Huaxia Core went bankrupt and liquidated! National Technology made 100 million yuan from its early withdrawal!
On April 15, according to the information disclosed by the National Enterprise Bankruptcy and Reorganization Case Information Network, the Beijing No. 1 Intermediate People's Court issued the (2024) Jing 01 Po Shen No. 97 Civil Ruling, ruling to accept the case of Xi'an Jiubufang Enterprise Management Partnership (Limited Partnership) applying for bankruptcy liquidation against Huaxia Core (Beijing) General Processor Technology Co., Ltd. (hereinafter referred to as "Huaxia Chip"). The Beijing Higher People's Court randomly determined that Beijing Zhongwen Law Firm was the manager of Huaxiaxin.
According to the data, Huaxia Core was established on December 22, 2014 with a registered capital of 180.125 million yuan, is an innovative heterogeneous processor IP provider and chip solution provider, the group is headquartered in Beijing, and has R&D and sales centers in Shanghai and other places.
Huaxia Core has CPU, DSP, GPU and AI processor IP with completely independent intellectual property rights, and provides different series of customized chip products with high performance and high energy efficiency for Internet of Things, edge computing and cloud computing applications based on the innovative "Unified Instruction Set Architecture", microarchitecture and tool chain. Huaxiaxin's artificial intelligence chip solutions cover assisted driving, intelligent driving, intelligent security, smart home, robots, smart cities, industrial Internet of Things, intelligent manufacturing and other application fields. Huaxia Core has also won the 2020 China IC Design Achievement Award as one of the top five innovative IC design companies in China, and the 2020 Hardcore China Chip Most Potential IC Design Enterprise Award.
According to the data of the enterprise investigation, Huaxia Core has a number of information on the person subject to execution, and the total amount of execution exceeds 54.0763 million yuan. In addition, a number of shareholders of Huaxia Chip: Wuyin Desipu Technology Co., Ltd. (30.5344%), Gezhi Industrial Development (Shenzhen) Co., Ltd. (21.3740%), Li Keyi (16.8314%), Gezhi No. 1 Investment Consulting (Shenzhen) Partnership (Limited Partnership) (10.6260%), Luo Chengyuan (4.99659%), Wuxi Anerfeng Enterprise Management Partnership (Limited Partnership) (2.1442%), Zhenjiang Caiyi Enterprise Management Consulting Center ( Limited partnership) (0.1000%), etc., are listed as dishonest executors or restricted from high consumption and equity freezing.
National Technology used to be a major shareholder, and after exiting, it earned 100 million
It is worth mentioning that in June 2018, National Technology held 21.37% of the equity of Huaxia Core with a capital increase of 140 million yuan through national investment according to a pre-investment valuation of 500 million yuan, of which 130 million yuan of over-raised funds and 8 million yuan of its own funds were used.
However, since Huaxiaxin's main valuation comes from its subsidiary Optimum Semiconductor Technologies ("OST"). Subsequently, a number of media questioned the ownership and R&D capabilities of OST.
According to the Asset Appraisal Report issued by Zhongjing Minxin (Beijing) Asset Appraisal Co., Ltd. on March 13, 2018, as of December 31, 2017 (the valuation reference date), the appraised value of all shareholders' equity of Huaxia Core (pro forma merged OST Company) was 647.918 million yuan, and the book value of net assets of Huaxia Core (excluding pro forma merged OST Company) was -11.9873 million yuan.
National Technology said at the time that the company's move was to optimize the business layout of listed companies, quickly have market competitiveness in the field of artificial intelligence in terms of new technologies and new products of safe artificial intelligence, and improve profit growth points.
Subsequently, in 2020, National Technology demanded that Li Keyi, the actual controller of Huaxia Chip, pay 69.6474 million yuan in performance compensation in 2019 on the grounds that Huaxia Core had not fulfilled its performance commitments, and at the same time repurchase the shares of Huaxia Core held by National Technology with 169.2137 million yuan.
In January 2021, National Technology announced that the 2019 annual performance compensation and the agreed equity transfer payment payable by the counterparty have been paid, and the follow-up company will cooperate with the corresponding equity change registration procedures in accordance with the agreement. So far, National Technology has achieved an investment income of 100 million yuan through Huaxia Chip.
The "survival of the fittest" in the chip design industry began to accelerate
After the outbreak of the "ZTE incident" in 2018 and the outbreak of the Sino-US trade war in 2019, under the influence of independent and controllable demand and various government incentives and subsidies for semiconductors, a wave of self-developed chips has been set off in China, and various chip design start-ups have sprung up, and there are even many companies that have crossed over into the field of chip design.
According to the statistics released by Professor Wei Shaojun, chairman of the Integrated Circuit Design Branch of the China Semiconductor Industry Association, at the "ICCAD 2023" conference, as of November, the number of integrated circuit design enterprises involved in China was 3,451, an increase of 208 from 3,243 in 2022. As a comparison, in 2019, there were only 1,780 chip design companies in China, an increase of only 82 from 1,698 in 2018. From the end of 2019 to the end of 2023, in just four years, the number of domestic chip design companies has doubled, which shows the rapid growth.
However, the report shows that among the 3,451 chip design companies retained in China, 1,910 companies have sales revenue of less than 10 million yuan, accounting for 55.35%! Especially since the second half of 2022, the semiconductor market has entered a downward cycle, coupled with the continuous increase in the restrictive policies of the United States, as well as the fading of the domestic investment boom in the chip design industry, the "survival of the fittest" in the chip design industry has begun to accelerate.
According to data, in 2023, 10,900 chip-related enterprises in China have been cancelled or revoked, an increase of 69.8% year-on-year, an increase of 89.7% from 5,746 in 2022, while 65,700 chip-related enterprises were newly registered in the same period, an increase of only 9.5% year-on-year.
In 2023, there will also be the closure of chip design companies that have attracted much attention from several enterprises. For example, in June 2023, OPPO closed its chip design subsidiary Zheku Technology;In August 2023,Meizu was revealed to have disbanded its AR chip R&D team;In August 2023,According to the public information of the National Enterprise Bankruptcy and Reorganization Case Information Network,Storage IDM manufacturer Jiangsu Times Xincun Semiconductor Co., Ltd. officially entered the bankruptcy liquidation procedure;In November 2023,TCL Technology Group's chip design subsidiary "Moxing Semiconductor" was exposed to be "dissolved".
Editor: Xinzhixun-Rogue Sword