On July 11, the semiconductor star company Ziguang Group Co., Ltd. (hereinafter referred to as Ziguang Group) announced that it had completed the industrial and commercial registration procedures for the company's equity and new directors, supervisors, and general managers on the same day.
From the reorganization plan being opposed by the original chairman of the board, to the withdrawal of the original shareholders Tsinghua Holdings Co., Ltd. and Beijing Jiankun Investment Group Co., Ltd., the reorganization of Ziguang Group, which lasted for 1 year and 8 months, did not count. smooth.After the start of the reorganization, the companies under the Ziguang Group also experienced personnel changes to varying degrees, which aroused concerns in the industry about brain drain.
However, Li Bin, who took office as chairman of Ziguang Group this time, is regarded as an "acquaintance" in the semiconductor capital market. He not only leads the cross-border M&A investment and post-investment management of large-scale semiconductor and core technology industries of over 10 billion yuan, but also in many Chairman of upstream and downstream enterprises.
Up to now, Ziguang Group has not disclosed the development direction and business arrangements after the reorganization.Issues such as where the Tsinghua Unigroup and its subsidiaries will go, and whether unlisted companies have plans to enter the capital market have attracted market attention.
Hundreds of billions of reorganization finally landed
On July 11, a reporter from "Daily Economic News" learned from relevant persons close to the war investor that on the afternoon of July 11, the manager of Ziguang Group had held a handover meeting with the Zhilu Jianguang Consortium, and the Ziguang Group's The seal, license and business management affairs were fully handed over, and Ziguang Group also sent an email notification to all creditors, informing them that they would pay the remaining cash repayment in full and in one lump sum on July 12, and the corresponding funds would arrive in the creditors’ accounts one after another before July 13. .
At the same time, on the evening of July 11, 2022, two "Tsinghua Unigroup" listed companies announced that Tsinghua Unigroup has completed the industrial and commercial change registration procedures, and its 100% equity has been registered under the name of Zhiguangxin, and Zhiguangxin has 54.9 billion yuan was paid to the account designated by the administrator of Ziguang Group for this equity change investment, and it was changed to the indirect controlling shareholder of the listed company.Since Zhiguangxin has no controlling shareholder or actual controller, the actual controller of the listed company has been changed from the Ministry of Education to no actual controller.
The above-mentioned relevant persons stated that the successful completion of the delivery of the equity of Ziguang Group marks the conclusion of the work in the implementation stage of judicial reorganization.However, looking back on more than a year of experience, the reorganization of Ziguang Group is not completely smooth.
In November 2020, Tsinghua Unigroup experienced a serious debt crisis.In July 2021, the Beijing No. 1 Intermediate Court ruled that Ziguang Group entered judicial reorganization according to the application of creditors.According to previously disclosed data, as of November 30, 2021, the total amount of creditor's rights such as Ziguang Group and others determined by the administrator's preliminary review reached 144.782 billion yuan.
On December 13, 2021, the manager and Zhilu Jianguang formally signed an investment agreement and announced the reorganization plan.Shortly thereafter, Zhao Weiguo, then chairman of Ziguang Group, and Jiankun Group, which holds shares in Ziguang Group, publicly opposed the reorganization plan, believing that Ziguang Group was a liquidity problem and questioned the loss of state-owned assets in the reorganization.
The manager of Ziguang Group responded immediately, saying that Jiankun Group and Zhao Weiguo personally spread false remarks in an attempt to interfere with and affect the judicial restructuring process of Ziguang Group; they believed that Zhao Weiguo manipulated Ziguang Group to frequently carry out domestic and overseas mergers and acquisitions expansion through huge financing, resulting in excessive debt scale. Large, coupled with poor management, and eventually a debt crisis.
After the "bullet" flew for a while, the stalemate did not last long, and Jiankun Group finally voted in favor of the reorganization plan at the second creditors' meeting on December 29, 2021.The manager of Ziguang Group also spoke again in the above-mentioned meeting, saying that there is no problem of deliberately lowering the valuation and causing the loss of state-owned assets.
The reorganization has proceeded much more smoothly since then.On January 14 this year, the Beijing No. 1 Intermediate Court ruled to approve the reorganization plan and terminate the reorganization process, and the implementation phase began.According to the reorganization plan, the implementation period of the reorganization is 6 months, from January 14 to July 14, 2022.According to the introduction of the above-mentioned relevant persons, on March 31 this year, the strategic investors planned to invest 60 billion yuan in cash for reorganization to pay off the debt; on April 15, the first phase of the debt-retaining interest was paid in full to the aforementioned debt-retaining creditors;6 On March 30, the distribution of foreclosed stocks to creditors was completed in one go.
Personnel changes in the purple light department
After the reorganization was finalized, Zhao Weiguo was no longer in the management of Ziguang Group.
According to information on the official website of Ziguang Group, the current board of directors of Ziguang Group consists of four directors including chairman Li Bin and Xia Xiaoyu.As for the management of Zhiguangxin, the company has seven members of the board of directors. Among them, chairman Li Bin, directors Xia Xiaoyu and Hu Donghui are jointly appointed by shareholders Guangzhou Shengyue, Wuhu Zhimei'an, Wuhu Xinhou and Zhiguangchang; directors Dongfanghe Shao Jianjun was appointed by Jianguang Guangming; director Chen Jie was appointed by Zhuhai Zhiguanghua; director Yu Long was appointed by Hebei United Electronics.
As for Zhiguangxin, which took over the equity this time, according to the announcement of the listed company, the shareholders whose general partner and executive partner of Zhilu Capital acted alone include Guangzhou Shengyue, Wuhu Zhimei'an, Wuhu Xinhou and Zhiguangchang. The total shareholding ratio of the shareholders is 47.13%; the shareholders whose general partner and executive partner of JAC Capital are Jianguang Guangming and Chongqing Liangjiang Jianguang have a total shareholding ratio of 27.32%.
Shareholders who are jointly held by Zhilu Capital and other companies as general partners and cannot be unilaterally controlled or jointly controlled by either party include Zhuhai Zhiguanghua, Zhitouhuiyi and Jiaohui Zhilu. The total shareholding ratio of these shareholders is 16.44 %.The shareholder with Hebei Industrial Investment as the general partner and executive partner is Hebei United Electronics, with a shareholding ratio of 9.11%.
In this regard, Minsheng Securities analyst Ma Tianyi released an analysis on July 12 and pointed out that the decentralized equity structure of Zhiguangxin is similar to that of international technology companies such as Microsoft and Apple, which is conducive to the future development of Ziguang Group to absorb more resources.
It is worth mentioning that, according to the official website of Ziguang Group, Li Bin, who took up the post of chairman of Zhiguangxin and Ziguang Group this time, has led many cross-border mergers and acquisitions investment and post-investment in large semiconductor and core technology industries worth tens of billions of yuan. Management, also served as a senior executive of SMIC, and is currently a senior executive of many companies.
Among the several companies in which he serves as chairman, Lingsheng Technology Co., Ltd. is a mobile communication chip design company; Ruineng Semiconductor Technology Co., Ltd. specializes in semiconductor power devices; United Technology is a semiconductor packaging and testing company.Among them, Ruineng Semiconductor Technology Co., Ltd. submitted an IPO application to the Shanghai Stock Exchange in August 2020 and planned to be listed on the Science and Technology Innovation Board; but the application materials were withdrawn in June 2021.
As early as last year, after the reorganization plan was disclosed, some analysts raised their concerns about the brain drain of Tsinghua Unigroup's subsidiaries in an interview with a reporter from the "Daily Economic News".After the start of the reorganization, the subsidiaries of Ziguang Group also experienced personnel changes to varying degrees.
Specifically, in August last year, Ziguang Guowei (SZ002049, stock price of 200.7 yuan, market value of 121.8 billion yuan) announced that the board of directors received a written resignation report submitted by director Diao Shijing on August 20. After resigning from the above position, Diao Shijing did not take any position in the company.
On February 11 this year, the legal representative and chairman of Ziguang Zhanrui (Shanghai) Technology Co., Ltd. (hereinafter referred to as Ziguang Zhanrui), the core company of Ziguang Group, a 5G communication chip company, was changed from Zhao Weiguo to Wu Shengwu.In the same month, Ziguang Zhanrui announced that Chu Qing would no longer serve as the company’s CEO, and appointed Qiwei as the company’s acting CEO.
In terms of performance alone, Chu Qing is a "hero" of UNISOC. He joined UNISOC in 2018. In 2019, when Chu Qing was interviewed by the media, he sorted out three business directions for UNISOC: consumer electronics and industrial electronics. , Pan connection.In January this year, Ziguang Zhanrui delivered a good performance. In 2021, it achieved a revenue of 11.7 billion yuan, a year-on-year increase of 78%. The revenue of consumer electronics business increased by more than 60% year-on-year, and the revenue of industrial electronics increased by more than 120% year-on-year.
Every reporter Li Shaoting every time an intern reporter Yang Hui every editor Wei Guanhong
