21st Century Business Herald reporter Tao Li intern Kong Zesi Shanghai reporting boots finally landed. On the evening of December 10, Tsinghua Unigroup issued the "Announcement on the Progress of the Restructuring of Indirect Controlling Shareholders", saying that "it is determined that Beijing Zhilu Asset Management Co., Ltd. and Beijing Jianguang Asset Management Co., Ltd. are the leading parties to form a consortium (hereinafter referred to as "Zhilu Jianguang Consortium") as the substantial merger and reorganization strategic investors of seven enterprises including Tsinghua Unigroup." ”
In the past period of time, tsinghua tsinghua unigroup's restructuring project bidding has been contested by more than 20 domestic institutions, including government investment platforms, large group enterprises, famous investment institutions, etc. Through multiple rounds of selection and bidding, The Zhilu Jianguang Consortium has stood out and officially won the restructuring project of Tsinghua Unigroup.
According to public information, the number of employees of the enterprises controlled by Zhilu Jianguang Consortium exceeds 30,000, of which 40% are R&D personnel, with more than ten factories and tens of billions of turnover around the world, and its volume is comparable to that of Tsinghua Unigroup. It is reported that the performance of enterprises invested and managed by Zhilu Jianguang is often greatly improved compared with before the acquisition. The stability of the team and the good operating performance may be one of the important reasons why it has become the war investment of Tsinghua Unigroup.
This means that other institutions, including Alibaba, are out. Gu Wenjun, chief analyst of Xinmou Research, told the 21st Century Business Herald that whether it is compared with peers horizontally, or vertically, or the difference between the valuation before and after, or the introverted industrial value of Unigroup, Unigroup is seriously undervalued, so the bankruptcy restructuring urgently needs to be completed as soon as possible.
At the same time, the listing process of Tsinghua Unigroup's Tsinghua Unigroup is expected to be further accelerated. Alibaba's exit is composed of multiple factors, including its own business layout, policy supervision, industry trends and so on.
Why did the purple light come to this?
From a star enterprise with unlimited halo to bankruptcy and restructuring, the decline of Tsinghua Unigroup is staggering.
Public information shows that Tsinghua Unigroup was founded in 1988. At that time, Tsinghua University established Tsinghua University Science and Technology Development Corporation, the predecessor of Tsinghua Unigroup, which was reorganized to form Tsinghua Unigroup (Group) Corporation, which was renamed Tsinghua Unigroup in 2005.
In order to expand its business scope and exert its linkage effect, Tsinghua Unigroup has embarked on an "M&A journey" since 2013, successively acquiring spreadtrum communications, an integrated circuit chip company listed in the United States, Ruidike Microelectronics, an Internet of Things chip company, as well as 51% control of "New H33" and nearly 100% equity of French micro connector company Linxens.
At the same time, Tsinghua Unigroup merged to establish Tsinghua Unigroup Zhanrui, established yangtze River storage, started construction of Wuhan storage base, and held Shanghai Hongmao Microelectronics. In the past 6 years, Tsinghua Unigroup and its subsidiaries have launched M&A offers for more than 20 enterprises, with an investment of more than 100 billion yuan.
Similar to thunderstorm enterprises in recent years, Tsinghua Unigroup has invested in a large number of projects unrelated to the main business in the process of expansion, such as the equity of financial institutions. In 2018, Tsinghua Unigroup invested 2.8 billion yuan in Chengtai Insurance and became its major shareholder. In addition, the high demand for funds in the chip manufacturing bases in Chengdu, Nanjing, and Wuhan has also dragged down Unigroup, and the demand for funds for project investment will not gradually slow down until 2024-2025.
In 2016, the total investment of the Yangtze River Storage Base built by Tsinghua Tsinghua Group after the acquisition of Wuhan Xinxin reached 160 billion yuan, and the latest situation is that Yangtze River Storage is still in the stage of capacity climbing.
A series of mergers and acquisitions and investments have led to a high asset-liability ratio of Tsinghua Unigroup, the term of liabilities is mostly "short loans and long investments", and the liquidity is seriously tight. According to the data, as of June 2020, the total debt of Tsinghua Unigroup reached 202.938 billion yuan, an increase of nearly 44 times compared with 4.647 billion yuan at the end of 2012. At the end of 2020, Tsinghua Unigroup experienced a bond run and default. On July 9, 2021, Tsinghua Unigroup was applied to the court for reorganization by creditors and accepted by the court.
Industry analysts believe that the high leverage of Tsinghua Unigroup has brought huge financial costs, and some operating entities continue to invest huge amounts. Coupled with the fact that most of the above debts are short-term borrowings, it has exacerbated the concerns about the debt risks of Tsinghua Unigroup.
On July 16 this year, the Beijing First Intermediate People's Court ruled to accept the application of the relevant creditors for the reorganization of the indirect controlling shareholder, Tsinghua Tsinghua Group, and appointed the liquidation team of Tsinghua Unigroup Group Co., Ltd. as the administrator of Tsinghua Unigroup.
At the first debt meeting of Tsinghua Unigroup, the declaration showed that a total of 1084 creditors declared, with a total amount of 186.893 billion yuan, of which 1046 ordinary creditors declared, accounting for nearly 70% of the highest declared amount, a total of 129.382 billion yuan, followed by 43 property guarantee bonds, declaring 57.306 billion yuan. In addition, about 200 million yuan of tax claims were declared. The final bond review shows that the creditor's rights manager reviewed and determined the claims of 108.181 billion yuan; the determination of the claims was suspended for 50.299 billion yuan.
Zhilu Jianguang "Endangered"
In order to solve the debt crisis, tsinghua tsinghua unigroup has tried several times to save itself by introducing war investment. However, in the end, they were all forced to terminate due to changes in the internal and external environment. The 21st Century Business Herald reporter inquired on the "National Enterprise Bankruptcy and Reorganization Case Information Network" that the strategic investor recruitment announcement issued by the manager of Tsinghua Unigroup shows that strategic investors should have total assets of not less than 50 billion yuan, net assets of not less than 20 billion yuan, and have the experience of chip industry and cloud network industry management, operation or merger and acquisition integration.
The previous seven intended investors were state-owned assets in Guangdong, Beijing, Wuxi and Shanghai, china electronics, private equity funds Zhilu Jianguang Consortium, Zhejiang State-owned Assets and Alibaba Group Consortium, and finally only Zhejiang State-owned Assets and Alibaba Consortium and Zhilu Jianguang Consortium were shortlisted for the next round of bidding.
According to public information, Zhilu Capital is a global professional equity investment institution focusing on semiconductor core technologies and other emerging high-end technology investment opportunities; Jianguang Asset Management was established in January 2014 as a private equity fund management company focusing on investment and mergers and acquisitions in the integrated circuit industry and strategic emerging industries.
A chip industry person who did not want to be named said in an interview with the 21st Century Business Herald reporter that on the whole, the industry's judgment of Tsinghua Unigroup is still based on integrated circuits, and this business is more difficult to manage. Alibaba's experience in this area is relatively weak and may not be able to manage well. Therefore, the comprehensive parties believe that it is necessary to have a chip company with more rich experience to reorganize and take over, which will be more beneficial to Tsinghua Unigroup.
After the restructuring is determined, the next step may be to spin off the business of Tsinghua Unigroup, and the sub-businesses such as chips, cloud computing, and integrated circuits will be newly sorted out.
According to incomplete statistics, since 2015, Zhilu Capital and Jianguang Assets have led a number of major investments in the field of tens of billions of semiconductors, accounting for more than half of the important mergers and acquisitions in semiconductors and other related fields of more than 1 billion yuan, including the largest semiconductor merger and acquisition in China, that is, the acquisition of Nexperia's Nexperia, which cost about 2.8 billion US dollars, and finally Nexperia was taken over by Wingtech Technology, and the performance after integration was greatly improved.
In recent years, Zhilu Capital has operated frequently. On December 1, Zhilu Capital also spent about 9.3 billion yuan to acquire four Chinese mainland packaging factories under the world's largest semiconductor packaging and testing manufacturer, Riyueguang; in November this year, Zhilu Capital announced the acquisition of the world's top four semiconductor carrier suppliers - ePAK to make up for the shortcomings of domestic carriers; in July last year, Zhilu Capital and ASM PACIFIC, the world's largest back-end packaging equipment supplier, jointly invested 200 million US dollars to establish a joint venture, which is controlled by Zhilu Capital to focus on memory, Lead frames are provided for analog chips, microcontrollers, and automotive chips.
Hu Qimu, chief researcher of the China Steel Economic Research Institute, said in an interview with the 21st Century Business Herald that the participants are basically the leading enterprises in related fields, and they have very strong research and development strength and market influence. The alliance with Tsinghua Unigroup is equivalent to obtaining a very potential asset, if it can be revitalized, it can not only form a good synergy with the existing business, but also use the resources of Tsinghua Unigroup to enter a new track with greater confidence. However, no matter who comes to take over the plate, it is necessary to make a strategic diagnosis of the diversified expansion of Tsinghua Unigroup over the years, we must clarify the strategic direction, highlight the key points, make trade-offs, and use resources on the blade, not simply spread the pie.
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