Released on December 11, 2015, the purple light group with 13.5 billion yuan, subscribe Taiwan silicon product precision industry co., LTD. (hereinafter referred to as the "silicon product precision") and Taiwan south MAO technology co., LTD. (hereinafter referred to as "south mau science and technology") about 25% stake. Earlier in May and September, purple light group with 22.5 billion yuan in the HP its communications companies, with 24 billion yuan spent the data in the western United States.
If successful, purple light group will become a silicon product precision's largest shareholder, south mau science and technology, the second largest shareholder. But violet light group it was silicon product precision the biggest shareholder - day is moonlight group advanced semiconductor manufacturing co., LTD. (hereinafter referred to as "ase") tough encounter them.
On December 14, 2015, ase to silicon product precision "ultimatum", intended to t $131.3 billion (26 billion yuan) acquisition of all of its equity, and demanded that the silicon product precision on December 21st reply to this proposal; On December 22, ase again to keep silent silicon product precision "strong-arm reaction, first announced its 24.71% stake in public acquisition; On December 28th, the decision of the board of directors of the silicon product precision released under pressure, position in advanced semiconductor stop under the premise of the public to buy, can consider to evaluate "one hundred percent bid, moon".
Not to be outdone purple light group immediately counterattack. According to media reports, the purple light group chairman wei-guo zhao has citing "antitrust", complain to the Chinese ministry of moonlight group. , ase group respond to netease finance, according to its rival with purple light group, in 2016, the start will be upgraded to the stage of "sensitive".
On January 7, 2016, on the evening of silicon product precision low-key announcement, said day advanced semiconductor public to buy the stock price is low, but also to moonlight group question the anti-monopoly stance with Japan.
Silicon product precision of netease finance, people familiar with the matter told, silicon product precision the active docking purple light in the dark group, to discuss further to deal with the moonlight group "hostile". And silicon product precision final fate, hard to predict.
"Tiger" wei-guo zhao: crazy throw money into Taiwan
Media, the chairman of Taiwan's wealth letter chin-ho hsieh says, since July 2013 to RMB 10.3 billion with spreadtrum communications, purple light group advocated all the way, to foray into Taiwan in 2015, is a randome, like nobody's business.
Purple light group website introduction to wei-guo zhao is simple: in 2009, Mr Wei-guo zhao jian kun group to buy into a 49% stake in the violet light group, and successively served as President and chairman of the board of directors.
Build the gentry group, namely wei-guo zhao was founded in 2005 Beijing jian kun investment group co., LTD. Through the real estate investment project of xinjiang, wei-guo zhao to get rich quickly, and decided to enter the violet light group. And publicly reported, according to the privatization of purple light group was restructuring is complicated and is still difficult to clear.
Netease finance confirmed, it was not until 2013 that wei-guo zhao truly secure purple light group. , shareholders only built of purple light group and tsinghua holdings co., LTD.
It was in 2013, violet light group opens the intensive acquisition. Media, the chairman of Taiwan's wealth letter chin-ho hsieh says, from July this year to RMB 10.3 billion with spreadtrum communications, purple light group advocated all the way, to foray into Taiwan in 2015, is a randome, like nobody's business.
, wei-guo zhao had said in the 2015 Beijing international seminar on microelectronics, is blocked in the innovation environment, purple light group strategy, is through capital operation to preempt the first say. As the logic: summary of investment in public many times once, hungry tiger predation.
In the semiconductor industry, compared with the integrated circuit design and manufacturing, testing (outgoing quality directly determine chip. The editor's note) areas relatively small technical barriers, low controllable risk. Semiconductor ICWise professional research institutions, chief analyst at wen-jun gu believes that purple light group, the investment into Taiwan returns will be very obvious.
According to the silicon product precision announcement, purple light group the subscription price for nt $55 per share. And silicon product precision p/e ratio of only 12.91, PE is less than 15 times. Wen-jun gu to netease financial analysis, in contrast, the mainland semiconductor testing on behalf of the enterprise such as long telegram technology and rich micro electric, PE is 121 times and 91 times respectively.
In addition, according to the silicon product precision results, the net income of $11.218 billion nt $2014, up 125.5% from 2013. Wen-jun gu said, through silicon product precision, purple light group investment skill become more clear. Thus, purple light group in the mainland semiconductor testing industry consolidation will roll out gradually.
For silicon product precision, introducing the violet light group, is not only for semiconductor resistance, moonlight, but also to open up the mainland market.
According to a report in China network published in 2015 the China semiconductor market special research and investment over the next five years planning research report statistics, in 2014 China's integrated circuit industry sales revenue of 301.54 billion yuan, up 20.2% year on year, the global semiconductor industry is gradually tilted to China.
Long-term product precision for silicon semiconductor testing enterprises with raw materials and other Taiwanese Wu Zihao said to netease finance and economics, while Taiwanese semiconductor testing technology is more mature than mainland, but released since 2014, when the Chinese ministry of national integrated circuit industry development to promote outline, and set up a level billions of semiconductor support fund, cooperation intention of Taiwan enterprises and the increasingly strong.
And under the impetus of the national strategy, good at capital operation wei-guo zhao is more like a duck to water. Wu Zihao observation, wei-guo zhao under the helm of purple light group, can be like a hungry tiger acquisition of the key lies in its continuous creation "subject", making it both in official or markets, can easily obtain financing.
The wei-guo zhao will be simply defined as "the wool in pigs". In the 2015 Beijing international seminar on microelectronics, wei-guo zhao had the truth purple light group capital operation mode for: "capital for us, we take money to do industry, capital to capital market to arbitrage".
Ase's fight, however, makes wei-guo zhao even more rich, neither "up" into the silicon product precision.
"Saker" Jason: strong m&a purple light
On December 14, 2015, ase, announced plans to t $131.3 billion in cash, public product precision all equity m&a silicon, and transaction price in the same as the purple light group of nt $55 per share.
Although reluctant to be advanced semiconductor purchase the day, but the silicon product precision, admitted to the people familiar with the if zhao kingdom is hungry tiger, ase group chairman Mr Chang was like saker, every time of silicon product precision attack are "fast, malicious, quasi".
As Taiwan or even global semiconductor testing the rudder of the main industry, Mr Chang is reluctant to date the moonlight in the silicon semiconductor product precision Yu Ziguang group's largest shareholder position. Besides silicon product precision this is Mr Chang to consolidate its position important farmar.
Originally from wenzhou Jason chang, in the industry is endowed with the title "king of mergers and acquisitions of the early.
Dominant mergers and acquisitions in 1999, Mr Chang, America's largest integrated circuit testing company ISE Labs and MOTOROLA's two related companies in Taiwan. In 2004, m&a in yamagata prefecture, Japan's NEC integrated circuit testing factory. And since 2007, Jason started to focus on the mainland, in places such as Shanghai, weihai, wuxi acquisition of related businesses to expand their business.
However, in the eyes of Mr Chang, mainland semiconductor industry, difficult to live up to expectations. He once said in an interview in the media, the mainland is a severe lack of personnel, equipment, two major factors of semiconductor industry, even in the field of industry the most basic principle is still immature. As a result, Mr Chang had to expand ideas to lock in Taiwan. Silicon product precision, as its primary goal.
On August 21, 2015, ase suddenly announced that to open 35.2 billion new Taiwan dollars buy silicon product precision 25% stake. The unexpected silicon product precision can only respond to not know this.
In view of the "attack", advanced semiconductor, silicon product precision chairman Lin Wenbo immediately to hon hai precision industry co., LTD. (hereinafter referred to as "hon hai") chairman terry gou for help. On August 28, 2015, silicon product is released to reach a strategic alliance with hon hai precision, per 2.34 silicon product precision per 1 common stock exchange shares hon hai common stock. After exchange, hon hai will owns 21.24% of the silicon product precision, become the first big shareholder.
On October 1, 2015, however, ase declared complete acquisition on silicon product precision, achieve its 24.99% stake, becoming the first big shareholder. On October 15, silicon product precision exchange program with the hon hai was silicon product precision interim board of directors voted down.
Said that Wu Zihao analysis, joint hon hai, although make Lin Wenbo tie the behavior of the success of public opinion guide, moonlight semiconductor "Taiwan's first hostile takeover", but hon hai's foreign ownership proportion is as high as 50% above, Lin Wenbo introduction of hon hai, in the form of diluted earnings cannot be passed by the board of directors.
"If even can't help Lin Wenbo gou, Taiwan is nobody can turn to again." Wu Zihao said. Until wei-guo zhao, Lin Wenbo instead "purple" anti "day".
Menacing purple light group persecution, moonlight semiconductor comprehensive action
To prevent changes, ase again on December 22, announced a $42.35 billion new Taiwan dollars of silicon product precision second public acquisition, the target for a 24.71% stake in each other. The silicon product precision, people familiar with the evaluation, Mr Chang's style, it is not left to rival any respite.
Rather, it is important to note that on December 15, Taiwan closed local investment in the field of semiconductor industry, namely before March 2016 land in Taiwan semiconductor companies should not be subject to review.
"In this way, whether the silicon product precision or violet light group, at present only in antitrust to delay the time." Wu Zihao said.
"Chess" Lin Wenbo: question monopoly for transit
Around the antitrust review because different length, the silicon product precision warned that if the day advanced semiconductor failed to open during the acquisition of antitrust authorities for approval, should be selling shares will be the risk of not delivery.
Compared to the strength of the fierce and Jason wei-guo zhao, in the business world is known as the "crown" (go amateur 7) Lin Wenbo, is much stable.
Lin Wenbo won Taiwan in 1974, the first go meijin champion, and with a prize of nt $180000 in commercial, struggle out of the silicon product precision. For Lin Wenbo, chess and business skills are inseparable. Or so, even if Mr Chang, Lin Wenbo is in retreat to also do not panic, more by gou and wei-guo zhao in response time.
In silicon product precision in January 7, released a statement, in view of the second public takeover ase, Lin Wenbo first brought in two independent accounting firm, bid price reasonable opinion. Two independent accounting firm suggest that the price range of nt $56.33 to $68.6 a share, respectively and the nt $58.32 to $63.44 a share.
The above price is beyond violet light group and the moonlight semiconductor nt $55 per share offer. Silicon product precision said people familiar with the evaluation, on the one hand, silicon product precision can be accused, accordingly the moonlight the acquisition of the semiconductor existence question, to delay time. Second, if in transit in the future, purple light group into the silicon product precision have to increase price.
Besides, Lin Wenbo proposed directly, the moonlight on the silicon semiconductor product acquisition precision, is "global antitrust (antitrust) declaration of doubt". Around the antitrust review because different length, the silicon product precision warned that if the day advanced semiconductor failed to open during the acquisition of antitrust authorities for approval, should be selling shares will be the risk of not delivery.
Wen-jun gu this analysis way, ase and silicon product precision in the global semiconductor testing industry ranked first and third respectively, 2014 ase sales account for 19.8% of global market, silicon product precision is 10.5%. If day advanced semiconductor implementation of silicon product precision control, semiconductor testing field will be the first market share at least as much as 30.3% of the "big MAC".
Wen-jun gu said ase will, therefore, almost all the global semiconductor industry leading the country or region of trigger antitrust investigation, not only the process is long, the final result also has a lot of uncertainty.
Lin Wenbo delaying tactics, and then in the moonlight in response to show effect of semiconductor. According to Taiwan media reported on January 8th, ase has been sent to Taiwan fair trade commission report, said South Korea had through its acquisition of silicon product precision antitrust scrutiny.
But silicon product precision countered that ase no small proportion in factories and customers, in South Korea but is confusing. And advanced semiconductor in mainland China and the United States antitrust review of the application and the final result, is measured after its acquisition of silicon product precision will be the key of the monopoly.
"Mainland and once confirmed, the monopoly of the semiconductor properties of moonlight, even though the final success over purple light group, implementation of silicon product precision of mergers and acquisitions, ase is bound up in key markets in China." Wu Zihao said.
Thus, in the violet light group with moonlight confronted in the cauldron, on both sides of the semiconductor industry competition and cooperation, or will deviate from the normal track.
