China Resources plans to take the helm, and the competition in the same industry needs to be resolved

On March 27, Changdian Technology, a leading packaging and testing company with a market value of more than 50 billion yuan, resumed trading, with a daily limit during the call auction period, with a turnover of more than 500 million yuan. As of the close, Changdian Technology rose 3.04% to 29.11 yuan, with a full-day turnover of 4.643 billion yuan and a total market value of 52.1 billion yuan.

On the evening of the previous day, Changdian Technology announced that the actual controller of the company will be changed to China Resources Co., Ltd. (hereinafter referred to as "China Resources"). At this point, Changdian Technology has also announced the end of the state of no actual controller.

It spent 11.691 billion yuan

On the evening of March 26, JCET announced that its shareholders, China Integrated Circuit Industry Investment Fund Co., Ltd. (hereinafter referred to as the "Big Fund") and Chip Semiconductor (Shanghai) Co., Ltd. (hereinafter referred to as "Core Semiconductor"), signed the Share Transfer Agreement with Panshi Hong Kong Co., Ltd. (hereinafter referred to as "Panshi Hong Kong") on March 26, and the Big Fund transferred its 174 million shares of the company to Panshi Hong Kong or its affiliates at a price of 29.00 yuan per share;

Silicon Semiconductor transferred its 229 million shares of the company to Panshi Hong Kong or its affiliates at a price of RMB 29.00 per share.

The total transfer price of this transaction reached 11.691 billion yuan.

Before the completion of this share transfer, JCET had no actual controller, and the largest shareholder and the second largest shareholder were Da Fund and Xindian Semiconductor, respectively. After the completion of the share transfer, Panshi Hong Kong or its affiliates will hold 403 million shares of JCET, accounting for 22.54% of the company's total share capital, and become the controlling shareholder of JCET.

The actual controller of Panshi Hong Kong is China Resources, and the actual controller of JCET will be changed to China Resources.

Source: JCET announcement

At the same time, the number of shares held by the large fund in Changdian Technology was changed to 62.609 million shares, accounting for 3.50% of the company's total share capital, and Xindian Semiconductor no longer held shares in Changdian Technology.

It is worth noting that JCET emphasized in the announcement that this matter still needs to be reviewed and approved by the board of directors of China Resources Group, the controlling shareholder of Panshi Hong Kong, the review and approval of the competent state-owned assets regulatory authority, the compliance confirmation of the Shanghai Stock Exchange and the relevant procedures for the transfer of shares by agreement at the Shanghai Branch of China Securities Depository and Clearing Co., Ltd.

There is uncertainty as to whether the implementation of this matter can be finalized.

In this equity transfer, the market is also concerned about the issue of intra-industry competition.

China Resources Micro, an A-share listed company, is also controlled by China Resources. According to Changdian Technology in the announcement, as of the date of this announcement,

There is overlap or potential competition between CR Micro and the company in the external packaging and testing business.

In response to this issue, China Resources undertakes to resolve the business overlap and potential competition issues between the Company and its controlled enterprises (except JCET and its controlled enterprises) and JCET and its controlled enterprises within five years from the completion of this transaction in accordance with legal procedures, including but not limited to trusteeship, asset restructuring, suspension of relevant business by one party, adjustment of product structure, establishment of joint ventures, etc., so as to comply with the regulatory requirements on intra-industry competition issues.

In addition, China Resources stated that if the Company or its controlled enterprises (other than JCET and its controlled enterprises) obtain business opportunities that constitute substantial competition with JCET's main business, the Company will notify JCET in writing, and if JCET makes a written reply that it is willing to accept the business opportunity within 30 days after receiving the notice from the Company, the Company and the Company's controlled enterprises will try their best to facilitate such business opportunities to be provided to JCET first on reasonable and fair terms and conditions.

What is the impact of equity transfer and adjustment of actual controller on the operation of JCET, and what are the plans and measures of JCET to solve the competition in the same industry?

"V View Financial Report" (WeChat ID: VG-View) called the secretary of the board of directors of Changdian Technology several times on March 27, but no one answered as of press time.

Net profit is expected to halve

According to the official website, Changdian Technology began in 1972 and was formerly known as Jiangyin Transistor Factory.

In 1989, the company's integrated circuit automatic production line was put into operation, and in 2000, it was restructured into Jiangsu Changdian Technology Co., Ltd., and listed on the Shanghai Stock Exchange in 2003.

JCET belongs to the semiconductor chip manufacturing and testing sub-industry, with two R&D centers and six integrated circuit production bases in China, South Korea and Singapore.

According to the 2022 Global Outsourced Packaging and Testing (OSAT) list released by ChipInsights,

With an estimated revenue of 33.8 billion yuan, Changdian Technology ranks third among the top ten OSAT manufacturers in the world and first in Chinese mainland, with a market share of 10.71%. The top two are ASE and Amkor Technology, a Taiwanese manufacturer, with market shares of 27.11% and 14.08% respectively.

However, in 2023, Changdian Technology's performance has declined.

According to the performance forecast, Changdian Technology expects to achieve a net profit attributable to the parent company of 1.322 billion yuan to 1.616 billion yuan in 2023.

a year-on-year decrease of 49.99%-59.08%. In the same period, the net profit after deducting non-profits is expected to be 1.092 billion yuan to 1.335 billion yuan, a year-on-year decrease of 52.83%-61.41%.

The company explained that during the reporting period,

Weak global end-market demand and the semiconductor industry are in a downward cycle, resulting in lower customer demand and lower capacity utilization. At the same time, due to the pressure on prices, overall profits declined.

Entering 2024, in addition to finding a new actual controller for itself, Changdian Technology has not stopped buying, buying, buying.

On the evening of March 4, Changdian Technology announced that its wholly-owned subsidiary, Changdian Technology Management Co., Ltd. (hereinafter referred to as "Changdian Management Company"), intends to acquire 80% of the equity of Shengdi Semiconductor (Shanghai) Co., Ltd. (hereinafter referred to as "Shengdi Semiconductor") in cash, with a purchase consideration of about 624 million US dollars.

Founded in 2006, Shengdie Semiconductor is mainly engaged in the packaging and testing of advanced flash memory storage products, including iNAND flash memory modules, SD and MicroSD memory.

Its parent company, Western Digital Corporation (Western Digital), is the world's second-largest memory manufacturer.

According to operating data, in 2022, Shengdi Semiconductor will achieve an operating income of 3.498 billion yuan and a net profit of 357 million yuan, which will be achieved in the first half of 2023

The operating income was 1.605 billion yuan and the net profit was 222 million yuan.

According to WSTS (World Semiconductor Trade Statistics Organization), memory chips are the second largest semiconductor market segment, accounting for about 28%, and the memory chip market is expected to reach $130 billion in 2024. In the global storage market, the scale of NAND flash memory chips accounts for about 40%, with a compound growth rate of 8% from 2021 to 2027.

Changdian Technology said at the time that the company has established a long-term cooperative relationship with Western Digital since 2003 and is one of the important customers, and after the completion of this transaction, Shengdi Semiconductor will become a joint venture with Western Digital holding 80/20 shares, which will help the company establish a closer strategic partnership with Western Digital.

The company will be indirectly controlled

Shengdi Semiconductor and its financial consolidation,

This helps to improve the company's long-term profitability and enhance shareholder returns.

Huaan Securities believes that the memory chip market will suffer a setback in 2023.

However, with the recovery of upstream original factory production control and market demand, memory sales will increase by 44.8% year-on-year to US$129.768 billion in 2024, basically returning to the level of 2022.

The downstream application fields of JCET are mainly in communication electronics, consumer electronics and computing electronics

The acquisition of Shengdi Semiconductor will expand the company's market share in the field of storage and computing electronics, improve the level of intelligent manufacturing, and form a differentiated competitive advantage.

Kaiyuan Securities said that through this acquisition, Changdian Technology,

It will effectively strengthen the company's storage packaging and testing capabilities. Combined with the company's own storage packaging and testing technology system, it will accelerate the expansion of downstream storage customer groups. In the future, the company will focus on the three major fields of computing power, storage power and power corresponding to high-performance computing, and is expected to benefit from the wave of AI industrialization in the long run.

(The views in the article are for reference only and do not constitute investment advice, investment is risky, and you need to be cautious when entering the market.) )

The cover and guide diagram are from Baotu.com

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