If the new core is acquired by foreign capital, it will be a fatal blow to China's industry.
Recently, the recent acquisition of Texas Instruments to acquire the core, the news that Micron wants to acquire Wuhan Xinxin, shocked and affected the entire Chinese semiconductor industry, and at the same time, the “government-funded, enterprise-managed†development model of the Chinese-inspired semiconductor industry Once became the focus. According to Gu Wenjun, a senior analyst at iSuppli, he believes that this kind of cooperation model of “enterprise escrow†avoids the financial risks caused by excessive investment and excessive depreciation in the previous period. At the same time, he also believes that the acquisition of Wuhan Xinxin will be a fatal blow to China's storage industry.
"Management mode" should solve four major problems
It is reported that Chengxin Company was established in 2005, the main body is an 8-inch semiconductor production line, Chengdu Industrial Investment Management Co., Ltd. under the Chengdu Municipal Government and Chengdu High-tech Zone Investment Co., Ltd. are its main investors, and SMIC is responsible for daily life. Operations and management. As the first 8-inch production line in the Midwest, the establishment of Chengxin Semiconductor has created a “hosting model†for wafer foundries, which has once attracted the attention of the industry. According to the cooperation agreement reached between SMIC and the Chengdu government, SMIC also promised to repurchase the company's equity in the years after the completion of the factory, in addition to transferring technology, talents and equipment to the plant.
Gu Wenjun said that this kind of cooperation mode of “enterprise escrow†avoids the financial risks caused by excessive investment and excessive depreciation in the previous period. However, local governments must cooperate with enterprises to constrain and supervise the following four issues.
First of all, the semiconductor industry needs economies of scale. Excessive dispersion is not conducive to the development of enterprises and the construction of industrial chains. At present, most local governments seek “whereâ€;
Second, the semiconductor industry needs long-term capital investment, and the government generally invests a sum of money in the early stage, but there is no sustained investment in the latter stage;
Third, how is the enterprise important for the development of such an expansion enterprise? Is it a problem to develop as its own core competitiveness and to be willing to invest energy and resources;
Fourth, how the government and enterprises establish a long-term strategic relationship of mutual restraint, mutual supervision, and mutual cooperation is also a key issue.
At the same time, Gu Wenjun also pointed out that this "hosting model" will not come to an end, and it may play a big role in promoting the development of emerging industries such as LED and new energy.
If the new core is acquired by foreign capital, it will be a fatal blow to China's industry.
It is understood that SMIC, as the "hosting" party, has been actively lobbying the Chengdu government, hoping to take over the core semiconductor. However, SMIC has continued to lose money in recent years. Although the latest quarterly earnings report has turned losses, it cannot change this image. In addition to the litigation disputes with TSMC, the Chengdu government is even more suspicious of SMIC's takeover.
Gu Wenjun said that Chengxin is an 8-inch factory after all, and it is not the only analog Fab in China. Wuhan Xinxin is a new 12-inch factory and the only storage chip foundry, so if the new core is acquired and adapted into a foreign investment The production line of the enterprise, rather than an open foundry, will be a fatal blow to the newly-started storage industry in China. At present, domestic chip design companies in Wuhan have begun to be forced to find partners overseas.
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