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Huawei Hubble incarnation hard technology IPO harvester
2022-07-05 15:03:00 【I dark horse】
source : Hunting cloud net (ID:ilieyun) author : LV Xinyi
“ Hubble investment was specially established against the background of Huawei being sanctioned by the United States .”
2020 Time for the full link Conference , Guo Ping, chairman in office, expressed to the outside world the original intention of Huawei Hubble . At that time, Huawei Hubble was established only half a year , Still a young VC. Hubble was not favored by the outside world at the beginning of its birth , After all, the background of the birth is somewhat tragic , And it also violates Ren Zhengfei's three no's principle , That is, do not touch the data 、 No application , No equity investment .
Hubble has been accompanied by controversy , It also means that Hubble is doomed VC Different new species in the circle .
2019 year 9 month , Huawei Hubble invested in SAP five months after its establishment , This investment has broken the rule that Huawei does not invest in suppliers . According to sirip's prospectus , Huawei is its largest customer, accounting for 57%, After this investment , Huawei Hubble has become the sixth largest shareholder of sirip .
At first , Hubble's investment is not intensive , It is also more cautious , Only two companies were invested in the first half of the year . But then Hubble shot faster and faster , It has invested more than 80 companies .
With frequent investment , Insiders have also said , I don't understand whether Huawei Hubble's investment is for industry or financial return . Hubble did have a surprise stake , A tendency to seek financial returns . But actually , A careful study of Hubble's investment context is not difficult to find , Hubble's investment ideas are gradually clear , Based on semiconductor industry , Excavate the bidding from upstream enterprises .
Now , This young VC The investment layout of is clearly visible , And it has come to the harvest .
source : Hunting cloud net
According to the cloud hunting website , At present, Huawei Hubble has gained 8 individual IPO, Among them, the lifting period of sirip has just passed , Hubble sold stocks to cash in nearly 1 $ . Besides , also 4 Home is IPO Process phase , Once listed, Huawei will reap another batch in the second half IPO.
With the rapid growth of the invested enterprise , The current harvest period may only be Hubble's “ Front dish ”.
Huawei veterans take the lead , Hubble goes upstream
Before the establishment of Hubble , Huawei's investment has been very low-key .
According to the public information , from 2006 Year to 2019 year , 13 During the year, only 14 pen . Huawei, which has been relying on self-developed technology , The attitude towards investment is conservative . According to the news , Huawei's internal investment is promoted by the enterprise development department, a secondary Department , Although the enterprise development department deals with mergers and acquisitions 、 investment , But the real decision is made by the managing board . So inside Huawei , The weight of this department is not heavy , Performance appraisal does not include return on investment .
President of enterprise development department from 2018 Bai Yi has been appointed since , He is also the chairman of Hubble investment . Now I have worked in Huawei for more than 20 year , Successively in Huawei Enterprise Development Department 、 Financial risk control center .
Huawei, which has been conservative in investment for more than a decade , But in the 2019 March with great fanfare in VC. This is inseparable from the changes in the market . Guo Ping, chairman in office of Huawei , Under US sanctions , Hubble investment was specially established , Help the whole industrial chain through investment and Huawei's technology .
Before the chip is sanctioned , Huawei Hisilicon has always adopted Fabless Pattern , That is, responsible for the circuit design and sales of chips , production 、 test 、 Packaging and other links are outsourced . So after sanctions , chip design 、 Chip making 、 Many industrial chain links such as chip packaging and testing need Huawei's own research and exploration .
The need for self-development technology after sanctions also highlights another reality , China urgently needs a replaceable domestic chip industry chain , This is also the biggest task of Huawei Hubble .
From the field of Hubble investment , First of all, Huawei plans to build its own Wafer Factory , Therefore, the investment field is mainly around the industries involved in the wafer factory . For example, semiconductor materials 、 manufacture 、 Packaging test, etc . In addition to the tour involved in the wafer factory shan Outside the industry , In the third generation semiconductor enterprises , The layout of Hubble is also dense , Invested in Tianke Heda 、 Tianyue Xianjin, etc . In terms of investment style , Huawei Hubble is not “ Fear ” risk , Among the invested enterprises, there are many enterprises with high risk and late establishment . Start up projects in the chip industry , There is great uncertainty in itself , The invested enterprises, core software and AKAS microelectronics are 2020 A new company founded in .
( notes : Chart information as of 2022 year 4 month ) source : Screenshot of the report Institute
It is worth noting that , Behind the continuous deepening of the upstream of the semiconductor industry , Huawei Hubble rarely invests in high-end chip companies that are on the same track as Hisilicon , This is also the only limit for Huawei Hubble to invest in the semiconductor industry .
For now , Huawei Hubble's recent investment track has fallen on the automotive industry and new energy batteries , For example, automobile chip manufacturer Qixin micro , New energy enterprise Weilan new energy, etc . Combined with Huawei's own layout in new energy vehicles , In the future, Hubble's investment track may not be limited to semiconductor related industries , Upstream companies in the new energy vehicle industry also have the opportunity to work with Huawei .
( notes : Chart information as of 2022 year 2 month ) source : International electronic commerce
Give money, give orders , All the way to the scientific innovation board
After breaking the rule of not investing in suppliers , Hubble's action of supporting invested enterprises is not only reflected in capital , We can see this through the prospectus of the listed invested enterprises .
2012 Sirip was founded in , since 2016 Since, I have been working on the analog chip circuit ,2019 year 7 Moon Hubble 7200 Wan invested in sirip , It is the sixth largest shareholder of the latter , holding 8%. Before this investment , Sirip is the supplier of Huawei , by 5G Base station supply signal chain chip .2018 Nianhua contributed only 170 Ten thousand yuan , Of its total revenue 1.5%
Although it is a supplier , But before Huawei invested , Sirip's life is not bright , As a small analog chip manufacturer ,2018 year , Sirip income 1.14 One hundred million yuan , loss 882 Ten thousand yuan . It's just 2019 After Hubble became a shareholder in , According to the prospectus ,2019 In, sirip's revenue increased 167% achieve 3.04 One hundred million yuan , Net profit soared to 7098 Ten thousand yuan . Among them 2019 The income contributed by time reaches 1.7 One hundred million yuan , Accounting for the total revenue 57.13%.
After giving financial support, I gave orders , Huawei Hubble has helped sirip to the science and technology innovation board all the way .
Sirip has not let Huawei Hubble down ,2019 After the financing of Huawei Hubble was completed in , Sirip's valuation is 9 One hundred million yuan . One year later, after sirip was listed on the science and Technology Innovation Board , Market capitalization 450 One hundred million yuan . In proportion , At this time, the market value of Hubble's holdings exceeded 26 One hundred million yuan . The listing lifting period has just passed , Huawei Hubble reduced its holdings by about 16 Thousands of stocks , The cash out scale is about 9000 Ten thousand yuan . The return on investment of Huawei Hubble in two years exceeds 25 times .
From small enterprises to listed companies , Sirip is not the only one .
2021 year 11 Canqin technology, which makes ceramic waveguide filters, landed on the science and Technology Innovation Board , Its main products are also used in 5G The base station . According to the prospectus ,2020 year 4 month , Huawei Hubble 1.1 Billion yuan was transferred from the controlling shareholder of canqin Technology 1375 Ten thousand shares , Price per share 8 element . After the completion of equity transfer , Huawei Hubble holds canqin Technology 4.58% Shares of , It is the fourth largest shareholder of the latter .
Canqin technology is also one of Huawei's suppliers ,2019 year , Canqin technology began to supply products to Huawei ,2017 year -2020 In the first half of the year , The sales amount of canqin technology to Huawei and its controlled enterprises are 0.20 One hundred million yuan 、1.38 One hundred million yuan 、12.86 One hundred million yuan 、6.83 One hundred million yuan , The proportion of business income is 16.76%、50.87%、91.34%、92.68%.
That is to say, the moment of listing , Nine out of ten revenues of canqin technology come from Huawei .
But with the support of Huawei , Canqin technology's performance has also soared , The prospectus shows , During the reporting period, canqin technology achieved revenue 1.2 One hundred million yuan 、2.71 Million dollars 14.08 One hundred million yuan , The growth rates are 126%、420%. Net profit 0.29 One hundred million yuan 、0.58 One hundred million yuan 、7.02 One hundred million yuan , The growth rates are 100%、1110%.
When Huawei subscribes to canqin Technology , The corresponding valuation is 24 One hundred million yuan , Today, the market value of canqin technology is 56.8 Billion , Doubled growth . Huawei Hubble subscription price is 8 Yuan per share , Today, as of press time, the share price of canqin technology is 14.2 element , Huawei Hubble's profits exceed 8000 ten thousand .
From canqin technology and sirip , Huawei Hubble is doing its best to support a mature industrial chain . With the successful listing of the invested enterprise , Future development will also add some certainty , Rapid listing of invested enterprises , It is also a statement to the market , Domestic enterprises have the ability to break through the neck technology . Around the chip 、5G、 All industrial chains of semiconductors , There will eventually be a domestic alternative road .
A surprise share in , The fastest one and a half years to meet the payback period
In addition to wholeheartedly supporting the invested enterprises , Huawei Hubble also has several times “ Intended for financial return ” The investment of .
2020 year 11 Yuedong micro semiconductor submitted a prospectus to the science and Technology Innovation Board , The prospectus shows that before submitting the application, Dongwei semiconductor 12 Several new shareholders were added during the month , Among them is Huawei Hubble .
From the time line of equity changes ,2019 year 12 month , Suzhou Zhonghe Chunsheng No. 3 Investment Center ( Limited partnership ) Will Dongwei semiconductor 1.57% equity 、1.84% The equity is represented by 1961.70 Million and $ 2300.00 Ten thousand yuan , Transferred to Tianchan investment and Zhiyu miaosen . The transfer price is 28.25 element . Half a year after this equity transfer , Huawei Hubble shares at a low price .
Huawei Hubble suddenly took shares five months before Dongwei semiconductor submitted its prospectus .2020 year 7 month , Huawei Hubble increased capital to Dongwei semiconductor 7530 Ten thousand yuan , The share price is 22.61 element . The proportion of shares is 7%.
Besides , Half a year after Huawei Hubble became a shareholder ,2020 year 12 month , National policy investment 、 Zhiyu Dongwei 、 Fenghui investment 、 Zhongxin venture capital and Shanghai Yimin , Subscribe for the new shares of Dongwei semiconductor respectively 2.26%、2.07%、0.94%、0.38%、0.19%, The share price is 52.54 element .
in other words , Among the three equity changes in the year before the listing of Dongwei semiconductor , Huawei has the lowest share price . Today, the share price of Dongwei semiconductor is 234 element , Compared with Huawei Hubble 22.61 The share price of Yuan , Ten times more .2023 year 2 Yuedong micro semiconductor has passed the lifting period , If Huawei Hubble cashes out at that time , It can be said that a year and a half will usher in a return .
Huawei Hubble also obtained a surprise stake in the company five months before the submission of the prospectus , There is also laser radar sensor manufacturer Ju Guang Technology . What can better reflect Huawei Hubble's sudden shareholding is , At the time of Huawei Hubble's shareholding, torch technology was already in IPO The coaching phase .
According to the prospectus of Juguang Technology ,2020 year 9 month , Huawei Hubble 5,000 Ten thousand yuan subscribed for the additional issuance of Juguang Technology 200 Ten thousand shares , among 200 RMB 10000 is included in the registered capital , The rest is included in the capital reserve . Huawei Hubble shares at a price of 25 element , Hold 2.96% shares . After going public , Huawei Hubble holds torch technology 2.22% Shares of .
As of press time , The share price of Ju Guang technology is 154 element , It is six times more expensive than Huawei Hubble .
Huawei Hubble has made several surprise investments , In the outside world, there is a feeling of pure financial investment . But in fact, from the listing performance of Dongwei semiconductor and Ju Guang Technology , Huawei Hubble's stake has been endorsed by both companies , After the listing, the share price rose all the way .
Now in the IPO At this stage, there is also China Science and technology flight test 、 Meixinsheng 、 Yutai microelectronics, etc . This company has been established for four years , Still young VC We should also start to return .
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