According to the prospectus, Hejian Chip plans to raise 2.5 billion yuan, making it the most planned to raise among the nine accepted companies, and it is also the only company that has suffered losses among the first nine accepted companies.
is among the top ten semiconductor manufacturing companies in China in 2017 released by the China Semiconductor Association. Hejian Chip Manufacturing (Suzhou) Co., Ltd. (hereinafter referred to as "Hejian Chip") ranks fourth among the wafer foundry companies. Among integrated circuit manufacturing companies, wafer foundry companies include SMIC , Huahong Group, TSMC China, Hejian Chip and Wuhan New Chip.
prospectus shows that Hejian Chip is mainly engaged in the R&D and manufacturing of 12-inch and 8-inch wafers, of which the department is mainly engaged in the R&D and manufacturing of 8-inch wafers, covering 0.11μm, 0.13μm, 0.18μm, 0.25μm, 0.35μm, 0.5μm and other processes; its subsidiary Xiamen Lianxin is mainly engaged in the R&D and manufacturing of 12-inch wafers, covering 28nm, 40nm, 90nm and other processes; its subsidiary Shandong Lianxin is mainly engaged in the IC design service business. The company provides mid-to-high-end chip research and development and manufacturing services to world-renowned chip design companies, and its products are mainly used in communications, computers, consumer electronics, automotive electronics and other fields.
and Ship Chip's main domestic competitors are SMIC, Huahong Semiconductor, and domestic subsidiaries established by overseas wafer foundry giants, etc. The main overseas competitors are TSMC, GF, and the world's advanced wafer foundry companies. The list of customers of
and Ship Chip includes MediaTek , Unigroup, Spreadtrum Communications (Shanghai) Co., Ltd., Silicon Lijie and Xiamen Unigroup Zhanrui Technology Co., Ltd. and other companies.
has suffered losses for three consecutive years
The specific listing criteria for Heshang chip selection this time are "Shanghai Stock Exchange Science and Technology Innovation Board Stock Listing Rules" 2.1.2 (IV) "The market value is expected to be no less than RMB 3 billion, and the operating income in the past year is no less than RMB 300 million." It is planned to issue no more than 400 million shares in public, and not less than 10% of the total share capital after issuance. The company's shareholders will not sell shares publicly and have no actual controller. In terms of performance, from 2016 to 2018, the net profit attributable to the parent company owners of Hejian Chip was -143.905 million yuan, 71.2879 million yuan, and 29.9272 million yuan, respectively. The net profit attributable to the parent company owners after deducting non-recurring gains and losses was -155.7952 million yuan, -2.9622 million yuan, and -146.4463 million yuan, respectively.
As of the end of 2018, Hejian Chip's cumulative undistributed profit was -926.7244 million yuan. The prospectus stated that the company had not made any profit at the time of listing and had unrecovered losses. The main reason was that the company's subsidiary Xiamen Lianxin's early depreciation of fixed assets and the amortization of intangible assets of in the early stage resulted in negative gross profit margin, and requires to make up for inventory impairment and expected liabilities.
and Ship Chip said that the unprofitable amount has not yet been made mainly due to the large amount of depreciation and amortization, and the provision of inventory impairment provisions and expected liabilities. However, the net cash flow generated by the company's operating activities during the reporting period was positive, namely RMB 1267.1016, RMB 2913.2195 million and RMB 3205.5051 million, respectively. The continuous cash inflow of business activities can ensure the stability of the company's existing team, introduce scientific research and technical personnel, and increase investment in research and development of advanced processes and special process technologies. However, if the company continues to suffer losses in the next few years, it may still affect the stability of the company's team and the introduction of talents, which will have an adverse impact on the company's operations.
This time, Hejiang Chip raised funds for Hejiang Chip Manufacturing (Suzhou) Co., Ltd.'s integrated circuit chip technology transformation and capacity expansion project, with a total investment of 2499.358 million yuan. The two shareholders of
, with a valuation of nearly 6.7 billion yuan, and the direct controlling shareholder of
and Ship Chip are Oak United, which directly holds 98.14% of the shares. The indirect controlling shareholders are Jingxin Technology, Elite International and Lianhua Electronics. The ultimate controlling shareholder is Lianhua Electronics. Because Lianhua Electronics' equity is extremely scattered, there is no actual controller, so there is no actual controller.
Lianhua Electronics was listed on the Taiwan Stock Exchange in 1985 (stock code: 2303), and in 2000 it was listed on the New York Stock Exchange (issuance of ADR, code UMC), and is a wafer manufacturing company. In 2018, the operating income was NT$151.252571 billion and the net profit was NT$3.592996 billion.
In addition, Fulakai Consulting holds another 1.86% of the shares. The prospectus shows that FRIENDLY HOLDINGS holds 100% of the equity of Fulakai Consulting.
Fulakai Consulting subscribed 59.768576 million new shares of Hejian Chip for 125 million yuan on May 15, 2018. The capital increase price is approximately 1.5 times the net assets of Hejian Co., Ltd. per share as of March 31, 2018.
According to this calculation, the subscription price of Hejian chip is 2.09 yuan per share, and its market value has reached 6.698 billion yuan.
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-