The First Case Of US Stock Splitting Sci Tech Innovation Board IPO

The latest appearance of shengmei in the hot news is Huawei's "Tashan plan" which is rumored to be selected. Among the 16 first shortlisted companies listed in the plan, shengmei ranks third.

The plan is said to be Huawei's intention to establish a resource pool to support semiconductor materials and equipment enterprises. Through research, the reporter found that the companies listed in the list are indeed the leaders in various subdivision fields of semiconductor equipment, and shengmei is the leader of semiconductor cleaning equipment.

Turning its attention to the capital market, shengmei landed on NASDAQ as early as November 2017, and launched the listing plan of science and Technology Innovation Board last year. On June 1 this year, the IPO application of shengmei semiconductor equipment (Shanghai) Co., Ltd. (hereinafter referred to as shengmei) was accepted by the Shanghai Stock Exchange. On June 9, the project was updated to "inquired". Recently, shengmei company replied to the first round of Shanghai Stock Exchange inquiry, revealing more details of the company's listing.

If Kesheng is the first company to enter the global stock market, it will be of great significance for the development of Kechuang board. More importantly, in the context of the continuous tightening of the US ban on China's semiconductor industry, shengmei shares, which is in the key link of semiconductor equipment, is expected to accelerate domestic substitution, and landing on the science and Technology Innovation Board will provide capital assistance.

The first case of US stock market splitting of sci tech Innovation Board

According to the public data, the controlling shareholder of semei is ACMR of the United States, which holds 91.67% of the shares of semei. It was listed on NASDAQ in November 2017 with the stock code of ACMR. It is the first Chinese semiconductor equipment company to list in the United States.

ACMR, which was founded in 1998 in the United States, is a holding company in the United States. In 2005, ACMR of the United States invested and established the company's predecessor shengmei Co., Ltd. in Shanghai, and invested the technology use right of semiconductor special equipment formed by its early research and development into shengmei Co., Ltd., and continued to carry out continuous R & D and technology accumulation work with shengmei as the main body.

In 2019, shengmei completed the shareholding system reform, and launched the listing plan of science and technology innovation board in that year. At an industry forum held in April this year, Wang Hui, founder of shengmei, said, "we hope to complete the landing of the science and technology innovation board in 2020, which may be the first subsidiary of NASDAQ company to land on the board, so as to explore the new mode innovation of science and technology innovation board globalization, and set an example for global science and technology innovation enterprises to enter the Chinese market and China's financial market."

On June 1, this year, the application for IPO of shengmei science and technology innovation board was accepted by the Shanghai Stock Exchange, and was updated to "inquired" on June 9. However, the reporter noted that the response time of the first round of inquiry of shengmei was relatively long, and the first reply letter was not updated until August 14.

As the first U.S. stock company to return to the science and technology innovation board, what are the main concerns of the Shanghai Stock Exchange?

According to the first listing request of ACMR, whether the disclosure of relevant information by ACMR is affected by ACMR's initial listing, and whether the disclosure of relevant information by ACMR is affected by ACMR's first listing, we have also asked whether the disclosure of relevant information by ACMR's shareholders in the first round of listing is affected by ACMR Or potential disputes; whether there are differences between the information disclosure of the issuer and the listing application documents of ACMR in the United States and the information disclosure after listing, and the reasons and rationality of the differences.

Shengmei shares replied that ACMR has already disclosed the information of the company's listing, and the listing application does not need to obtain the consent or other actions of any U.S. government authorities or regulatory agencies, nor does it need to perform the procedures of notice and filing. This IPO does not affect ACMR's corporate governance structure and shareholders' rights, and has been approved by ACMR's board of directors. At the same time, there is no significant difference in the information disclosed by the two.

From the previous cases, SMIC international and Trina Solar energy entered the science and technology innovation board only after the delisting of American stocks. Wang Hui made it clear last year that he would not consider landing on the science and technology innovation board after delisting from the United States for the time being, but would observe the relevant policies for the follow-up science and technology innovation board. With the gradual improvement of the science and technology innovation board system, "a + n" has no policy difficulties.

Wang Jiyue, a senior investment banker, said in an interview with the 21st century economic report: "a + n has no big difficulties. In the past, it was because of red chip structure and vie, but now these breakthroughs have been made. There is no policy or legal restriction on a + n itself."

The reason why shengmei didn't return to a through privatization was because of cost consideration. "Privatization still costs a lot, but the advantage is that it only needs to meet the needs of a single market. In particular, the trading hours of the U.S. and China markets are reversed. One of the major information disclosure is after the market and the other is before the market." Wang Jiyue said, "but the overall impact is not big, put on both sides of the market closed time can be."

Speed up domestic substitution

In addition to the breakthrough of listing system, shengmei, as the leader of domestic semiconductor equipment, is also enough to attract the attention of the capital market.

As for its industry status, shengmei shares is described as follows: it is a leading enterprise in semiconductor cleaning equipment industry in China, and its main products are semiconductor cleaning equipment, semiconductor electroplating equipment and advanced packaging wet equipment. According to the report compiled by Shanghai Economic and Information Commission and Shanghai Integrated Circuit Industry Association, among the top five semiconductor special equipment manufacturing enterprises in mainland China in 2018, shengmei semiconductor ranked fourth.

At present, there are few enterprises in mainland China that can provide semiconductor cleaning equipment, and cleaning equipment is one of the main process equipment for wafer manufacturing. Industry insiders generally believe that with the continuous improvement of chip technology nodes, the technical difficulty of cleaning equipment is also increasing, and its market space is expanding year by year.

Especially with the tightening of the US ban on China's semiconductor industry, it is expected to accelerate the replacement of domestic semiconductor equipment in mainland China. This can be seen from the list circulated by the Tashan plan. The top five semiconductor equipment companies mentioned above are Zhongwei company, North Huachuang, CETC electronic equipment, shengmei and Xinyuan micro, all of which are on the list.

Huaxi Securities pointed out that at present, the main semiconductor manufacturers of wet process equipment in China and the international market are still mainly Japan, Europe and the United States. Domestic enterprises are catching up with each other, but the proportion is still low. It is estimated that the total proportion of domestic market will not exceed 10%. The challenges and opportunities of wet process equipment in the future are great.

Wang Hui once talked about the technology gap between domestic semiconductor equipment and foreign countries, "the gap of some products may be more than 10 years, but each company still has a lot of opportunities in its industry. The most important point is that in the process of equipment production, we should have our own innovation, find the path of differentiation, and make solutions that foreign companies do not have. In this way, China's industry can have a leapfrog development, and some technologies and innovations can be put in the front. This is a solution that China can push forward the equipment. "

According to the market space of various products, it is estimated that its existing product series can cover the semiconductor equipment market with a total scale of about US $5 billion.

The market is obviously looking forward to the future of this half of the conductor equipment leader. Since the beginning of 2020, ACMR's share price has soared to US $61.450 from the latest US $61.450.

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