 percent of its shares, valuing the company at 91.48 billion yuan.Byd Semiconductor is mainly engaged in the r & D, production and sales of power semiconductor, intelligent control IC, intelligent sensor and photoelectric semiconductor.Since its establishment, the company has been promoting the semiconductor development of industry, home appliances, new energy, consumer electronics and other fields synchronously with the core of vehicle grade semiconductor.Byd Semiconductor intends to raise 2 billion yuan for power semiconductor key technology research and development projects, high-performance MCU chip design and testing technology research and development projects, high-precision BMS chip design and testing technology research and development projects and supplementary working capital.According to Gartner forecast data, from 2020 to 2022, the world’s major semiconductor manufacturers continue to increase capital expenditure plans, further increase investment in technology research and development and expansion of capacity, the continuous growth of capital expenditure in the global semiconductor industry has released the industry boom signal.The industry chain of semiconductor industry covers a wide range, which can be divided into three parts: upstream support industry, midstream manufacturing industry and downstream application industry.The middle stream is the production and manufacturing of various kinds of semiconductor products. Taking integrated circuits as an example, the manufacturing process can be divided into chip design, chip manufacturing and packaging testing.The downstream is PC, communication, consumer electronics, automotive electronics, industry and other terminal application industries, almost covering every aspect of social life.Founder Securities said in a research report: “The semiconductor industry upstream materials and equipment companies are increasingly valued by the market.The proportion of the number of enterprises planning to IPO semiconductor industry chain, midstream design, manufacturing, sealing and testing enterprises accounted for a relatively slow decline in the process.The proportion of upstream materials and equipment companies is gradually increasing, from 12.5% before the second quarter of 2021 to 57.14% in the third quarter of 2021. The upstream support industry is receiving more and more attention from the market. It is believed that there will be more IPO filings by related upstream companies in the future, from dry technology to root technology.””It is expected that the types of semiconductor companies listed in China will become more diversified, balanced and specialized as domestic substitution accelerates and internal circulation deepens,” the report further states.For IPO participants, the main pressure comes from the strict supervision of the entrance to the listing.In recent years, the regulatory layer from improving the quality of the letter, improve the issuance of underwriting mechanism, compacting the responsibility of intermediary institutions, strictly control the “entry”, to achieve the IPO market “quantity and quality rise together”.In 2021, the CSRC revised the evaluation guidelines for the attributes of science and technology innovation Board, strengthened the shareholder verification of IPO enterprises, continued on-site inspection of IPO enterprises, improved the quality of IPO prospectuses, urged intermediary institutions to improve the quality of practice, and put their responsibilities in place.In the face of numerous passes, IPO entry people back away, there are;There are also failures.According to statistics from the CSRC and the websites of the Shanghai and Shenzhen stock exchanges, in 2021, a total of 239 IPOS were voluntarily withdrawn or failed to pass the examination.Among them, the audit did not pass 29, the initiative to withdraw 210.For those who still stick to the IPO arena, they still face inquiries.Among semiconductor ipos, Asia Silicon (Qinghai) Co., for example, has had a rough ride.Asia Silicon is one of the world’s leading suppliers of high purity polysilicon materials, and also one of the earliest companies in China to develop and produce polysilicon materials with modern technology.On March 31, 2021, the Shanghai Stock Exchange suspended the review of Asia Silicon’s ipo because the financial information recorded in the ipo application documents had expired.In June 2021, the Shanghai Stock Exchange resumed the review of IPO issuance on the Science and Technology Innovation Board.At present, the company has gone through the third inquiry by the regulators, which mainly includes the media’s doubts, whether there is any proxy holding of shares, the business and capital exchanges between the company and its related parties, and whether there is any interest transmission, etc.It is worth mentioning that in the third round of inquiry letter of Asia Silicon Industry, according to the verification reply of the report letter and media reports, the actual controllers of Asia Silicon Industry at the time of its establishment in December 2006 were Zhang Yuxin and Liao Hui, who were employees of securities company and finance group respectively before the establishment of Asia Silicon Industry.Yuxin Zhang, Hui Liao and all the directors at the time of establishment are friends and relatives of Zhengrong Shi. Most of them invested in and participated in the listing of Suntech Power Holdings or used to work in Suntech.In January 2009, Suntech Power Holdings took a 12.5% equity stake in ASilicon BVI, and ASilicon BVI appointed Shi, Zhengrong as its chairman.According to a 2006 registration obtained from the BVI registry, the first directors of Silicon Asia (BVI) were actually Shi Zhengrong and his wife Zhang Wei.Asia silicon industry since has been established and suntech maintained close relations of cooperation, in January 2007, silicon industry set up less than a month of time in Asia, suntech has signed a 16-year period with $1.5 billion to pay unconditionally contracts, used to buy high purity polycrystalline silicon material, until December 31, 2008, silicon industry in Asia for the first furnace polysilicon will be officially released.In addition to Asian silicon industry, semiconductor IPO, facing multiple rounds of inquiries are not a small number of enterprises.For example, Shanghai Xinlong Semiconductor Technology Co., LTD. (hereinafter referred to as “Xinlong Technology”), Changzhou Juhe New Materials Co., LTD., and Jinghe Jicheng have all passed two rounds of inquiries.Among them, Xinlong technology, founded in 2012, is the leading enterprise in the domestic power chip industry, and its products are applied in automotive electronics, industrial control, communication equipment, consumer electronics, household appliances and other fields.Xinlong is scheduled to debut on the Science and Technology Innovation Board on January 27, 2022, according to the announcement of the Shanghai Stock Exchange’s science and Technology Innovation board.The size of Sindragon is significantly smaller than that of its peers.Take 2020 as an example, the market share of Xinlong technology, with an annual revenue of 158 million yuan, is 0.2%, and the revenue scale is only 1/7 of that of Jingfeng Mingyuan and Shengbang.1/5 full of electrons;As well as sirepu, Ming Microelectronics, Chipen micro 1/3.Participants in the capital arena strictly abide by the rules of the arena, the exhibition of their strengths, but in the face of strict IPO review and multiple rounds of inquiries, semiconductor IPO can succeed?Can the semiconductor industry become the “number one player” in capital market IPO in 2022?Can a new customs clearance mode be created?Wait and see!

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