With the rapid expansion, the assets and strategies of Tsinghua University have been further clarified, and its factions have different capital operation styles in the capital market, and the capital map of Tongfang is becoming clearer.
At the end of each year, sensitive investors will ask around, which listed company has an asset restructuring plan, and which listed company has major mergers and acquisitions. This is because these major asset acquisitions of listed companies will add to the growth of their future performance. With the upgrading and transformation of China's economy and the increasing strength of listed companies, the amount of these major asset acquisitions is also growing. To this end, the "Securities Daily" has sorted out the mergers and acquisitions of listed companies over 10 billion yuan this year, hoping to provide a reference for investors' year-end investment.
If it is not two years of large-scale mergers and acquisitions in the field of integrated circuits, and the highest amount of A-share market in the capital market, Zhao Weiguo, who is the helm of the "Tsinghua Department", may not become capital as it is now. The topic of the market.
In just two years, the Tsinghua Department, which is based on Ziguang, has successively launched a large-scale merger and acquisition of a total of 10 billion yuan in the capital market, and has begun to promote the “history-level†increase of 80 billion yuan.
After Zhao Weiguo promoted a number of mergers and acquisitions behind the scenes, Tsinghua began with the unprecedented large-scale integration with Tongfang Guoxin. However, behind this series of actions, the same assets of less than 3 billion yuan of Tongfang Guoxin, what to promote such a large-scale increase in scale, 10 billion yuan into the storage chip market in today's capital market can be recognized , become the biggest suspense of this huge merger.
"Hungry Tigers Prey" swallowed five giants in two years
"Once the shot, the hungry tiger prey." For his investment style, Zhao Weiguo, who has been in the capital market for many years, commented.
In the past two years, Zhao Weiguo frequently shot in the M&A market and quickly set off a number of mergers and acquisitions with sharp eyes. The target of M&A is almost always the leader of the chip industry industry chain that is already large or lurking but growing rapidly. Tongfang Guoxin is such a leader.
The first time that the Purple Light Department officially entered the chip field was its acquisition of Spreadtrum. In June 2013, the Ziguang Group, which focuses on real estate development and IT distribution, suddenly issued a cash offer to Spreadtrum Communications, which is tepid in the US capital market and has a long-term P/E ratio of less than 10 times. In mid-July, the two parties announced that the final purchase price was US$31 per ADS and the total purchase price was approximately US$1.8 billion. The acquisition between the two companies that seem to have nothing to do with the business has sparked speculation. Spreadtrum Communications was once considered by the industry to be interested in privatization and return to the domestic A-share market, thereby expanding the scale of financing.
At that time, there were fewer than 20 Chinese chip companies. Only Haisi and Spreadtrum Communications were the only ones who could really stand on the heels. Before Ziguang acquired the exhibition news, no one thought that it would have a relationship with the chip. At that time, the purple light was only the "outside the Han" standing at the intersection of the chip field.
When most people have not returned to the taste, and only four months, the purple light system began a new round of attack in the chip field. Ziguang Group also issued a cash offer to Rui Dike to defeat Pudong Science and Technology Investment's offer of 15.5 US dollars per share. Finally, Ziguang won the price of US$ 18.5 per ADS and acquired the total price of US$ 910 million. RADICO ranked third in the field of chip design. In this way, the purple light system has won two of the top three chip design companies. At that time, the combined value of the two companies will reach 1.5 billion US dollars, and the purple light system will squeeze into the top 20 global chip design companies. Even so, Chinese chip companies are too small and too fragmented to be able to show their dew in the international market.
Zhao Weiguo’s ambition does not stop there. After the completion of the acquisition of Ricoh Microelectronics, through the integration, the purple light system formed the purple optical integrated circuit industry system. Subsequently, Ziguang was awarded a capital injection of 9 billion yuan by Intel. Through the joint venture with Intel, Ziguang Group obtained the mobile phone solution of Intel architecture and communication technology. In February of this year, Ziguang Communications, a subsidiary of Ziguang Group, spent 1 billion yuan to subscribe for TCL 480 million shares with military color, holding 3.92% of its shares and becoming the third largest shareholder; two months later, led by Ziguang Group The above-mentioned investment entity once again bought 21.52% of Shenyang Machine Tool and became the second largest shareholder; in May this year, Ziguang once again acquired the HP subsidiary of China, which has great potential but has great internal contradictions; in October, Ziguang Group once again For $600 million, it subscribed for 259 million private placements issued by Licheng Technology, a Taiwanese “season and test third brotherâ€, holding 25% of its shares and becoming its largest shareholder.
From chip manufacturing, chip design to chip packaging and other storage industries, Zhao Weiguo did not give up any link. On the occasion of the "gossip" of many storage chip industry giants such as Micron Technology and Toshiba, Ziguang recently subscribed for Western Digital shares at a price of about 24 billion yuan and 92.50 US dollars per share. 15% of the shares became its first major share. On November 30, Ziguang Group, a subsidiary of Ziguang Group, announced that it has established a joint venture with Western Digital to jointly sell Western Digital's existing data center storage system and develop data center storage solutions for the mainland market. At this point, the purple light system almost "contracted" the entire industry chain of storage chips. And all of this must benefit from the behind-the-scenes man--Zhao Weiguo. A series of dazzling mergers and acquisitions made Zhao Weiguo the most famous M&A in the chip industry in the past two years.
“After a certain period of development, the company is under pressure from the capital market to increase revenue and obtain predictable profits. Chip companies are difficult to develop on their own scale and need to expand through mergers and acquisitions. M&A around this industry chain is accelerating.†Earlier, Zhao Weiguo said in an exclusive interview with the "Securities Daily" reporter.
Tongfang Guoxin is not the end, I am afraid that only Zhao Weiguo knows it. Behind the frequent acquisition of Ziguang is Zhao Weiguo's ambition to build a Chinese "inter" family. Now it seems that Ziguang's series of M&A strategies seem to be a prelude to the reorganization and restructuring of its Tongfang Guoxin.
Behind large-scale restructuring and mergers and acquisitions
The recent increase and reorganization of Tongfang Guoxin, which has recently set off a wave in the capital market, is undoubtedly the biggest handwriting of the Tsinghua Department in the capital market.
Previously, Tongfang shares announced that in order to cooperate with the overall deployment of Tsinghua's industrial restructuring and reform, the company will sell part of the shares of Tongfang Guoxin to Ziguang Group, causing concern in the industry.
Since then, this restructuring has gradually become clear. On November 3, Tongfang shares re-announced that the company intends to sell the 36.39% stake in Tongfang Guoxin to the Ziguang Group for the total deployment of Tsinghua's industrial restructuring and reform, with a total price of 7.012 billion yuan. Subsidiary Ziguang Chunhua.
At present, the Tsinghua Department is rapidly changing its camp and will be transferred to the Ziguang Group. At the same time, Zhao Weiguo accelerated the packaging of overseas storage business into Tongfang Guoxin.
"Now most of the memory chip business has been put in the same side of the national core. Only Spreadtrum and Rideco are temporarily uncertain where to go in the future." Violet insiders revealed.
A huge purple empire is brewing, and the entry of Tongfang Guoxin has accelerated the growth of this empire.
Under the background of the country's increased investment in the integrated circuit industry, the Tsinghua Department has accelerated the integration action: solving the competition in the same industry, clarifying the asset relationship, and simultaneously expanding the scale of assets. Tongfang said that the integration was further communicated with Tsinghua Holdings. In order to further implement the State Council's spirit of deepening the guidance for the reform of state-owned enterprises, Tsinghua Holdings will carry out strategic restructuring and industrial layout adjustment of its operating assets, involving subordinate IC industry companies. Restructuring of business and asset implementation.
Tongfang Guoxin has become the core of this restructuring. After Ziguang Group successfully acquired shares, Tongfang Guoxin will become the integration platform of integrated circuit industry under Tsinghua Holdings.
He Zaihua, a senior researcher at China Investment Consulting, believes that Tsinghua Holdings is concentrating its integrated circuit business under the Ziguang Group. At the same time, Tongfang shares will also sell the 36.39% stake in Tongfang Guoxin to Ziguang Chunhua, a wholly-owned subsidiary of Ziguang Group. Mainly because of the vigorous expansion of Tsinghua University, in order to avoid business overlap, it is urgent to sort out the asset structure. In the future, Ziguang Group will start from the same side of Tongfang Guoxin, step by step to organize its assets and build a world-class chip company in the field of integrated circuits.
At present, Tongfang Guoxin's layout focuses on terminal chips, military chips, DRAM and other fields. After Ziguang acquires Tongfang Guoxin's equity, its NandFlash, smart terminal RF amplifiers, connection chips, TV chips and other assets will be distributed with Tongfang Guoxin. Industrial integration will become the largest integrated circuit industry platform with the most robust industrial chain. There are also rumors that Ziguang Group intends to “bigger†Tongfang Guoxin and inject its assets such as Spreadtrum Communications, which has not been securitized, into the company.
Where do the funds for the two-year merger and acquisition amount reach 10 billion yuan come from? Zhao Weiguo said in an interview with the media that the money purchased by Ziguang mainly comes from the financial institutions, the technology industry investment fund, the accumulation of Ziguang Group itself, the money of his personal and team and some friends. Some people close to Ziguang said: "In recent years, the investment in the secondary market has been sharply eye-catching, and the beneficiaries of the Ziguang system have gained a lot, and this part of the promotion of the fixed increase may come here."
In May of this year, Ziguang, which had been suspended for nearly half a year, issued a plan to increase the total amount of funds to be raised by no more than 22.5 billion yuan to acquire part of the shares of Hong Kong Huasan and other three companies. After the resumption of trading, Ziguang shares received 16 one-word daily limit, and the stock price rose to a new high of 139 yuan, nearly five times the stock price of 29.2 yuan before the resumption of trading.
In this regard, Tongfang insiders told reporters: "In the early days, China's LED, LCD, and semiconductor were most severely blocked by overseas. So far, semiconductors are still blocked, and the intellectual property of China's original chip companies is relatively weak, in high-end chips. The field is subject to overseas power. Today, it is a good way to break this blockade through mergers and acquisitions. But semiconductors are industries that require a lot of money, and the growth of 10 billion yuan is not so difficult to understand."
Purple light enters the "Ken Kun era"
After Zhao Weiguo launched a multi-billion-dollar merger in the capital market through a number of listed companies, he began to throw out a $80 billion plan for Tongfang Guoxin. If the expansion plan is successful, Tongfang Guoxin will surpass the fixed increase of 77.484 billion yuan in Salt Lake in 2011, becoming the largest fixed-income reorganization case, setting a new record in the history of A-shares. Tongfang Guoxin was also affected by this news, and once out of the seven daily limit.
According to the announcement of Tongfang Guoxin, it plans to issue 2.959 billion shares at 27.04 yuan/share, and issue shares to the actual controller Tsinghua Holdings' nine employees, raising funds of 80 billion yuan to invest in integrated circuit business. Among them, 60 billion yuan is going to be invested in the memory chip factory, 3.79 billion yuan is going to acquire 25% stake in Taiwan Licheng, and 16.2 billion yuan is going to be invested in the upstream and downstream companies in the chip industry chain. In the Tongfang Guoxin fixed-increasing plan, there are 60 billion yuan to increase the funds for the construction of the memory chip factory.
He Zaihua said: "There are few such large-scale reorganization cases in history. There are two aspects of enlightenment: on the one hand, the combination of industry and capital, jointly promote the development of China's chip industry, and change the long-term monopoly of China's chip industry, from foreign imports. For local production, reduce the cost of chip citation; on the other hand, the reorganization and merger case of Tongfang Guoxin has been instructed by other companies. It is not enough to rely on state support and capital accumulation of its own industry. It is necessary to introduce more capital and promote enterprise development. ""
It is worth noting that Tongfang Guoxin’s RMB 80 billion this re-financing proposed to issue 2.959 billion shares, not only 4.88 times of its existing total share capital, but also 37.48 times of the number of shares proposed for the last time (approved for withdrawal). And its refinancing scale is 28.57 times its existing net assets. At the same time, Zhao Weiguo, the founder of Tongfang Guoxin, will assume the post of chairman of Tongfang Guoxin. He is the new force for the company to increase refinancing, and it is also the driving force behind this certain increase and reorganization.
Different from the general increase, Tongfang Guoxin is not a public offering to the secondary market, but a major shareholder and related full subscription. According to the announcement, Tibet Qiankun Zhongxin, which is wholly-owned by Jiankun Group, plans to subscribe for 6.9 billion yuan; Ziguang Group and Jiankun Group hold 51% and 49% of Tibet Ziguang Guoxin intend to subscribe for 19.99 billion yuan, the rest by Ziguang The wholly-owned subsidiary of the group subscribes.
It is understood that Zhao Weiguo, Li Yi and Li Luyuan hold 70%, 15% and 15% of the shares of Jiankun Group respectively, while Jiankun Group holds 49% of the shares of Ziguang Group. As a result, the Jiankun Group controlled by Zhao Weiguo will need to invest RMB 46 billion to subscribe for the refinancing of Tongfang Guoxin, which accounts for 57.5% of the total refinancing of Tongfang Guoxin.
In the past year, Jiankun Group, with total assets of only 1 billion yuan, had to bear nearly 50 billion yuan in subscription amount.
Insiders of Ziguang Group said: "This time, Jiankun Group is subscribed by cash subscription, but the source of this fund is not disclosed and does not need to be disclosed."
According to the data, the Jiankun Group with a registered capital of 100 million yuan is a private enterprise established on June 21, 2005. The major shareholder Zhao Weiguo holds 95% of the shares. Its business is investment management, mergers and acquisitions, etc. There are 19 companies that invest in setting up or buying equity.
Zhao Weiguo, 48, engaged in real estate in Xinjiang in the early years and later involved in the high-tech industry. He is currently a member of the Tsinghua Alumni Association; another shareholder, Li Yi, who is a 5% shareholder, is now a subsidiary of Ziguang Group. Co., Ltd. is the chairman and acting president.
Relying on the real estate business in Xinjiang in 2004, earning 4.5 billion yuan from 1 million yuan, Zhao Weiguo earned a lot of money in the fast-growing real estate industry.
Zhao Weiguo, who has just become the chairman of Tongfang Guoxin, is also the chairman of several companies. He is the chairman of Jiankun Group. He also joined Ziguang and Ziguang Group through capital increase and share expansion several years ago, and served as chairman.
On June 19, 2009, Ziguang Group held a shareholders' meeting and a board of directors. The major shareholder Tsinghua Holdings decided to introduce the Jiankun Group to subscribe for the shares held by the BTG Group and increase its capital. This is the meeting of the shareholders meeting and the board of directors, Zhao Weiguo was appointed general manager of the Purple Group.
After Zhao Weiguo officially entered the company as a shareholder for one year, in the capital increase and share expansion of Ziguang Group in March 2010, Jiankun Group subscribed 120 million shares for 153 million yuan, thus entering the ranks of Ziguang Group shareholders. At the beginning of Jiankun Group's entry into the Ziguang Group, the reorganization was questioned or would result in the loss of state-owned assets, forming a game between the shareholders of the original Ziguang Group.
A month later, Ziguang Group formally submitted an application for change of industrial and commercial materials to the Beijing Administration for Industry and Commerce. In this change, in addition to the controlling position of Tsinghua Holdings, Jiankun Group became the second largest shareholder of Ziguang Group holding 35.3%.
Although the outside world did not have a deep impression on the Jiankun Group, five years ago, the Jiankun Group began its capital operation on Ziguang Guhan. Some insiders pointed out that in June 2009, Zhao Weiguo had just been appointed as the general manager of Ziguang Group, and Ziguang Guhan was immediately controlled by Jiankun Group.
Jiankun Group is not only involved in the capital, just in a few days before Tongfang’s announcement of the acquisition of the scorpion scorpion, a Jiankun Investment Firewire controlled by Zhao Weiguo took over the position of Lenovo’s Junlian Capital. At that time, the estimated value of assets in the merger and acquisition case was about 1.368 billion yuan, and the valuation PE multiple was 26 times. This is undoubtedly a fairly cost-effective deal for Zhao Weiguo.
Tsinghua Holdings actually invested 30.396 billion yuan, accounting for 38%, and Jiankun Group invested 46.04 billion yuan, accounting for 57%, in a dominant position.
Ziguang, Tongfang, Qidi into the "Troika"
The resources of the Tsinghua Department have become the best platform for Zhao Weiguo to acquire Tongfang Guoxin. Today's Tsinghua Department is building a huge capital system with rapid growth. This year, the Tsinghua Department set off several rounds of dazzling capital operations in the capital market, and played a few beautiful combination punches.
With the rapid expansion of this round, the assets and strategies of Tsinghua University have been further clarified. The three major factions of Tsinghua, with the purple light, the homology and the enlightenment as the core, have their capital operating styles in the capital market, and the capital map of Tongfang is becoming clearer.
After 18 years of development, the listed companies controlled by Tsinghua University have grown from the initial one to the current six, and the assets they control and the revenue of listed companies have increased by nearly 10 billion yuan. According to official data of Tsinghua Holdings, as of the end of 2014, the consolidated assets of Tsinghua Holdings consolidated statements amounted to 142.5 billion yuan, net assets of 49.8 billion yuan, total revenue of 60.4 billion yuan, and total profit of 3.39 billion yuan.
The Ziguang Department has become the focus of the capital market with its “Tiger-style†M&A style. The total investment in the capital market has exceeded 160 billion yuan this year, far exceeding the other capital departments of the Tsinghua Department, and now the three factions The crossover operation is even more dazzling. It's hard to say which is better, because in the future they may be integrated in some industry chain or for some kind of long-term strategic planning.
In the 6 years since Zhao Weiguo came to Ziguang, the assets of Ziguang Group have grown from 1.3 billion yuan to nearly 100 billion yuan at the end of this year. The income has increased from 300 million yuan to 50 billion yuan, and the net assets have increased from 200 million yuan. 35 billion yuan, a profit of 4 billion yuan. Its ambitions are still expanding. According to industry insiders, it is expected that the assets of Ziguang will reach 200 billion yuan next year, with revenues of 100 billion yuan and profits of about 10 billion yuan. At present, there are four listed companies under the Ziguang system, with a total market capitalization of about 500 billion yuan.
The Tongfang Department, which has inextricably linked with Ziguang, focused on finding capital on the basis of technology in the early stage and developed a relatively stable momentum in the fields of computers, digital cities, military industry, etc. However, in recent years, it has also devoted a large part of its energy to it. The storage market is eyeing the overseas market. Through the reorganization with Ziguang, the scale of the Tongfang system has also exploded.
The Enlightenment of the rising star has established a more harmonious relationship with local governments in addition to its strong interest in the field of environmental protection. It has set up two capital operations in April and June this year. It has teamed up with Tsinghua Holdings to spend 7 billion yuan to acquire the environmentally-friendly listed company Sander Environment and simultaneously acquire Hong Kong Jinheng Automobile Safety for 238 million Hong Kong dollars, laying overseas platforms and building at full speed. "incubation + investment + mergers and acquisitions" model.
In the high-speed expansion and integration, the Tongfang, Ziguang, and Enlightenment departments formed the three major factions of the Tsinghua Department, each of which was political but mutually restrictive. Now it is accelerating the infiltration process, except for the overlap in business layout, cross-shareholding Asset restructuring is frequent.
At the capital level, the subsidiaries of Tongfang Co., Ltd. participate in the shareholding of Ziguang by participating in the increase, while Ziguang Group holds a 2.35% stake in Tongfang, and Qidi Holdings holds a 12% stake in Ziguang. In addition, the three-party joint venture company has continued to land. In terms of assets, Tongfang Guoxin has recently been mainly involved in the integrated circuit industry of Ziguang Group, thus forming a strategic layout in the field of memory chips. The Enlightenment Department has also adopted the Sander environment to concentrate its firepower in the environmental protection industry. It has great similarities in its business layout with its environmental resources such as Tongfang’s Tongfang environment and Longjiang Environmental Protection.
All listed companies in the Tsinghua Department have become a powerful weapon in this merger. At present, the Tsinghua Department directly or indirectly participates in a total of 14 listed companies, including Tongfang, Chengzhi, Ziguang, Tongfang Guoxin, *ST Guhan, Chinese Online and other 10 A-share companies, as well as Tongfang Youyou Wait for 3 Hong Kong stock companies, and 500 US lottery companies. Most of them have become the highlights of the capital market this year.
Nowadays, from the earliest games to crossovers, combinations and collaborations, the Tsinghua Department's next three factions are now showing unprecedented integration.
Just as Zhao Weiguo said in an interview with a reporter from Securities Daily earlier: "In the Tsinghua Department, everything is possible. As long as it is in line with our long-term development plan, mergers and acquisitions in the capital market should be at any cost." It is in the capital and industrial layout. On the other hand, the three factions overlap and the apparent co-opetition situation has enabled the Tsinghua Department to accelerate the pace of integration. Today, with M&A as a means, the development momentum of the Tsinghua Department is not the same.
Unlike other college capitals, which are fleeting like meteors, Tsinghua University has become the biggest dark horse in the capital market with its few unique operating methods.
The Tsinghua Department has also created many firsts in the capital market because of its wonderful operation. In the history of the capital market, the Tsinghua Department has an indelible mark. Tsinghua Tongfang merged with Lu Ying Electronics as the first case in China's securities market to absorb mergers through share swaps; Chengzhi shares were the first successful spin-off; in December 2000, Tsinghua Tongfang issued new shares, setting a new high price for additional issuance. .
"The process of reorganization and integration of the entire Tsinghua Department is a process of clarifying the game of interest. The reorganization of the Tsinghua Department will continue in the future, and its horizontal competition still needs to be resolved urgently. Can the conflicts and interests between various factions be dealt with? Steady is the key to integration. From internal competition and checks and balances to industrial restructuring and coordination, the market-oriented operation of the Tsinghua Department's platforms will continue to penetrate, and mutual integration will become the trend of the times. Tsinghua University has excellent resources and brand value, and now it can only be acquired. Get the most out of it, the Tsinghua Department is trying to expand this value by means of continuous external mergers and acquisitions and internal integration," said a researcher who reorganized the university.
The amount of days is definitely far-reaching!
Zhao Weiguo, whom you have seen today, is completely different from the original one. At that time, he was thinking more, but now more is action.
I remember that three years ago, in an exclusive interview with a reporter from Securities Daily, Zhao Weiguo said: "In the near future, there will be some changes in the purple light." Since then, the purple light system has been in the capital market, and has launched a huge wave of mergers and acquisitions. Perhaps his plan for the tsunami triggered by the purple light in the chip industry in just two years has already begun.
The Ziguang Department has recently made a lot of people in the field of integrated circuit industry, making most capitalists clap their hands and succeeded in attracting the attention of the capital market. Before it was announced that it would acquire Micron for US$23 billion, Ziguang has privatized the world's third and fourth largest mobile phone chip companies, Spreadtrum and Rideco, for US$1.78 billion and US$907 million, respectively, and US$2.3 billion in one fell swoop. He won the 51% stake in HP's H3C, and solved the "account" problem. Recently, it has invested 3.8 billion US dollars in Western Digital data to invest in Taiwan's Licheng Technology. In less than two years, the Violet system has been making frequent efforts in the integrated circuit industry, making it a storage tycoon in the capital market. Now, the increase of 10 billion yuan that Tongfang Guoxin has made to the capital market is even more unexpected for many Tsinghua people.
Relevant people involved in this “history-level†restructuring told reporters: “In the process of integration, participants need to objectively gain self-awareness about the company’s current strategy and the realities of its operations, costs and capabilities. Our goal is not to spend Focus on the company's central issues in the month, but find the rough answers to some important issues of the company, and in the process, understand the company's business strategy, planning and competition, human capital assets and risk tolerance, etc. bear."
It is worth noting that, apart from the unprecedented scale of the increase, it is even more heated that it does not publicly raise funds to the secondary market, but the major shareholder and related full subscription. Whether the small ants can promote the elephant, who is the beneficiary behind it, of course, is the biggest suspense of this history-level merger.
Undoubtedly, the merger will have a major impact on the chip industry. It will expand the production scale and production level of Tongfang Guoxin chip, promote the further development of domestic chips, accelerate the pace of China's domestic chips going out, and promote the further development of the chip downstream industry. Reduce the production costs of downstream industries. At the same time, the merger promoted the capital market to accelerate capital flows, promote corporate and individual capital investment, and make the capital market more active.
In the capital market, the Tsinghua Department is generally more inclined to follow the national development strategy, examine the logic of industrial development from a global perspective, and at the same time carry out a series of capital operations around technological innovation to promote the development of the path of integration of industry and finance and cross-border integration. Facts have proved that only by combining industrial development with capital operation can we promote the common development of industry and capital markets.
Beginner Dry Herb Vaporizers,Hookah Dry Herb Vaporiser,Tobacco Dry Herb Vaporiser,Portable Dry Herb Vaporiser Pen
END GAME LABS , https://www.eglvape.com