In the latest news, Ziguang Guowei (002049) issued an announcement that it will transfer its indirectly held 4.5% stake in Shenzhen Ziguang Tongchuang Electronics Co., Ltd. (hereinafter referred to as “Ziguang Tongchuang”). The above transaction is publicly listed and transferred through a property rights exchange.

Ziguang Tongchuang is a company indirectly invested by Ziguang Guowei, and holds the equity of Ziguang Tongchuang through its wholly-owned subsidiary Tibet Maoye Chuangxin Investment Co., Ltd.

Ziguang Guowei’s FPGA business, preparations for independent listing?

Before the transaction, Ziguang Guowei indirectly held 36.5% of Ziguang Tongchuang’s equity. After the transaction was completed, this part of the equity fell to 32%.

According to Tsinghua Unimicron’s annual report information, Tsinghua Unigroup’s main business is programmable logic devices (FPGA, CPLD, etc.), and the number and quality of its core patents ranks first among Chinese FPGA manufacturers, and it is China’s FPGA (Field-Programmable Gate Array, Field Programmable Gate Array) chip leader. It is fully promoting the application and industrialization of the three series of Titan, Logos, and Compact products, and has made important progress in the communication, industrial control and consumer markets, and has achieved large-scale sales.

Judging from the financial data of Ziguang Tongchuang, the revenue in 2019 was 102 million, and the revenue from January to July in 2020 has reached 117 million. Indeed, there has been a certain breakthrough in the field of FPGA, and it is showing a trend of rapid growth.

Ziguang Guowei’s FPGA business, preparations for independent listing?

As we all know, FPGA has always been one of the biggest difficulties in China’s chip industry. There have been no obvious industrial breakthroughs for decades, which has led to the monopoly of many key application fields, such as 5G communication base stations, core industrial equipment, and even military equipment, by foreign companies.

Recently, the news that has been widely concerned by the industry is that AMD plans to acquire Xilinx (Xilinx), which will cost 35 billion US dollars. Among them, Xilinx, the acquired party, is a leader in the global FPGA field.

It can be seen by AMD and plan to spend a lot of money in the bag, which is enough to see the key position in this field.

Ziguang Tongchuang has the business advantages of the right time and place, and its operating performance continues to grow, but Ziguang Guowei, why has this key field retreated at this point in time?

For this equity fine-tuning, the reason for Ziguang Guowei’s announcement is: “Promote the rapid development of Ziguang Tongchuang and further optimize its equity structure. “

In contrast to this, Ziguang Tongchuang increased its registered capital from 200 million to 300 million in August last year. In order to ensure that the 36.5% shareholding in Ziguang Tongchuang would not be diluted, Ziguang Guowei also spent money at that time. 109.5 million yuan, with the same proportion of capital increase and share expansion.

From this point of view, Ziguang Guowei is not optimistic about the business.

And in March 2020, according to public information from industry and commerce, Ziguang Tongchuang also introduced a new shareholder, Tianjin Xinxiang Zhijian Technology Co., Ltd., through the transfer of Tibet Ziguang Xincai Information Technology Co., Ltd. (hereinafter referred to as “Ziguang”). New talents”), became the third largest shareholder of Ziguang Tongchuang, with a shareholding ratio of 24%.

Ziguang Xincai and Ziguang Guowei are related parties and are both controlled by Ziguang Group.

Ziguang Guowei’s FPGA business, preparations for independent listing?

Therefore, the frequent changes in shareholding indicate that Ziguang Group is gradually releasing its control over Ziguang Tongchuang, and optimizing the equity of Ziguang Tongchuang by strengthening the team’s shareholding and introducing social capital.

 The reason is obvious, Ziguang Tongchuang wants to develop independently.

Under the leadership of the Science and Technology Innovation Board, a big era in the field of domestic chip card necks is coming. If you miss these years, you might miss this era.

As a potential stock in the FPGA field, Fudan Microelectronics is also seeking the path to the Science and Technology Innovation Board, and has officially submitted an IPO application to the Stock Exchange on September 30.

In the next step, Ziguang Tongchuang may have further capital actions, introducing strategic investors and financial investment institutions, and the possibility of spin-off and listing in the future will be further clarified.

This is a good thing for China’s FPGA industry.


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