According to foreign media reports, Sanan Optoelectronics (600703.SH) plans to offer an official offer for Osram by mid-October, with an estimated price of about 70 euros per share. If fully acquired, OSRAM's valuation is about 7.33 billion euros.
However, the German economy minister said that if the news is true, the German government will oppose this acquisition. Of course, more people are questioning whether the current market value and volume of Sanan Optoelectronics can eat Osram?
Some foreign media pointed out that although Sanan Optoelectronics' market value and profitability are not as good as OSRAM, state funding may help the company complete the transaction.
First of all, this acquisition is not groundless.
Previously, the German Siemens Group announced that it is considering selling its remaining 17% stake in OSRAM, with a valuation of 777 million euros ($872 million). Potential buyers include Chinese investor Jinshajiang Venture Capital.
According to informed sources, the details of the official transaction of the equity sale may be announced at the end of this month. The Jinsha River may take this equity acquisition as the first step to increase its holdings or acquire the remaining equity of Osram. Currently, OSRAM's overall valuation is close to 6.4 billion euros.
Wu Shenjun, chairman of Jinshajiang Venture Capital, said that the company is trying to hold a meeting with Osram, but he refused to disclose further information.
At the same time, the Siemens transfer of Osram's equity has also attracted the interest of other Chinese buyers, including some PE institutions. However, spokespersons of Siemens and Osram declined to comment.
Second, the background of the acquisition is not as simple as the LED industry.
In recent years, the growth rate of global integrated circuits has slowed down. The emerging markets represented by China have promoted the new demand for chips due to industrial upgrading. These factors have been cross-fermented, resulting in the integration of mergers and acquisitions in the global integrated circuit industry.
With the "Made in China 2025" strategy, industrial upgrading has spawned a huge IC market. Entering the intelligent era, integrated circuits are the foundation of all intelligent products, and are the guarantee for improving national information security. The industrial opportunities are huge.
On May 23, Aixtron officially disclosed that the Fujian Grand Chip Investment Fund has officially issued an offer to Ai Siqiang, which is willing to pay 6 euros per share and a total price of 670 million euros. Price acquisition of Ai Siqiang.
According to the disclosure, Fujian Hongxin Fund is controlled by Liu Zhendong, who holds 51% of the fund. Xiamen Investment Company Xiamen Bohao Investment (Xiamen Boao Investment Co., Ltd.) holds the remaining 49% of the shares.
According to informed sources, the backstage of Fujian Hongxin Fund is China National Fund Huaxin Investment, while the backstage of Xiamen Boao Investment Co., Ltd. is the Xiamen Municipal Finance Bureau.
On May 24, Sanan Optoelectronics disclosed that the company will invest RMB 12 million with its own monetary funds to establish Fujian Province with the National Integrated Circuit Industry Investment Fund Co., Ltd. and Jinjiang Anzhen Investment Fund Partnership (Limited Partnership). Core Investment Management Co., Ltd., its business scope is investment management and investment consulting.
In February of this year, matters related to the establishment of Anxin Investment Fund have been disclosed. On February 28, the official website of the Fujian government disclosed the information, Quanzhou Municipal Government, National Integrated Circuit Industry Investment Fund Co., Ltd., Huaxin Investment Management Co., Ltd., Fujian Sanan Group Co., Ltd., etc., jointly signed the establishment of Fujian Province Anxin in Fuzhou. Industrial Investment Fund Partnership Enterprise Strategic Cooperation Agreement.
The Anxin Fund, which was established this time, will be located in Jinjiang. The target size of the fund is 50 billion yuan, and the initial investment scale is 7.51 billion yuan. It will be mainly invested in the III-V compound integrated circuit industry group and other semiconductor industries dominated by the integrated circuit industry chain, covering design, manufacturing, packaging and testing, materials, equipment and applications.
The fund will support Quanzhou to develop high-tech industries such as integrated circuit industry and semiconductor, build Fujian Electric Power Industrial Park in Jinjiang, and support Sanan Group and Sanan Optoelectronics or its affiliates to conduct domestic and overseas mergers and acquisitions, new technology research and development and new construction. And expand production lines and other services.
From the relevant information obtained so far, Huaxin Investment has become the only publicly related event related party. This has also forced the industry to speculate that the acquisition of AIXTRON has a certain correlation with the Anxin Fund that Sanan Optoelectronics participated in.
From the information of the top ten shareholders of Sanan Optoelectronics, the National Integrated Circuit Industry Investment Fund Co., Ltd. holds 11.3% of the shares.
About National IC Industry Investment Fund
Under the guidance of the Ministry of Industry and Information Technology and the Ministry of Finance, China Development Finance Co., Ltd., China National Tobacco Corporation, Beijing Yizhuang International Investment Development Co., Ltd., China Mobile Communications Corporation, Shanghai Guosheng (Group) Co., Ltd., China Electronics Technology The group company, Beijing Ziguang Communication Technology Group Co., Ltd. and Huaxin Investment Management Co., Ltd. signed the “Initiator Agreement of National IC Industry Investment Fund Co., Ltd.†and “National IC Industry Investment Fund†on September 24, 2014. The Articles of Association of the Company Limited marks the official establishment of the National Integrated Circuit Industry Investment Fund.
The establishment of the National Integrated Circuit Industry Investment Fund is an important measure to implement the National Outline of the Development of Integrated Circuit Industry. It is also an industrial feature that adapts to the high risk of investment in the integrated circuit industry, cracks the financing bottleneck of the integrated circuit industry, and actively invests in the industrial investment system. explore.
The National Integrated Circuit Industry Investment Fund adopts a corporate system. CDB, China Tobacco, Yizhuang Guotou, China Mobile, Shanghai Guosheng, China Electronics, Ziguang Communication, Huaxin Investment, etc. as promoters, attracting large enterprises, financial institutions and social funds to jointly invest in the establishment of national integrated circuit industry investment Fund Co., Ltd.
The fund will adopt various forms such as equity investment, focusing on investment in integrated circuit chip manufacturing, taking into account chip design, packaging and testing, equipment and materials industries, promoting enterprises to improve production capacity, implementing mergers and acquisitions, standardizing corporate governance, and forming a benign self-development capability. . The fund implements market-oriented operation and professional management.
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