Hubble Investment is building a huge semiconductor "empire" through investment. In just over three years, according to Qichacha , Hubble Investment has invested as many as 47 companies, including 7 listed A-share companies. Listing also means that Hubble Investment has ushered in a harvest season. Hubble Investment can bet on these unicorns so "precisely" with the blessing of Huawei . Backed by Huawei, Hubble Investment has continuously gained IPOs through the "industry + investment" model.
Hubble's investment in semiconductor territory adds another "subject".
htmlOn September 30, Tiger Finance found that according to National Enterprise Credit Information Disclosure System , the shareholder list of Wuhan Huari Precision Laser Co., Ltd. (hereinafter referred to as "Huari Laser") includes Shenzhen Hubble Technology Investment Partnership (Limited Partnership) (referred to as " Hubble Technology ").
According to Qichacha, Huawei appears behind Hubble Technology. At the same time, the partnership is also the executive partner of Hubble Technology Venture Capital Co., Ltd. (referred to as "Hubble Investment").
In fact, Hubble Investment’s favor for semiconductors is not only that, it is constantly expanding its A-share territory. As of the end of June this year, seven listed companies have been acquired. In addition, HubbleVentures (Hubble Innovation Investment Co., Ltd.), which holds stake in , a listed company, Styre.
Overview of these 8 listed companies, all of which were Hubble Investment and Hubble Innovation invested shares before they went public, and the successful listing of the company also means that they will gain a lot.
It is worth noting that some listed companies have a close relationship with Huawei. According to Canqin Technology's prospectus, the company's largest customers from 2018 to the first half of 2021 are Huawei and other companies under the same control. The same is true for Dongwei Semiconductor, which stated in its prospectus that the company's products have entered many highly-known customers such as Huawei.
"favored" the semiconductor industry
Hubble Technology's investment in Huari Laser has also pushed its semiconductor territory into the public's view.
According to Huari Laser's 2021 annual report, Hubble Technology is listed on the company's shareholder list, with an actual paid capital of 3.133 million yuan and a shareholding ratio of 7%.
, while Hubble Technology is the executive partner of Hubble Investment, and Huawei is also funded by Huawei. According to Qichacha, in the partner information of Hubble Technology, the investment ratios of Huawei Technology Co., Ltd. , Huawei Terminal (Shenzhen) Co., Ltd. and Hubble Investment are 69%, 30% and 1% respectively.
Further equity penetration was found that the above two Huawei-based companies were backed by Huawei Investment Holdings Co., Ltd. (referred to as "Huawei Holdings"), and Huawei Holdings also owns wholly-owned shares in Hubble Investment.
means that Hubble Investment invests in another company. This is not uncommon. Interestingly, Huari Laser's main laser product can be used in a variety of industries, including the semiconductor chip field.
Not only that, Hubble Investment also appears behind Changguang Huaxin, the major shareholder of Huari Laser. As of the end of June 2022, Hubble Investment held 5.065 million shares, with a shareholding ratio of 3.74%. , and Changguang Huaxin's industry is still related to semiconductors, which is the semiconductor laser industry.
In addition to the above two companies, according to Qichacha, Hubble Investment, which has been established for more than three years, has invested in 47 companies abroad.
Most of these 47 companies are semiconductor industry chain companies, including third-generation semiconductors, chip design, EDA, testing, packaging and lasers. For example, Tianyue Advanced, a representative company of the third-generation semiconductor, Siruipu in the chip industry, and Dongxin Co., Ltd., a memory chip "new star" company.
The above three companies have entered the capital market, but Hubble Investment’s ambition for listed companies is more than that.According to choice data, as of the end of the first half of 2022, Hubble Investment was listed on the list of seven top ten shareholders including Changguang Huaxin, Dongxin Co., Ltd., Weijiechuangxin-U, Canqin Technology, Tianyue Advanced, Dongwei Semiconductor and Siruipu.
It is worth mentioning that Hubble Innovation Investment Co., Ltd. also holds stake in a listed company, Stywei. According to Stywei's prospectus, the company is wholly owned by Huawei Holdings.
Hubble Investment’s harvest season
Hubble Investment, which has been established for only more than three years, has become a "semiconductor IPO harvester" and has been doing well in the A-share market.
Overview of the many listed companies it holds, all have the same investment logic, that is, it has invested before listing, and after listing is successful, it is waiting for the right time to exit.
The first listed company won by Hubble Investment was Siruipu. Its relationship with Siruipu started in 2019. At that time, Hubble Investment spent 72 million yuan to subscribe to 8% of Siruipu's shares. After Siruipu officially landed on Science and Technology Innovation Board , Hubble Investment's shareholding ratio in Siruipu was diluted to 6%, with a total number of shares held at 4.8 million shares.
Then, on September 22 last year, Hubble Investment's Siruipu shares were lifted and could not resist the day after the ban was lifted. Siruipu announced on September 23 that shareholder Hubble Investment plans to reduce its holdings of the company's shares by no more than 160,000 shares through centralized bidding in the next six months. Until November 30 of the same year, Hubble Investment reduced its holdings of Siruipu by 80,000 shares, with a total reduction of 61.256 million yuan.
In addition, Hubble Investment also reduced its holdings of Siruipu by 728,000 shares through block trading between September 28 and November 16, 2021, with a reduction ratio of 0.91%, and Hubble Investment's cash withdrawal amount may exceed 300 million yuan. Since then, Hubble Investment has continued to reduce its holdings in Siruipu by 93,000 shares.
Overall, Hubble Investment has taken over 300 million yuan through several reductions of holdings, and its remaining 3.899 million shares of holds market value is approximately 1.47 billion yuan at 376.88 yuan per share. In this way, Hubble Investment has made a lot of money.
In 2021, Hubble Investment made two listed companies, Canqin Technology and Dongxin Co., Ltd. Taking Canqin Technology as an example, as early as April 29, 2020, Hubble Investment acquired 13.75 million shares held by Canqin Management, the controlling shareholder of Canqin Technology for 110 million yuan, with a shareholding ratio of 4.58%. After Canqin Technology's successful listing, the number of shares held by Hubble Investment has not changed.
Until the end of June this year, since the number of Canqin Technology shares held by Hubble Investment has not been lifted, the number of shares held is still 13.75 million. If calculated based on 14.73 yuan per share on June 30, the market value of Hubble Investment's holdings has reached 200 million yuan.
In 2022, Hubble Investment's A-share territory won another place. A total of 4 listed companies have successfully listed this year, namely Tianyue Advanced, Dongwei Semiconductor, Changguang Huaxin and Weijiechuangxin-U.
Among them, Tianyue Advanced also prompted Hubble to make a lot of profits. The relationship between the two parties will start from August 2019. At that time, Hubble Investment participated in Tianyue Advanced's first financing for 110 million yuan. Until the time when Tianyue Advanced was changed to a joint-stock company in 2020, Hubble Investment held a shareholding ratio of 27.2625 million shares, with a shareholding ratio of 7%.
On January 12 this year, Tianyue Advanced officially landed on the capital stage. Hubble Investment Newcomer became the fourth largest shareholder of Tianyue Advanced, with a shareholding ratio of 6.34%. As of June 30, if calculated based on the closing price of 67 yuan per share on the day, Hubble Investment's market value reached 1.83 billion yuan. Not only that, Tianyue Advanced's stock price has been rising since July, and even hit a record high of 126.65 yuan per share in August.
"Industry + Investment" model
Hubble's investment achievements once shocked the investment circle, and it was backed by Huawei, the big tree.
Since birth, Huawei has high hopes for Hubble investment, and its registered capital has increased from the initial 700 million yuan to the current 3 billion yuan.
According to the National Enterprise Credit Information Disclosure System, since January 2020, Hubble Investment has embarked on the road to increase capital, and the three capital increases it has experienced were fully covered by Huawei Holdings, with the first capital increase of 1 billion yuan; just 9 months later, Hubble Investment's second capital increase came, and its registered capital increased from 1.7 billion yuan to 2.7 billion yuan; until May 2021, Huawei Holdings invested another 300 million yuan to increase capital of Hubble Investment, and its registered capital increased to 3 billion yuan.
In addition to repeated capital increases, the executive team of Hubble Investment is also flowing with Huawei's blood. The company's chairman Bai Yi, director Kong Yan, Ying Weimin and supervisor Li Jie are all veterans of Huawei.
Like Bai Yi has joined Huawei Technologies Co., Ltd. since August 1997. He has served as an employee of the R&D department, director of the Research Institute Cooperation Department, and deputy director of the Enterprise Development Department. In August 2007, he has served in Huawei Enterprise Development Department, Fund Management Department, Financial Risk Control Center and other departments, serving as president and vice president. On April 23, 2019, Bai Yi took office as the head of Hubble Investment.
In less than two years, Hubble Investment completed the registration of the private equity fund manager in January 2021. Since then, it has accelerated its IPO in the A-share market. To this day, 7 listed companies have become the "prey" of Hubble Investment.
It is worth noting that some listed companies invested by Hubble are closely related to Huawei.
According to Canqin Technology's prospectus, the company's largest customers from 2018 to the first half of 2021 were Huawei and other companies under the same control, accounting for the highest proportion of revenue even reached 91.34% in 2019, and then the proportion began to show a downward trend, but it still reached 67.27% in the first half of 2021.
Canqin Technology also stated in its prospectus that Huawei is the main source of the company's revenue, and the significant growth in operating performance mainly depends on the rapid growth of sales revenue to Huawei. The same is true for Dongwei Semiconductor. In its prospectus, it stated that the company's products have entered many highly-known customers such as Huawei, among which end users in the fields of 5G base station power supply and communication power supply include Huawei.
From the perspective of Hubble's investments, most of the investments are centered on high-end manufacturing such as semiconductors, and these companies are either partners of Huawei's industrial chain or the technologies required by Huawei's huge system. For Huawei, Hubble Investment plays the role of the "industry + investment" model.
