On November 15th, the Beijing Stock Exchange (Beijing Stock Exchange) officially opened. Among the first batch of 81 companies listed, 71 were relocated from the “New Third Board”, and the other 10 were new shares of the Beijing Stock Exchange, which rose across the board. Covering advanced manufacturing, modern service industry, high-tech manufacturing, etc. It is worth noting that many semiconductor companies are also among them, such as Hanbo High-tech, Liancheng CNC, Jingsai Technology, Zhixin Electronics, etc.
A similar situation occurred on the opening day of the STAR Market two years ago. Among the first batch of 25 companies listed on the STAR Market, there were Montage Technology, Ruichuangweina, China Micro Company, and Anji Technology. 5 semiconductor companies.
How are semiconductor companies listed on the Beijing Stock Exchange different from those listed on the Science and Technology Innovation Board? Will the establishment of the Beijing Stock Exchange push the semiconductor investment boom to a new climax?
Semiconductor company listed on the Beijing Stock Exchange, specializing in special new subdivision leaders
Analyzing China’s capital market system, the Beijing Stock Exchange has been upgraded from the selection layer of the New Third Board, and has developed in a dislocation with the two major exchanges of the Shanghai Stock Exchange and the Shenzhen Stock Exchange and the three major plates of the Main Board, the Growth Enterprise Market and the Science and Technology Innovation Board.
Among them, the Shanghai Stock Exchange mainly serves the main board and the Science and Technology Innovation Board, and the Shenzhen Stock Exchange serves the main board and the ChiNext. The main board mainly serves large and medium-sized listed companies, the Growth Enterprise Market emphasizes growth-oriented innovative and entrepreneurial enterprises, and the Science and Technology Innovation Board is oriented to technological innovation enterprises, emphasizing the hard power of science and technology. . Among them, the Beijing Stock Exchange has few similarities with the Science and Technology Innovation Board.
Liu Lingtao, investment director of Chuangxiang Investment, told Leifeng.com: “The time point for the establishment of the Beijing Stock Exchange is two years after the establishment of the Science and Technology Innovation Board, and the Science and Technology Innovation Board has successfully operated for more than two years. Design, many institutional frameworks and principles have the shadow of the Science and Technology Innovation Board, and the two seem to have a partial overlap in their preferences for the industry. They are mainly focused on projects in the field of hard technology, but the Beijing Stock Exchange is more inclined to specialize and specialize in new segments. leading company in the field.”
Observing the semiconductor companies that landed on the Beijing Stock Exchange, it is not difficult to find that almost every company is involved in the vertical subdivision industry.
Among them, Hanbo Hi-Tech mainly provides backlight Display modules, light guide plates and other related components for terminal products such as notebook computers, tablet computers, desktop monitors, vehicle screens, and monitors in the medical and industrial control fields.
It was listed on the National Equities Exchange and Quotations in 2015, and entered the selection layer through public offering on July 27, 2020, becoming one of the first selected companies to be listed. At present, it has layouts in the field of Display panels such as OLED and Mini-LED.
Jingsai Technology is mainly engaged in the design, development, production and sales of quartz crystal oscillators and packaging materials, and its revenue has continued to rise in the past three years; Liancheng CNC focuses on the manufacture of high-end photovoltaic and semiconductor equipment, and successfully developed the first generation of multi-line in December 2008. Cutting equipment to fill the domestic gap.
Observing the five semiconductor companies that were initially listed on the Science and Technology Innovation Board, Montage Technology, Espressif Technology and Ruichuang Weina are all chip design companies located in the upstream of semiconductors and have attracted much attention from capital. Montage mainly provides high performance for cloud computing and artificial intelligence. For chip solutions, Espressif provides an overall MCU solution integrating Bluetooth and WiFi for AIoT applications, while Ruichuang Weina focuses on MEMS.
Even in the field of equipment and materials, China Micro and Anji Technology, which are listed on the Science and Technology Innovation Board, also provide chip manufacturing equipment and materials with more market shares.
“In terms of system design, such as deepening the trading rules and other aspects, it is considered to be closer to the more mature “Nasdaq” rules; but in terms of the company’s market value, revenue, profitability indicators, etc., it is regarded as a science and technology innovation board. The pre version of the listed company.” Liu Lingtao said.
More options for the industry’s hidden champions
In the past two years since the establishment of the Science and Technology Innovation Board, China’s semiconductor industry has ushered in an investment boom. As of January this year, semiconductor companies accounted for half of the top 10 companies on the Science and Technology Innovation Board. How long will it last?” has become a commonplace question in the semiconductor investment community for a while.
Most of the views believe that the peak of the chip investment wave has not yet come, and for startups that want to enter the chip field, the past 3 to 5 years is still a good time to enter the game.
Liu Lingtao also said that semiconductors have been the mainstream topic of investment in the field of hard technology in recent years, and the high prosperity of the semiconductor industry will not change much in the short-term 3 to 5 years. With the independent and controllable requirements for core technologies at the national level, semiconductor It will be a sustainable investment hotspot.
Another industry insider revealed to Lei Feng.com that the semiconductor industry is currently in the stage of being lined up for investment by investment institutions, and there is no shortage of investment in the semiconductor industry today. However, there are also voices that there are already signs of calm in semiconductor investment due to the long-term lack of returns.
The opening performance of the Beijing Stock Exchange today seems to mean broader market opportunities for semiconductor companies. Previously, companies that were unable to move from technology to market due to high technical barriers and small market space have an additional channel to choose from.
“As far as I know, a number of semiconductor companies have begun to study the listing rules of the Beijing Stock Exchange, because the Beijing Stock Exchange is more inclined to the leading companies in the specialized and specialized fields, and semiconductor is an industry with a long industrial chain. Therefore, it is a good opportunity for the ‘hidden champions’ in the upstream and downstream of the semiconductor industry.” Liu Lingtao said.
The so-called “hidden champions” refer to those companies with high technical barriers and high R&D expenses, but due to the market space of less than 10 billion yuan and the small revenue scale, it is difficult to be optimistic about the capital. For example, according to the data of the piezoelectric crystal branch of China Electronic Components Industry Association, the quartz crystal oscillator focused on by Jingsai Technology listed this time, the market size of China’s domestic quartz crystal oscillator in 2020 is only 9.467 billion yuan, less than 10 billion yuan.
“Beijing Stock Exchange provides a good listing opportunity and financing platform for some outstanding companies in the semiconductor segment, which is further beneficial for our primary market investors’ investment in the semiconductor field.” Liu Lingtao further analyzed