Late on September 9, the full suspension secondary inquiry announcement of science and technology, and its subsidiary released on September 2, hefei east core communications co., LTD. (hereinafter referred to as "east core communications) a financial announcement, raises its holdings in the concept of chip company 168 million yuan.
East core communication since it was founded in 2009 main revenue and survival depend on government subsidies. Half annual report shows that its operating income 0.00 yuan in the first half of this year, while the financial management, according to the announcement of its 168 million yuan "prostitution money" has been used to complete, and idle their own money to buy the products.
At present, east core communications technology products has been backward, industry experts are "not very bullish on future development of the enterprise". So, east core communication money bought finance influence the follow-up research and development? Why all volunteers technology and flange of the company? Reporters were investigated.
Low won a large number of government subsidies every year
Public information, the core communication was established in 2009 in hefei, engaged in the 4 g/LTE terminal baseband chip research and development, design, production line (fabless) model without operation, entrust outsourcing vendor production chips and modules, by way of direct sales or distribution, sales to terminal manufacturers and other customers to earn profits.
Communication in 2014, the east core equity ownership structure of publicly listed on the new three board transfer instruction, according to that time, the east core communication common stock in the top 10 shareholders, equity accounted for 23.42 yan-fang and equity accounted for 6.94% of Josephine as the relationship between father and daughter; Holdings accounted for 17.35% of liu Yang and Josephine is a relationship; While holding 10.76% of Tang Xiangguo yan-fang niece's husband. The company controlling shareholder and the actual control of man-made yan-fang, Josephine, liu Yang and Tang Xiangguo, combined accounted for 58.47% of the total number of shares.
Data shows, yan-fang was born in 1950, junior high school degree, major in anhui province software integrated circuit branch, vice President of association. Tang Xiangguo was born in 1977, the American citizen, Ph.D. ApaceWave company who have served in the United States, the United States FutureWei company, victory day Communications companies in the United States (Centillium Communications). According to the 2010 "anhui science and technology news" published an article on the root Dr Returning Tang Xiangguo: anhui research into article introduces, in 2009, Tang Xiangguo home and founded the east core communication, research and development of LTE (4 g) mobile communication core chip, with only half a year time to finish the prototype development, and obtained 7 invention patent application is accepted. Public transfer instruction also showed that the company has six patents of invention and 18 is applying for the patent.
But the data shows, the east core communication does not have achieved success in business, since its establishment has never been profitable, basic live on government funding. From 2011 to 2014, the company's operating income is 100000 yuan and 200000 yuan respectively, 100000 yuan and 246000 yuan; And the corresponding year net profit for four years as a negative number, respectively - 6.658 million yuan, 11.425 million yuan, 13.81 million yuan and 747000 yuan. At the same time, a lot of government subsidies for its survival, the foundation of announcement shows that the east core communications in 2011 won the 5.86 million yuan of government subsidies, subsidies received 5.34 million yuan in 2012, 2013. 2013 yuan subsidy, obtain 3.13 million yuan subsidy, 2014, 2015, 6.14 million yuan. Data center daily news revealed this year is 6.55 million yuan subsidy.
Associate professor, institute of hubei institute for economic accounting ka-wo lee said that after reading east core communication 2016 NianZhongBao east core communication is a high and new technology enterprise, mainly take the early national and local government subsidies to research and development, project acceptance, subsidies can confirm step-by-step month income. In addition, from the report, no production, the company relied on technology transfer or joining to profit (future) technology. Early on a large amount of subsidies, the subsequent operation ability has the very big uncertainty. All volunteers technology acquisition, therefore, on the one hand, let the enterprise has the ability of the future to continue as a going concern; On the other hand, also let whole science and technology with the concept of communication chip design.
Notable is, east core communication zero revenue during the first half of the year. For its reason, east core communications, said in the first half of 2016, the company in the process of chip and module development for the customer provides the form part of the research and development manufacture products sales of 895900 yuan, the income reduced the development cost of this part, not embodied in operating income.
When all volunteers the flange logic of science and technology
In July 2014, the east core communications listed on the new three board, although its revenues and market and don't have much progress, has successfully conducted several rounds of financing, and make all volunteers technology flange spiderman. At the end of 2014, the east core communication will increase funding in the first round of the new three board has completed, the actual net raised 12 million yuan; Only half a year later, and launched the second round of funding, in April 2015, the company to the company in three ShangGuoYuan securities, safe stock and day wind issued 4 million shares, securities and other natural person investors to raise funds totaling 16 million yuan. In may the same year, the company targeted issuance of 230000 shares in inquiry way, again raise funds totaling 2.415 million yuan. Throughout 2015, the company's total financing amount is 18.415 million yuan. And according to east core communication announcement released this year, in the first quarter of 2016, the company all volunteers to zhuhai science and technology co., LTD. Consider 70 million shares, to raise 168 million yuan, all will become east core communication of science and technology of flange spiderman.
Why, then, all volunteers would flange east core technology of science and technology? All volunteers technology vice general manager and the board secretary Xue Wei told reporters that the company investment in east core communication mainly because, communication is one of the emerging east core LTE baseband chip design company, specializing in high-end communication core chip and solutions for research and development and industrialization, acquisition will effectively fill the whole log technology in LTE baseband communication technology on the blank, is advantageous to the chip products of the company in the extension of the communication function, accelerate the listed companies in the field of Internet of things technology layout.
The chief editor of bayesian net xue-feng zhou think, east core communications temporary revenue and profit is low, in fact related to enterprise in the industry, not ability of enterprise management problems. "The early stage of the communication, biological pharmaceutical industry, are in research and development, investment, high risk is inevitable. The new three board, is still a new thing, a lot of management and system are in the exploration phase, appear all sorts of phenomenon is normal."
"LTE terminal baseband chips higher barriers to entry, upstream and downstream enterprises of collaboration is more high, companies often need long time to running in technology, management and so on various questions. In addition, in the communications industry, technology accumulation is very important, no technology companies in the communications industry is hard to stand up. Act as the world's fifth generation of mobile phone communication standard (5 g) test in worldwide, the 5 g market space is huge, and in the 4 g technology accumulation, is deeply involved in (5 g). Capital is on the east core communication in 4 g/LTE chip research and development, the design of power." Xue-feng zhou said.
Profitability for the enterprise whether can raise money has little to do, look for enterprise financing mainly bread, can bring investors' confidence is very important. Hai sheng da before big hidden fund chief investment officer of gold and silver pine told reporters that while the new three board without profit to the enterprise requirements, but many securities in the process of sponsor firms, tend to favor the three types of enterprises, namely good operational stability, growth and the base is big users. In addition, the basic situation of the enterprise and the intrinsic relationships between companies and brokerages are also brokerage sponsor the basic considerations. And another new three board market chairman secretary has published the opinion: "new three board, undertake the task of a large is to nurture and support small and medium-sized enterprises, so we see the new three board for listed company's profit is not required, just requirements listed company has been operating ability. These companies may now is still in its early stage or developing the market, some investment institutions more see is the long-term profitability of an enterprise in the".
Industry experts: not too bullish on business in the future
Public information, at present, the domestic TDLTE has hundreds of millions of users to scale, and the equipment investment size of 4 g/LTE private network market will rise from 2014 yuan in 2014 to 2016, 6 billion yuan, with 4 g/LTE technology matures, the corresponding baseband chip market will continue to develop.
Although the baseband chip market investors widely, huge market prospects, but in fact, the baseband chip industry is a typical IC design industry, the market has long been qualcomm, Intel, mediatek, TSMC domestic and foreign large-scale IC design houses to hold. In addition, chip development cycle is long, after the success of the research and development production problems will play a key role on the company's core competitiveness. Obviously, the east core communication does not have the advantage of bright eye.
East core communications was founded in 2009, but the data shows, in 2015, is the company chip sales to production and industrialization in the first year, when earnings, according to data from the company's revenue and net income of 873000 yuan and 3.824 million yuan respectively. It is important to note that according to the yuan securities securities research report published in March 2015, the east core communication - waiting for the fist products put into production, according to the east core communication baseband chip size design is still in 40 nm level, at a time when baseband chip size design with IC companies, production capacity has reached 20 nm, so the company products into consumer electronics field is difficult. In addition, the company is also facing a single-mode solutions promotion does not accord with 4 g/LTE market development progress, the company continued innovation as fast as industry product update cycle.
Have chip industry analyst told reporters that the 4 g/LTE mainly do is communication chips, more industry users, this kind of enterprise's technical barriers is higher, profit margin is high also, but now the market is more mature, competition is more intense. The more mainstream mobile phone chips now use is 28 nm, more advanced chips, such as qualcomm, haisi metal chips for 14 nm, 16 nm, 40 nm is the generation of technology, is expected early next year, 10 nm specification can realize the mass production.
And industry analysts and core for study have the same view, chief analyst at wen-jun gu, moreover, wen-jun gu also said that the chip industry generally meet mass production time is about 3 years, over the years, the east core is the road to the commercialization of the future is not yet clear, it is not very bullish on future development of the enterprise.
Low capital bought financing subsequent development?
It is worth noting that the east core communications in the first quarter of this year to the orientation of 168 million yuan of money raised through issuance of science and technology, 2016, in April 5, all in place.
On August 31, 2016, the east core communication announcement, said companies use idle its own funds to hefei rural commercial bank to buy financial products of science and technology, subscription amount is 30 million yuan, products for 91 days; In fact, this is not the first time the east core communications to buy bank financing products, on May 23, 2016, east core communications to buy two bank financial products amounted to 160 million yuan, of which 100 million yuan of money management expired, the remaining 060 million yuan money falls due on November 25th.
According to the east core communications said in a notice on August 29, to raise funds have been used, the current balance of 0 yuan, all used to supplement working capital. But the personage inside course of study tells a reporter, east of the core communication rounds before actual fundraising and losses every year, it is not redundant idle its own funds, funds to buy financial products should be is that 168 million yuan "prostitution money".
, Xue Wei said, east core communications will be according to the needs of the operation of the follow-up research and development and, in ensuring that does not affect the funds required for the daily production and business operation activities, using their own money to buy spare short-term capital preservation products, it can improve the service efficiency of funds, to further improve the east core communications overall revenue.
There is a notable problem, after all chi flange east core of science and technology communication, technical director Tang Xiangguo has only 3.62% of the shares, in all the purchase report of science and technology, the company also said "all volunteers on LTE baseband processor technology research and development of science and technology, no technology and personnel reserve." So, if Tang Xiangguo departure in the future? In fact, all the volunteers technology is one of the core technical personnel Zhang Gongji due to personal reasons have left last year.
The Xue Wei reply reporter said, "for a long time, Mr Tang Xiangguo for east has made an outstanding contribution to the development of the core communication, on the east core communication and integrated circuit industry love and pursuit is obvious to all, we have the confidence and all colleagues of the east core communication with Mr Tang Xiangguo together hand in hand, for the company and industry to provide more excellent technology and products. East communication is a core operation and organization structure reasonable team, experienced enough to resist risk and self-regulation ability, even if the individual personnel changes, also won't cause serious influence."
In the face of the first half of this year no revenue, by government subsidies, a large number of idle funds to buy bank financing, and how the process of independent research and development technology at present stage, reporters call the east core communication related staff. Staff told reporters that executives on a business trip, about two or three days after come back, the follow-up and notify the reporter, need to wait for two weeks, as of the time, east core communications has not yet respond to the questions.
