A letter from the chairman to all employees unveiled the new Ziguang Group. Recently, Li Bin, as chairman, wrote to all employees of Ziguang Group to communicate with employees about the future development and new corporate culture of Ziguang Group, in order to seek "unification

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A letter from the chairman to all employees unveiled the new Ziguang Group .

Recently, Li Bin, in his capacity as chairman, wrote to all employees of Ziguang Group to communicate with employees on the future development and new corporate culture of Ziguang Group, in order to seek "unification of thinking, concerted efforts, and common plans." At this point, the largest merger, acquisition and reorganization event in the field of China's integrated circuit industry has come to an end. Under the leadership of the new helmsman Li Bin, Ziguang Group and Ziguang people have once again embarked on a new journey. China's integrated circuit industry has developed independently and is open to cooperation. Due to the update and restart of Ziguang Group, a new situation will emerge.

update and restart three-phase work direction

Li Bin said straight to the point that in the past few years, Ziguang Group has made a better layout in the core and cloud fields, taking a leading position in the industry and becoming a leading enterprise in my country's high-tech industry. However, in recent years, due to The debt ratio remains high, the capital chain is broken, cash flow is insufficient to pay interest, and is even less able to repay principal, causing creditors to lose confidence and seek bankruptcy and reorganization to create new opportunities. At the time of crisis, Ziguang Group, under the auspices of the administrator, created the possibility of getting back on the path of healthy development through judicial restructuring. As a strategic investor, Zhilu Construction and Guangzhou Consortium proposed an overall reorganization plan that was optimal in terms of debt repayment and industrial synergy, which was recognized by all parties. In accordance with legal procedures, the restructuring and delivery has been successfully completed, and a new management framework has been established. On this occasion of starting anew, Li Bin said that on behalf of the board of directors, he would "share with you some future development ideas of the enterprise, hoping to unify our thinking, work together, and make common plans."

In the letter, Li Bin listed four important tasks at present: the most urgent task is to pay off creditor debts, reduce debt ratios, restore corporate credit, and allow enterprises to carry out operations with ease; secondly, we must carefully study the group's long-term development strategy, core technology and competitiveness; the third is to invest heavily in research and development and make future layouts in core IP, design, technology, tool software, etc.; the fourth is to create good conditions for talents in terms of performance incentives, career development and corporate culture Development environment, because enterprise development depends on people.

Regarding the next step of work, Li Bin put forward the five-dimensional value orientation and basic working principles that the group's development needs to follow:

1. must contribute to the development of the country's emerging technology industries;
2. be responsible for the future and career of each employee;
3. must protect the interests of existing investors and shareholders;
4. must ensure the asset safety of original creditors; fifth, it must assume corresponding social responsibilities.

Regarding the company's future development strategy, Li Bin did not give a specific and clear answer at the moment, but put forward five principles more pragmatically:

1. must be forward-looking and lay out for future technological frontiers such as quantum technology;
2. must remain open and We must learn from our opponents. Only in an open and competitive environment can enterprises become stronger;
3. must ensure fairness and establish a unified value evaluation and incentive system to allow each individual to give full play to their initiative;
4. adhere to marketization and make good products. Seeking benefits from the market;
5. promotes internationalization, integrates into the global economic cycle, learns from the advanced, respects internationally accepted business rules and regulatory orders, and protects intellectual property rights.

The management structure of the three major headquarters strengthens the shortcomings

Source: Ziguang Group official website

Although Ziguang Group has made a good layout in the industry before, and various industrial companies also have experienced executive teams, the group eventually went bankrupt. Reorganization, in hindsight, there are three important reasons for this situation:

• First, funds, the mismatch of fund structure at the group level, short-term debt and long-term investment, the group’s lack of overall credit target management, and the disorderly management of loan funds of its industrial companies;
• The second is insufficient operation and management. The group level focuses on investment and financing but neglects industrial operation and management. Its industrial companies operate independently, and it is difficult to obtain platform support and empowerment in scientific research and operations at the group level.
• The third is that the industrial chain effect has not been explored. The industrial chain layout has shortcomings and fails to effectively integrate and expand around the industrial chain.

It is reported that because of this, the New Ziguang Group has established three major headquarters for business, empowerment and management at the group level to build a functional platform for the development of its industrial companies. The business headquarters helps the group achieve steady corporate growth from multiple perspectives such as development strategy, investment and financing, and industrial collaboration. The empowerment headquarters has established three sectors: production capacity construction, scientific research and innovation, and international cooperation. It integrates resources such as industrial chain construction and some cutting-edge technology development that are urgently needed by various industrial companies but do not have enough funds and talents to complete independently, increase investment, and concentrate efforts. breakthrough. The management headquarters mainly provides middle and back-end support such as finance, human resources, legal affairs and information technology.

Ren Du Ermai, who has opened up industrial management and operations.

It should be said that the new structure has greatly enhanced the functions of the Ziguang Group’s headquarters, making the headquarters functions show the distinctive characteristics of an industrial company. Previously, the Ziguang Group headquarters mainly provided financing functions and middle and back-end support in finance, human resources, and administration. It was a typical investment holding platform company structure. Now the investment holding platform has moved up to the Zhiguangxin level, and the Ziguang Group level has been strengthened through the establishment of three headquarters Provides industrial company operation and management functions. This also means that Li Bin and his team intend to "roll up their sleeves and work hard" to go deep into industrial operations, prepare to "go big" and carry out post-investment integrated operations and empowerment.

However, at this time, the actual M&A and reorganization situation faced by Ziguang Group is very different from the applicable scenarios of the conventional M&A model. First of all, because Ziguang Group itself has fallen into bankruptcy and reorganization as a whole, rather than a selected temporary period like conventional M&A. Undervalued assets will only take time to turn around, but they need to focus on restructuring; secondly, the overall and sustainable restructuring adopted by the managers and Zhilu Jianguang is not a selective spin-off restructuring. All good things must be accepted wholesale, which means that subsequent restructuring and optimization are needed; thirdly, specifically, the direct cause of the bankruptcy of the original Unisplendour Group was insolvency, and further reasons were stalled expansion, short-term debt and long-term investment, and the ability to integrate operations and management deficiencies, and the purpose of creditors seeking reorganization is to introduce new investors to improve these deficiencies and reorganize the original enterprises. The Zhilu Construction and Guangzhou Consortium is also known for its high-quality repayment plan and targeted industrial integration and coordination plan. Favored by managers and creditors, investors who introduce industrial synergy and empowerment integration are the common starting point of creditors and managers; fourthly, several companies in the original Unisplendour Group are operating well, but the efficiency of these companies has not Promoting or integrating the efficiency of enterprises in the entire industrial chain within the group is exactly where subsequent reorganization is expected to enhance, that is, to bring into play the efficiency of industrial chain integration. It can be said that the organizational design of Unisoc Group’s three major headquarters structures and eight major business sectors and are exactly the right medicine.

Looking at the new structure of Ziguang Group, the key link to open up the two lines of Ren and Du is the eight major sectors, especially the eight major sectors that link the group and industrial companies and assume the functions of connectors and generators for the integration and exploration of industrial chain efficiency.

Generally speaking, there is no practical significance in comparing which organizational structure and management model is better. Management is a science and a practical art. It can only be said that in a specific period of time, it can meet the actual needs of the target development and can bring about performance improvement and value enhancement. The model is better than the original model. Time and space transformation, model and organization also need to be optimized.Full authorization and disordered operation and management, control and empowerment and rigidity and inefficiency, but there are often critical points for mutual conversion, and they are not necessarily opposites. Seeking truth from facts, being prudent at the macro level and efficient at the micro level, and finding a suitable plan based on the original appearance and development laws of the industry and enterprise development is the best way.

From this perspective, the current positioning and enhancement of industrial operations are conducive to the revitalization of Ziguang Group’s industry.

Expectations and challenges of enhancing industrial synergy

The reason why Zhilu Jianguang won the reorganization battle of Ziguang Group is not only its rich experience in investment, mergers and acquisitions integration and industrial operations in the integrated circuit industry, but also its There are abundant industrial resources that can be used to enhance synergy and expand the development resources of Ziguang Group. How to form good synergy between the industries under Ziguang Group and the original industries of Zhilu Jianguang is an opportunity and a test.

From a macro perspective, Zhilu Jianguang has formed a vertically integrated industrial chain from chip design, manufacturing, packaging and testing, materials, equipment, and software through more than 20 mergers, acquisitions and investments; from a micro perspective, Zhilu Jianguang has invested in and acquired targets Focus on selecting global segmented leaders, and continue to invest and acquire upstream and downstream of the leaders to form a "one-star, multiple-satellite" industry cluster with core industry chain nodes.

In theory, the synergy between Zhilu Jianguang’s original industrial layout and the industries under Ziguang Group is possible at many levels.

In the industrial chain, Zhilu Jianguang’s vertically integrated industrial chain layout can effectively make up for the shortcomings of Unisoc Group’s industrial chain. For example, Unisoc Group failed to successfully acquire the integrated PTI advanced packaging and Sun Moonlight packaging and testing mainland factories. , Zhilu Jianguang Consortium has been included in the package, so during the sealing and testing phase, Zhilu Jianguang’s original industries will provide the industrial chain to enhance synergy for Ziguang Group. In addition, Zhilu Jianguang also has a presence in the field of semiconductor equipment and materials, which has synergy potential. In terms of application of

, Zhilujianguang also has a broad layout in the application fields of consumer electronics, industrial electronics and the Internet of Things. It can also explore the cross-collaboration of products, markets and customers with the various industrial groups of Ziguang Group on the application side.

In terms of model, the concepts and methods of Zhilu Jianguang Industrial Chain Holding Investment and Industrial Strategic Operations can be applied to the integration of Ziguang Group’s industrial chain efficiency, and the division of business groups based on the industrial chain is used to explore and form Industrial chain efficiency. Of course, the original Ziguang Group has also acquired and cultivated many segmented leaders, but its industrial chain integration and energy efficiency have not yet emerged. The structure of the industrial cluster is expected to release this energy efficiency.

is also accompanied by challenges. Mutually beneficial business cooperation is relatively easy. If a major move is made to restructure and optimize organization, scientific research and production capacity through capital means, this will inevitably involve greater adjustments, challenges and even criticism, and it needs to be planned and acted upon. It requires more courage and courage. This is a litmus test to test whether Zhilu Jianguang can comprehensively re-evaluate all its industrial companies from the perspective of industry development, or whether it will have reservations. This requires insight as well as strategy and wisdom. Li Bin is well versed in the dialectical philosophy of reform advancement. He said in "A Letter to Everyone 2021 - Change and Persistence" that leading the changes of the times "must not only tolerate various different ideas, but also be as decisive as crossing the river. Only by uniting all forces can we get things done." After the reform, we must seek stability again. "Reform must be gradual and should not be carried out too hard. After major reforms, the results of innovation must be preserved first, and it is not advisable to carry out new changes immediately." "

However, from the perspective of industry development, the formation of a relatively complete integrated circuit industry chain, which meets the needs of industry independence for the current industry chain and supply chain security and development, is the most urgent issue in the industry at the moment; but in time, the industry As the main contradiction shifts, the way in which cutting-edge value is contributed will also change. It is bound to be a very challenging thing for an industrial group to seek to improve the overall efficiency of the industry at all industrial chain nodes. Integrated operations require both large-scale and comprehensive Even on a small scale, it is necessary to develop , specialization and new simultaneously to further form a situation of "stars shining" and "leading competition".

In short, although the new Unisplendour Group is more focused on industrial operations, it must always be market-oriented and efficiency-oriented to keep boundaries clear, maintain ingenuity, and avoid extensive control that "can cause chaos if it is controlled and destroyed". Some assets need to measure their in-depth development plans from an industrial perspective, and some assets need to measure whether they have better prospects from an investment perspective. Reorganization and optimization are still important means of improving efficiency, and there is no need to be taboo or hesitate.

The logical principle of the new team of directors, supervisors and senior management

No matter how good the structure of a high-tech group is, it must select the right people. It depends on people. Having the right talents on the job is the key to the new organizational structure being able to achieve its design goals and efficiency. The key to integration and collaboration is the integration and collaboration of different teams and people based on things, which includes not only complementary enhancement, but also mutual appreciation and cooperation. It is the unity of organizations, the unity of people, and the unity of hearts.

observes that the management composition of the new Ziguang Group has several obvious characteristics: first, the combination of industry + scientific research + management + financial talents, with talents with industrial backgrounds being the mainstay, and the proportion has greatly increased; second, the integration of new and old teams, Zhilu Jianguang United The combination with the original Unisplendour team; third, attaching importance to the collaboration between the group and industrial companies, bringing the top leaders of key industrial companies to the group level as senior executives to participate in the formulation, deployment and implementation of the group's strategy, which is more conducive to the coordinated development of industrial companies.

Among the directors, supervisors and senior executives of the New Ziguang Group, Li Bin serves as the chairman, Xia Xiaoyu, Hu Donghui, Chen Jie and Ma Ninghui serve as directors, and Wen Bing, Chen Jie and Hu Donghui serve as co-presidents in charge of the operations headquarters, empowerment headquarters and management headquarters. Yu Yingtao , Wang Huixuan , Wu Shengwu, Zhang Yadong, Ren Qiwei , Zhu Changhua, Yue Chao, Xie Wengang, etc. serve as executive vice presidents or senior vice presidents. It is reported that people in the integrated circuit industry such as Zhang Xinyu and Du Xiaoyang of Zhilu Jianguang have also joined Ziguang Group as senior executives.

It is not difficult to find from their resumes that the executives of the New Unisplendour Group have gathered three major abilities: scientific research, entrepreneurship, and enterprise operation management experience in technology enterprises, especially the integrated circuit industry; experience in investment, financing and financial management of technology enterprises; information industry Government management experience. Among them, Yu Yingtao, Ma Daojie, Ren Qiwei and others are former Unisoc Group giants with outstanding achievements; Chen Jie, Zhang Xinyu, Du Xiaoyang and Ma Ninghui are newly appointed by shareholders Zhiguangxin and have rich scientific research, operation and management experience; Jie, Ren Qiwei, Zhu Changhua, Yue Chao, Xie Wengang, Zhang Xinyu, etc. are all senior scientific research and technology experts in the industry. Such a team reflects the characteristics of genetic continuous integration with both industry and investment parties, as well as new and old teams.

Among the four chairman and three co-presidents, Li Bin and Wen Bing both graduated from Tsinghua University , Hu Donghui and Chen Jie are both Ph.D.s, and have educational resumes from China University of Science and Technology , Harbin Institute of Technology , and well-known Japanese universities. Hu Donghui has rich experience as an executive in the technology industry, and Hu Donghui also has rich financial management experience; Chen Jie has the experience of successfully founding the integrated circuit company . Chen Jie is also a front-line scientific research expert and belongs to the hard-core entrepreneurship of scientists; Wen Bing has domestic, With international financial management and strategic planning experience, Li Bin has also been a successful integrated circuit industry executive, entrepreneur, and alliance founder. The resumes of the group's core executives fully integrate the industrial characteristics of specialization, internationalization and marketization. Li Bin, the core figure of the

team and the new chairman of Ziguang Group, holds a 1988 undergraduate degree in management information systems from Tsinghua University School of Economics and Management. He has founded many high-tech companies and has rich experience in corporate management, investment, and mergers and acquisitions, as well as a broad vision and broad vision. Structure and large integration capabilities. Li Bin once served as senior vice president at , a large integrated circuit company, Semiconductor Manufacturing International , and later established the Zhongguancun Rongxin Industry Alliance and served as chairman. The members of the Rongxin Alliance include nearly 200 domestic and international large-scale high-tech companies and large financial institutions. . Li Bin has also served as the chairman of the Jianguang Asset Investment Review Committee. He has led nearly 20 mergers and acquisitions projects of large domestic and overseas technology companies, and has been deeply involved in corporate management. The high-tech companies he serves as chairman include: Ruineng Semiconductor, Lingsheng Technology, United Technologies (UTAC) Switzerland Fuba (former Siemens sensor subsidiary), Guangdong Rongzhi Group, etc.The intersection of

’s educational background and work experience has created a good communication foundation for teamwork, while the complementary resumes and abilities have created a solid foundation for cooperation and prepared conditions for the company’s steady development.

Onlookers watch the new chairman Li Bin’s industrial outlook

Picture source Unigroup official website

However, through these public resume information, we can only occasionally see Li Bin’s appearance, and his inner world is rarely disclosed. There is very little information about Li Bin from the outside world. Apart from his presence and a few words in cooperation news releases, what can embody his industrial outlook is his annual New Year visits to members of the Zhongguancun Ronshine Financial Information Industry Alliance since 2018. 's letter.

"On Corporate Culture" in 2018, "Choices and Methods" in 2019, "Internal Causes and External Forces" in 2020, "Change and Preservation" in 2021, and "Size and Evolution" in 2022. On the eve of the Spring Festival every year, Li Bin Greet and communicate with members of the Zhongguancun Ronxin Financial Information Industry Alliance via communication, and share the progress, thoughts and business ideas for the next year over the past year. From the perspective of communication methods and content, Li Bin is a person who not only likes to read Chinese classics, but also understands Eastern and Western cultures. He has a broad vision, is good at critical thinking, and maintains independent thinking. Among them, 2018 and 2019 mainly talked about "establishment", and 2020-2022 mainly thought about how to "advance" under the general trend and micro situation.

These letters reveal Li Bin’s industrial outlook.

• First of all, Zhilujianguang’s mission is to use the power of technology to improve people’s lives. Its vision is to promote its development and growth through innovation, and is committed to allowing more people in the world to enjoy the better life brought by new technological products. Based on this, Zhilu Jianguang has chosen the SMART industry (Semiconductor, Mobile, Artificial, Robot, IoT) as the current main industry direction.
• Secondly, Zhilujianguang’s role is that although it is a high-tech investment institution, it is actually an entity enterprise group deeply involved in operation and management. It is also an industry alliance and an industry platform. The reason why Li Bin wants to establish a platform is that he believes that the competition between enterprises is not just the competition of a single enterprise, but the competition between platforms, the competition of systems and alliances. By establishing a platform, Li Bin allows member companies and institutions to have the power of the platform when developing and competing, instead of the member companies struggling alone. This understanding has a higher dimension. The organizational form of human individual survival, development and competition has evolved into three basic forms: family, enterprise and association, and country. The largest and most advanced form of competition is competition between countries, while rules, systems and alliances are the most common form of competition between countries. Top notch way. The strength of the United States is based on its strength and the use of rules, systems and alliances, and rules, systems and alliances have become part of its strength. Now, Ziguang Group will also be included in the platform of the industry alliance. Ziguang Group’s development and competition are backed by a broader and more solid platform, and its development and competition will also stand on a higher level.
• Third, taking controlling investment in industrial entities and in-depth operation of industrial entities as its basic role positioning means integrating technology to change life, industry to create value, and investment integration value at the height of industrial development. Li Bin’s understanding also It naturally extends to the management of Ziguang Group. From this point of view, the Zhilu Jianguang Consortium has won the favor of the managers, the reorganization plan has been recognized by creditors and investors, and the smooth implementation of the reorganization has its genes. This is also Li Bin's 2022 Spring Festival letter, which further summarized Zhilu Jianguang's core competitiveness in global competition, that is, the two-wheel drive of investment holding technology investment and strategic industry operation in core technology fields. business model.
• Fourth, when Li Bin is thinking about the "advancement" of enterprises, he looks for inspiration from the evolution of human civilization and the new situation of competition between countries at the macro level, and from physics and biology at the micro level. He derived the importance of science, technology and business models from the evolution of civilization, as well as the importance of long-term investment in basic science and the orderly integration of the industrial chain.He understood the size conversion from the frequency and quantity of photons in physics quantum mechanics , the merger of archaea and eubacteria in biology to create all things, the twin evolution of bacteria and viruses fighting against each other, and the understanding of corporate and industry mergers and acquisitions, growth, and openness. The principles of development and mutual understanding of competition are corroborated with actual business practices, reflecting strong underlying logic and philosophical thinking, and the conclusions and judgments are transparent.
• Fifth, Li Bin regards "aiming high and creating value" as the belief and value of himself, his team and the company. Li Bin believes that people with great success must have a big mind, and people who are narrow-minded and too shrewd will not be able to achieve great things. However, Li Bin opposes using the pretense of doing "big" things and using the country and the nation as a guise. He advocates doing things according to the laws of the market and following the original laws of things. Only by making excellent technologies and products can we win the market and truly contribute to the industry and the country. Make a contribution. Li Bin also believes that the current career is an opportunity given by the times and industry, and it is the mission of the company and the team to repay the times and society, which is to develop newer technologies for the industry and society, provide better services, and create more value. The biggest benefits and resources belong to everyone, society and the country.
• Sixth, at the same time, Li Bin maintains a humble and enterprising curiosity and a view of happiness of "releasing potential and changing the world". Li Bin believes that history has proven that one of the reasons for the success of all scientific development and national prosperity is to admit one's ignorance, maintain strong curiosity, and constantly explore, learn, and make progress. At the same time, Li Bin told all employees that our ultimate goal is not just to make more products and create more wealth, but to make more people, including ourselves, live happier lives. True happiness must be accompanied by full play. Use your own potential and talents to change the world.

In the future integrated operation of Ziguang, it is not difficult for us to find the foundation and origin of Li Bin’s thinking and behavior from his epistemology and methodology. The helm of Ziguang Group has now been transferred to a new team headed by Li Bin. The history of Ziguang Group can be traced back to the Tsinghua University Computer Factory in 1958 and the Tsinghua University Technology Development Corporation in 1988. Generation after generation The Ziguang people, together with the society, have dedicated their youth and dreams to the advancement of China's integrated circuit industry, constantly striving for self-improvement and being virtuous.

The surging rivers all rush to the sea, and the vast oceans steam and moisten all things. Merger and acquisition integration is based on the integration of organizations and people, based on the integration of things and the integration of hearts. After choosing the right direction and platform, you must also choose the right partners. Ziguang Group and Ziguang people have reached a new starting point with its new helmsman Li Bin and his industrial team.

wait and see.