The editor is a person who works in intellectual property rights and wants to rely on the mountains to make a living. One day, it happens that an intellectual property company can go public and makes a lot of money like a technology company, so I am satisfied.
But after seeing all the Chinese stock market, the ideal is full and the reality is skinny. "Intellectual Property concept stock " seems to be different from what I imagined!
Xihua Securities has sorted out this. As of May 29, 2020, there were 31 A and B shares in China that involved the concept of intellectual property rights.
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After reading the list of these listed companies, the editor’s first feeling: they are really “concept” companies! It can be said that except for Langke Technology , there is almost no company specializing in intellectual property business, or a company with intellectual property as its main business income.
I remember that there are several companies in the intellectual property circle that are mainly revenue and related to listing.
A company is a Sichuan company listed on the New Third Board, but its main business is still based on traditional patent and trademark agents.
A few years ago, a company in Shanghai engaged in IP rights protection and anti-counterfeiting tried to go public, but for some reason, but in the end it failed.
The remaining one who still hopes to sprint to go public is a Guangdong company, which is known as the first unicorn in the IP industry.
This is probably what China's intellectual property rights and stock market love are. Comparing
with intellectual property concept stocks in the US stock market, the gap is really quite:
This is the Acacia Research Corporation (NASDAQ:ACTG)
This is a statistic in 2011. Acacia company ranks first in the United States for complaints. The companies he sent to the dock include Apple, Microsoft , Intel , Yahoo, Huawei ...
This is Wi-LAN, and its parent company is Quarterhill, a Nasdaq listed company. (NASDAQ:QTRH)
is also a "patent hunter" that makes big technology companies trouble. Two recent news about Wi-LANs are buying chip patents from IBM, and signing a memory patent license agreement with Hefei Changxin, buying and selling, and the business is in full swing.
and . VirnetX Holdings Corp. (NYSE MKT:VHC)
VirnetX is still targeting large technology companies.
In addition, there is Rambus (NASDAQ:RMBS) , which is listed on the Nasdaq in the United States, specializing in the litigation and licensing of memory standard patents. Recently, it has reached a DRAM patent license agreement with Hefei Changxin. It can be regarded as the " Langke Technology " of the United States.
So the gap between China and the United States in the intellectual property capital market is still very obvious. The United States is mainly based on intellectual property income or monetization, and China is basically in a blank area.
However, the gap in this subject is likely to be narrowed by a company that is launching an IPO on the Science and Technology Innovation Board.
Science and Technology Innovation Board may usher in the first truly intellectual property concept stock
On May 19, the Shanghai Stock Exchange accepted the IPO application of "Beijing Xin Vision Software Technology Co., Ltd." (hereinafter referred to as "Xin Vision"). The prospectus shows that this is a company that relies on independently developed EDA software to carry out integrated circuit analysis and design services.
This time point is just when the United States has increased its sanctions on Huawei again. The chip design tool EDA and processing and manufacturing were stumped. So with the company's IPO, the media's publicity is like this~
Be good~ This is clearly a domestic EDA software company that can save Huawei by "driven the colorful clouds"!
, etc., what does this have to do with intellectual property rights? !
The editor also opened this prospectus by learning EDA.But after reading the prospectus, the editor discovered an unexpected surprise.
"This is not a national hero enterprise engaged in the domestic substitution of key EDA technologies. It clearly represents the 'the hope of the whole village's impact on IPO in the intellectual property industry!" 's excitement was beyond words!
, let me tell you slowly.
First of all, this company's business is indeed related to EDA technology. The prospectus shows that the company has established three major business segments: integrated circuit analysis, integrated circuit design and EDA software licensing.
In terms of the services they are mainly engaged in, it focuses on providing process and technical analysis services for various semiconductor devices (such as process/circuit/competitiveness/layout structure analysis, etc.), intellectual property analysis and appraisal services (such as patent/layout design infringement analysis, etc.), , design outsourcing, mass production outsourcing and IP authorization, etc. Does
sound obscure? It doesn’t matter. Some experts on Zhihu translated what Chip Vision did in an image way, describing it as a "chip doctor" or "chip forensic doctor", which means engaging in reverse engineering of chips , verified evidence and collected evidence.
, and the EDA tool of Xin Vision is like a doctor's "detector" or "stethoscope", which is used to serve the identification and search for evidence, so EDA revenue only accounts for 3% of the company. The profitability is reflected in IC analysis services, which is also reflected in the company's revenue structure in the past three years.
It can be seen that EDA's revenue is only about 3%. Most of the revenue is concentrated on "IC analysis service ", accounting for more than 80%. Specifically, IC analysis services are divided into three categories:
, among which "IC intellectual property analysis and identification " accounted for 9.33% in 2019, and 26.15% in 2018, which is the patent infringement analysis service in our conventional sense.
, and "IC process analysis " and "IC technology analysis " account for more than 70%. The editor has made a common label on the figure. To put it bluntly, it is engaged in reverse engineering such as chips. It can be considered that it is a model with reverse technology (commercial) secrets or technical characteristics as the main business form. In the new General Principles of Civil Law, commercial secrets are also included in the protection object of intellectual property rights.
So, from the perspective of more than 80% of revenue related to intellectual property rights, the true face of this company is actually a "intellectual property company" that is closely integrated with the semiconductor industry!
This is also one of the few real intellectual property concept stocks in the Chinese stock market.
Intellectual property authentication and reverse engineering are the main businesses
Let’s take a look at the organizational structure of this company.
"Patent Analysis Department" is listed, and is ranked alongside other departments such as EDA R&D Department. Do colleagues engaged in intellectual property services and corporate IPRs instantly feel a bit taller?
Let’s take a look at the business process, and see what we often do in this IPO company.
IC Intellectual property engineers use IC technical analysis results and rely on tools such as intellectual property search engines to provide technical services such as patent infringement/invalidation, layout design infringement identification, patent operation (layout/valuation/transaction/authorization), patent product mapping (PPM) and existing technology inquiry. Related analysis methods include: research on patent claims and protection scope, comparison of patent protection scope and technical analysis results, identification of similarity between layout design, patent classification and strategy research, etc.
do you think it’s still a big deal? It’s all what our intellectual property circle says.
Let’s take a look at how the core vision is evaluated by itself:
”In the IC analysis service business development, the company’s process analysis team mainly performs IC plane analysis, longitudinal structure analysis, component analysis, microscopic image acquisition and processing, as well as other analysis work, and finally obtains data such as image, component indicators and other layers of the product to deliver to customers.For IC technology/intellectual property analysis projects, the design/patent analysis team generally conducts circuit netlist extraction, circuit function analysis, layout structure analysis based on the above-mentioned image library and other data, and after electrical rules inspection, design rules inspection, layout matching verification, claim feature comparison and other links, they finally obtain IC circuit netlist, hierarchical circuit diagram, layout matching index or patent analysis report to deliver to customers. "
" In the field of intellectual property analysis and appraisal, the company independently developed an efficient layout structure computing engine, which can achieve huge quantification, visualization, and platform-based patent clue positioning and layout design similarity comparison through accurate analysis and machine learning. At present, more than a thousand intellectual property infringement analysis services have been provided to mainstream semiconductor manufacturers at home and abroad. "
Does it feel that this company has some experience in the chip field at least in the field of intellectual property analysis?
In order to prove that it has indeed done many intellectual property analysis and IC analysis services, the prospectus also lists multiple cases. The editor briefly selects two to take a look:
Case 1: IC manufacturer commissioned process patent infringement and certification
Case 2: A domestic newly built storage IC manufacturer improves manufacturing process technology and improves product yield
After reading it, do you think that the patent infringement technology has learned a little more. At least in terms of chip infringement identification, the editor has learned a lot of new knowledge with the prospectus.
reverse engineering and intellectual property are a double-edged sword?
Some people may ask, isn't reverse engineering the opposite of intellectual property protection? is not the case with . In fact, the prospectus also clearly describes "reverse engineering" and its role in the semiconductor industry.
IC Reverse engineering originated in Silicon Valley, USA. In the 1950s and 1960s, medium and large semiconductor companies in the United States set up their respective reverse engineering departments. With the increase in IC product integration, the industrial division of labor continued to be refined, and some IC analysis companies emerged. These companies are based on reverse engineering technology, combining IC manufacturing technology, IC design technology and EDA Software, etc., provide semiconductor companies with competitor technical information obtained through their analysis and research.
Since then, the development ideas and technologies of reverse engineering have been increasingly valued by enterprises in all links of the industrial chain; especially in the fields of computers and communications, and consumer electronics where the product replacement cycle is short, reverse engineering is the key method for latecomers to obtain technical information and achieve technological catch-up. .
In addition, reverse engineering technology can also be applied to semiconductor patent analysis and other fields, meeting the needs of large semiconductor companies in the industry in terms of technical protection, infringement and evasion.
In terms of law, the United States China and China also have definitions of reverse engineering.
It can be seen that IC analysis services are still very important, but my country is still very different from companies that provide IC analysis services abroad, especially North America.
IP talent is the main gap between vision and competitors from foreign peers
chip also lists internationally that have done better in this field. For example, United listed on London Stock Exchange Business Media (stock code: UBM), Yite Technology Co., Ltd. (stock code: 3289), listed in Taiwan, China, etc.
Among them, the most similar business model to the Xin Vision is TechInsights.
TechInsights, Inc., formerly known as Semiconductor Insights, was founded in June 1989, headquartered in Ottawa, Canada. In 2007, Semiconductor Insights was acquired by United Business Media (stock code: UBM), becoming its TechInsights business unit. In 2008, UBM The company acquired Shengjing Microelectronics (Shanghai) Co., Ltd., which was engaged in reverse engineering services in China, and merged it into the TechInsights business unit.
In 2013, TechInsights became an independent company and merged with another reverse engineering service provider Chipworks, Inc. in June 2016.At present, the company is a global leader in technical consulting and intellectual property management. Its main services include: semiconductor and software reverse engineering , electronic system dismantling and analysis; market, product and technology-related business intelligence reports; patent and trade secret infringement analysis , prior technology search , patent application direction recommendations, paid patent portfolio construction and management , etc. Comparing the two, in terms of patent talents, Xin Vision believes that there is still a certain gap in itself, and there is still room for improvement in the knowledge and experience in the patent field.
This point can also be seen from the disclosure of core technical personnel in the Xin Vision prospectus that among the seven people identified as core technical personnel, only Zhang Jun is an expert in intellectual property analysis and appraisal. The rest are all engineering backgrounds that focus on integrated circuits. The lack of authoritative experts and teams in intellectual property rights may be the main bottleneck for the further deepening of the core vision business in the future.
summary
With the rapid decoupling of the semiconductor industry in China and the United States, the pace of domestic substitution is gradually accelerating, and IC analysis services may usher in a round of rapid growth, among which intellectual property analysis will play an increasingly important role, and the country still needs similar professional enterprises.
So, if you give the core vision a position, the editor thinks it seems appropriate to use the following sentence to describe it:
"The best intellectual property analysis in the EDA software circle, and the best EDA software in the intellectual property circle is !"
So, if he goes public, how should he buy stocks? Do you understand?
