由于感覺在美國投資圈所受到的“關(guān)愛”太少，再加上來自中國政府的資金誘因，有部分中國無晶圓廠芯片業(yè)者已經(jīng)準(zhǔn)備從納斯達(dá)克股市(Nasdaq)退出，回老家去當(dāng)準(zhǔn)國營企業(yè)。 展訊(Spreadtrum Communications)與銳迪科(RDA Microelectronics)就是中國政府積極扶植當(dāng)?shù)匕雽?dǎo)體產(chǎn)業(yè)的受惠者(被具中國官方背景的投資業(yè)者紫光集團(tuán)收購)；上海芯片業(yè)者瀾起科技 (Montage Technology)最近也被另一家中國投資機(jī)構(gòu)收歸旗下，交易預(yù)計(jì)今年秋天完成。炬力集成(Actions Semiconductor)看來也追隨了上述同業(yè)腳步，但還未有收購消息傳出。 現(xiàn)在或許可以稱為是中國無晶圓廠芯片產(chǎn)業(yè)的“第二階段革命”。目前中國的無晶圓廠芯片市場缺乏永續(xù)經(jīng)營的條件，太多小型業(yè)者競相投入低利潤的中國本土智能手機(jī)、平板電腦、機(jī)頂盒等應(yīng)用市場；為了 脫離這種惡性循環(huán)競爭，無晶圓廠芯片業(yè)者需要有新焦點(diǎn)、更鮮明的差異化，以及數(shù)量更少卻更有耐心的投資人，或許還需要幾個(gè)更老練的企業(yè)經(jīng)理人。 藉由私有化，上述那些芯片業(yè)者將成為中國的準(zhǔn)國營企業(yè)，并有機(jī)會(huì)取得政府的資金補(bǔ)助；但這種策略也不能保證成功，只能說是中國無晶圓廠芯片業(yè)者因?yàn)橄Ｍ〉贸砷L與利潤，所耍的最新花招。 全球半導(dǎo)體聯(lián)盟(Global Semiconductor Alliance，GSA)亞太區(qū)首席執(zhí)行官王智立(Jeremy Wang)表示，中國半導(dǎo)體業(yè)者退出美國金融市場是一個(gè)可預(yù)見的趨勢，在十年前，中國第一批尋求股票公開發(fā)行(IPO)的無晶圓廠半導(dǎo)體業(yè)者，在中國本地 找不到適合的金融市場：“現(xiàn)在中國政府開始重視半導(dǎo)體領(lǐng)域的創(chuàng)新與技術(shù)研發(fā)，也扮演了關(guān)鍵角色?！? 王智立指出，一些中國股市的“常勝軍”(例如房地產(chǎn)業(yè)與金融業(yè))，因?yàn)樾路ㄒ?guī)以及國家政策重點(diǎn)轉(zhuǎn)移而成長趨緩，因此中國股市需要添加一些新動(dòng)力：“半導(dǎo)體產(chǎn)業(yè)也是一個(gè)選項(xiàng)?！? 總部位于上海的展訊，因?yàn)樵赥D-SCDMA調(diào)制解調(diào)器芯片的早期投入研發(fā)而迅速成長，也成為第一批被紫光集團(tuán)收歸旗下的芯片業(yè)者之一。紫光集團(tuán)51%股份是屬于清華控股(Tsinghua Holdings)，后者是由北京清華大學(xué)所成立、百分之百的中國國營企業(yè)；紫光集團(tuán)的其余股份屬于私募基金業(yè)者健坤投資集團(tuán)，負(fù)責(zé)人為趙偉國。 展訊在2013年7月同意以約17.8億美元的金額被紫光集團(tuán)收購，交易于同年12月完成。同樣在去年夏天，紫光集團(tuán)另外簽署了一份協(xié)議，收購中國RF芯片設(shè)計(jì)業(yè)者銳迪科；紫光集團(tuán)有意將展訊與銳迪科合并，此計(jì)劃若成功，中國有可能出現(xiàn)一家足以與臺(tái)灣IC設(shè)計(jì)大廠聯(lián)發(fā)科(MediaTek)分庭抗禮的芯片設(shè) 計(jì)公司，但或許還無法與美商高通(Qualcomm)匹敵。 不過展訊與銳迪科這兩家在數(shù)年前也曾在美國納斯達(dá)克股市公開發(fā)行的公司，要談合并似乎還有一些阻力，必須先解決雙方內(nèi)部的一些問題(參考：銳迪科、展訊確定合并？　消息來源：還早)。據(jù)了解，紫光集團(tuán)已經(jīng)在上個(gè)月完成對(duì)銳迪科的9.07億美元收購，而展訊與銳迪科確實(shí)將合并為一家國營企業(yè)。 有 人認(rèn)為紫光集團(tuán)的收購是純粹的投資行為，該投資機(jī)構(gòu)會(huì)在短時(shí)間內(nèi)將展訊與銳迪科合并之后的公司在中國股市公開發(fā)行；但也有人認(rèn)為其幕后是積極扶植本土政府產(chǎn)業(yè)的中國政府在操作。至于其他中國無晶圓廠芯片業(yè)者如全志(Allwinner)、瑞芯微(Rockchip)的未來發(fā)展，還有待觀察。 本文授權(quán)編譯自EE Times，版權(quán)所有，謝絕轉(zhuǎn)載 第2頁：不許再落入外人手，一切都是政治操作？ 第3頁：半導(dǎo)體產(chǎn)業(yè)需要國家支持 {pagination} 政治操作？ 今 年中國產(chǎn)業(yè)界傳出，上海無晶圓廠芯片設(shè)計(jì)業(yè)者瀾起科技(Montage Technology)，成為中國另一家國營投資機(jī)構(gòu)上海浦東科技投資有限公司(PDSTI)的收購目標(biāo)。瀾起科技提供機(jī)頂盒應(yīng)用的模擬/混合信號(hào)芯片， 以及大內(nèi)存容量服務(wù)器應(yīng)用的內(nèi)存接口芯片。 瀾起科技與PDSTI已經(jīng)在6月達(dá)成最終協(xié)議，后者以每股22.60美元收購瀾起所有的股票；收購案已經(jīng)獲得瀾起的股東同意，但還有待主管機(jī)關(guān)的審查與最后批準(zhǔn)。 PDSTI打算收購瀾起的消息在3月份曝光時(shí)震驚了中國電子產(chǎn)業(yè)，很多消息來源認(rèn)為這是一項(xiàng)政治操作，因?yàn)閾?jù)說PDSTI原本也有意收購總部都在上海的展訊與銳迪科，但最后那兩家公司卻被來自北京的紫光集團(tuán)“撈過界”搶走；這次PDSTI絕不會(huì)允許瀾起再落入外人手中。

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接著最近傳出炬力集成打算將公司一分為二并退出美國股市，但是否能成功還不確定。對(duì)此GSA的王智立表示，炬力的兩個(gè)業(yè)務(wù)部門的產(chǎn)品生命周期、 P&L模型迥異，也許分開來在某種程度上是件好事，可減少彼此之間的摩擦；不過他也提出警告，公司拆分也可能使得炬力原本的核心資源力量喪失。 本文授權(quán)編譯自EE Times，版權(quán)所有，謝絕轉(zhuǎn)載 第3頁：半導(dǎo)體產(chǎn)業(yè)需要國家支持 {pagination} 半導(dǎo)體產(chǎn)業(yè)需要國家支持 據(jù)了解，中國打算自2015年起每年投資100~150億美元，扶植本土芯片產(chǎn)業(yè)，時(shí)間可能長達(dá)十年(也有人說是五年)；為此眾家中國芯片業(yè)者都在想花招取 得政府的補(bǔ)助資格。而中國政府的資金有可能會(huì)是透過成立基金而非指定分配的方式來發(fā)放，該筆基金會(huì)委由專業(yè)投資人管理監(jiān)督，判斷值得投資的對(duì)象。 雖然中國政府對(duì)芯片業(yè)者的補(bǔ)助資金相關(guān)細(xì)節(jié)還在協(xié)商階段，顯然一些國營投資機(jī)構(gòu)如紫光集團(tuán)與PDSTI已經(jīng)開始采取動(dòng)作，展訊、銳迪科與瀾起科技的收購案就 是例證。而王智立表示，半導(dǎo)體產(chǎn)業(yè)本身其實(shí)就是一種國營色彩濃厚的產(chǎn)業(yè)，雖然在市場上可以看到很多成功的全球性廠商，他們其實(shí)都需要來自各國政府政策的強(qiáng)力支持。 一個(gè)國家還需要擁有健全的本地金融市場，以提升產(chǎn)業(yè)的價(jià)值并吸納各方人才，才能創(chuàng)造差異化；王智立指出：“來自美國、日本、韓國、歐洲與臺(tái)灣等地的半導(dǎo)體大廠，在所屬區(qū)域市場也都有在當(dāng)?shù)毓善笔袌龉_上市，中國當(dāng)然也一樣?！? 本文授權(quán)編譯自EE Times，版權(quán)所有，謝絕轉(zhuǎn)載 編譯：Judith Cheng 參考英文原文：China Fabless Go 'Private' to Gain Public Funds，by Junko Yoshida {pagination} China Fabless Go 'Private' to Gain Public Funds Junko Yoshida China fabless evolution enters phase 2 MADISON, Wis. — Feeling little love from the US investment community while being lured by a golden handshake from their government, some Chinese fabless companies have forsaken Nasdaq and sold out as quasi-state enterprises. Spreadtrum Communications and RDA Microelectronics have taken advantage of the Chinese government's hunger for a stake in the semiconductor industry. Montage Technology of Shanghai is being acquired by another Chinese fund. That deal is expected to close this fall. Actions Semiconductor could follow suit, though no intended acquirer has emerged. Call it phase two of the Chinese fabless evolution. China's current fabless chip market -- fragmented among too many little players fighting for the low-margin smartphone, tablet, and set-top box chip business in the domestic market -- isn't sustainable. To break that cycle, fabless companies require fresh focus, more distinct market/product differentiation, fewer and more patient investors, and probably a few more grown-up managers. By going private, these companies become state-owned entities and look for a fresh infusion of state funds. But this tactic doesn't guarantee success. It's simply the latest angle Chinese fabless companies are taking in hopes of growth and profitability. Jeremy Wang, Asia-Pacific executive director at the Global Semiconductor Alliance (GSA), told us delisting from the US financial market is a predictable trend. "Historically, there was no suitable Chinese financial market" when the first fabless companies were planning IPOs a decade ago. "Now the government has been emphasizing innovation and technology in which semiconductors play a key role." Some conventional winners in the Chinese stock market (such as real estate and banking) have been slowed by new regulations and a shift in national focus. The stock market "could add new ingredients to prevail again," he said. "Semiconductor can be one of the options." Spreadtrum, RDA Spreadtrum of Shanghai, which has grown rapidly by leveraging its early investment in TD-SCDMA modem chip development, was one of the first companies snatched up by Tsinghua Unigroup Ltd. Tsinghua Unigroup is 51% owned by Tsinghua Holdings, a 100% state-owned limited liability corporation funded by Tsinghua University in China. The rest of Tsinghua Unigroup is owned by private equity -- Jiankun Investment Group Co. Ltd., which is controlled by Zhao Weiguo. Spreadtrum agreed to sell itself in July 2013, reportedly for about $1.78 billion. The deal closed Dec. 23. Last summer, Tsinghua Unigroup entered a separate agreement to acquire RDA Microelectronics Inc., China's RF IC leader, with plans to merge RDA and Spreadtrum. When that plan was announced, hopes were running high in China that its domestic electronics industry might finally create a consolidated entity powerful enough to compete with Taiwan's MediaTek, if not quite an equivalent to Qualcomm in the United States. Spreadtrum and RDA, China's two most successful fabless chip companies, had initial public offerings on Nasdaq several years ago. However, the forced merger, met resistance from RDA employees. Chairman and CEO Vincent Tai, who reportedly opposed Tsinghua Unigroup's acquisition plan, was fired by the RDA board late last year. RDA employees, who credit much of its success to Tai, also objected to merger with Spreadtrum. Though it took almost a year to untangle the squabble, Tsinghua Unigroup closed its $907 million acquisition of RDA last month. The Spreadtrum/RDA merger will produce a state-owned, consolidated entity. Views vary in China on Tsinghua Unigroup's acquisitions. Some see this as a pure financial play, assuming that the private fund will list the merged company on the Chinese market as soon as possible. Another theory is that this is a behind-the-scenes ploy by the government to strengthen China's electronics industry. The fate of other Chinese fabless companies, such as Allwinner and Rockchip, is unclear. Political play? This year, Montage Technology became an acquisition target of Shanghai Pudong Science & Technology Investment Co. (PDSTI), another state-owned company. Montage is a fabless chip company focused on analog and mixed-signal semiconductor solutions for set-top boxes and memory interface chips for memory-intensive server applications. The two entered a definitive merger agreement in June, under which PDSTI would acquire all of Montage's outstanding ordinary shares for $22.60 each. Montage shareholders approved the transaction Aug. 1, but it still requires antitrust and other regulatory approvals. When PDSTI's bid for Montage was revealed in March, it came as a shock to the Chinese electronics industry. Many industry sources saw the deal more as a political play. The Shanghai fund had been beaten twice by Beijing's Tsinghua Unigroup in bids to acquire leading Shanghai fabless chip companies (Spreadtrum and RDA). Word on the street was that PDSTI couldn't possibly let Tsinghua Unigroup steal Montage from its backyard. Actions Semiconductor plans to split into two and leave Nasdaq. How the company will achieve that goal -- or even if it's feasible -- remains to be seen. Actions's CEO says the company is in a quiet period until Aug. 15, when it is scheduled to announce its second-quarter results. Wang said separating two groups with products that have unique life cycles and P&L models "might be a good thing to do at some point" to ease friction between the groups. However, he cautioned that a split might deprive Actions of its critical mass of resources. National business Executives at Chinese chip companies have been jockeying to grab what appears to be a huge chunk of the money the government is poised to pump into the domestic chip industry. The planned investment, combining contributions from the central and local governments, is likely to be $10 billion to $15 billion per year, starting in 2015. Some say it might be stretched over 10 years, but others say five. Several sources in China say that, rather than expecting the government to dictate which IC industry sectors should get investment money, the idea that has gained consensus among locals is to "set up a fund" and let professional investors place bets on which entities -- fabless, foundries, and/or research institutes -- deserve the funding. Moreover, the sources say, the investment overseers would not be the government, but fund managers, who would demand tangible results and a real return. Though details remain under negotiation, it is clear that some state-owned companies, such as Tsinghua Unigroup and PDSTI, have started to take action. This probably explains why Spreadtrum, RDA, and Montage started receiving acquisition offers last year. "If we look at the semiconductor sector itself, it's always a national business," Wang said, "even though we have seen so many successful global players." By "national," he means that it needs strong support from government policies and incentives. Also essential are a healthy local financial market to increase the industry's value and continuously attract the talented workers who make the difference. "If we look at the US, Japan, Korea, Europe, and Taiwan, those major players in respected regions all have listed themselves in their own financial markets," he said. "Why would China differ?"