Recently, Hangzhou Zhongxin Wafer Semiconductor Co., Ltd. (hereinafter referred to as "Zhongxin Wafer"), a large domestic silicon wafer manufacturer in China, completed a Series B financing with a financing amount of 3.3 billion yuan.
It is understood that Zhejiang State-owned Capital and Linxin Investment jointly led the investment, SDIC Venture Capital, Zhejiang Financial Development Company, CCB International, SME Development Fund, Qingdao Minxin, Shanghai Guosheng Capital, Hangzhou Qiantang Industrial Investment Fund, China Cinda Assets, CICC Pucheng, Bank of Communications International and other well-known institutions followed up in the investment, and the old shareholders YOFC, CICC Capital, Shanghai Free Trade Zone Equity Fund, Dongzheng Capital and other additional investment.
The financing will be used for the construction of a second 100,000-piece production line for 12-inch silicon wafers. By the end of 2022, the production capacity of 12-inch silicon wafers will reach 200,000 pieces per month.
The reporter of "Kechuang Board Daily" learned that Zhongxin Wafer was established in 2017 by the integration of the semiconductor silicon wafer business within the Japanese semiconductor silicon fab-Ferrotec Holdings Corporation (Ferrotec Holdings Corporation). . In 2020, Ferrotec Holdings announced that it will sell a 60% stake in the semiconductor silicon wafer subsidiary Zhongxin Wafer for approximately 29.6 billion yen (approximately 1.97 billion yuan). Buyers include local Chinese governments and private investment funds.
According to the announcement issued by Ferrotec Holdings at that time, most of China's silicon wafers currently rely on imports. In order to promote the development of the local semiconductor industry, various assistance policies such as preferential tax systems and subsidies have been frequently introduced. However, Ferrotec Holdings did not hesitate to transfer control of Zhongxin Wafer to the more main purpose, which is to plan Zhongxin Wafer to be listed in China's IPO.
In November 2020, Zhongxin Wafer announced the completion of the "mixed reform", and Linxin Investment, as the lead investor, brought a number of institutions to form a Chinese-funded buyer group, and realized the Zhongxin Wafer "mixed reform" and production expansion investment round of investment , The project transaction amount is nearly 4 billion yuan.
According to Tianyan Check, the current wholly-owned subsidiaries of Ferrotec Holdings in China, Hangzhou Dahe Thermomagnetic Electronics Co., Ltd. (hereinafter referred to as "Hangzhou Dahe") and Shanghai Shenhe Thermomagnetic Electronics Co., Ltd. hold 16.11112% and 9.66667%, respectively. Among them, Hangzhou Dahe is the major shareholder of Zhongxin Wafer.
In addition, among local state-owned capital, Hangzhou State Reform holds 6.66667%, Zhejiang Fuzhe holds 2.22%, and Tongling State Capital's Tongling Shijian, Tongling Shiguo, and Tongling Dajiang collectively hold approximately 5.88%. Shanghai Yunfeng Kytai Investment Center (Limited Partnership) managed by Yunfeng Fund holds 2.22% of the shares, China Micro Company (688012.SH) holds 4.44445% of shares, and the semi-annual report of YOFC (601869.SH) shows that as of 2021 On June 30, 2009, the company held 5.21% of Zhongxin Wafer. During the reporting period, these shares realized gains from changes in fair value of approximately RMB 320 million.
In terms of business, the official website of Zhongxin Wafer shows that in 2020, after the internal adjustments of the Ferrotec Group, the business of Ningxia Zhongxin Wafer Semiconductor Technology Co., Ltd. and Shanghai Zhongxin Wafer Semiconductor Technology Co., Ltd. will be integrated, and the three factories of Zhongxin Wafer It has realized the complete production from the drawing of semiconductor single crystal silicon rods to the processing of 100mm~300mm semiconductor wafers.
Zhongxin Wafer now has 9 8-inch production lines and two 12-inch production lines with mature technology, with 6-inch (150mm) and below 400,000 wafers/month, 8-inch (200mm) 450,000 wafers/month, 12-inch (300mm) ) 100,000 pieces/month production capacity. The company expects to have a 12-inch production capacity of 200,000 pieces/month in 2022. The products are polished wafers (heavy doped/light doped/Cop-free) and epitaxial wafers, mainly used for logic chips (Logic), flash memory chips (3DNAND&NorFlash) , Dynamic Random Memory Chip (DRAM), Image Sensor (CIS), Display Driver IC (DisplayDriverIC), etc.
In addition, the company's official website shows that its capacity construction goal is to build a company with an annual production capacity of 12.6 million silicon wafers (including 2.4 million 3mm, 5.4 million 2mm, and 4.8 million 1.5mm).
From the perspective of production capacity, there is still a gap between Zhongxin Wafer and the Shanghai silicon industry, the first echelon of domestic large silicon wafers. The latter’s semi-annual report this year disclosed that its subsidiary Shanghai Xinsheng’s 300mm semiconductor wafer production capacity has reached 250,000. The production capacity of 300,000 pieces per month set by the end of 2021 is "close at hand". In addition, Shanghai Silicon Industry's subsidiary Xinao Technology and Okmetic 200mm and below polished wafers and epitaxial wafers have a combined production capacity of more than 400,000 wafers/month; its subsidiary Xinao Technology and Okmetic 200mm and below SOI wafers have a combined production capacity of more than 50,000 wafers/month.
According to the research report issued by IFC Securities, mainland China is an important market for silicon wafers in the world, but its self-sufficiency rate is very low. As domestic new wafer fabs and downstream demand pull, it will continue to provide development for domestic semiconductor wafer manufacturers. Chance.
Judging from the performance of major domestic major silicon wafer listed companies in the first half of this year, Zhonghuan, Zhongjing Technology, Leon Micro, Shanghai Silicon Industry, Shengong Co., Ltd. and other companies have shown a year-on-year increase in revenue and net profit attributable to their parent companies. , Which is not only driven by price increases, but also thanks to the rise of 5G, Internet of Things, new energy vehicles and other industries, the chip market demand is relatively strong, which in turn drives the market demand for silicon wafers.
In order to match market demand and increase the supply rate of domestic large silicon wafers, domestic head semiconductor wafer companies are stepping up their plans to expand production while entering the large-size silicon wafer market. Chip manufacturing. On March 13, 2021, Li Ang Micro issued a non-public stock offering plan to raise 5.2 billion yuan, of which 2.28 billion will be used for annual production of 1.8 million 12-inch silicon wafers for integrated circuits, including Zhongxin Wafer Series B financing After further increasing the capacity of 12-inch silicon wafers.
Once in charge of technology research and development at TSMC and a member of the founding team of SMIC, Shi Zhenye, a partner of Jiangkong Capital Fund, told the reporter of "Science Innovation Board Daily" that 12-inch large silicon wafers are monopolized by the world's four major companies, and they are also used in chip production. Materials with a high manufacturing cost are also important projects for the development of domestic semiconductors, and there is a huge market share demand. Several domestic companies have invested in R&D and production, mainly 8-inch, 12-inch is more difficult, especially used in most of the test films.
"The most representative is the domestic Shanghai silicon industry, which is its subsidiary Shanghai Xinsheng. Zhongxin Wafer is also one of the silicon wafer manufacturers, especially with the support of Japanese ferrotec technology, which is relatively mature and has opportunities for mass production. Big", Shi Zhenye believes.
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