Following the long telegram successful merger and acquisition of Singapore's star ChipPAC (STATS ChipPAC), coupled with the recent Taiwanese businessmen, moonlight, silicon products also finished alliance. Under the background of the testing industry ranked the world's second hsintien ecker will promise, and the price is being bought, has become a new topic of global testing industry chain.
Merger and acquisition ecker's idea is based on China may have ten 12 inches over the next five years production line put into operation. In addition from the industry point of view, select testing industry, relatively less investment and technical threshold is low, and the global testing industry chain is the first mainland will transfer, the western high technology control is relatively weak, means that the merger and high probability of success.
From the perspective of rational thinking, however, is "good" it is a step, but may be present to do is not necessarily the appropriate time, at least for China is not the reality.
Merger and acquisition (m&a) is a kind of capital trading action, it is a big risk. Analysis of merger and acquisition (m&a) n.a ecker, even assuming that the price is reasonable, the CFIUS review agreed, and the Chinese government is willing to provide financial support, but for China there are the following risks:
Cultural differences. Ecker is American businessmen, ranking second in 2015, sales of $3.99 billion, compared to the first day of ASE moonlight at $5.17 billion. According to global mergers and acquisitions trade statistics, which fails the majority, one of the most main reason analysis, from the integration of cultural differences on difficult.
A lack of qualified talent international trade. Because ecker customers are mainly the first-class IDM and fabless, concentrated in the United States, Europe area. The future how to continue the order and development of new customers can be a challenge for China.
"The snake swallow like" again? In August 2015, jiangsu long telegram to complete the world's fourth Singapore's division chippac (STATSChipPAC) of mergers, the industry said was "snake". Because in 2014 meter, star chippac is the world's fourth, sales were $1.586 billion, and the long telegram to sixth, sales of $980 million. Obvious is the fact that long telegram complete integration after merger and star division chippac, future work there are many, there is unlikely to be energy again merger and larger rival, at least after merger successful as last time. Another Chinese metal sealing test of nantong Fujitsu has just acquired for $370 million AMD in suzhou, assembly house in Malaysia.
International recognition. Although it can't be a binding element, but it at least for the international merger and acquisition (m&a). Because China carry out merger and acquisition (m&a) is just beginning, in the field of semiconductor in China don't understand in the world, as well as with Chinese companies could cause some of the initial action to make others feel don't understand or accept, so it need time and example to prove that China's sincerity and ability.
Merger and acquisition has a risk
In 2015 China's semiconductor encapsulation enterprise top five were long telegram, alex, nantong Fujitsu, ANST and China WLCSP. According to some foreign information, China should satisfy domestic fabless semiconductor testing owner customers, share of global market share increased from 6% in 2012 to more than 8% in 2014, mainly from the technology to meet most of the simulation and the low pin count logic IC demand, so their ASP and gross margin is relatively low.
Merger and acquisition (m&a) is one of the means of trade, the purpose to obtain advanced technology, and investment value. Every year there are so many times in the world to observe mergers, found that cultural differences is one of the most main reason is not successful. In addition, the timing of the mergers and acquisitions, talent and international recognition and integration ability is very important.
The global semiconductor industry are mature, and China's semiconductor industry is still in the emerging industry development, the two are not synchronized.
Although China's national strength has been the world second, accounted for 40% of global semiconductor market, but in the field of semiconductor industry is still a "follower".
Basically the sorting is one of China's strongest design; In accordance with the encapsulation is below, manufacturing; Equipment and materials. Again the impact of present Chinese government launched a semiconductor industry, dominated by big fund, the purpose is to close the gap, increase rate, finally realize independent control of the semiconductor industry.
At this stage for China's semiconductor industry is still at an early stage of development, from the aspects of mentality shoulds not be too impatient for success, don't always want one pace reachs the designated position, the development of the semiconductor industry to follow the law, there is no shortcut to it, including the original more learning international experiences and lessons of success and failure. So any less than when the merger may bring a lot of trouble, so for China to be buying ecker or some practical as well.
