"You see, there are so many workers and so many equipment. It's very hot! The state attaches great importance to the chip industry, and the efficiency of SMIC in the South will be better and better! " In May this year, an equipment manufacturer looked at the SMIC International South phase II production line under construction, and his tone showed excitement. What is hot is not only the New South Factory of SMIC, but also the performance of SMIC international in the capital market.
SMIC's IPO on the science and technology innovation board has not only become the largest IPO of a shares in recent 10 years, but also set a new record of the fastest IPO of a shares.
According to SMIC issue price 27.46 yuan / share calculation, the net amount raised before the exercise of the overallocation option is 45.652 billion yuan; if the overallocation option is fully exercised, the net amount raised is 52.503 billion yuan. For the last time, the IPO was in 2010, when the Agricultural Bank of China raised 68.5 billion yuan. The size could rank fifth among A shares IPO historical financing, after china construction bank and before chinese construction.
On May 5, SMIC announced that it would IPO on the science and technology innovation board; on June 1, the Shanghai Stock Exchange officially accepted the listing application of SMIC international science and technology innovation board, and three days later, the company entered the IPO inquiry link. Faced with 29 questions of six categories raised by the Shanghai stock exchange, the company only took four days, that is, June 7, to hand in the first round of questions, which broke the fastest record of the first round of replies in the process of the review of science and technology innovation board. On June 19, the official website of Shanghai Stock Exchange announced that SMIC international science and technology innovation board was approved. In only 19 days, the company completed the whole process from the acceptance of the exchange to the approval, setting a record for the fastest listing of the science and technology innovation board.
After landing Kechuang board, SMIC will also become the first Kechuang board "A H" red chip business title, it is significant. According to Lu Suqi, a professor at Peking University School of Economics, lowering the threshold for red-chip enterprises to return to A listing is conducive to guiding the capital market to help high-tech enterprises finance, and from the institutional arrangement, it also better reflects the guidance of expanding the financing channels of enterprises.
After 20 years of breaking the waves, the King returns
According to SMIC's prospectus, SMIC is one of the world's leading manufacturers of integrated circuit wafers. SMIC mainly provides customers with a variety of technology nodes from 0.35 μ m to 14 nm, and various process platforms, as well as supporting services.
According to IC Insights published 2018 pure crystal circle contract industry global market sales ranking, SMIC ranked fourth in the world, ranked first among Chinese mainland enterprises.
Map source / network
Over the past 20 years, SMIC, which has emerged from a paddy field in Zhangjiang, Shanghai, has grown into an aircraft carrier in today's domestic chip field.
In 1977, Zhang Rujing joined Texas Instruments as an engineer. During this period, he also participated in a number of semiconductor plant building projects in the United States, Japan, Singapore and other countries, known as the "factory builder"; in 1997, Zhang Rujing applied for early retirement from Texas Instruments and founded the third wafer foundry in Taiwan, which was soon acquired by TSMC.
In 2000, with the enthusiasm and determination to build a factory in the mainland, Zhang Rujing, 52, went north to start his own business again and founded SMIC international in Shanghai. With the reputation and authority established in the industry, Zhang Rujing quickly gathered talents and funds, and many institutions such as Goldman Sachs, Walden, hending and Xiangfeng chose to invest in SMIC.
With the rapid development of SMIC, it took only 13 months from the first pile to the factory. In the early days of its establishment, SMIC seized the low tide of the semiconductor industry after the collapse of the Internet and bought a large number of low-cost second-hand equipment. In 2003, SMIC became the fourth largest chip foundry in the world, with the same production process as TSMC.
In 2004, SMIC went public in the United States and Hong Kong, China, where factories in Beijing, Shanghai and Tianjin expanded and expanded capacity. However, good momentum in the dispute with tsmc, tsmc in front of litigation, tsmc has twice in the united states to sue msmc for infringement of patents and theft of trade secrets. The lawsuit was not settled until 2009, and Zhang left for personal reasons.
Tuyuan / SMIC international official website
After TSMC was unable to produce chips for Huawei, SMIC was expected by the domestic industry not only as a "spare tire", but also as a "shoulder" to rely on.
"China Core" Industrial Chain of Capital Agglomeration
According to the announcement, SMIC disclosed the list of 29 strategic placement investors participating in the offering, including national big fund phase II, Shanghai integrated circuit investment fund, Juyuan core star, Pudong Science and technology innovation, Guoxin Investment, Fosun high tech, Shenzhen Venture Capital, Yizhuang state investment, Hefei industrial investment, etc.
Capital stock structure changes before and after this issue source / SMIC official website
There are not only 13 state-owned capital investment institutions at the central level, but also 9 local state-owned capital investment platforms. It can be seen that the launch of the national team represents the state's attention to the development of the semiconductor industry.
It is worth noting that Juyuan Xinxing is an industrial investment fund composed of 14 industrial chain enterprises. The limited partners of the fund include Shanghai Xinyang, Zhongwei, Shanghai Xinsheng, LanChi Investment Co., Ltd., Zhonghuan, Weiwei, huiding technology, etc.
These enterprises are all semiconductor industry chain enterprises, covering many fields, such as silicon wafer, semiconductor equipment, IC design, semiconductor materials and so on. They are the leading listed or quasi listed companies in their respective subdivisions.
Through this listing, SMIC has gathered an industrial chain that runs through the upstream and downstream leaders of design, manufacture, sealing, equipment and materials; the deep binding with these enterprises can not only provide SMIC with the funds needed, but also provide the guarantee for its business development, which is conducive to fully mobilizing industrial resources to promote its business development
Advance to 7 nm and below
Lithography is one of the most important parts in many Wafer Foundry Equipments. It is generally believed that EUV lithography must be used to realize the process below 7Nm.
SMIC CEO Liang Mengsong has revealed that in the current environment, N 1、N 2 generation process will not use EUV process, until the equipment is ready, after the N 2 process will turn to the lithography process. During the July 6 roadshow, SMIC Chairman Zhou Zixue also reiterated that the company's current mass production and mainly in research projects do not need EUV lithography machine.
Tuyuan / SMIC international official website
In addition, SMIC is highly dependent on the equipment and materials produced by American enterprises such as Lam and Amat, which can not be replaced by China for the time being. For equipment and materials previously purchased from Lam and Amat, Zhou Zixue said the delivery time of the two orders was "as usual at present".
SMIC is expected to accelerate the technology iteration and gradually reach the world-class IC manufacturing level. According to the prospectus, SMIC plans to invest the net amount of the actual raised funds after deducting the issuance expenses into three projects: SN1 project of 12 inch chip; reserve fund of advanced and mature technology R & D project; and supplement of working capital.
A 12-inch chip SN1 project will raise $8 billion. According to the introduction, the carrier of the project is SMIC South, and the technological level is 14 nm and below. The project, with a planned monthly capacity of 35,000 units, has now been built at 6000 units, raising funds mainly to meet some of the capital for expanding the production line to 35,000 units.
SMIC said that the implementation of this project will greatly enhance the technology level of integrated circuit wafer foundry in Chinese mainland, enhance the company's ability to serve high-end customers in the global market, and further promote the development of integrated circuit industry in Chinese mainland.