The latest recruitment of Jiangyin Xinchao Group

Compared with international counterparts, packaging testing in chip field is an ideal competitive field in domestic semiconductor field. However, the major shareholder Changdian Technology (600584. SH) The recent performance is not very good. Due to the performance of the target company, important shareholders reduced their holdings by nearly 1 100 million shares in one and a half years. From June 12 to June 14, the share price of changdian science and technology fell continuously, including 6.34% on June 14, and closed at 12.7 yuan.

On the evening of June 1 1, Changdian Technology announced that Jiangsu Xinchao Technology Group Co., Ltd. (hereinafter referred to as "Xinchao Group") intends to reduce its holdings through centralized bidding within 90 days from June 20 19 12 15 trading days. As of June 12, Xinchao Group held 400 million shares of Changdian Technology1.1400 million, accounting for 7. 13% of the total share capital.

Three shareholders "sell and sell", and institutions frequently take over.

It is not the first time that Xinchao Group has reduced its holdings of Changdian Technology.

On June 5th, Changdian Science and Technology announced that Xinchao Group reduced its holdings of the company's unrestricted tradable shares by block trading from 20 1 1 to June 5th, 20 19, accounting for 1.86% of the total share capital.

"The above changes in equity will not lead to changes in the company's control rights. After this equity change, Xinchao Group is still the third largest shareholder of the company, holding 7. 13%, the first largest shareholder National Integrated Circuit Industry Investment Fund Co., Ltd. holding 19.00%, and the second largest shareholder Core Semiconductor (Shanghai) Co., Ltd. holding 14.28%. " The company announced. 20 18 annual report shows that the actual controller of the second shareholder of changdian technology is SMIC (0098 1. HK)。

Among the large-scale transaction records of Changdian Technology since 20 19, it has occurred many times since February 28, and the seller is an all-in-one machine "Jiangyin Branch of Huatai Securities Co., Ltd.". Except for the "Headquarters of china galaxy Securities Co., Ltd." in June 1 1 and the "Securities Business Department of Shenzhen Yitian Road Duty Free Business Building of China Merchants Securities Co., Ltd." in March 1 1, all the buyers are for the exclusive use of institutions, and the receiving price ranges from 12.35 yuan to/kloc.

In the past two years, Xinchao Group, controlled by Wang Xinchao, the former chairman of Changdian Technology, has continuously reduced its holdings. 201165438+1October 14, changdian science and technology announced that trendy group reduced its holdings by no more than 654.38+0350 million shares, accounting for 0.99% of the company's total share capital. Before the implementation of this reduction plan, Xinchao Group held 654.38+09 billion shares of Changdian Technology.

By 2065438+June 2009, Xinchao Group had reduced its holdings by nearly 1 100 million shares in a year and a half. On September 25th, 20 18, Changdian Technology announced that the board of directors unanimously approved the resignation requests of Chairman and CEO Wang Xinchao and President Lai Zhiming respectively, which was less than one month after the completion of the issuance of Changdian Technology.

In 20 18, Changdian Technology issued 243 million shares to Big Fund, Chip Semiconductor and Jintou at the price of 14.89 yuan per share, raising about 3.6 billion yuan. The issuance was completed in September 20 18, and the new shares issued on the same day began to go public. Previously, Changdian Technology disclosed that the raised funds will be used for an annual output of 2 billion high-density integrated circuits and module packaging projects for communication, road packaging technology industrialization projects for integrated circuits for communication and Internet of Things, and repayment of bank loans.

Pan Chang, an analyst in TF Securities, said that after the acquisition of Xingke Jin Peng, Changdian Technology became the third largest packaging and testing manufacturer in the world, with extensive technology accumulation and product solutions. Changdian technology's products cover high, medium and low end, and there are many kinds of products. After the fixed fundraising, Industrial Fund will become the largest shareholder. In addition, the members of the board of directors changed, and Chairman Zhou, Chief Financial Officer Gao Yonggang and Vice President of Industrial Fund were elected as non-independent directors of the company.

"The change of the board of directors makes the board structure of the company more in line with the company's shareholder structure, which is conducive to the coordinated development of the company and SMIC and optimistic about the company's future profit release." On may 18, Zhou officially became the chairman of changdian technology.

Liang Shuang, an analyst at Shenwan Hongyuan, believes that the acceptance of orders from chip design factories by Changdian Technology has always been the focus of the market. Since the company changed its management, the overall business has progressed smoothly, and it is comparable to some competitors in the forefront of the market in terms of product categories. We can expect that Changdian Technology will have more big customer support in the future.

The global share of packaging testing ranks third.

On June 14, in response to an investor's inquiry, Changdian Technology said that its customers are both domestic and foreign, and 85% of the top 20 semiconductor companies in the world are customers of Changdian Technology. Changdian Technology continuously strengthens the leading edge of advanced packaging and testing technology, and realizes the diversification of product portfolio by implementing various advanced R&D projects. Customers are integrated circuit design companies and system integrators. A design company designs a chip scheme or a system integration scheme, entrusts an integrated circuit manufacturer to produce wafers (chips), entrusts the chips to a packaging and testing enterprise, and then the above customers sell the packaged and tested products to an electronic terminal product assembly plant.

The 20 18 annual report of changdian technology shows that according to the report of xinsi research institute, the top three packaging and testing companies in the world occupy 57.7% of the global market share, among which, Riyue silicon products account for 29.3%, Anjian 15.4%, and changdian technology ranks third with 13%. According to the report of Yole dédevelopment, the global market share of advanced packaging wafers in 20 17 is as follows: Intel 12.4%, silicon 1 1.6%, and Changdian Technology ranks third with 7.8%.

In a group of chip design enterprises rushing to the science and technology innovation board, the main supplier of packaging testing mainly comes from Changdian Technology. For example, the set-top box chip leader Chen Jing shares, the smart phone camera EEPROM product leader Chen Ju shares, and the packaging test suppliers are Changdian Technology and its subsidiaries. The OEM suppliers of these companies mainly come from SMIC and TSM.

According to changdian technology, in 20 18, due to the decline in the prosperity index of the semiconductor market, the weakness of the mobile communication product market, the premium paid by Xingke Jin Peng for redeeming the senior notes, the one-time amortization expenses and other factors, as well as the changes in the fair value of some financial instruments and the impairment of goodwill, changdian technology suffered losses in 20 18.

In the first quarter of 20 19, the operating income of changdian technology was 45140,000 yuan, down 17.77% year-on-year, and the net profit attributable to the mother was -465 1.68 million yuan; The operating income of 20 18 was 23.856 billion yuan, which was basically the same as that of the same period last year. The net profit of returning to the mother was-939 million yuan, a year-on-year decrease. In 20 18, the revenue of changdian technology headquarters reached a new high, with the revenue of 7.946 billion yuan in 20 18, up by 7.62% year-on-year. In 20 18, the operating income of xingke Jin Peng acquired by the company was165438+69 million USD, which was the same as that of the previous year; Net profit-$2,765,438 +0 billion. The performance of Changdian Technology 20 18 was mainly dragged down by Xingke Jin Peng.

Yang Minghui, an analyst at Everbright Securities, said that the price of sealed and tested products has dropped due to the promotion strategy of terminal smartphones. For Changdian Technology, the future risk is that the prosperity of the semiconductor industry continues to decline, and the integration of Xingke Jin Peng is less than expected.