9 semiconductor IPOs were accepted in 2 days, and the number of IPOs on the Science and Technology Innovation Board exceeded 800

There are only 17 days left until the third anniversary of the opening of the STAR Market. In the past week, the STAR Market has ushered in a wave of intensive IPO acceptance.

Last Wednesday and Thursday, a total of 39 companies’ IPOs were accepted on the Shanghai Stock Exchange’s Science and Technology Innovation Board.. It is reported that according to the rules of the Science and Technology Innovation Board, the financial statements of the prospectus of companies planning to go public are valid within 6 months after the closing date of the latest period. Therefore, companies to be listed and sponsors will focus on sprinting for IPOs in June, so that financial data will be valid for a longer period of time in the IPO process.

Compared with the 21 IPOs accepted on the Science and Technology Innovation Board in the last two days of June last year, the number of 39 IPOs accepted on June 29 and 30 this year increased by 85%. So far,The total number of IPOs accepted by the Science and Technology Innovation Board has exceeded 800.

Among the 39 newly accepted companies, there are 9 companies related to the semiconductor industry chainare important players in the domestic semiconductor industry, including SMIC’s wafer fab SMIC, the domestic display chip leader Chichuang North, the second largest IP supplier in mainland China, Ruicheng Microelectronics, and a few companies with independent intellectual property rights. Ethernet physical layer chip supplier Yutaiwei, etc.

▲ On June 29 and 30, 2022, the acceptance of 9 semiconductor industry chain companies on the Science and Technology Innovation Board

The nine semiconductor industry chain companies raised a total of 24.9 billion yuan, of which SMIC plans to raise the highest amount of funds, planning to raise 12.5 billion yuan; the least is Penang Electronics, planning to raise 485 million yuan.

In addition, these 39 companies also include 9 biopharmaceutical and medical device companies, 3 new energy companies, 9 industrial software companies, as well as power control, intelligent manufacturing and other companies.

01. SMIC is the MEMS wafer foundry, and Longrui is the second largest IP supplier in China

According to the statistics of Core East and West, the business of these nine semiconductor industry chain-related companies covers foundry, semiconductor IP and chip design, and some companies are key players in the domestic semiconductor segment and even industry leaders.

The main businesses of SMIC and Ruicheng Micro are wafer foundry and semiconductor IP, respectively. The former is a wafer foundry with SMIC’s characteristic process; one of the IP providers.

1. SMIC: SMIC is the second largest shareholder, and the power device OEM covers the full voltage

SMIC was established in March 2018 and is headquartered in Shaoxing City, Zhejiang Province. It is mainly engaged in wafer foundry and module packaging and testing of characteristic processes such as MEMS (Micro-Electro-Mechanical Systems) and power devices. Its first and second largest shareholders are Yuecheng Fund and SMIC, holding 22.7% and 19.57% of the shares respectively, and there is no actual controller or controlling shareholder.

▲ SMIC’s shareholding structure

It is reported that SMIC is one of the few foundry companies in China that provides automotive-grade chips. It has established a full-process automotive-grade quality management system from R&D to mass production, and has cooperated with many leading customers in the industry. A partnership was established.

In terms of foundry, SMIC owns an 8-inch wafer fab with a production capacity of 100,000 wafers per month by the end of December 2021. SMIC is the largest and most technologically advanced MEMS foundry in China, taking the lead in undertaking the “MEMS sensor batch manufacturing platform” project, a key special project of the 14th Five-Year Plan of the Ministry of Science and Technology. In the field of power device foundry such as IGBT and MOSFET, SMIC has formed a full voltage coverage from low voltage 12V to ultra-high voltage 4500V.

In terms of module packaging and testing, SMIC’s integrated production line is built according to the vehicle-level quality management system standard, which can be backward compatible with industrial-grade and consumer-grade products.

During the reporting period, SMIC’s foundry business was the main source of revenue. In 2021 and 2019, the revenue of this business accounted for more than 92%, of which power devices were the main source of income for SMIC’s foundry business. .

▲ SMIC’s revenue and the proportion of each business

2. Ruichengxinwei: The second largest IP supplier in China, the first in China for analog and digital-analog hybrid IP

Ruichengxinwei was founded in December 2011 and is headquartered in Chengdu, Sichuan. Its main products include analog and digital-analog hybrid IP, embedded storage IP, wireless RF communication IP and wired connection interface IP and other semiconductor IP licensing services and chips Customized service.

Xiang Jianjun, founder and chairman of Ruicheng Microelectronics, controls a total of 40.09% of Ruicheng Microelectronics and is the company’s controlling shareholder and actual controller.

▲ Shareholding structure of Ruichengxin Micro

Ruichengxin Micro has more than 500 physical IPs, covering more than 20 fabs around the world, and multiple process nodes such as 14nm-180nm. According to the report of research institute IPnest, Ruichengxinwei is the second largest semiconductor IP supplier in mainland China and the 21st in the world. Its analog and digital-analog hybrid IP ranks first in China and third in the world, with a global market share of 6.6% in 2021; its wireless RF communication IP ranks first in China and third in the world, with a global market share of 4.5% in 2021.

During the reporting period, the main source of revenue of Ruicheng Microelectronics is chip customization services. In 2021, the revenue of this business will account for more than 70%, but the proportion of revenue from its IP licensing business is gradually increasing.

▲ The revenue of Ruichengxin Microelectronics and the proportion of each business

3. Penang Electronics: With the most complete overvoltage protection products, customers include Huawei and ZTE

Penang Electronics was established in March 1999. Its headquarter is located in Baoan District, Shenzhen. Its main business is lightning protection, anti-surge, anti-static and other protection circuits and protection components. It has the most complete product line in the field of overvoltage protection in the world. one of the manufacturers.

The controlling shareholder and actual controller of Penang Electronics is Cai Jinbo, chairman of the company, who controls 48.25% of the company’s shares in total.

▲ Penang Electronics shareholding structure

According to the prospectus, Penang Electronics has the ability to operate the whole industry chain under the IDM (vertically integrated manufacturing) model, and has built a trinity vertical innovation management system on this basis. Its customers include Huawei, ZTE, Nokia, Samsung, Panasonic, Xinhua 3. Hikvision, Dahua, Midea Group, Gree Electric, BYD, Foxconn and other domestic and foreign companies.

The main business of Penang Electronics can be divided into “TVS (transient voltage suppression diode) and TSS (semiconductor discharge tube) products”, “GDT (ceramic gas discharge tube) products”, “ESD (electrostatic protection diode) products”, ” Electromagnetic Compatibility Engineering Technology Services” and “Others”. Among them, TVS and TSS products and GDT products are the main source of income of Penang Electronics, and its revenue in 2021 will account for 48.06% and 28.83% respectively.

▲ Penang Electronics’ revenue and the proportion of each business

02. The domestic display chip leader was approved by Yutaiwei to fill the gap of Ethernet chips

In terms of chip design, companies such as Beijing Chichuang North, Zhuhai Boya Technology, Suzhou Yutaiwei, Shanghai Tailingwei and Wuxi Zhongganwei were all accepted on June 29th and 30th.

In addition, Nanjing Gaohua Technology, which was accepted for its IPO on June 30, also has the ability to independently design MEMS sensor chips and ASIC conditioning circuits.

1. Beijing Chichuang North: the leader of domestic display chips, the world’s first LED display driver chip

Chichuang North was established in September 2008. Its headquarters is located in Beijing. Its main business is display chips. Its products include panel display driver chips, power management chips, LED display driver chips, and control chips.

According to the data of market consulting companies Omdia, Cinno Research and TrendForce, in 2021, in the field of smartphone LCD display driver chips and smartphone LCD TDDI chips, Chipone North will rank first in mainland China market share; in the global large-size LCD panel display driver In the chip market, its market share ranks second in mainland China; in the field of display panel power management chips, Chipone North ranks first in mainland China; in the field of LED display driver chips, its market share continues to rank first in the world.

From 2019 to 2021, the proportion of Chichuang North panel display driver chip products will increase year by year, and its revenue will account for more than 50% in 2021.

▲ Chichuang North’s revenue and the proportion of each business

The controlling shareholder and actual controller of Chichuang North is the founder, chairman and general manager of the company, Zhang Jinfang. Zhang Jinfang directly holds 17.79% of the shares of Chichuang North, and controls 6.57%, 3.98% and 0.56% of the voting rights through Yongchang Huanyu, Yongchang Huanyu and Jinrui Boyuan respectively, controlling 28.90% of the shares in total.

2. Zhuhai Boya Technology: Achieve 50nm 1GB product sales, actively deploy MCU and NAND flash memory chips

Boya Technology was established in December 2014. Its main business is flash memory chips. During the reporting period, its main products are NOR Flash memory chips.

In addition, Boya Technology has successfully independently developed and sold the first 1G capacity product with parallel port 50nm process in China. At the same time, it is actively deploying MCU and its peripheral supporting chips, as well as NAND Flash memory chips.

At present, Boyaa Technology’s MCU chip has completed FPGA verification and is in the back-end layout design stage. The MCU supporting front-end wireless chip has been taped out; NAND Flash chip has completed part of the module analog circuit design and obtained 5 NAND Flash chip integrated circuit layouts Design exclusive rights.

Boya Technology has established cooperative relations with Renesas Electronics, Actions Technology, Leverage Technology, Yizhaowei, etc., and many products have entered Xiaomi, Tuya Smart, iFLYTEK, Hikvision, Sichuan Changhong, Huichuan Technology, etc. Enterprise supply chain.

The controlling shareholder and actual controller of Boya Technology are the chairman and general manager DI LI, who in total control 46.18% of Boya Technology’s shares.

▲ Zhuhai Boya’s shareholding structure

3. Suzhou Yutaiwei: Breaking the monopoly of the three major international giants, it is deploying vehicle-grade products

Yutaiwei was established in January 2017 and is headquartered in Suzhou High-tech Zone. Its main business is high-speed wired communication chips. It is one of the few Ethernet physical layer chip suppliers in mainland China that has independent intellectual property rights and has achieved large-scale sales.

At present, the global suppliers of Ethernet physical layer chips with large-scale operation capabilities and R&D strength are mainly Broadcom in the United States, Meiman Electronics in the United States and Realtek in Taiwan, China. Yutaiwei is one of the few companies in mainland China that has achieved large-scale sales of Gigabit high-end Ethernet physical layer chips, breaking the long-term dominance of international giants in this market.

Yutaiwei’s customers include Pulian, Centec Communications, H3C, Hikvision, Inovance, Nova Nebula, Fiberhome, Dahua and other domestic enterprises. The products can be divided into industrial grade, commercial grade and Three types of vehicle regulations. In 2021, Yutaiwei’s main source of income is gigabit industrial-grade products, accounting for more than 51%; vehicle-grade products are regarded by Yutaiwei as a key research and development direction.

▲ Yutai Micro Income and the proportion of each business

The controlling shareholders and actual controllers of Yutaiwei are Ouyang Yufei and Shi Qing, who together control 42.31% of the total shares. Huawei Hubble is the company’s largest institutional shareholder, holding 9.29%.

▲ Yutai Micro’s shareholding structure

4. Shanghai Telink Micro: The market share of low-power Bluetooth chips is the third in the world

Telink Micro was established in June 2010, its headquarters is located in the Shanghai Free Trade Pilot Zone, and its main business is wireless Internet of Things system-on-chip.

In 2016, Telink Micro developed the first multi-mode low-power IoT wireless connection system-on-chip TLSR8269 in China, which is the world’s second multi-mode low-power IoT wireless after Texas Instruments (TI) cc2650 chip Connect the chip. Telink Micro’s main source of revenue is Bluetooth LE chips, which will account for 54.39% of its revenue in 2021.

▲ Teiling Micro’s revenue and the proportion of each business

In July 2019, Telink Micro was elected as a member of the International Bluetooth Special Interest Group (SIG) board of directors, and is responsible for the management and operation of the Bluetooth SIG with fellow member companies Apple, Ericsson, Intel, Microsoft, Motorola Mobility, Nokia and Toshiba Decision-making; Dr. Jin Haipeng, deputy general manager and core technical staff of Telink Micro, was hired as a member director of the SIG Board of Directors Alliance.

According to data from market consulting firm Omdia, in terms of shipment volume, Telink Micro’s low-power Bluetooth chip market share will be 12% in 2020, ranking third in the world, outpacing the US analog chip leader Texas in this segment. instrument. According to the statistics of DNB Markets, a Nordic financial institution, the number of Telink Micro Bluetooth low energy terminal product certifications in 2021 climbed to the second place in the world, second only to Nordic.

Tailing Micro has no controlling shareholder, and the actual controller is Wang Weihang, chairman of Tailing Micro, who owns and controls 28.19% of the company’s shares in total.

▲ Teiling Micro’s revenue and the proportion of each business

5. Wuxi Zhongganwei: replace Qualcomm and enter Harman International, and the global market share of Bluetooth ad hoc network chip products is the top three

Zhongganwei was established in July 2009 and is headquartered in Wuxi City, Jiangsu Province. Its main business is sensor network SoC. Its main products include Bluetooth audio sensor network SoC chips, lithium battery power management chips, and video sensor network chips.

The Bluetooth audio sensor network SoC chip is the main product of Zhongganwei. It replaces Qualcomm products and realizes the stable and continuous supply of Harman International JBL high-end Bluetooth speakers Flip5, Pulse4, Boombox2, Xtreme3 ​​and other products. The monopoly of the corresponding products of Qualcomm, MediaTek and other international chip design giants in the application of high-end Bluetooth speakers.

▲ Zhongganwei’s revenue and the proportion of each business

According to the Jiangsu Semiconductor Industry Association, ZhongSense Micro’s Bluetooth ad hoc network chip products for high-end mobile Bluetooth speakers ranked the top two in the domestic market share and the top three in the global market share among similar products.

The controlling shareholder and actual controller of Zhongganwei is Yang Xiaodong, the chairman and general manager. The proportion of shares he directly holds and actually controls through Zhuhai Zhongganwei is 36.91%. In addition, Shanghai Juyuan Juxin, an investment company of SMIC, has also invested in it.

▲ Zhonggan Micro’s shareholding structure

6. Nanjing Gaohua Technology: Mainly engaged in sensors, participating in lunar exploration aerospace projects

Gaohua Technology was established in February 2000. Its headquarters is located in Nanjing, Jiangsu Province. Its main business is high-reliability sensors and sensor network systems, and it has the ability to independently design MEMS sensor chips and ASIC conditioning circuits.

Gaohua Technology currently develops and produces various pressure, acceleration, temperature and humidity, displacement and other sensors, and integrates the above sensors into a sensor network system through software algorithms. In the field of aerospace, Gaohua Technology participated in and successfully completed the supporting tasks of key projects such as manned spaceflight engineering, lunar exploration project, Beidou project, and space station construction project; , Gaohua Technology has participated in the sensor supporting tasks of information equipment; in the field of rail transit, it has participated in the localization of sensors for high-speed trains such as Harmony and Fuxing; in the field of metallurgy, its products are used in Baowu Group and Jianlong Group. and other enterprises’ smelting equipment health monitoring system.

Gaohua Technology Chairman and General Manager Li Weiping, Director Shan Lei and Director and Deputy General Manager She Dequn are the founders of Gaohua Technology and signed the “According to Action Agreement”, controlling a total of 58.23% of the company’s shares.

▲ Shareholding structure of Gaohua Technology

03. Wuhan Dameng may become the first share of the database, Suochen Technology fills the CAE gap

In addition to semiconductor industry chain companies, among the 39 companies that were accepted for IPOs on the Science and Technology Innovation Board on June 29 and 30, biopharmaceutical companies accounted for a relatively high proportion, reaching 15%. Huahaozhong, an innovative drug company focusing on the field of oncology Tian, ​​Yi Kelai Biology, which uses synthetic biotechnology to replace chemical manufacturing, and Lianchuan Biology, which focuses on the field of genetic technology.

▲ On June 29th and 30th, the Science and Technology Innovation Board was accepted for IPO business types

Among the 39 companies accepted by the Science and Technology Innovation Board, there are 5 big data/smart city enterprises, whose main business covers ecological environment management, intelligent logistics, visual technology and real-time analysis.

Among them, Wuhan Dameng Database is expected to become the “first database share” of A shares. According to the prospectus, Dameng Database has mastered the core cutting-edge technologies in the field of data management and data analysis and has independent intellectual property rights of all the core source codes of main products. At present, Dameng Database has completed the adaptation and mutual recognition of compatibility with more than 3,000 software and hardware products or information systems.

In terms of industrial software, Suochen Technology is a company that breaks the monopoly of CAE (Computer Aided Engineering in Engineering Design) software by European and American companies such as Anses, Dassault, Siemens, MSC, etc.

CAE software belongs to R&D and design industrial software. According to the research data of “China Industrial Software Industry White Paper (2020)”, CAE software is the field with the highest degree of monopoly of foreign companies, and the top ten CAE software suppliers in the domestic market are all foreign companies.

At present, the main products of Suochen Technology adopt cutting-edge algorithms such as Gas Dynamics Algorithm (GKS), Direct Simulation Monte Carlo Method (DSMC), Smooth Particle Flow (SPH), and Regenerated Nuclear Particle Algorithm. Research in the fields of national defense and military industries such as ships, oceans, and nuclear industries.

▲ The discrete structure of aero-engine particles constructed by the pre-processing module of the fluid simulation software of Suochen Technology

In addition, among these 39 companies, there are Zhejiang Toman Intelligent, whose main business is mid-to-high-end CNC machine tools, and Shanghai Yuzhang Electric, whose main business is electrical control equipment in the fields of clean energy and other fields, all of which are in the relevant domestic industrial chain. important player.

04. Conclusion: The Science and Technology Innovation Board helps 9 new players in the hard technology industry to save domestic subdivision leaders

Under the reform of the registration system, the Science and Technology Innovation Board has provided a new financing channel and a stage for Chinese hard technology companies to enter the capital market. It not only gave birth to many important domestic leaders, but also promoted domestic semiconductor, new energy and other hard technology industries. development of.

As the cornerstone of emerging technologies such as 5G, artificial intelligence, and autonomous driving, semiconductors have attracted much attention from upstream and downstream industries and investors. Today, the Science and Technology Innovation Board has attracted many domestic IPOs. Among the 9 companies in the semiconductor industry chain accepted this time are key players such as Chichuang North, whose listing may help domestic leaders in these subdivisions and strengthen their global presence. position in the industrial chain.