Semiconductor industry is distinguished at other industry, besides capital drive, of the technology accumulating the cycle with the product also is impassable. “ sheet relies on to break money to be met certainly one ground chicken feather, the cost of government and investor is met very tall. After some companies get supportive now, money is not go earning from the market, rely on allowance however, rely on investment to make money, the price that this means it does not come according to market rule, this is a kind of harm to the industry. ”
The conductor of ” of bureau of chess of “ chip international invests hot the reverse side
Special subject of series of ” of bureau of chess of “ chip international had been accomplished the 7th period. Before 6 period, we combed the international competition pattern of chip industry, and the experience that is in an industry to precede and other places of area of positional Korea, Taiwan, Europe, United States, Japan develops semiconductor industry and the industrial situation nowadays. In addition, return the angle from manpower resource, clairvoyant the talent secret worry of semiconductor industry.
Special subject of this first phase, we will talk about money, talk about an industry to invest capital. Semiconductor industry does not rely on substantial products natural resources, also do not depend on convenience situation, it is technology of a height and capital concentrated model industry, “ money ” and “ person ” are the key that this industry grows.
The key that Silicon Valley rises abruptly helps strength is venture capital investment. China is giving aid to by right of policy at present and many capital is thrown, accumulate technical experience and talent reserve, pull close the difference with abroad. So, does the wind at the beginning of Silicon Valley rises abruptly cast mode to be in China whether be successful? Below the circumstance that in semiconductor investment upsurge lasts, we must see its may cause the reverse side of long-term and adverse effect to the industry. (Li Yanxia)
On August 31, ARM China executive president holds CEO Wu Xiong concurrently to hold the collect small semiconductor that holds in Xiamen high the peak says frankly on the meeting, the angle from investment is told before, semiconductor industry not too be valued by investor, venture capital investment is not fond of this industry is the essence because of the industry.
The feature that invests cycle of big, redound to grow ever was semiconductor industry for a long time investment is erect ” of “ aeriform camp. But in recent years, roiling on with full force of Chinese semiconductor industry, new round investment upsurge already the force with which sth breaks out is roaring. Industry of national integrated circuit invests fund (the branch of venture capital investment of interior of company of the governmental fund that ”) of abbreviation “ big fund and fund of investment of each place estate represent, large science and technology, and active at the civilian capital of semiconductor industry three-ply force swarms into semiconductor industry.
Capital is turning semiconductor industry develop orbital quickly at the same time, also caused many domestic semiconductor practitioner and investor of superfluous to “ capital ” anxious. And capital superfluous or can cause project price exorbitant, enterprise is easy be broken, congener competition is overmuch wait for a problem, deviate from then the core that semiconductor company relies on gain to throw research and development ceaselessly develops pattern.
Whether does Silicon Valley mode apply to current China?
Speak of semiconductor industry, cannot leave venture capital investment.
Huang Qing of president of Hua Dengguo time reports to 21 centuries economy the reporter expresses, the rise of Silicon Valley relies on semiconductor industry just about rise abruptly, and the getaway of semiconductor company relies on venture capital investment on very old rate.
George · the father ” that Duoliaote is called “ venture capital investment, what its are considered as to be not the pattern of industry of venture capital investment of familial type at the American Research and Development Corporation that held water 1946 is germinant. Nevertheless, also the scholar thinks, the father ” of “ venture capital investment should be to hold water at 20 centuries the Davis of 60 time – the associated author of Lock company inferior · the name of a river in Shaanxi and Henan provinces overcomes a twenty-five-stringed plucked instrument, luo Kebang aids semiconductor of celestial being child to become the Silicon Valley company that by venture capital investment support establishs the first, oneself company established again later, crucial effect was produced when waiting for enterprise of high-tech of numerous Silicon Valley to found with the apple in Teledyne, Intel.
In with Lock and a banker Er of Yi of Bader · division signs “ agreement ” on 10 pieces of money of one dollar hind, 8 traitors of “ of celestial being child ” on September 18, 1957 the benefit of Xiao Ke of · of father ” Williams to “ transistor submitted resignation, this day also is in in the future by ” new York Times ” review one of 10 lives that are history of change United States.
8 traitors ” initiated “ the mode that do poineering work leaves below the talent group support in venture capital investment, this produced crucial effect in the rise of Silicon Valley.
Hong Kong X of poineering platform of senior professor, science and technology combines Chemstry Department of Hong Kong university father Chen Guanhua reported reporter introduction to 21 centuries economy on September 20, its group invested the company of Silicon Valley newly established of a dedicated FPGA last year, two author of company come from Intel and Sailingsai respectively just about, these two enterprises are the leading enterprise of FPGA domain.
“ their development gave a faster, efficient new FPGA plan, but very difficult however at that time, capital is almost extinct already. ” Chen Guanhua expresses, its expert group realizes the value of this project, investment had below the circumstance that still has no battalion to close in company of this newly established. The company already developed collaboration on 7nm chip development with SamSung nowadays, and caused Intel buy interest.
Technology of component of Strategy Analytics mobile phone considers to serve Sravan Kundojjala of assistant inspector general to report to 21 centuries economy the reporter points out, semiconductor industry already entered autumn nowadays, the company inside course of study is being thrown actively and buy conformity, in order to stabilize price environment, the newly established company inside the chip; property that increases to negotiate with client group often is held small numerous burgeoning technology, acting offer for big company additional part. “ photograph relatively at Internet and software industry, the newly established company that semiconductor industry emerge in large numbers gives is not much. ”
“ resembles be being connected Intel, SamSung, high, Gu Ge and couplet hair division, have department of oneself in-house venture capital investment. ”Kundojjala expresses, they go to “ identify and investing next generation science and technology, already a lot of semiconductor companies are bought by these large company place. ”
Nevertheless, the Feng Jinfeng of expert of industry of senior integrated circuit that holds a post to surpass Ma Erji gold at Shanghai at present thinks, medium and small businesses is the company that has innovation energy most forever, this one conclusion is general and applicable, semiconductor industry is not exceptional also. “ so, today at every turn billions of, below the setting of fund of semiconductor industry investment of thousands of 100 million dimensions, the mode of ’ of ‘ venture capital investment develops to Chinese semiconductor industry still crucial. ” he reports to 21 centuries economy the reporter expresses, “ of course, this mode also has a few change in China. ”
Feng Jinfeng points out, on one hand, domestic garden area capital attraction strength is not small, enterprise of semiconductor newly established can be enjoyed more avoid the favourable policy; such as allowance of hire, settle on the other hand, garden area has his investment platform basically also, wish to invest the semiconductor industry of settle of purpose. Look in him, these are the features that the place when Silicon Valley rises abruptly does not have, the venture capital investment that goes up to traditional sense formed a challenge.
Orgnaization of “ home’s outstanding semiconductor venture capital investment, it is to have major more personage, perfectness law, perfectness appear on the market finance affairs is counted medium even. He expresses ” , below the setting that develops integrated circuit property energetically in current China, venture capital investment still is the mode that cannot replace.
The semiconductor industry on ” of “ a place with a draught invests: Silicon Valley mode whether still be successful?
Does the industry on ” of “ a place with a draught invest whether is capital surplus?
Beijing Hai Lin invests Inc. to carry out copartner Yin favorable reply to report a reporter to express to 21 centuries economy, wait for an industry at Internet relatively, semiconductor industry invests cycle of big, redound to grow, at the same time foreign tycoon already was built in this domain removed taller barrier, successor whether obtain a success to be put in a lot of inaccuracy to decide an element. “ every investor hopes the get one’s own back that can win ideal inside relatively short time, below such setting, most fund compares favour weak point to make the same score fast project understandable also. ”
After the country includes strategic pillar sex the property semiconductor, as a series of giving aid to of policy come on stage, and of the central official industry fund with the place hold water, the development speed of domestic semiconductor industry is accelerated, the possibility with successful company also rises significantly. All capital that provide vision won’t let off “ easily such opportunity. ” Yin favorable reply expresses.
Was considered as the ” of “ the first year of an era or the reign of an emperor that industry of Chinese integrated circuit grows quickly by the personage inside a lot of course of study 2014. Integrated circuit is labelled in governmental working report first in this years of the same age of burgeoning industry; , ” development of estate of national integrated circuit advances compendium ” release, ” of “ big fund is finished establish. This fund adopts a company to make a form, undertake operational according to the means of venture capital investment.
2016 around, fund of estate of each place integrated circuit begins to establish in succession. For example, fund of estate of Shanghai integrated circuit held water 2016, target dimensions Guangdong of; of 50 billion yuan of RMBs is to be in announced to establish integrated circuit industry to invest fund in June in those days.
Nevertheless, the investor of many semiconductor industry expresses to the reporter, the semiconductor industry investment that is in ” of “ a place with a draught to go up nowadays already appeared “ capital is surplus the circumstance of ” .
Su Renhong of virgin copartner, CEO is opposite lake fir capital 21 centuries economy reports the reporter points out, at present the very much person that enter is not major to invest the fund of semiconductor industry on the market in this upsurge, this is pushed really tall the price of the project. Nowadays the investment opportunity of semiconductor industry still a lot of, but partial conceal falls at bubble, promoted investment difficulty.
“ is the most crucial is, once the industry is insalubrious development can not earn money, company cannot gain. ” Su Renhong expresses, “ semiconductor is not Internet, company must gain ability props up his to develop, capital redound is short-term be won’t some. ” in addition, semiconductor market size also is finite, good case ought to be a category or fractionize market it is orderly, only minority the enterprise of a few dedicated, deep ploughing. “ should not be like a swarm of bees everybody is done, everybody does not make money finally, the industry is about finish. ”
In collect small semiconductor the peak is met when going up to be asked about to restrict the challenge that the industry grows, lucky core small president encourage civilian also Ceng Zhiyan says, very be afraid that the industry hits ” of overheat of same “ of gallinaceous blood ” like “ collective. Make sail of president of the science and technology that collect a top expresses in same situation, the heat that at present Chinese semiconductor invests already caused price of almost all project very tall. “ is beginning (level) take so much financing or the price is too high, the development that did not come possibly to the company is not a favour. ”
Nevertheless Feng Jinfeng thinks, industrial capital is at present surplus or it is a false appearance only. It is quite close that actually money returns “ , especially civilian capital. He expresses ” , “ country is right recently fund of estate of investment of fund of bank, insurance had strict restriction, inside certain henceforth period, collect endowment difficulty may be a common phenomenon. ”
Lin Jianhong of director of research of academy of industry of market country advisory develop is right reporter of report of 21 centuries economy expresses, report of SamSung, Intel, stage accumulating is in go 3 years company year capital expenditure is to approach 10 billion dollar, press Chinese memory chip or be like is brilliant circle acting labour is backward and banner the manufacturer is calculated 5 years, give aid to in two afore-mentioned domains the total capital requirement of a banner manufacturer can amount to 200 billion dollar. “ and, industrial development also stops not only at two companies. ”
Kundojjala also expresses, make the propulsion of craft as semiconductor, chip design is becoming more complex with difficulty, need the investment of huge amount to answer. E.g. , connect a company high to arrived 2013 between 2017 27 billion dollar was cost on research and development, and this company was 15 billion dollar to the defray of research and development 2012 2008. Ying Weida is arrived 2012 between 2018, expenses of research and development increased 2.5 times.
“ looks on average, 20% what the investment of company of a semiconductor on research and development needs to occupy battalion to close. ”Kundojjala expresses, “ photograph is otherer industry, semiconductor industry is in very high level to the demand of capital. ”
Dedicated invest in industrial catenary
Right price of semiconductor industry project may be at present exorbitant be anxious, su Renhong expresses, semiconductor industry is distinguished at other industry, besides capital drive, of the technology accumulating the cycle with the product also is impassable. “ if everybody is holding too blundering state of mind in the arms, may be harm to the industry instead. ”
Su Renhong thinks, want to prevent this kind of situation, have truly with respect to need long-term apiration, capable, and suit the local government of development semiconductor industry really, with professional semiconductor investment fund cooperates. “ sheet relies on to break money to be met certainly one ground chicken feather, the cost of government and investor is met very tall. He says ” , after “ has some of company to get supportive now, money is not go earning from the market, rely on allowance however, rely on investment to make money, the price that this means it does not come according to market rule, it is a kind of harm to the industry. ”
Look in him, a few companies that ought be eliminated by the market, the local government place of the investor from insufficient major, reason and industry of appetent development semiconductor got supportive, still created congener company’s overmuch appearance.
“ should be commercialized those who solve should be solved with settlement method. ” Su Renhong expresses, “ China develops semiconductor industry, the project domain of a lot of high-grade needs governmental support, include equipment, material, with a few most advanced projects that design a domain, these are the parts of blame market element that the government basically ought to support. ”
Element part also is not “ market not to need governmental support, the union in needing to supporting however commercializes experience. ” his complement says, “ we should not use investment at a few do not produce any economic benefits, return the company that can damage whole industry. ”
Chen Guanhua also points out, although,in recent years Chinese wind joins line of business ” of fire of fire of “ wind wind, but what great majority pays close attention to is commercial pattern. Redound of “ trade pattern is fast, once mode decided capital to be cast, a few years time goes alone horny animal, but actually capital caboodle comes out. He expresses ” , “ is in real high-tech industry, this is not actual. ”
Look in him, hua Dengguo border is the case with investment high-tech better nowadays industry. “ China ascend invested industry of a lot of semiconductor, exceeded 50% to appear on the market later among them. Of course redound cycle will be very long, want possibly 10 years sometimes. ”
Su Renhong ever assumed office Yu Hua ascends international, leave his post after establish lake fir capital. Investment of “ this trade is in in the past 10 years the circumstance is such, those who gain a success is dedicated the fund in this industry catenary. He expresses ” , semiconductor industry catenary is very complex, the industrial segment that involves is numerous, talent, fluctuation swims supply also put in a lot of change, unless dedicated have the knowledge that comparative at this industry catenary, make good investment very hard otherwise.
“ needs investor deep ploughing at this domain, having deep understanding to the industry. Without giving thought to external environment how, we can follow the development pattern of the industry, according to us the strategy of oneself invests semiconductor industry. ” Su Renhong says.
3 capital dominant position is complementary form resultant force
Feng Jinfeng thinks, below the setting that develops integrated circuit property energetically in China, the fund of governmental dominant, investment fund of company of science and technology and civilian capital also cooperate in the attempt all the time. E.g. , a typical abroad semiconductor is bought case, it is the object that be discovered by civilian capital and buys mark to receiving normally, again the capital dish of prize government fund, buy fashionable dress of the choose after ending to go to company of large science and technology.
Everybody cannot replace “ tripartite its other places, respective advantage and short board apparent. ” Feng Jinfeng expresses, “ folk capital has energy most, governmental fund has financial capacity most, company of science and technology invests a branch most know how things stand and feel confident of handling them is angry. ”
Look in Feng Jinfeng, of company of large science and technology what invest to often be valued external is to swim up and down integrated, be his to create the opportunity; some that enters advanced position is advocate industry strategy is extended.
Lin Jianhong also expresses, although the investment fund of company of science and technology also is given priority to in order to invest newly established more, but having those who fasten Yu Feng to invest nearly is, its are principal target often set swims in the fluctuation related to parent company business company. Accordingly, partial country can restrict company of science and technology to be in what what invest a company to oppose a scale. “ in addition, should be grown by investment firm after certain dimensions, apt of venture capital investment sells a hold share, but company of science and technology may be bought, for example Sailingsai buys science and technology of deep ancient bronze mirror. ”
Governmental industry invests fund, those who value is the industrial promotion of this pair of area that invest mark, include industrial dimensions, fluctuation to swim enterprise follow-up settle and taxation many respects. What the industrial investment fund of “ government values still is country, area or long-term economy of the city grows a space. ” Feng Jinfeng expresses, the industry that this also is governmental dominant invests “ fund and the main distinction that commercialize investment fund. ”
Lin Jianhong thinks, as a result of the attention that downstream to going up industry grows, target of governmental capital investment is more already the lead firm of some domestic some domains, and investment fixed number of year often is cast than wind want to grow.
Civilian capital is pure it is with yield oriented. Feng Jinfeng thinks, civilian capital lacks governmental industry to invest fund probably more the ” of skill “ air of benefit of society of lay particular stress on, the gift of source of fluctuation idle fund that also takes oneself without department of investment of company of old science and technology, but have both and general capacity of missing a core, namely professional accomplishment.
The fund of civilian integrated circuit that “ commercializes especially, of its core group tens of year rich industry experience, to semiconductor poineering company goes less crooked road, fast to overtake have huge value. ” Feng Jinfeng says.
Lin Jianhong also expresses, 3 kinds of fixed position that invest company itself and set are different, have the concern of mutual collocation.