Share the QR code < / P > < p > with wechat scanning code to friends and circles of friends < / P > < p > as a chip giant with assets of nearly 300 billion yuan, Ziguang group has finally taken a key step on the road of restructuring < p > < / P > < p > on the evening of December 10, Ziguang Guoxin announced that the company received a notification letter from the manager of Ziguang group on the same day and determined Beijing Zhilu Asset Management Co., Ltd. (hereinafter referred to as "Zhilu asset management") and Beijing Jianguang Asset Management Co., Ltd. (hereinafter referred to as "Jianguang asset management") as the lead parties to form a consortium (hereinafter referred to as "Zhilu Jianguang Consortium"), It has become a strategic investor in the substantive merger and reorganization of seven enterprises such as Ziguang group < p > what is the origin of Zhilu construction and broadcasting consortium < p > the introduction of powerful strategic investors is the key to the success of the judicial reorganization of Ziguang group. Previously, by the registration deadline, a total of 7 interested investors had signed up to participate. In addition to Zhilu construction and broadcasting consortium, it also included a number of local state-owned assets and well-known enterprises such as Alibaba < p > on October 18, the first creditors' meeting of the substantive merger and reorganization of seven enterprises including Ziguang group was held in the form of online meeting. The manager of Ziguang group said that the successful convening of the first creditors' meeting indicates that the judicial reorganization of Ziguang group is about to enter the final key stage. The determination of strategic investors as soon as possible will lay the foundation for Ziguang group to achieve Nirvana and rebirth < p > so, what is the strength behind the Zhilu construction and broadcasting consortium, which has been determined to be the restructuring war investment of Ziguang group < p > established in 2014, CGSM is a private equity fund management company focusing on investment and M & A in integrated circuit industry and strategic emerging industries. Tianyancha shows that the controlling shareholder of CCB asset management is China construction investment capital management (Tianjin) Co., Ltd., with a shareholding ratio of 51%, which can eventually penetrate into sovereign wealth fund China Investment Co., Ltd. (hereinafter referred to as "CIC") < p > another shareholder of cgam is Jianping (Tianjin) science and technology information consulting partnership (limited partnership) (hereinafter referred to as "Jianping technology"), with a shareholding ratio of 49%. Equity penetration shows that the shareholders of Jianping technology include Li Bin, Zhang Yuanjie and others < p > Zhang Yuanjie is the legal representative of Zhilu asset management, and the shareholders of Zhilu asset management also include Li Bin and Zhang Yuanjie. According to the company's official website, Zhilu asset management is a global professional equity investment institution, focusing on semiconductor core technology and other emerging high-end technology investment opportunities < p > the excessive expansion made the debt of Ziguang group high < / P > < p > Ziguang group began in 1988. At that time, Tsinghua University established Tsinghua University Science and Technology Development Corporation, the predecessor of Ziguang group. Later, the company reorganized and established Tsinghua Ziguang (Group) Corporation, completed the restructuring in 2005 and officially changed its name to Ziguang group < p > in order to expand its business scope and give play to the linkage effect, Ziguang group has started a "M & a journey" since 2013: it has successively acquired Spreadtrum communications, an integrated circuit chip company listed in the United States, and radico microelectronics, an Internet of things chip company, and acquired 51% of the control right of "Xinhua III" and nearly 100% of the equity of linxens, a French micro connector company < p > at the same time, Ziguang group merged and established Ziguang zhanrui, established Changjiang storage, started Wuhan storage base, and controlled Shanghai Hongmao microelectronics. Over the past six years, Ziguang group and its subordinate enterprises have successively launched M & A offers for more than 20 enterprises, with an investment of more than 100 billion yuan. By the end of June 2020, the total assets of Ziguang group will be nearly 300 billion yuan < p > a series of mergers and acquisitions and investments have led to a high asset liability ratio of Ziguang group. The debt term is mostly "short-term loan and long-term investment", and the working capital is seriously tight. According to the data, as of June 2020, the total debt scale of Ziguang group reached 202.938 billion yuan, a sharp increase of nearly 44 times compared with 4.647 billion yuan at the end of 2012. At the end of 2020, Ziguang group had a bond run and default. On July 9, 2021, Ziguang group was applied for reorganization by the creditor to the court and accepted by the court < p > according to the analysis of insiders, "the high leverage of Ziguang group has brought huge financial costs, and some operating entities continue to invest huge amounts. In addition, most of the above debts are short-term loans, which has exacerbated the external concerns about the debt risk of Ziguang group." < p > Ziguang group introduced in the semi annual report on corporate bonds (2020): "although the high leverage ratio accelerates the business development of the company, if the company's liquidity management does not match the debt situation, the financial risk faced by the company will increase when the market environment changes adversely." < p > test liquidity and asset integration ability < / P > < p > previously, Ziguang group tried to save itself by introducing war investment several times. In September 2018, Tsinghua holdings signed relevant equity transfer agreements with Suzhou high speed railway new town and Hainan United respectively; In October 2018, the actual controller Tsinghua holdings, Shenzhen investment holding and Ziguang group jointly signed the cooperation framework agreement; In June 2020, Ziguang group, Tsinghua holdings and Beijing Jiankun signed the cooperation framework agreement with Chongqing Liangjiang New Area Industrial Development Group < p > however, the above-mentioned self rescue was forced to terminate due to changes in the internal and external environment, resulting in the failure of the idea of introducing state-owned assets to jointly take charge of and control Ziguang group < p > now that Zhilu Construction & Broadcasting consortium has joined the reorganization of Ziguang group, it is necessary to solve the dilemma faced by Ziguang group - "epidemic crisis, post investment integration and industrial operation efficiency" < p > from the perspective of dealing with the liquidity crisis, the core members of the team of Zhilu Construction & Broadcasting consortium include employees with more than 40 years of senior management experience in the world's leading semiconductor companies, and some members have management and technology research experience in front-line investment banks, consulting companies and PE companies such as AXA Rosenberg group, McKinsey, KKR and Merrill Lynch Securities < p > from the perspective of improving post investment integration and industrial operation efficiency, the integrated circuit assets acquired and operated by Zhilu Construction & Broadcasting Consortium for many years have formed a complete industrial chain ecological resources and accumulated corresponding experience, which may provide room for its substantive integration and reorganization of seven enterprises of Ziguang group < p > according to public information, through acquisition, Zhilu Jianguang consortium has established the whole industrial chain ecology of integrated circuits, established industrial bases in many places in China, and set up R & D centers and business centers in many places around the world < p > in the view of insiders, the advantage of Zhilu Construction & Broadcasting consortium is to integrate operation and post investment enabling operation after M & A, focus on the development of the target itself and promote the coordinated progress of the whole industry together with more efficient industrial operators rooted in China and with a global vision in the Chinese market. This may be one of the key conditions for them to become the reorganization and investment of Ziguang group this time < p > however, there are considerable challenges for Ziguang group ?
2023-03-22 10:04:47