The third phase of the big fund has already landed.

On May 27, according to the National Enterprise Credit Information Publicity System, the National Integrated Circuit Industry Investment Fund Phase III Co., Ltd. (hereinafter referred to as "Big Fund Phase III") was established with a registered capital of 344 billion yuan and the legal representative is Zhang Xin.

previously, the registered capital of the first phase of the big fund was 98.72 billion yuan and the registered capital of the second phase was 204.15 billion yuan, totaling 302.87 billion yuan. In other words, the three-phase registered capital of the large fund is ahead of the sum of the two phases.

Source: National Enterprise Credit Information Publicity System

The business scope of the third phase of the large fund includes private equity investment fund management, venture capital fund management services, private equity funds engaged in equity investment, investment management, asset management and other activities, corporate management consulting. In terms of fund investment, the third phase of the big fund still focuses on supporting semiconductor manufacturing projects, but it is different from the first and second phases.

In this regard, Huaxin Securities believes that in addition to continuing support for semiconductor equipment and materials, the third phase of the large fund is more likely to list high value-added DRAM chips such as HBM as key investment targets.

the total contribution of the six major banks is 114 billion yuan

Compared with the 27 stocks in the second phase of the big fund, the number of shareholders in the third phase of the big fund has decreased. According to the Tianyan survey, the third phase of the large fund is jointly held by 19 shareholders, of which the top shareholding ratios are the Ministry of Finance, Guokai Finance and Shanghai Guosheng, with 17.44 per cent, 10.47 per cent and 8.72 per cent respectively.

In addition, Huaxin Investment Management Co., Ltd., the only trustee of the first and second phases of the big fund, and Chengdu, Wuhan, Chongqing, Hefei and other places that participated in the second phase of the investment, did not become the shareholders of the third phase of the big fund this time.

Some people in the industry said that this may mean that the third phase of the large fund may change the single entrusted management mode since the first and second phases, such as changing to the mode of direct investment + entrusting multiple managers.

Different from the previous two phases, the third phase of the big fund ushered in the entry of "banking" funds. On the evening of May 27, the six major banks announced that they planned to contribute to the National Integrated Circuit Fund, with a total contribution of 114 billion yuan.

Among them, Bank of China, Industrial and Commercial Bank of China, Agricultural Bank of China and Construction Bank will contribute 21.5 billion yuan, holding 6.25 per cent of the shares respectively; Bank of Communications plans to contribute 20 billion yuan, holding 5.81 per cent of the shares; Postal Savings Bank plans to contribute 8 billion yuan, holding 2.33 per cent of the shares. The above-mentioned banks said that the funds are expected to be paid in within 10 years from the date of the fund's registration.

on the day of the establishment of the third phase of the big fund, the legal representative, chairman and general manager of the first phase of the big fund and the second phase of the big fund were changed from building light to Zhang Xin. Zhang Xin, the former first-class inspector of the Planning Department of the Ministry of Industry and Information Technology, succeeded Ding Wenwu as the general manager of the large fund in 2023, and then continued to serve as the core manager of the large fund.

In addition, the investment period and payback period of the three phases of the large fund have been significantly extended to 10 years. For the three-phase investment of large funds, in addition to manufacturing, equipment and materials and other sub-sectors, AI-related chips, computing chips, etc. or become the new focus of the three-phase investment of large funds.

In this regard, Huaxin Securities believes that the main investment directions of the first two phases of the National Fund are concentrated in the field of equipment and materials, laying a solid foundation for the initial development of my country's chip industry. However, with the vigorous development of digital economy and artificial intelligence, computing power chips and memory chips will become key nodes in the industry chain. Therefore, in addition to continuing support for semiconductor equipment and materials, the third phase of the large fund is more likely to list high value-added DRAM chips such as HBM as key investment targets.

Lithography machine, photoresist concept surge

From the perspective of the duration of the first phase of the large fund, September 25, 2024 is the fund's business deadline, which is the fund's maturity date.

In 2023, the first phase of the Big Fund has repeatedly reduced its holdings of shares in listed companies. According to the incomplete statistics of time finance and economics, since 2023, more than 10 semiconductor stocks have been reduced by large funds, including Jingjiawei (300474.SZ), Changchuan Technology (300604.SZ), Sanan Optoelectronics (600703.SH) and other large bull stocks.

Zhou Di, a national science and technology expert from the Ministry of Science and Technology, told Times Finance that the first phase of investment in large funds has reached its fixed number of years. Judging from the fixed number of years of investment and the exit methods promised by previous funds, such as buybacks, mergers and acquisitions, and public listings, it is a normal investment exit operation to reduce the holdings of listed companies.

Although the first phase of the big fund has been withdrawn, the second phase of the increase in investment is frequent, and to a certain extent, it inherits the important investment of the first phase of the big fund. According to Tianyan, the second phase of the big fund has invested in 47 enterprises, including SMIC, SMIC South, Ruili Integration, Ziguang Zhanrui, SMIC, Sitwei, Changchuan Technology, Zhuhai Aipac Microelectronics and China Resources Micro.

Times Finance According to Wind statistics, as of the end of 2023, the second phase of the large fund has appeared in the top ten shareholders of 14 stocks, they are Shennan Circuit (002916.SZ), Huizhi Micro-U(688512.SH), Tongfu Micro-Power (688512.SH), Shilan Micro (600460.SH), Biwei Storage (688525.SH), Yandong Micro (688172.SH), Zhongwei Company (688012.SH), North Huachuang (002371.SZ), SH882.66.882.SH- Silicon Industry (886.66.882.SH-SH-SH-SI6).

Today, the establishment of the third phase of the big fund has led to the rise of lithography machines and photoresist concept stocks. On May 27, the lithography machine, photoresist concept rose, Rongda photosensitive (300576.SZ), Lanying equipment (300293.SZ), Yangfan new material (300637.SZ) and other trading; strong new material (300429.SZ), wavelength photoelectric (301421.SZ), Maolai optical (688502.SH), Nanda photoelectric (300346.SZ), Guangxin material (537.Z10 shares).

on may 28, Yangfan new materials continued to rise, with rongda photosensitive rising 8.91 and lanying equipment rising 10.57.