On the evening of December 10, Ziguang Guowei, a listed company under Ziguang Group, announced that it had identified Beijing Zhilu Asset Management Co., Ltd. and Beijing Jianguang Asset Management Co., Ltd. as the leading parties in a consortium composed of seven companies inclu

On the evening of December 10, Ziguang Guowei , a listed company under Ziguang Group , announced that it had determined that Beijing Zhilu Asset Management Co., Ltd. and Beijing Jianguang Asset Management Co., Ltd. would serve as the lead parties of a consortium formed by Ziguang Group. The strategic investors, including the substantial merger and reorganization of the seven companies, will promote the signing of the reorganization investment agreement and the formulation of a draft reorganization plan and other related work.

This means that more than a year after the outbreak of Ziguang Group’s debt crisis, a takeover has finally arrived. However, this time the restructuring strategic investors are not , Alibaba, and Zhejiang State-owned Assets Consortium as previously reported.

In fact, Zhilu Asset and Jianguang Asset participated in the bidding as a consortium from the beginning. According to the data, Zhilu Asset focuses on semiconductor core technology and other emerging high-end technology investment opportunities. Its legal person and general manager are both Zhang Yuanjie, and the actual controller behind it is Li Bin, a former executive of SMIC .

Among the many overseas investments and acquisitions, what made Zhilu Asset famous was the acquisition of NXP’s Nexperia . In 2016, Zhilu Capital and Jianguang Asset Management, which were established less than a year ago, jointly led the acquisition of Nexperia. At that time, Nexperia was an industry leader in discrete devices, logic devices and other fields. Its revenue in 2016 was approximately US$1.2 billion, accounting for one-fifth of NXP's total revenue.

Jianguang Asset Management stated that this merger and acquisition case is the only Chinese case selected among the world's top ten semiconductor mergers and acquisitions, and it is also the largest overseas merger and acquisition case by Chinese capital in the semiconductor field to date.

Two years later, Zhilu Asset sold Nexperia to A-share listed company Wingtech Technology . So far, investors such as Zhilu Capital have received a total return of more than 10 billion yuan from the Nexperia project alone.

Another company, Jianguang Asset Management, actually invests in for China Construction Bank, and its investment direction is high-tech industries. Li Bin, chairman of the Asset Investment Review Committee of China Construction Bank, revealed that one-third of the world's semiconductor products currently have their own holding companies, and the current asset management scale is nearly 13 billion yuan.

It is worth noting that Li Bin, the actual controller of Zhilu Assets, is also a shareholder of Jianguang Assets. At the same time, Li Bin also serves as the chairman of the Zhongguancun Ronxin Financial Information Industry Alliance (Rongxin Information), which includes Zhilu, Jianguang, SMIC, Weill Corporation, Qualcomm (China), NXP (China) and other well-known technology companies.

Ziguang Group has suffered bankruptcy and reorganization from its early glory to its present, which is directly related to its series of mergers, acquisitions and investments. Since 2013, Ziguang Group has frequently started mergers and acquisitions. In 6 years, it has launched mergers and acquisitions offers for more than 20 companies, investing more than 100 billion yuan. However, frequent mergers and acquisitions have caused the asset-liability ratio of Ziguang Group to rise all the way, and liquidity is seriously tight. According to

data, as of June 2020, Ziguang Group’s total assets were nearly 300 billion yuan, and its total liabilities reached 202.938 billion yuan, a nearly 44-fold increase from the 4.647 billion yuan at the end of 2012.

Even though Zhilu Asset and Jianguang Asset have experienced management and industrial chain ecological resources in the chip semiconductor industry, it is still unclear whether they can bring Unisplendour Group back to life when faced with a debt scale of more than 200 billion yuan. (Article | "Financial World" weekly Edited by Han Ling | Sun Yue)