domestic semiconductor sealing and testing leader Changdian Technology (600584, market value 50.5 billion yuan) disclosed on the evening of March 19 that the company received notice from major shareholders, National Integrated Circuit Industry Investment Fund Co., Ltd. (hereinafter referred to as "big fund") and core semiconductor (Shanghai) Co., Ltd. (hereinafter referred to as "core semiconductor") that the two shareholders are planning the transfer of the company's equity, which may lead to a change in the company's control.

A reporter from the Securities Times · e Company noted that as of now, the total market value of Changdian Technology stocks held by large funds and Core Electronics Semiconductors has reached 13.2 billion billion yuan. How will a stake of this size change? Who will eventually take over?

Changdian Technology was listed in June 2003. The original controlling shareholder was Xinchao Group, and the actual controller was Wang Xinchao.

in 2014, changdian technology signed a "joint investment agreement" with big fund and core electric semiconductor, etc. the three parties jointly invested in the acquisition of xingke jinpeng (then the fourth largest company in the global integrated circuit packaging and testing outsourcing industry). At the same time, the three parties also agreed to convert the relevant underlying shares into Changdian Technology shares through the issuance of securities as soon as possible.

In 2017, Changdian Technology completed the asset restructuring, and the Company issued shares to purchase 29.41 percent of Changdian Xinke, 22.73 percent of Changdian Xinpeng and 19.61 percent of Changdian Xinke held by Core Semiconductor, thereby indirectly holding 100 percent of Xingke Jinpeng. At the same time, the company issued shares to core electric semiconductor to raise supporting funds.

Through the above transactions, Big Fund and Core Electric Semiconductor became the third and largest shareholders of Changdian Technology respectively, with a shareholding ratio of 9.54 and 14.28 respectively. Xinchao Group's shareholding fell to 13.99 per cent, making it the company's second-largest shareholder.

On June 19, 2017, Changdian Technology announced that the equity ratios of its three major shareholders are relatively close, and there is no concerted action relationship or arrangement between each other. Neither party can control the company alone, and the company has no controlling shareholder., No actual controller.

Since then, large funds and core electric semiconductors have further increased their positions.

in August 2018, changdian technology raised 3.619 billion yuan in a non-public offering, with large funds and core semiconductor spending 2.602 billion yuan and 0.517 billion yuan respectively to participate in the subscription.

After this issuance, the large fund and core electric semiconductor hold 19% and 14.28 of the shares of Changdian Technology, respectively, which are the first and second largest shareholders of the company.

In April 2021, Changdian Technology raised 5 billion yuan in a non-public offering again. At that time, the shares of large funds and core electric semiconductors in the company were diluted to 15.31 percent and 12.86 percent respectively, but they were still the top two shareholders of the company.

Prior to this, large funds began to disclose two reduction plans in August 2020. By mid-November 2021, the large fund has reduced its holdings of 67.6483 million shares of Changdian Technology, and the total amount of the reduction is about 2.572 billion yuan.

As of the end of 2021, Big Fund and Core Semiconductor held 0.239 billion and 0.229 billion shares of Changdian Technology, respectively, and the number of their holdings has not changed since then. Up to now, the market value of the above-mentioned shares of large funds and core electric semiconductors is 6.692 billion yuan and 6.464 billion yuan respectively.

According to the data, the shareholders behind the large fund include the Ministry of Finance, China National Tobacco Corporation, China Development Bank Finance, etc.; according to the concept of the large fund, it focuses on investing in the integrated circuit chip manufacturing industry, promoting enterprises to increase production capacity and implement mergers and reorganizations. Standardize corporate governance and form a benign self-development capability. The ultimate controlling shareholder of Core Semiconductor is SMIC (688981).

Investors are talking about whether the shares of Changdian Technology held by large funds and core semiconductor are transferred between the two companies or to a third party. "The key depends on who will take the offer and who is the holy party." Investors said.

According to the announcement of Changdian Technology, the company's equity transfer is under negotiation and there is uncertainty. The company applied to the Shanghai Stock Exchange to suspend trading from the opening of the market on the morning of March 20. The suspension is expected to last no more than two trading days. In other words, the company's potential controlling shareholders will soon surface.

It is worth mentioning that the state-owned shares of some semiconductor listed companies have been frequently adjusted recently.

on March 8, North Huachuang (002371) disclosed that Beijing Electric Control, the actual controller of the company, planned to transfer 33.61 per cent of the company's equity held by Seven Star Group to Beijing Electric Control free of charge.

After the above-mentioned free transfer is completed, Beijing Electric Control will become the controlling shareholder of the company, Seven Star Group will no longer hold shares in the company, and the actual controller of the company will still be Beijing Electric Control.

North Huachuang has said to the outside world that the transfer of shares is convenient for Beijing Electric Control to better manage, and its direct holding of shares in the company can simplify the process and better carry out business and strategic development.