Just as Tsinghua Unigroup zhanrui was seeking to go public, it could not be listed because of the debt problem of Tsinghua Unigroup, and now it has just entered the right track of development, and Tsinghua Unigroup Zhanrui has once again suffered a management change.
Wen 丨 BT Finance Aoyama Egret
Tsinghua Unigroup, which just completed its restructuring in December 2021, has once again fallen into the whirlpool of public opinion because of a personnel change by Tsinghua Unigroup.
On the last day of February, Tsinghua Unigroup suddenly issued an announcement, which was called strengthening corporate governance, improving the level of operation and management, and achieving sustainable and healthy development of the company, and with the unanimous consent of the board of directors of Tsinghua Unigroup, Ren Qiwei was appointed as the company's acting chief executive officer (CEO), and Chu Qing no longer served as the company's chief executive officer.
After combing, it can be found that in fact, since the reorganization of Tsinghua Unigroup, personnel changes have been quite frequent, especially its Tsinghua Unigroup Zhanrui. Tsinghua Unigroup was taken over by the Zhilu Jianguang Consortium, Tsinghua Unigroup Zhanrui has just completed the replacement of the chairman and legal representative, according to Tianyan, in February, the legal representative of Tsinghua Unigroup Zhanrui was replaced by Wu Shengwu to replace Zhao Weiguo, and Wu Shengwu also served as the chairman of Tsinghua Unigroup Zhanrui, until this time Tsinghua Unigroup Zhanrui replaced the CEO, just one month after the replacement of the chairman.
Tsinghua Unigroup ZhanRui officially explained that the personnel replacement is: normal personnel adjustment, the company's production and operation activities are not affected. What does this personnel adjustment mean for Tsinghua Unigroup? Is the development of Tsinghua Unigroup really on the right track after the restructuring?
The violet light of many disasters and difficulties is sharp
Tsinghua Unigroup is the largest and most well-known integrated circuit enterprise in China, Tsinghua Unigroup mainly has three major business supports, the first business is the memory chip business, the main subsidiary is Yangtze River Storage; the second business is security chips, the main subsidiary is Tsinghua Unigroup Guowei; the third business is mobile phone chips, the main subsidiary is Tsinghua Unigroup Zhanrui.
According to public information, Tsinghua Unigroup Zhanrui is mainly composed of two companies, Spreadtrum and Rui dike, both companies are acquired by Tsinghua Unigroup Zhanrui in 2013-2014, and have maintained independent operation status, Spreadtrum's main business is smart phone chips, while Ruidike's main business is Internet of Things chips.
In terms of the technical strength of Tsinghua Unigroup, it is a well-deserved pioneer of China's 5G, mastering the full-link research and development strength from 2G to 5G, from WIFI to Bluetooth, from TV FM to satellite communications, etc. In addition, Tsinghua Unigroup Zhanrui is also the only company in China that has successfully commercialized 5G technology.
It is such a company that can compete with the world's well-known chip companies Qualcomm and MediaTek, and the development road has been twists and turns, and it has not met the expectations of the market.
According to Counterpoint's industry report, the chip market share of Tsinghua Unigroup Zhanrui is not very high, and between 2018 and 2019, Unigroup Zhanrui's chips are ignored because the market share is too low and are listed as "others" category. Until the past two years, because the T618/T610 chip began to mass-produce, it began to gain a firm foothold in the market, but in the fourth quarter of 2021, the chip market share of Tsinghua Unigroup Zhanrui was only 11%, which was completely incomparable with Qualcomm and MediaTek.
Yang Xiaoguang, a practitioner in the industry, pointed out that this was mainly because at that time, Tsinghua Unigroup Zhanrui did not attach importance to the application and research and development of new technologies, and the technology was once stagnant and was at the level of "chandeliers" in the industry. Chu Qing, the former CEO of Tsinghua Unigroup Zhanrui, also admitted in public that in 2018, Chu Qing told the media when he took office: "Tsinghua Unigroup Zhanrui is a company that started with science and technology, but the chip technology is more than a few generations behind the technical strength of some leading enterprises." ”
In fact, when the mobile phone's functional machine and the smart phone alternate, Tsinghua Unigroup Zhanrui did not focus on the research and development of smart phones, but continued to die on the functional machine, which led to the decline of Tsinghua Unigroup Zhanrui in the Chinese market, even Samsung no longer cooperated with Tsinghua Unigroup Zhanrui, and even Tsinghua Zhanrui was forced to India, Southeast Asia and other markets to find a way to live.
The lag in technology is not the most fatal for Tsinghua Unigroup, because the parent unigroup mergers and acquisitions everywhere led to the final outbreak of the debt crisis in 2020, which is just on the right track of Unigroup Zhanrui is the first blow. At that time, Tsinghua Unigroup Zhanrui was preparing to seek listing, because the debt problem of Tsinghua Unigroup led to changes in equity and could not be listed, otherwise Tsinghua Unigroup Zhanrui would be a dark horse enterprise of the science and technology innovation version.
The great turn of the purple light
2021 can really be called the lucky year of Unigroup Exhibition, and it is also a big turning point for Unigroup Exhibition.
According to statistics, in 2021, the shipment of mobile phones equipped with Unigroup Zhanrui chips reached 8.8 million, and it should be known that in 2020, there are less than 100,000 mobile phones equipped with Unigroup Zhanrui chips, and in just one year, Unigroup Zhanrui has achieved a growth of 10312.7%.
According to the data, in 2020, the smart phone chip business of Unigroup Zhanrui exceeded the functional machine chip business for the first time, although it came late but it was also a major breakthrough, and in addition, in 2021, the market share of Tsinghua Unigroup Zhanrui in domestic mobile phones reached the top five.
According to the latest 2021 performance data released by Tsinghua Unigroup, the annual revenue of 2021 increased by 78% year-on-year, and even reached 11.7 billion yuan, of which the revenue of consumer electronics business increased by 60% + year-on-year, and the revenue of industrial electronics business increased by more than 120% year-on-year.
In particular, the market share of Unigroup Zhanrui's smartphone chips rose to the fourth in the world, surpassing Huawei and Samsung in an all-round way, and even the glory of Huawei's sub-brand began to use Unigroup's mobile phone chips, in addition, Tsinghua Unigroup Zhanrui also gained heavy customers such as Realme, Samsung, Motorola, ZTE, and TRANSSION.
Even the Indian market, which was forced to enter the Indian market at the beginning, also received good news, and the shipments of Unigroup Zhanrui in the Indian market increased significantly.
The main reason for this is that in 2018, Ren Qiwei and Chu Qing began to take charge of Unigroup Zhanrui, and the business began to gradually pick up, and made great progress in a very short period of time. After taking office, Chu Qing is committed to improving the advanced nature of Tsinghua Unigroup's communication technology and chip technology, and has also made a series of changes within the company, which has paved the way for a breakthrough in Unigroup's business.
Purple Light Zhan Rui also accounted for the "heavenly time" this advantage. Since 2020, because the epidemic has affected the world into a chip shortage, the price of chips has soared, which is indispensable to the growth of Unigroup's market share.
In addition, Tsinghua Unigroup Zhanrui also accounted for the "geographical advantage" factor, because competitor MediaTek began to turn to the high-end market, which created a more relaxed environment for the development of Tsinghua Unigroup Zhanrui in the low-end mobile phone market.
However, there are also hidden worries through the revenue of Unigroup Zhanrui. Although the market share has increased in the past three years, the overall profit is still in the loss, and some media said that the cumulative loss of Tsinghua Unigroup Has exceeded 10 billion. From the perspective of Tsinghua Unigroup's other subsidiary, Unigroup Shares, it can also be confirmed that the profit margin of Tsinghua Unigroup is only 6.04%, while Qualcomm's profit margin around 2019 is 17% (plus the "Qualcomm Tax", that is, the profit margin after patent fees is as high as 80%), which shows that the overall profit margin of Tsinghua Unigroup is low.
Industry practitioner Yang Xiaoguang analyzed that although the performance of Tsinghua Unigroup Zhanrui has improved by leaps and bounds, it still relies on cost performance to conquer the market, rather than relying on advanced technical strength, so Tsinghua Unigroup Zhanrui has seized part of the market share in the low-end market, and the main cost-effective products are destined to have a profit margin that is not too high.
In 2021, tsinghua tsinghua unigroup is still in a state of loss after a series of breakthroughs, and some analysts say that this may be an important reason for Chu Qing's departure.
In addition, although MediaTek transformed and Huawei "left" to make room for the market space for Tsinghua Unigroup Zhanrui, the 5G field of Tsinghua Unigroup Zhanrui did not open the market. According to data released by market research agency CINNO Research, the market share of China's 5G smartphone Unigroup Zhanrui in 2021 is only 0.07%.
In addition, due to the restructuring of Tsinghua Unigroup, the listing of Tsinghua Unigroup on the Sci-Tech Innovation Board has not made any progress. In April 2021, Unigroup Zhanrui ushered in the final round of financing, with a scale of 5.35 billion yuan, jointly invested by four original shareholders such as Shanghai Guosheng Capital, Country Garden Venture Capital, Haier Financial Holdings and Sairui Capital, but since then, the listing of Tsinghua Unigroup Zhanrui has stagnated.
The song suddenly changed coaches
Just when Chu Qing announced the good news that Unigroup ZhanRui had been out of trouble and entered the upward development track, Chu Qing's CEO and director positions were "dismissed".
After combing, it can be found that Chu Qing's dismissal belongs to the "chain reaction" of the restructuring of the major shareholder Tsinghua Unigroup. After the reorganization of Tsinghua Unigroup entered the implementation process, Tsinghua Unigroup Zhanrui as its subsidiary, personnel changes also began to start.
In January 2021, the Beijing First Intermediate People's Court formally ruled to approve the reorganization plan of the substantive merger and reorganization of seven enterprises including Tsinghua Unigroup Co., Ltd., and terminated the reorganization procedures of seven enterprises, including Tsinghua Unigroup Co., Ltd. At this point, the Zhilu Jianguang Consortium has become the new owner of Tsinghua Unigroup. In the following months, Tsinghua Unigroup also ushered in a series of major personnel adjustments, from the legal representative to the chairman of the board, and then to the CEO.
It is worth noting that when Tsinghua Unigroup changed its chairman and legal representative in early February, Chu Qing's position did not change, and he was still active in the public eye at that time and interviewed by many media. However, on February 28, Tsinghua Unigroup suddenly announced that Chu Qing had stepped down as CEO. There are also a number of media reports that Chu Qing's dismissal was not a sudden decision, and has been circulating in the Unigroup Exhibition and the industry for a long time, and the China Times article said: "Both sides have the will not to continue to cooperate."
The time node of replacing Chu Qing is quite delicate, coinciding with the three-year period when Chu Qing performed his duties in Unigroup Zhanrui, which is also a critical period for Unigroup Zhanrui's internal reform.
Since Chu Qing arrived in 2018, he has begun to carry out a series of changes to Unigroup Zhanrui, such as iterating from the technical aspect, and the second generation of 5G chips using 6-nanometer processes has also begun mass production. Chu Qing once told the media, "Tsinghua Unigroup Zhanrui once focused on cost performance, did not attach importance to self-developed technology, and the 'cottage' manufacturers who coexisted in the technical ecology were soon competed for in the era of 4G smart machines." Technology cannot be bought, nor can it be exchanged by the market, and you can only create it yourself by labor. ”
Chu Qing also launched the organizational reform of Tsinghua Unigroup Zhanrui, Chu Qing once told the media that 2019 to 2021 is a critical period and a period of change for Tsinghua Unigroup Zhanrui, and there are more than 300 emails about organizational change a year.
People who have worked in HiSilicon pointed out that Chu Qing has been working in the field of communications and semiconductors for 24 years, just put Zhan Rui on the right track, this change of coach will definitely have an impact on the future of Zhan Rui, in addition, Chu Qing has worked in Huawei HiSilicon, many of The team of Zhan Rui is Chu Qing's HaiSilicon old department, Chu Qing's departure has also brought great uncertainty to Zhan Rui's team, and the most important point is that the listing plan of Unigroup Zhan Rui may be more slim.
However, it should be emphasized that Ren Qiwei, the new CEO of Tsinghua Unigroup, is also a technical expert and senior enterprise manager in the semiconductor industry, who has been working in the peninsula industry for more than 20 years, and has worked in Philips, Qimonda and Inspur Group.
Industry practitioner Yang Xiaoguang analyzed that Tsinghua Unigroup currently needs a management that understands both technology and the market, by increasing sales to spread the market, sharing the huge costs and expenses brought by research and development, it is best to quickly increase profits in the future to put the company on the right track This is the top priority, and the new CEO Ren Qiwei has not yet shown his management skills in the market.
At the moment when domestic chips are self-reliant to get rid of the neck of foreign cards, the market also expects Unigroup to become better and better, to return to the development of formality as soon as possible, and to get rid of the impact of the debt crisis.
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