中国芯片业者纷纷在美退市，因回国有扶持金？

由于感觉在美国投资圈所受到的“关爱”太少，再加上来自中国政府的资金诱因，有部分中国无晶圆厂芯片业者已经准备从纳斯达克股市(Nasdaq)退出，回老家去当准国营企业。 展讯(Spreadtrum Communications)与锐迪科(RDA Microelectronics)就是中国政府积极扶植当地半导体产业的受惠者(被具中国官方背景的投资业者紫光集团收购)；上海芯片业者澜起科技 (Montage Technology)最近也被另一家中国投资机构收归旗下，交易预计今年秋天完成。炬力集成(Actions Semiconductor)看来也追随了上述同业脚步，但还未有收购消息传出。 现在或许可以称为是中国无晶圆厂芯片产业的“第二阶段革命”。目前中国的无晶圆厂芯片市场缺乏永续经营的条件，太多小型业者竞相投入低利润的中国本土智能手机、平板电脑、机顶盒等应用市场；为了 脱离这种恶性循环竞争，无晶圆厂芯片业者需要有新焦点、更鲜明的差异化，以及数量更少却更有耐心的投资人，或许还需要几个更老练的企业经理人。 藉由私有化，上述那些芯片业者将成为中国的准国营企业，并有机会取得政府的资金补助；但这种策略也不能保证成功，只能说是中国无晶圆厂芯片业者因为希望取得成长与利润，所耍的最新花招。 全球半导体联盟(Global Semiconductor Alliance，GSA)亚太区首席执行官王智立(Jeremy Wang)表示，中国半导体业者退出美国金融市场是一个可预见的趋势，在十年前，中国第一批寻求股票公开发行(IPO)的无晶圆厂半导体业者，在中国本地 找不到适合的金融市场：“现在中国政府开始重视半导体领域的创新与技术研发，也扮演了关键角色。” 王智立指出，一些中国股市的“常胜军”(例如房地产业与金融业)，因为新法规以及国家政策重点转移而成长趋缓，因此中国股市需要添加一些新动力：“半导体产业也是一个选项。” 总部位于上海的展讯，因为在TD-SCDMA调制解调器芯片的早期投入研发而迅速成长，也成为第一批被紫光集团收归旗下的芯片业者之一。紫光集团51%股份是属于清华控股(Tsinghua Holdings)，后者是由北京清华大学所成立、百分之百的中国国营企业；紫光集团的其余股份属于私募基金业者健坤投资集团，负责人为赵伟国。 展讯在2013年7月同意以约17.8亿美元的金额被紫光集团收购，交易于同年12月完成。同样在去年夏天，紫光集团另外签署了一份协议，收购中国RF芯片设计业者锐迪科；紫光集团有意将展讯与锐迪科合并，此计划若成功，中国有可能出现一家足以与台湾IC设计大厂联发科(MediaTek)分庭抗礼的芯片设 计公司，但或许还无法与美商高通(Qualcomm)匹敌。 不过展讯与锐迪科这两家在数年前也曾在美国纳斯达克股市公开发行的公司，要谈合并似乎还有一些阻力，必须先解决双方内部的一些问题(参考：锐迪科、展讯确定合并？　消息来源：还早)。据了解，紫光集团已经在上个月完成对锐迪科的9.07亿美元收购，而展讯与锐迪科确实将合并为一家国营企业。 有 人认为紫光集团的收购是纯粹的投资行为，该投资机构会在短时间内将展讯与锐迪科合并之后的公司在中国股市公开发行；但也有人认为其幕后是积极扶植本土政府产业的中国政府在操作。至于其他中国无晶圆厂芯片业者如全志(Allwinner)、瑞芯微(Rockchip)的未来发展，还有待观察。 本文授权编译自EE Times，版权所有，谢绝转载 第2页：不许再落入外人手，一切都是政治操作？ 第3页：半导体产业需要国家支持 {pagination} 政治操作？ 今 年中国产业界传出，上海无晶圆厂芯片设计业者澜起科技(Montage Technology)，成为中国另一家国营投资机构上海浦东科技投资有限公司(PDSTI)的收购目标。澜起科技提供机顶盒应用的模拟/混合信号芯片， 以及大内存容量服务器应用的内存接口芯片。 澜起科技与PDSTI已经在6月达成最终协议，后者以每股22.60美元收购澜起所有的股票；收购案已经获得澜起的股东同意，但还有待主管机关的审查与最后批准。 PDSTI打算收购澜起的消息在3月份曝光时震惊了中国电子产业，很多消息来源认为这是一项政治操作，因为据说PDSTI原本也有意收购总部都在上海的展讯与锐迪科，但最后那两家公司却被来自北京的紫光集团“捞过界”抢走；这次PDSTI绝不会允许澜起再落入外人手中。

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接着最近传出炬力集成打算将公司一分为二并退出美国股市，但是否能成功还不确定。对此GSA的王智立表示，炬力的两个业务部门的产品生命周期、 P&L模型迥异，也许分开来在某种程度上是件好事，可减少彼此之间的摩擦；不过他也提出警告，公司拆分也可能使得炬力原本的核心资源力量丧失。 本文授权编译自EE Times，版权所有，谢绝转载 第3页：半导体产业需要国家支持 {pagination} 半导体产业需要国家支持 据了解，中国打算自2015年起每年投资100~150亿美元，扶植本土芯片产业，时间可能长达十年(也有人说是五年)；为此众家中国芯片业者都在想花招取 得政府的补助资格。而中国政府的资金有可能会是透过成立基金而非指定分配的方式来发放，该笔基金会委由专业投资人管理监督，判断值得投资的对象。 虽然中国政府对芯片业者的补助资金相关细节还在协商阶段，显然一些国营投资机构如紫光集团与PDSTI已经开始采取动作，展讯、锐迪科与澜起科技的收购案就 是例证。而王智立表示，半导体产业本身其实就是一种国营色彩浓厚的产业，虽然在市场上可以看到很多成功的全球性厂商，他们其实都需要来自各国政府政策的强力支持。 一个国家还需要拥有健全的本地金融市场，以提升产业的价值并吸纳各方人才，才能创造差异化；王智立指出：“来自美国、日本、韩国、欧洲与台湾等地的半导体大厂，在所属区域市场也都有在当地股票市场公开上市，中国当然也一样。” 本文授权编译自EE Times，版权所有，谢绝转载 编译：Judith Cheng 参考英文原文：China Fabless Go 'Private' to Gain Public Funds，by Junko Yoshida {pagination} China Fabless Go 'Private' to Gain Public Funds Junko Yoshida China fabless evolution enters phase 2 MADISON, Wis. — Feeling little love from the US investment community while being lured by a golden handshake from their government, some Chinese fabless companies have forsaken Nasdaq and sold out as quasi-state enterprises. Spreadtrum Communications and RDA Microelectronics have taken advantage of the Chinese government's hunger for a stake in the semiconductor industry. Montage Technology of Shanghai is being acquired by another Chinese fund. That deal is expected to close this fall. Actions Semiconductor could follow suit, though no intended acquirer has emerged. Call it phase two of the Chinese fabless evolution. China's current fabless chip market -- fragmented among too many little players fighting for the low-margin smartphone, tablet, and set-top box chip business in the domestic market -- isn't sustainable. To break that cycle, fabless companies require fresh focus, more distinct market/product differentiation, fewer and more patient investors, and probably a few more grown-up managers. By going private, these companies become state-owned entities and look for a fresh infusion of state funds. But this tactic doesn't guarantee success. It's simply the latest angle Chinese fabless companies are taking in hopes of growth and profitability. Jeremy Wang, Asia-Pacific executive director at the Global Semiconductor Alliance (GSA), told us delisting from the US financial market is a predictable trend. "Historically, there was no suitable Chinese financial market" when the first fabless companies were planning IPOs a decade ago. "Now the government has been emphasizing innovation and technology in which semiconductors play a key role." Some conventional winners in the Chinese stock market (such as real estate and banking) have been slowed by new regulations and a shift in national focus. The stock market "could add new ingredients to prevail again," he said. "Semiconductor can be one of the options." Spreadtrum, RDA Spreadtrum of Shanghai, which has grown rapidly by leveraging its early investment in TD-SCDMA modem chip development, was one of the first companies snatched up by Tsinghua Unigroup Ltd. Tsinghua Unigroup is 51% owned by Tsinghua Holdings, a 100% state-owned limited liability corporation funded by Tsinghua University in China. The rest of Tsinghua Unigroup is owned by private equity -- Jiankun Investment Group Co. Ltd., which is controlled by Zhao Weiguo. Spreadtrum agreed to sell itself in July 2013, reportedly for about $1.78 billion. The deal closed Dec. 23. Last summer, Tsinghua Unigroup entered a separate agreement to acquire RDA Microelectronics Inc., China's RF IC leader, with plans to merge RDA and Spreadtrum. When that plan was announced, hopes were running high in China that its domestic electronics industry might finally create a consolidated entity powerful enough to compete with Taiwan's MediaTek, if not quite an equivalent to Qualcomm in the United States. Spreadtrum and RDA, China's two most successful fabless chip companies, had initial public offerings on Nasdaq several years ago. However, the forced merger, met resistance from RDA employees. Chairman and CEO Vincent Tai, who reportedly opposed Tsinghua Unigroup's acquisition plan, was fired by the RDA board late last year. RDA employees, who credit much of its success to Tai, also objected to merger with Spreadtrum. Though it took almost a year to untangle the squabble, Tsinghua Unigroup closed its $907 million acquisition of RDA last month. The Spreadtrum/RDA merger will produce a state-owned, consolidated entity. Views vary in China on Tsinghua Unigroup's acquisitions. Some see this as a pure financial play, assuming that the private fund will list the merged company on the Chinese market as soon as possible. Another theory is that this is a behind-the-scenes ploy by the government to strengthen China's electronics industry. The fate of other Chinese fabless companies, such as Allwinner and Rockchip, is unclear. Political play? This year, Montage Technology became an acquisition target of Shanghai Pudong Science & Technology Investment Co. (PDSTI), another state-owned company. Montage is a fabless chip company focused on analog and mixed-signal semiconductor solutions for set-top boxes and memory interface chips for memory-intensive server applications. The two entered a definitive merger agreement in June, under which PDSTI would acquire all of Montage's outstanding ordinary shares for $22.60 each. Montage shareholders approved the transaction Aug. 1, but it still requires antitrust and other regulatory approvals. When PDSTI's bid for Montage was revealed in March, it came as a shock to the Chinese electronics industry. Many industry sources saw the deal more as a political play. The Shanghai fund had been beaten twice by Beijing's Tsinghua Unigroup in bids to acquire leading Shanghai fabless chip companies (Spreadtrum and RDA). Word on the street was that PDSTI couldn't possibly let Tsinghua Unigroup steal Montage from its backyard. Actions Semiconductor plans to split into two and leave Nasdaq. How the company will achieve that goal -- or even if it's feasible -- remains to be seen. Actions's CEO says the company is in a quiet period until Aug. 15, when it is scheduled to announce its second-quarter results. Wang said separating two groups with products that have unique life cycles and P&L models "might be a good thing to do at some point" to ease friction between the groups. However, he cautioned that a split might deprive Actions of its critical mass of resources. National business Executives at Chinese chip companies have been jockeying to grab what appears to be a huge chunk of the money the government is poised to pump into the domestic chip industry. The planned investment, combining contributions from the central and local governments, is likely to be $10 billion to $15 billion per year, starting in 2015. Some say it might be stretched over 10 years, but others say five. Several sources in China say that, rather than expecting the government to dictate which IC industry sectors should get investment money, the idea that has gained consensus among locals is to "set up a fund" and let professional investors place bets on which entities -- fabless, foundries, and/or research institutes -- deserve the funding. Moreover, the sources say, the investment overseers would not be the government, but fund managers, who would demand tangible results and a real return. Though details remain under negotiation, it is clear that some state-owned companies, such as Tsinghua Unigroup and PDSTI, have started to take action. This probably explains why Spreadtrum, RDA, and Montage started receiving acquisition offers last year. "If we look at the semiconductor sector itself, it's always a national business," Wang said, "even though we have seen so many successful global players." By "national," he means that it needs strong support from government policies and incentives. Also essential are a healthy local financial market to increase the industry's value and continuously attract the talented workers who make the difference. "If we look at the US, Japan, Korea, Europe, and Taiwan, those major players in respected regions all have listed themselves in their own financial markets," he said. "Why would China differ?"