The memory chip company Eastcom successfully landed on the Science and Technology Innovation Board on February 10, and the actual controllers Jiang Xueming and Jiang Yuzhou held 37.47% of the voting rights of the company. By the close of 65438+February 3 1, the total market value of Eastcom shares was 199438+0 billion yuan.
However, Jiang Xueming's business goes far beyond this.
Born in 196 1 and just turned 60, this entrepreneur not only has the status of the actual controller and chairman of Eastcom, but also has multiple identities such as a wealthy textile businessman, a highway king and an oil tycoon. From the late 1990s to the beginning of this century, Jiang Xueming has been the richest man in Jiangsu.
Jiang Xueming is very good at capital leapfrogging, and the rapid listing of Eastcore cannot be separated from his operation.
However, in the chip industry, which emphasizes the hard power of technology and the accumulation of self-research, the leap of capital can help for a while, but it needs more than that to develop by leaps and bounds.
Founded on 20 14, Dongxin is still "young" among the chip companies listed on the Science and Technology Innovation Board.
Comparatively speaking, SMIC was founded in 2000, Micromicro was founded in 2004, and the memory chip company with East Core was founded in 20 12.
Jiang Xueming has high hopes for this seven-year-old company. On the day of the listing of Eastcore, Jiang Xueming said in an interview: "I want to achieve 30% to 50% annual growth in 2025. In terms of the market value of the company, I hope to go to a company with a market value of 50 billion, 6543.8+000 billion. "
Zhao Yi Innovation, founded in 2005, is a leading memory chip design company in China, and its current market value has just exceeded 1 1000 billion US dollars. In the first half of 200210, Zhao Yi's innovation revenue was about 364 1 100 million yuan, about 8 times that of Eastcom (most of Zhao Yi's innovation revenue came from memory chips, and some came from products such as microcontrollers and sensors).
Facing the disparity in revenue, the confidence behind Jiang Xueming's rhetoric is Eastcore's brilliant growth rate.
Although the revenue scale is small, there are many "big names" in the industry at present, such as Samsung and Goer Acoustics, and the biggest supplier is SMIC, a leading chip manufacturer.
At present, the mainstream products in the memory chip market are NAND Flash, DRAM and NOR Flash. According to IC Insights, in 2020, these three products will occupy 98% market share. Eastcom is a rare memory chip enterprise in China that can provide three product solutions at the same time.
In contrast, Zhao Yi Innovation, an industry leader, began to sell DRAM products in 2020, and launched its first own brand DRAM in June 20021. According to the prospectus of Eastcore, its DRAM products have already generated revenue before 20 18 or even earlier.
The rapid growth of Eastcore in The Secret Behind is Jiang Xueming's superb industry integration ability: from 2065438 to June 2005, Eastcore completed the acquisition of the Korean chip company Fidelix, and Jiang Xueming became the director of Fidelix.
Founded in 1990, Fidelix was listed on the Kostak market in Korea in 1997, mainly engaged in the research and development and sales of memory chips such as DRAM, MCP, NAND Flash and NOR Flash. Fidelix is well-known in Korea, and its customers include well-known brands such as Samsung.
In the prospectus, Eastcore claims that the company has been in the process of product development since its establishment on 20 1 1654381October 26th, but only four months after the acquisition of Fidelix, it "officially released the first domestic 1Gb SLC SPI NAND Flash".
However, after the listing, Jiang Xueming stressed: "Despite the merger, the first product and the first customer of Eastcore were developed from scratch."
Jiang Xueming does not shy away from the relationship between the Eastern Core and Fidelix. According to an interview with Jiang Xueming by International Online, the significance of Eastcore's acquisition of Fidelix lies in "enabling China to quickly cultivate talents in the whole field of chip design and development, and the intellectual property rights developed in China also belong to China."
The benefits of acquiring Fidelix are obvious: Eastcore has built a product and customer system with "two-speed" and won favor in the primary market.
In May 2020, Hubble Technology, an investment fund of Huawei, entered the core of shareholders with a shareholding ratio of 4%.
In 2020, Eastcore's biggest customer is "Customer A". According to the prospectus, Hubble Technology has a relationship with customer A. Customer A was established in 1987 and Huawei was established in 1987.
Through the acquisition, a chip company quickly "matured" within seven years, during which it also introduced high-quality customers suspected of Huawei.
Experienced Jiang Xueming really let Eastcom enter the fast lane of growth.
Before the establishment of Dongxin, Jiang Xueming had been in the capital market for many years.
Jiang Xueming, a native of Wujiang, Jiangsu Province, was the director of Wujiang Yarn-dyed Factory in 1980s. Later, in the historical tide of transforming township enterprises into private enterprises, Jiang Xueming took advantage of the situation and transformed the enterprise into Wujiang Oriental Clothing Group, thus earning the first bucket of gold.
In addition to the textile industry, Jiang Xueming also tried to obtain the right to operate the expressway.
For example, 1996 invested in Wujiang section of National Highway 3 18 in Jiangsu through Sino-foreign cooperation, and obtained the right to operate Hechao Expressway in 2003, hence the name "Highway King".
By running textile enterprises or highways, Jiang Xueming is planning a larger investment territory, and its wealth is snowballing.
From 65438 to 0994, Jiang Xueming became the general manager of Shanghai Dongsheng Investment Development Co., Ltd., and later, Jiang Xueming successively established Jiangsu Dongfang International, Dongfang Holdings, Dongfang Hengxin and other enterprises as his own investment subjects.
Oriental Holdings was once called "the largest private enterprise group in Jiangsu". At present, Dongfang Hengxin, still the chairman of Jiang Xueming, has grown into a multi-field investment holding group, covering real estate, chemical fiber, mining, e-commerce and other industries.
Jiang Xueming's most praised major investments are in the fields of mining and textiles. In particular, his "two in and two out" from 1999 to Taishan Petroleum in 2004 made the old shareholders particularly unforgettable.
During the period of 1999, when Taishan oil price was at a high level in 3 yuan, Jiang Xueming bought on dips. In 2000, after earning six or seven yuan per share, Jiang Xueming took the initiative to withdraw from the stock and made a fortune in just one year.
From 200 1 to 2004, Jiang Xueming either bought from natural person accounts or increased his position through Northern Securities (at that time, the controlling shareholder of Northern Securities was Oriental Holdings), and once again held a large number of Taishan Petroleum. However, this time, Jiang Xueming, who dumped Taishan oil, was trapped.
From June 5438 +2005 10, Taishan Oil fell several times in a row. According to relevant reports at that time, the losses in Jiang Xueming were in the billions.
After the collapse of Taishan Petroleum, Jiang Xueming once faded out of the capital market. It was not until 20 12 that Sunshine Oil Sands and Soochow Cement were launched again. 20 14 entered Xinmin technology, which was a stroke of genius. Xinmin Technology was subsequently listed by Antarctic E-commerce Company 20 15, and the company's market value began to "skyrocket".
When Jiang Xueming entered Xinmin Technology, the latter was in a loss vortex, but after some operations, the crow became a phoenix. According to related reports, Jiang Xueming made a floating profit of more than 3 billion yuan through this business.
Most of Jiang Xueming's investment has been in the industrial field, and Dongxin can be regarded as a new attempt in the field of science and technology.
Jiang Xueming once summed up his investment approach in media interviews as three points: following the national policy orientation, following the pace of industrial upgrading, and persisting in industrial integration.
For Jiang Xueming, who is good at industrial investment, investing in Eastcom is undoubtedly the implementation of the principle of "keeping up with industrial upgrading".
However, through the acquisition of Fidelix, a memory chip design enterprise can be "bought out", but it is difficult to ensure that the technical strength and R&D capability of this chip company will be "continuously improved".
At present, there is still a big gap between various products of Dongxin and the leading level of the industry.
Eastcom specializes in producing small and medium-sized memory chips. The competition in this industry is fierce, leading by international chip manufacturers such as Micron and Samsung Electronics. Eastcom's business scale accounts for about 0.54% of the small and medium-sized memory chip market.
In terms of profitability, according to the prospectus, the gross profit margin of Eastcom was lower than the industry average from 20 18 to the first half of 20021year.
In the prospectus, Eastcom attributed the low gross profit margin to the short establishment time, no advantage in technical level and small sales scale. However, in terms of R&D expenses that are highly related to upgrading the technical level, in the last three years, Dongxin's investment in R&D was 50 million yuan, 48 million yuan and 48 million yuan respectively, and there were even signs of a slight decline year by year.
Jiang Xueming's hope for Eastcore's talent training and patent research and development has not been fully realized.
As of the prospectus (registered draft) 20211date signed by all directors of Eastcom, the company has formed 82 invention patents, of which Fidelix owns 43. Of the remaining 39 patents, only 12 was initially obtained, and the transferee obtained 27 patents.
In other words, most of the core technologies of Eastcore still depend on the acquisition of Fidelix.
According to the prospectus, as of the first half of 20021,Eastcore * * * had employees 176, including 93 employees of Korean subsidiaries. The number of Korean companies has exceeded half, and four foreign employees have been employed in China.
In addition, in 2020, Huawei customer A is likely to bring revenue of 233 million yuan to Dongxin, accounting for 52. 14% of the total revenue. In contrast, in the first half of this year, customer A only contributed 26 million yuan, less than last year's 1/8, accounting for 8.22% of the total revenue.
To some extent, this shows that the supply relationship between Dongxin and Huawei is not stable.
All kinds of problems are exposed, and Jiang Xueming is still far from realizing Dongxin's dream of "100 billion market value". Jiang Xueming is good at capital leapfrogging, so it is difficult to exert its strength on core technologies in today's complex environment.
The chip industry is characterized by high barriers, long cycle and heavy assets.
Considering the cost of upstream and downstream industries and customer introduction, it is difficult for new players to enter the irreplaceable high-end product market without excellent technical strength and certain business scale.
The cooperation between the heads of enterprises is very stable and close, and it takes a lot of motivation and cost to change partners, unless the new entrants really master the core technology that others can't reach.
Limited by trade policy, it is very difficult to exchange core key technologies through acquisition.
In the final analysis, Eastcore shares are essentially different from Xinmin Technology and Taishan Petroleum, which Jiang Xueming used to run.
References:
1, "Jiang Xueming, the richest man in Zuozhuang Taishan Oil, can't go out with over 100 million shares", Huaxi Dushi Bao.
2. Oriental Hengxin Capital Jiang Xueming: My investment road, my trip to sea, the soul of the enterprise, CCTV International Online.
(Author Dong, editor)