(1) Recently, Suzhou Yongxin Development No. 2 Equity Investment Partnership (Limited Partnership) has undergone industrial and commercial changes, and Suzhou Fengxue Weilai Education Technology, a subsidiary of Zhang Xuefeng, has been added.

(2) The fund in which Zhang Xuefeng is invested is managed by a hard technology investment institution and has a heavy position in semiconductors.

(3) Zhang Xuefeng pays great attention to integrated circuits and believes that this is a major full of potential and opportunities.

"Science and Technology Innovation Board Daily" on February 9 (Reporter Chen Mei) Zhang Xuefeng went down to be an LP again.

Recently, Suzhou Yongxin Development No. 2 Equity Investment Partnership (Limited Partnership) (hereinafter referred to as Yongxin Development) has undergone industrial and commercial changes, Tian Zeyu withdrew from the ranks of partners, and added Suzhou Fengxue Weilai Education Technology Co., Ltd. under the name of Zhang Xuefeng, as well as Zhixing Automotive Technology (Suzhou) Co., Ltd. and Jiangsu Qiancheng Wood Technology Co., Ltd. as partners.

The shareholding structure shows that Fengxue Future, controlled by Zhang Xuefeng (formerly known as Zhang Zibiao), holds 5.8824% of the shares of Yongxin Development and is the third largest shareholder.

In terms of equity investment, this is not the first time Zhang Xuefeng has been an LP. In July 2024, Zhang Xuefeng's company invested in Yongxin Rongyao Fund.

Join forces with "Yongxin Ark" again

Equity penetration shows that the executive partner of Yongxin Development is Suzhou Yongxin Ark Equity Investment Management Partnership (General Partnership), which is controlled by Suzhou Yongxin Ark Equity Investment Management Partnership (General Partnership) (hereinafter referred to as Yongxin Ark), with a shareholding ratio of up to 90%.

Yongxin Ark is an investment institution that Zhang Xuefeng will make when he leaves the market in July 2024. At that time, the Yongxin Rongyao Fund in which Zhang Xuefeng's company was a shareholder was managed by "Yongxin Ark".

Why did Zhang Xuefeng shoot "Yongxin Ark" twice? This stems from the fact that Wei Yong, the managing partner of Yongxin Ark, and Zhang Xuefeng are "old friends".

Wei Yong and Zhang Xuefeng are very familiar with each other. Wei Yong said that after communicating with Fengxue Future and Zhang Xuefeng's team, the latter recognized the values of Yongxin Ark Capital and the importance of talents to the development of technology-based enterprises. Therefore, the cooperation between the two will not only focus on the capital side, but also discuss and cooperate on the delivery side of enterprise talents.

The reporter of "Science and Technology Innovation Board Daily" noticed that Zhang Xuefeng's team's recognition of Yongxin Ark may be related to the fact that Yongxin Ark managed by Wei Yong is a hard technology investment institution and has a heavy position in semiconductors.

According to the data of the Venture Capital Connect of the Financial Associated Press, Yongxin Ark was established in 2015, and the cumulative 73 companies are concentrated in the fields of integrated circuits, new energy vehicles, and carbon peaking and carbon neutrality. Other data show that among the invested projects, nearly 40 projects are directly related to integrated circuits, including listed companies Zhongji Innolight (300308), Yunzuka Technology (688260), Robotec (300757), Dongwei Semiconductors (688261), NOVOSENSE Micro (688052), Zhixing Automotive Technology (HK.01274), Baker Micro (02149), etc.

It is worth mentioning that in Yongxin Development, which is newly invested by Zhang Xuefeng's company, Zhixing Automotive Technology (HK.01274), as an invested company, also fed back Yongxin Development and became one of the LPs.

In addition, in September 2023, Yongxin Ark successfully completed the fundraising of its Yongxin Rongyao Fund, and NOVOSENSE Micro (688052) and Dongwei Semiconductors (688261) also participated in it and invested in the fund managed by Yongxin Ark.

According to the information disclosure, among the 18 projects invested by Yongxin Rongyao Fund, 4 invested companies plan to apply for IPO from 2024 to 2025. Among them, Jiangsu Sanzhi New Material Technology Co., Ltd. and Suzhou Lianxun Instrument Co., Ltd. have entered the stage of issuance guidance and filing.

Paying close attention to integrated circuits, Zhang Xuefeng invests in semiconductors

In fact, Zhang Xuefeng is not the first "star" to take a fancy to semiconductor investment. Before Zhang Xuefeng, Ge Weidong, a "private equity boss" with tens of billions of funds, also invested heavily in semiconductors.

Compared with Zhang Xuefeng's entrustment of investment institutions to operate, Ge Weidong personally handled it. According to incomplete statistics from the reporter of the "Science and Technology Innovation Board Daily", in the primary market, Ge Weidong's Chaos Investment has sold nearly 10 companies in the chip field, including Juexin Technology, Zhijing Microelectronics, Xintou Microelectronics, Huizhi Micro, Super Silicon, Haiguang Information and other companies.

A more important investment is that when Muxi Integrated Circuit completed the Pre-B round of financing in July 2022, Chaos Investment directly appeared and participated in its 1 billion financing with Haitong Kaiyuan, Jingwei Venture Capital, Guosheng Capital, etc.

In December 2023, when Muxi IC completed the B round of financing, Ge Weidong made another move and co-invested with Oriental Fuhai, Jingwei Venture Capital, GF Xinde, National Highway Fund, etc. The latest news shows that Muxi Integrated Circuit has opened its IPO and started listing counseling.

Regarding the cooperation between Zhang Xuefeng and Wei Yong, Bai Wenxi, vice chairman of the China Enterprise Capital Alliance, said in an interview with the reporter of the "Science and Technology Innovation Board Daily" that Zhang Xuefeng will be an LP and invest in Yongxin Development There is a need for financial investment.

"On the one hand, Yongxin Ark, as a GP, has achieved the IPO listing of many companies in the past, which has brought good expected returns to Zhang Xuefeng's investment; On the other hand, the semiconductor industry is a hard technology industry and will always be supported and developed by policies. In particular, the talent training program hopes to improve the talent pool and technical level of the semiconductor industry through talent training. ”

The reporter of "Science and Technology Innovation Board Daily" noticed that in the integrated circuit industry, Zhang Xuefeng has received great attention in recent years, and he has recommended this major many times, believing that this is a professional field full of potential and opportunities, and graduates of this major have broad employment prospects and development space.

The data shows that in recent years, the IPO activity of the semiconductor industry has been relatively high. Since 2020, the IPO listing cycle of semiconductor companies has been relatively short, and the number of companies that have completed the listing within one year has accounted for 62.26%.

Although semiconductors will be the hardest hit area by IPO withdrawal in 2024, Yitang Semiconductor is still lining up for IPO. It will resume its review in December 2024, continue to sprint for the IPO of the Science and Technology Innovation Board, and plan to raise 3 billion yuan. Previously, Pioneer Precision, a key component company in the semiconductor etching and thin film deposition equipment segment that had been queuing up before, successfully IPO at the end of 2024.

Guo Tao, an angel investor and senior artificial intelligence expert, believes that the current semiconductor industry has entered the era of mergers and acquisitions, reflecting the trend of increasing industry concentration and accelerating resource integration.

"In the future, the IPO situation of semiconductor companies is expected to continue to diverge: first, with its technological advantages, scale effect and market position, it is easier for leading companies to gain the favor of the capital market, quickly achieve IPO and enjoy high valuation; Second, leading enterprises in subdivided fields, especially those that master core technologies and have differentiated competitive advantages, will stand out and become the highlight of the IPO market; Third, with the progress of technology and changes in market demand, semiconductor companies in some emerging fields, such as AI chips and quantum computing, may also achieve corner overtaking and successful listing if they can effectively grasp market opportunities. However, for most enterprises with low technical thresholds and serious homogeneous competition, the road to IPO will become more and more difficult, and even face the risk of being eliminated. Guo Tao said.

At the IPO meeting, Yongxin Ark disclosed that the participating investment company Sembcorp Nano (Suzhou) Co., Ltd. (hereinafter referred to as "Sembcorp Nano") had achieved the first meeting of the Science and Technology Innovation Board in November last year, becoming the first company in Suzhou to successfully pass the meeting on the Science and Technology Innovation Board in 2024. Collection

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