It is impossible to make an industrial jump. The semiconductor industry requires strong professional knowledge and technical means. People who have never been exposed to it rush into this field and just invest money.

The current situation of my country's semiconductor industry. The semiconductor industry, which has been dormant for many years, has become crazy again because of the global chip shortage.

For China, the urgency is even greater.

Since the ZTE and Huawei incidents, the chip market’s demand for domestic alternatives has gradually erupted with patriotic sentiment.

While the industrial side is shouldering heavy responsibilities, capital is taking action. The logic is simple. China must get rid of the "stuck neck" context and reshape the local semiconductor industry chain, which will inevitably breed huge opportunities.

TSMC, the leading chip foundry, has total revenue of NT$1.34 trillion (approximately RMB 302 billion), which is higher than the market value of most technology companies. However, its purchase of a top-level EUV lithography machine with advanced processes produced by ASML will

It will cost 148 million euros (approximately RMB 1.174 billion).

If such equipment and technology can strengthen themselves, the potential energy of the industry will be infinitely amplified.

It is no longer news that the chip craze is coming, but there is big water and big fish, and so is the bubble.

Unfinished chip projects such as Wuhan Hongxin, Chengdu GlobalFoundries, and Guizhou Huaxintong have sounded the alarm for the industry, but primary market investors’ enthusiasm for chips has not diminished at all.

The founder of a well-known FA (financial advisory) institution said that 50% of institutions in the market are looking at semiconductors, which has become a must-talk topic when investors meet.

Another person in charge of the FA technology sector who did not want to be named told "Capital Detective": "There is a project where the investor has not even met the founder, and directly sent out a TS (investment letter of intent) worth 400 million."

More investors are worried about not being able to grab good projects.

?However, what is interesting is that shortly after the feast began, opinions diverged in the capital camp, and the market quietly changed.

The primary market is in full swing, but the secondary market obviously has a lot more cold thoughts on this matter.

Recently, there has been a collective decline in chip concept stocks, and some analysts even believe that semiconductors will enter a period of decline.

Existing listed semiconductor companies are frantically lifting restrictions.

Lifting the ban means the possibility of reducing holdings, and reducing holdings means that more stocks are supplied on the market.

On the one hand, there are large national funds.

The three leading listed semiconductor companies Jingfang Technology, GigaDevice and Anji Technology announced that the national large funds will reduce their holdings of the company's shares to no more than 2% of the total share capital, with the reduction amounts of 563 million yuan, 1.978 billion yuan, and 1.978 billion yuan respectively.

369 million yuan, a total of nearly 3 billion yuan.

The market generally believes that the reason for this reduction is that the investment of large national funds has entered the recovery period, and the current stage is orderly reduction of holdings to recover funds.

The first phase of the large fund was established, with shareholders including the Ministry of Finance, CDB Financial and other institutions. It is a special fund established to support China’s local semiconductor industry.

Its investment plan is 15 years, divided into an investment period, a payback period, and an extension period of 5 years each. Now the withdrawal of funds is a normal process. From then on, the second phase of the newly established large fund will continue to invest in the semiconductor market.

Of course, the reduction of holdings by large funds is still continuing. As the situation of enterprises gradually reaches the exit requirements of large funds, there will be more reductions in the future.

On the other hand is Xiaofei (<5% non-tradable shareholders).

?Many PE institutions want to "run away" after making money, resulting in more supply and lower valuations.

?For example, Xiaofei of China Microelectronics Corporation announced a liquidation-style lifting of the ban.

In July last year, a total of approximately 194 million shares of the restricted shares of the original shareholders of China Micro were lifted, accounting for approximately 36.27% of the company’s total share capital. The company’s announcement on the 24th showed that Jidu (Shanghai) Investment Center, Jiaxing Yuecheng Investment, Jiaxing Chuang

Nine original institutional shareholders, including Orange Investment, plan to reduce their holdings of the company's shares through price inquiry transfers. The nine companies' combined holdings account for 2.66% of the company's total share capital.